Sure, some lucky people do get rich quickly. People do win lotteries, hit the jackpot on the slot machine, and even pick the “right” stock at the “right” time, turning their investment into a potential fortune overnight.
But these fairy tales rarely come true. More often, we achieve our financial and personal goals when following the principle at the heart of Aesop’s Fable, The Tortoise and The Hare – that slow and steady wins the race. Or more specifically, that consistent, effective effort leads to success.
In the investment world, this is more likely to be true. There are so many important details and decisions to be made throughout your financial life.
To help you win the race, let’s look at the difference between investment portfolio review and wealth management.
There is a misconception that these two are one and the same, when in fact they can actually mean two very different things.
A discussion about wealth management begins with your hopes and dreams for the future, knowing that if you put a plan into place now — and continue to build and monitor it over time — there is a good chance you will achieve what you set out to accomplish.
You’re working to create a personalized strategy to achieve a variety of goals, including asset growth, asset preservation, and retirement income.
Wealth management is about focusing on wealth accumulation and what it can do.
It is not about focusing on returns. Once you make the connection to what wealth management is designed to do, it doesn’t matter what the return.
Risks and returns are still to be considered, which is what makes investment portfolio review a portion of wealth management.
So ask yourself, would you rather have a connection between your hopes and dreams (wealth management)? Or your investment and its returns (investment portfolio review)? That’s why when it comes to your finances, most need more than investment portfolio review.
No matter which type of investment advice you’re seeking, it’s essential to find someone you feel comfortable with — trust, confidence, knowledge, and experience — that can recognize the intangibles.
These are the qualities that help you form a relationship with your advisor, stay with the course during times of market uncertainty, and build your financial plan.
Nathan Brinkman is a registered representative of and offers securities, investment advisory, and financial planning services through MML Investors Services, LLC. Member SIPC 525 Junction Road, Suite 8100 North, Madison, WI 53717 (608) 829-0015. Triumph Wealth Management is not an affiliate or subsidiary of MML Investors Services, LLC, or its affiliated companies. CRN201802-199485