Many firms claim to be wealth managers. A 2007 CEG Worldwide study of nearly 2100 advisors showed that 46.3 percent identified themselves as wealth managers while the remainder (53.7%) identified themselves according to their investment orientation, such as financial advisor, investment advisor, investment expert or financial planner. However, the study revealed that only 6.6% of the advisors actually are wealth managers as defined below.
At Iron Logic, we are wealth managers. Our well defined, replicable process incorporating the three primary areas of wealth management is designed to foster trust, grow relationships, and provide existing and prospective clients with the same high-quality experience. This allows our clients the ability to define their vision of their ideal future and follow a process to achieve that vision.
At its core, Wealth Management = Investment Counsel + Advanced Planning + Relationship Management.
Investment Counsel is the first element of wealth management. The primary task here is to create the client’s investment plan. Guided by our investment philosophy, we create a detailed, actionable investment plan along with an investment policy statement. This will act as the road map that maximizes the probability of achieving everything that’s financially important to our clients. Without this road map it would be impossible to oversee the other areas of wealth management and keep each client’s overall financial situation clearly in mind.
Advanced Planning = Wealth Enhancement + Wealth Transfer + Wealth Preservation + Charitable Planning
- Wealth Enhancement – Aims to produce the best possible investment returns consistent with our client’s risk tolerance while minimizing the impact of taxes.
- Wealth Transfer – Intends to facilitate the most tax-efficient way to pass assets to succeeding generations, and do so in a way that meets our client’s wishes.
- Wealth Preservation – Aims to protect our client’s wealth against potential creditors, litigants, children’s spouses and potential ex-spouses, as well as protecting our clients against catastrophic loss.
- Charitable Planning – Helps fulfill our client’s charitable goals and can often support efforts in each of the other areas.
Relationship Management = Client Relationship Management + Expert Network Relationship Management
- Client Relationship Management – The forging of in-depth, collaborative, and consultative relationships with our clients.
- Expert Network Relationship Management – The assembling and managing of our own experts to bring to bear the exact expertise our clients need. This may include attorneys, accountants, credit specialists, risk managers or other financial advisors. This may also include experts our clients already use.
We invite you to visit the Our Vision section of the site to see how the process begins, what you can initially expect and what type of client we work best with.