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Getting Started with Wealth Management
- Category:
- Wealth Management
- Author:
- Craig Morgenstern, CFA®, CFP®
- Date:
- 03/17/25
Taking control of your finances, especially navigating complex topics like wealth management, can feel overwhelming. However, this guide equips you with the knowledge and resources to embark on this journey and build a secure financial future.
Understanding the Landscape
Before diving in, it's crucial to solidify your understanding of financial basics. Our Banzai® library offers helpful and easy-to-understand resources on topics like budgeting, investing, and taxes that will provide a foundational understanding of finances and empower you to make informed decisions throughout your financial journey.
Defining Your Goals
What does financial success look like for you? Is it achieving a comfortable retirement, building financial security, or leaving a legacy for loved ones? Clearly defining your goals is the cornerstone of creating a personalized wealth management plan.
Where You Stand Today
To chart your financial roadmap, you need a clear picture of your current situation. Track your income, expenses, assets (what you own), and debts to gain a snapshot of your financial health. This exercise allows you to identify areas for improvement and strategize effectively.
Assessing Your Needs
Do you need basic budgeting guidance or more sophisticated investment strategies? Determining your level of assistance is crucial for selecting the appropriate wealth management service.
Exploring Your Options
The wealth management landscape offers various services tailored to specific needs:
- Robo-advisors: These automated online platforms provide basic investment management services at a lower cost, making them suitable for individuals with simpler financial needs.
- Financial advisors: They offer personalized financial planning and investment advice tailored to your unique circumstances. They can help you develop a comprehensive plan, navigate investment options, and stay on track towards your financial goals.
- Wealth managers: They provide a comprehensive range of services, including investment management, tax planning, and estate planning, for individuals with significant assets or complex financial situations. They offer a more holistic approach, going beyond investment management to consider all aspects of your financial well-being.
Who Needs a Wealth Manager?
Individuals with complex financial situations or significant assets may benefit from the comprehensive services and expertise offered by wealth managers. Those seeking help creating a financial plan or achieving specific goals can find valuable guidance from financial advisors or wealth managers. People looking for personalized investment advice and ongoing financial guidance may find a wealth manager or financial advisor to be a valuable asset in their financial journey.
Choosing a Qualified Wealth Manager
Finding the right wealth manager is critical. Here are some key considerations:
- Credentials: Look for certifications like Certified Financial Planner (CFP®) or Chartered Financial Analyst (CFA®), indicating expertise and commitment to ethical practices.
- Experience: Consider the advisor's years of experience managing portfolios similar to yours, ensuring they understand your specific needs and risk tolerance.
- Fees: Understand the fee structure and ensure it aligns with your budget and expectations. Transparency in fees is essential.
- Reputation: Research the advisor's background and check for any disciplinary actions. Choose someone with a strong reputation for ethical conduct.
Not a deposit, not FDIC-insured, not insured by any federal government agency, not guaranteed by the Bank, and may go down in value.
Craig Morgenstern is a Senior Investment Officer and member of C&N's Investment Strategy Team. Joining C&N in 2023, he brings over 15 years of experience in investment strategy, portfolio management and financial planning. Craig has advised complex family groups and institutions on investment policy, portfolio construction, and tax-efficient implementation. He believes a key differentiator of C&N's Wealth Management offering rests in its "advisors' abilities to advocate for their clients' best interests, providing independent, objective and conflict-free financial advice and wealth management solutions."
Craig holds a Chartered Financial Analyst (CFA®) designation, is a member of the CFA Institute, and has obtained the Certified Financial Planner (CFP®) designation. He earned bachelor's degrees in finance and accounting from the University of Maryland.
Craig resides in Newtown, PA and maintains a deep philanthropic commitment to the community, serving on The College of New Jersey Foundation as Treasurer and Finance Committee Chair. He previously served as a member of the Board of Directors of Greenwood House, a local senior living facility and on the Michener Art Museum Corporate Business Partner Advisory Board.