Wealth management means different things to different people, but at Hobart Financial Group we define wealth management as providing the assistance to help you develop an entire investment portfolio that will enable you to prepare for both your present and future financial needs.
Wealth management may include any number of services, including wealth accumulation, asset protection, estate planning and tax planning, to name a few. At Hobart Financial Group, we can offer or refer you to professionals providing these services and more, and then serve as the “quarterback” for your wealth management team. As a provider of wealth management services, our goal is to look at your financial needs holistically and help you devise a wealth management plan that will address all of your financial goals and concerns.
Increasingly, asset accumulation and protection are taking center stage within wealth management plans. Many individuals’ wealth management plans took a hit in the areas of wealth accumulation during the recent market downturn. This was particularly devastating for those who were in or near retirement. If your portfolio has not fully recovered from losses in recent years, you may wish to structure your wealth management plan with a more aggressive allocation to make up for lost ground.
However, given recent lessons learned in stock market investing, more conservative wealth management strategies typically have only a portion of assets invested in the stock market. Other allocations should be set aside for more conservative investments and/or secured income contracts such as annuities. Annuities are long-term vehicles designed to generate supplemental income during retirement. They have minimum guarantees backed by the strength and claims paying ability of the issuing insurance company. After all, the last thing you want for your wealth management plan is to lose more ground during the next market correction.