wealth improvement approaches in business plan example

II. Executive Summary

Wealth Management Strategies: Explained with Examples

Wealth management strategies encompass a broad range of financial planning tools and services intended to help individuals or entities acquire, manage, protect, and grow their wealth. These strategies vary greatly depending on the financial situation, goals, risk tolerance, and time horizon. 

Here are some of the most common wealth management strategies:

• Asset Allocation : This strategy involves dividing an investment portfolio across various asset categories such as stocks, bonds, and cash. The process of determining which mix of assets to hold in your portfolio is a very personal one and depends on your time frame, your risk tolerance, and your investment objectives.
• Diversification : This risk management strategy mixes a wide variety of investments within a portfolio to smooth out unsystematic risk events. Diversification can limit exposure to loss in any investment or type of investment.
• Tax Planning : This strategy uses current tax laws to reduce tax liability. It may include tactics like tax-loss harvesting, the strategic sale of investments at a loss to offset capital gains, or using tax-advantaged accounts like Individual Retirement Accounts (IRAs) or 401(k)s.
• Retirement Planning : This involves determining retirement income goals and the actions necessary to achieve those goals. This can include investment strategies, estate planning, and long-term care savings.
• Estate Planning : This involves planning for the distribution of wealth upon death. Effective estate planning ensures that your assets are transferred to the desired beneficiaries, minimizes estate and inheritance tax liability, and provides for any potential costs or debts that you leave behind.
• Risk Management : This involves identifying potential risks in your investment strategy and taking appropriate steps to mitigate those risks. This can include diversification, hedging strategies, or the use of insurance policies.
• Debt Management : This strategy involves understanding how much debt you have, how it’s affecting your financial goals, and creating a plan to pay down debts in a manageable and efficient way.
• Education Planning : If you plan to help a child or grandchild with future education expenses, strategies such as 529 plans, Coverdell Education Savings Accounts, or UGMA/UTMA accounts can be part of your wealth management plan.
• Charitable Giving : If philanthropy is an important part of your life, your wealth management strategy can also include plans for giving to charity. This could involve establishing a charitable trust or foundation or simply making charitable contributions tax-efficiently.

Investment Strategy: Explained with Types and Examples

Wealth Management Strategies for Businesses

Wealth management strategies for businesses can differ somewhat from those for individuals, though there are also many similarities. The overall goal is still to protect and grow the business’s wealth, but there can be more emphasis on strategies such as business continuity, risk management, and business succession planning.

Here are some key wealth management strategies that businesses often consider:

• Business Structure : One of the first wealth management decisions for a business is determining the most appropriate legal structure (e.g., sole proprietorship, partnership, LLC, corporation). The right structure can provide tax advantages and protect personal assets from business liabilities.
• Cash Flow Management : Effective cash flow management is critical for a business’s survival and growth. This includes strategies for increasing revenue, decreasing expenses, and optimizing the timing of cash flows.
• Investment Strategy : Businesses must also decide how to invest their surplus funds. This can involve putting money back into the business, investing in other businesses, or investing in financial assets.
• Risk Management : Businesses face various risks, from market to operational and legal risks. Risk management strategies involve insurance, diversification, hedging, or other techniques.
• Tax Planning : Businesses need to plan for and manage their tax liabilities. This can involve strategies such as choosing the right business structure, taking advantage of tax credits and deductions, and tax-efficient investing.
• Business Succession Planning : For family-owned or closely held businesses, planning who will take over the business when the current owner retires or passes away is important. This can involve legal and financial planning, training, and mentoring the successor.
• Employee Benefits : Offering competitive employee benefits can help businesses attract and retain talent. This might involve setting up retirement plans, health insurance, or other benefits. There can be tax advantages to offering certain types of benefits.
• Retirement Plans : Business owners should not overlook their own retirement planning. This might involve setting up a 401(k), a SEP IRA, or a pension plan.
• Debt Management : If a business has debt, managing it effectively can reduce costs and free up cash flow. This might involve refinancing, consolidation, or other strategies.
• Mergers and Acquisitions : As part of a growth strategy, businesses may decide to merge with or acquire other businesses. This can be a complex process that involves financial, legal, and strategic planning.

Remember that each business is unique and will have its own specific needs and circumstances that need to be considered when formulating a wealth management strategy. Consulting with a professional specializing in business financial planning can provide valuable insights and guidance.

Example of a Wealth Management Strategy for a Business

Let’s take the case of a hypothetical small business – a boutique digital marketing agency called “CreativeSpark” that’s been running profitably for five years:

• Business Structure : CreativeSpark initially began as a sole proprietorship. However, as it grew, the owner incorporated it as an LLC to separate personal and business assets and liabilities and take advantage of potential tax benefits.
• Cash Flow Management : The owner maintains a detailed monthly cash flow forecast. By predicting future income and expenses, she can identify potential shortfalls and adjust her plans accordingly.
• Investment Strategy : Profits are reinvested back into the business to fund growth. This includes expanding the service offerings, upgrading equipment and software, and investing in staff training and development. Surplus funds are held in a high-yield business savings account.
• Risk Management : To protect the business, CreativeSpark has a comprehensive insurance package that includes professional liability insurance, property insurance, and a business interruption policy. The company also maintains a risk management plan that identifies potential business risks and strategies to mitigate them.
• Tax Planning : The owner works closely with a tax advisor to take full advantage of available deductions and credits and to plan for tax liabilities. This includes strategies such as claiming the home office deduction, deducting business expenses, and setting up a tax-advantaged retirement plan for the owner and employees.
• Retirement Plans : The owner has set up a Simplified Employee Pension (SEP) IRA for herself and her employees. This provides a valuable employee benefit and gives the owner a way to save for her retirement in a tax-advantaged way.
• Succession Planning : Though the owner has no immediate plans to retire, she has started considering succession planning. She is mentoring a promising employee who could potentially take over the business.
• Debt Management : CreativeSpark has a small business loan. The owner regularly reviews the loan terms to see if it would be beneficial to refinance or pay it off early.
• Employee Benefits : To attract and retain top talent, CreativeSpark offers competitive employee benefits, including health insurance, a retirement plan, and professional development opportunities.
• Growth Strategy : The owner is considering acquiring a smaller agency to expand CreativeSpark’s client base and service offerings. She is working with a financial advisor to assess the financial implications and develop a strategic plan.

How to make a Financing strategy: Explained with a case study

Wealth Management Strategies for Individuals

Wealth management strategies for individuals typically involve a combination of financial planning, investment management, retirement planning, estate planning, tax planning, and risk management. Other aspects, such as education planning or charitable giving, might also be included depending on an individual’s specific circumstances and goals. Here are some key strategies:

• Budgeting and Saving : This involves creating a plan for spending your money each month, ensuring you’re saving enough for your future goals. It’s usually the first step in wealth management.
• Investment Strategy : This includes deciding what types of assets (e.g., stocks, bonds, real estate) to invest in, how much to invest in each, and managing the portfolio over time. It requires a good understanding of your risk tolerance and investment goals.
• Retirement Planning : This involves figuring out how much money you’ll need in retirement and creating a plan to get there. This often involves utilizing tax-advantaged retirement accounts like IRAs or 401(k)s.
• Tax Planning : A key part of wealth management is minimizing tax liability. This can be done by strategically using deductions and tax-advantaged accounts and carefully planning when and how to sell investments.
• Estate Planning : This involves planning for how your assets will be distributed after your death. It can include creating a will, setting up trusts, or purchasing life insurance. A good estate plan can ensure your wishes are carried out and minimize estate taxes.
• Risk Management : This typically involves purchasing insurance to protect against major risks (e.g., death, disability, major health issues). It could also involve strategies to reduce investment risk.
• Education Planning : If you have children and want to help them with future education expenses, strategies such as 529 plans or Coverdell Education Savings Accounts can be part of your wealth management plan.
• Debt Management : This involves managing your debts, such as a mortgage, student loans, or credit card debt. The goal is to pay off your debts in a manageable way that doesn’t hinder your other financial goals.
• Charitable Giving : If you desire to support charitable causes, your wealth management strategy could include a plan for giving that meets your philanthropic goals and is tax-efficient.

These strategies should not be part of a holistic plan considering all aspects of your financial situation. Working with a financial advisor or wealth manager can help you create a comprehensive program that aligns with your goals and adapts as your circumstances change.

Example of a Wealth Management Strategy for an Individual

Sure, here’s an example of a hypothetical wealth management strategy for a 35-year-old individual named Alex who is earning a good income and has some savings and investments but hasn’t yet developed a comprehensive plan.

• Budgeting and Saving : Alex starts by assessing his monthly income and expenses to understand his spending habits. He then creates a budget that prioritizes saving and investing. He sets a goal to save 20% of his income each month.
• Emergency Fund : Alex doesn’t have an emergency fund, so his first goal is to save enough to cover six months’ worth of living expenses. He uses a high-yield savings account for this to earn some interest while keeping the money easily accessible.
• Debt Management : Alex has some student loan debt and a car loan. He plans to pay off these debts, focusing on the one with the highest interest rate.
• Retirement Planning : Alex’s employer offers a 401(k) plan with a match. He starts contributing enough to get the full employer match, as this is essentially free money. He chooses a diversified mix of investments within the 401(k), focusing mostly on low-cost index funds.
• Investment Strategy : Beyond his 401(k), Alex opens a Roth IRA to save more for retirement. He also sets up a taxable brokerage account for non-retirement investments. He uses a diversified asset allocation strategy in all his accounts that aligns with his risk tolerance and long-term goals.
• Insurance : Alex reviews his insurance coverage to protect him against major risks. He has a good health insurance plan through his employer but decides to buy a term life insurance policy to protect his dependents. He also considers disability insurance to protect his income in case he’s unable to work.
• Estate Planning : Though young, Alex recognizes the importance of estate planning. He creates a will that outlines how he wants his assets distributed if he dies unexpectedly. He also creates a power of attorney and healthcare proxy to designate someone to make financial and healthcare decisions for him if he cannot do so.
• Tax Planning : Alex works with a tax advisor to understand his tax liabilities and find ways to minimize them. This includes strategies like making the most of tax deductions and credits and holding investments long enough to qualify for long-term capital gains rates.
• Education Planning : Alex doesn’t have kids yet, but he plans to in the future. He now opens a 529 savings plan to start saving for future education expenses.
• Charitable Giving : Alex is passionate about a few causes, so he sets aside a portion of his budget for charitable donations. He plans these to be tax-efficient by itemizing deductions.

This plan would need to be reviewed and adjusted regularly based on changes in Alex’s life, financial situation, and goals. And while this is a good start, Alex should consider working with a financial advisor to ensure he’s making the best decisions for his situation.

Financial Strategy: Full Explanation with Examples

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Wealth Management Business Plan Template

Written by Dave Lavinsky

Wealth Management Business Plan

Over the past 20+ years, we have helped over 1,000 entrepreneurs and business owners create business plans to start and grow their wealth management companies. We have the experience, resources, and knowledge to help you create a great business plan.

In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a wealth management business plan step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What is a Wealth Management Business Plan?

A business plan provides a snapshot of your wealth management business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for a Wealth Management Firm

If you’re looking to start a wealth management business or grow your existing wealth management company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your wealth management business to improve your chances of success. Your wealth management business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Wealth Management Businesses

With regard to funding, the main sources of funding for a wealth management business are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for wealth management companies.

Finish Your Business Plan Today!

How to write a business plan for a wealth management business.

If you want to start a wealth management business or expand your current one, you need a business plan. The guide below details the necessary information for how to write each essential component of your wealth management business plan.

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your executive summary is to quickly engage the reader. Explain to them the kind of wealth management business you are running and the status. For example, are you a startup, do you have a wealth management business that you would like to grow, or are you operating a franchise of wealth management businesses?

Next, provide an overview of each of the subsequent sections of your plan.

• Give a brief overview of the wealth management industry.
• Discuss the type of wealth management business you are operating.
• Detail your direct competitors. Give an overview of your target customers.
• Provide a snapshot of your marketing strategy. Identify the key members of your team.
• Offer an overview of your financial plan.

Company Overview

In your company overview, you will detail the type of wealth management business you are operating.

For example, you might specialize in one of the following types of wealth management businesses:

• Personal Financial Planning and Advice: As the most common form of wealth management, this type of advisory service includes an assessment of financial needs and decisions on investments.
• Asset Management and Allocation: This type of wealth management business assists with maximizing and protecting wealth over the long-term.
• Estate Planning: Wealth management advisory services include oversight of assets, investing for the future and protecting assets.
• Tax Accounting: A tax accounting wealth management advisor oversees all assets and tax preparation, filings, estimates and other tax-related business items.

In addition to explaining the type of wealth management business you will operate, the company overview needs to provide background on the business.

Include answers to questions such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of clients, the total portfolio assets managed, reaching X number of wealth management referrals, etc.
• Your legal business structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry or market analysis, you need to provide an overview of the wealth management industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the wealth management industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.

The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your wealth management business plan:

• How big is the wealth management industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential target market for your wealth management business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your wealth management business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: individuals, families, corporations, foundations.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of wealth management business you operate. Clearly, individuals would respond to different marketing promotions than corporations, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regard to demographics, include a discussion of the ages, locations, occupations and income levels of the potential customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other wealth management businesses.

Indirect competitors are other options that customers may use that aren’t directly competing with your service. This includes tax accountants, online wealth-building services, and stock brokers. You need to mention such competition, as well.

For each direct competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them, such as

• What types of customers do they serve?
• What type of wealth management business are they?
• What is their pricing (premium, low, etc.)?
• Do they offer any unique or special values for customers?
• What are their weaknesses?

With regard to the last two questions, think about your answers from the customers’ perspective. And, don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide options for family trust management?
• Will you offer management services that your competition doesn’t?
• Will you provide better customer service than those of your competitors?
• Will you offer packaged services for corporations?

Think about ways you will outperform your competition and document them in this section of your plan.

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a wealth management business plan, your marketing strategy should include the following:

Product : In the product section, you should reiterate the type of wealth management company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide free initial consultations, guaranteed profits on certain assets, or yearly analysis at low to no cost?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your plan, you are presenting the services you offer and their prices.

Place : Place refers to the site of your wealth management company. Document where your company is situated and mention how the site will impact your success. For example, is your wealth management business located in an upper socioeconomic location? Does your business offer amenities for special clients, such as season tickets to venues of their choice? Discuss how your site might be the ideal location for your customers.

Promotions : The final part of your wealth management marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:

• Advertise in wealth-building periodicals
• Reach out to individuals via personal referrals
• Offer introductory meetings to corporations
• Engage in email marketing by blogging in a Q & A section
• Improve the SEO (search engine optimization) on your website for targeted keywords

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your wealth management business, including answering calls, setting appointments, planning and providing services, billing clients, managing and maintaining accounts, etc.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to book your Xth new client, or when you hope to reach $X in revenue. It could also be when you expect to expand your wealth management business to a new city.

Management Team

To demonstrate your wealth management business’ potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.

Ideally, you and/or your team members have direct experience in managing wealth management businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a wealth management business or successfully running a small brokerage firm.

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you book 5 wealth management clients per week and offer on-site monthly advisory services for corporations? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your wealth management business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a wealth management business:

• Cost of advisory online access to investment information
• Payroll or salaries paid to staff
• Business insurance
• Other start-up expenses (if you’re a new business) like legal expenses, computer software, and equipment

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your office location lease or a list of contracted clients you serve.

Writing a business plan for your wealth management business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will understand the wealth management industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful wealth management business.

Wealth Management Business Plan FAQs

What is the easiest way to complete my wealth management business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily write your wealth management company business plan.

How Do You Start a Wealth Management Business?

Starting a Wealth Management business is easy with these 14 steps:

• Choose the Name for Your Wealth Management Business
• Create Your Wealth Management Business Plan
• Choose the Legal Structure for Your Wealth Management Business
• Secure Startup Funding for Your Wealth Management Business (If Needed)
• Secure a Location for Your Business
• Register Your Wealth Management Business with the IRS
• Open a Business Bank Account
• Get a Business Credit Card
• Get the Required Business Licenses and Permits
• Get Business Insurance for Your Wealth Management Business
• Buy or Lease the Right Wealth Management Business Equipment
• Develop Your Wealth Management Business Marketing Materials
• Purchase and Setup the Software Needed to Run Your Wealth Management Business
• Open for Business

Where Can I Download a Free Business Plan Template PDF?

Click here to download the pdf version of our basic business plan template.

Our free business plan template pdf allows you to see the key sections to complete in your plan and the key questions that each must answer. The business plan pdf will definitely get you started in the right direction.

We do offer a premium version of our business plan template. Click here to learn more about it. The premium version includes numerous features allowing you to quickly and easily create a professional business plan. Its most touted feature is its financial projections template which allows you to simply enter your estimated sales and growth rates, and it automatically calculates your complete five-year financial projections including income statements, balance sheets, and cash flow statements. Here’s the link to our Ultimate Business Plan Template.

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OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how Growthink’s business plan services can give you a winning business plan.

Other Helpful Business Plan Articles & Templates

A business journal from the Wharton School of the University of Pennsylvania

Eight Principles of Strategic Wealth Management

August 9, 2006 • 18 min read.

Stuart E. Lucas is an unusual financial advisor: a wealthy man who dispenses advice on building wealth. He is a fourth-generation heir to the Carnation fortune; Carnation, which made products like evaporated milk and non-dairy creamers, was a family-owned business before Nestle bought it in 1985. Moreover, Lucas is chairman of Wealth Strategist Network, an organization that helps wealthy families manage their fortunes. In an excerpt from his book, Wealth: Grow It, Protect It, Spend It and Share It, published by Wharton School Publishing, he summarizes his guiding principles.

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Wealth Management Business Plan Template

Written by Dave Lavinsky

Wealth Management Business Plan

You’ve come to the right place to create your Wealth Management business plan.

We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their Wealth Management companies.

Below is a template to help you create each section of your Wealth Management business plan.

Executive Summary

Business overview.

Ellis Wealth Management is a new wealth management firm located in Seattle, Washington. Our mission is to help the residents of Seattle create a financially sound future and achieve all their financial goals. We plan to do this by offering a wide range of wealth management services, including financial planning, estate planning, virtual family office and retirement planning. We are a client-focused firm that is dedicated to helping our clients make all their dreams come true.

Ellis Wealth Management’s most valuable asset is the expertise and experience of its founder, Jared Ellis. Jared has been a certified financial advisor for the past 20 years. Throughout his career, he has developed a loyal client base, and many clients have stated that they will switch to Ellis Wealth Management once the company is established and running. Jared’s combination of skills, financial knowledge, and loyal following will ensure Ellis Wealth Management’s success.

Product Offering

Ellis Wealth Management will provide wealth management services to the residents of Seattle. These services will include financial planning, asset management, estate planning, and retirement planning. Ellis Wealth Management will prioritize client relationships and will hire a full-time assistant who will be dedicated to answering client questions and drafting newsletters and other communications.

The founder, Jared Ellis, will also focus on answering his clientele’s needs. In addition to newsletters and email updates, Jared Ellis will hold seminars on financial strategies and investment presentations for his clients.

Customer Focus

Ellis Wealth Management will serve the affluent and middle-class residents of Seattle and the surrounding areas. The area has a large demographic of residents with disposable income who are interested in managing their wealth and finances better. They have diverse needs, from needing to better manage their assets to planning their wills and estates. We will provide a wide range of wealth management services to serve this diverse demographic.

Management Team

Success factors.

Ellis Wealth Management will be able to achieve success by offering the following competitive advantages:

• Location: Ellis Wealth Management’s location is near the center of town, in the financial district of the city. It’s visible from the street with many working professionals walking to and from work on a daily basis; giving passersby a direct look at our firm, most of which are part of our target market.
• Client-oriented service: Ellis Wealth Management will have a full-time assistant to primarily keep in contact with clients and answer their everyday questions. Jared Ellis realizes the importance of accessibility to his clients, and will further keep in touch with his clients through monthly presentations, seminars, and updates per email and newsletters.
• Management: Jared has been extremely successful working in the financial services sector and will be able to use his previous experience to grant his clients detailed insight into the financial world. His unique qualifications will serve customers in a much more sophisticated manner than Ellis Wealth Management’s competitors.
• Relationships: Having lived in the community for 25 years, Jared Ellis knows many of the local leaders, newspapers and other influences. Furthermore, he will be able to draw from his ties to the community in order to build up a heavy asset base in a short amount of time.

Financial Highlights

Ellis Wealth Management is currently seeking $350,000 to launch. Specifically, these funds will be used as follows:

• Office design/build: $50,000
• Office equipment, supplies, and materials: $50,000
• Three months of overhead expenses (payroll, rent, utilities): $150,000
• Marketing costs: $50,000
• Working capital: $50,000

The following graph below outlines the pro forma financial projections for Ellis Wealth Management.

Company Overview

Who is ellis wealth management.

Ellis Wealth Management is a new wealth management firm located in Seattle, Washington. Our mission is to help the residents of Seattle create a financially sound future and achieve all their financial goals. We plan to do this by offering a wide range of wealth management services, including financial planning, estate planning, and retirement planning. We are a client-focused firm that is dedicated to helping our clients make all their dreams come true.

Ellis Wealth Management’s History

Upon surveying the local customer base and finding a potential office, Jared Ellis incorporated Ellis Wealth Management as an S-Corporation in January 2023.

The business is currently being run out of Jared’s home office, but once the lease on Ellis Wealth Management’s office location is finalized, all operations will be run from there.

Since incorporation, the Company has achieved the following milestones:

• Found an office space and signed Letter of Intent to lease it
• Developed the company’s name, logo, and website
• Hired an interior designer for the decor and furniture layout
• Determined equipment and fixture requirements
• Began recruiting key employees

Ellis Wealth Management’s Services

Industry analysis.

The wealth management industry is strongly correlated with the strength of the economy as a whole. When the wealth management industry (or the finance industry in general) is down, then that is a sign that the economy is struggling. The economy suffered greatly during the COVID pandemic but is now bouncing back to being stronger than ever.

According to Mordor Intelligence, the wealth management industry was valued at USD 3.67 billion in 2021 and is projected to grow at a CAGR of 14.67% from now until 2027. This is substantial growth and shows the economy is back in full swing. Wealth management firms both small and large can expect significant growth and an increase in profits over the next several years.

In addition to the economy bouncing back, there are a few other factors that affect this projected growth. First, more people have disposable income and are looking for wise ways to save or use that extra money. Furthermore, financial education is becoming far more popular than it was years ago. This means that more people are learning the importance of wealth management and are eager for services that will help them save and grow their money. The widespread interest in financial education has created a strong demand for wealth management services.

When considering all these factors, the wealth management industry is projected to boom in the next few years. This is good news for firms like Ellis Wealth Management and shows that our firm has a great chance to succeed.

Customer Analysis

Demographic profile of target market.

Ellis Wealth Management will serve the residents of Seattle, Washington, and the immediate surrounding areas. The area is populated by middle and upper-class residents who have diverse wealth management needs. They also have the disposable income to hire a wealth management firm to help manage their finances.

The precise demographics of Seattle are as follows:

Customer Segmentation

Ellis Wealth Management will primarily target the following customer profiles:

• Higher-income individuals
• Individuals 55+
• Middle-aged parents with children

Competitive Analysis

Direct and indirect competitors.

Ellis Wealth Management will face competition from other companies with similar business profiles. A description of each competitor company is below.

Merrill Lynch

Merrill Lynch is a longstanding financial firm that was acquired by Bank of America in 2009. The firm has a client-oriented focus that prioritizes the individual needs of each client. The firm offers a long list of wealth management services, including banking services and retirement planning. When clients choose Merrill Lynch, they are offered a wealth management strategy that is tailored to them and helps support their dreams and financial goals.

Edward Jones

Edward Jones is a global wealth management firm that assists over seven million investors worldwide. It is a privately owned company, which allows its advisors to focus on client relationships rather than shareholder returns. They offer a long list of financial advising and wealth management services, all of which are based on respect, attention, and service.

Morgan Stanley

Founded in 1935, Morgan Stanley started as a small Wall Street partnership but has now grown to be a global firm with 80,000 employees. Morgan Stanley is committed to its clients and provides them with a wide range of financial planning and wealth management services. Everything the company does is backed by its five core values: Do the right thing, put clients first, lead with exceptional ideas, commit to diversity and inclusion, and give back. For nearly a century, Morgan Stanley has committed to these values, which has earned them a loyal following and tremendous success.

Competitive Advantage

Ellis Wealth Management will be able to offer the following advantages over the competition:

Marketing Plan

Brand & value proposition.

Ellis Wealth Management will offer a unique value proposition to its clientele:

• Client-focused financial services, where the Company’s interests are aligned with the customer
• Service built on long-term relationships
• Big-firm expertise in a small-firm environment

Promotions Strategy

The promotions strategy for Ellis Wealth Management is as follows:

Targeted Cold Calls

Ellis Wealth Management will initially invest significant time and energy into contacting potential clients via telephone. In order to improve the effectiveness of this phase of the marketing strategy, a highly-focused call list will be used, targeting individuals in areas and occupations that are most likely to need wealth management services. As this is a very time-consuming process, it will primarily be used during the startup phase to build an initial client base.

Ellis Wealth Management understands that the best promotion comes from satisfied customers. The Company will encourage its clients to refer their friends and family by providing economic or financial incentives for every new client produced. This strategy will increase in effectiveness after the business has already been established.

Social Media

Ellis Wealth Management will invest heavily in a social media advertising campaign. The company will create social media accounts and invest in ads on all social media platforms. It will use targeted marketing to appeal to the target demographics.

Website/SEO

Ellis Wealth Management will invest heavily in developing a professional website that displays all of the company’s services. It will also invest heavily in SEO so that the firm’s website will appear at the top of search engine results.

The fees and hourly pricing of Ellis Wealth Management will be moderate and competitive so clients feel they are receiving great value when utilizing our wealth management services.

Operations Plan

The following will be the operations plan for Ellis Wealth Management.

Operation Functions:

• Jared Ellis will be the Owner of Ellis Wealth Management. In addition to providing wealth management services, he will also manage the general operations and executive aspects of the business.
• Jared Ellis is joined by a full-time administrative assistant, Jacob Hubert, who will take charge of the administrative tasks for the company. He will also be available to answer client questions and will be the primary employee in charge of client communications.
• As the company builds its client base, Jared Ellis will hire more financial advisors to provide wealth management services, attract more clients, and grow our business further.

Milestones:

Ellis Wealth Management will have the following milestones completed in the next six months.

• 2/2023 Finalize lease agreement
• 3/2023 Design and build out Ellis Wealth Management
• 4/2023 Hire and train initial staff
• 5/2023 Kickoff of promotional campaign
• 6/2023 Launch Ellis Wealth Management
• 7/2023 Reach break-even

Financial Plan

Key revenue & costs.

Ellis Wealth Management’s revenues will primarily come from charging an hourly rate and fees for the wealth management services we provide.

The notable cost drivers for the company will include labor expenses, overhead, and marketing expenses.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and pay off the startup business loan.

• Year 4: 100
• Year 5: 125
• Hourly Fee: $250
• Fee of Assets: 50%
• Annual Rent: $100,000

Financial Projections

Income statement.

Balance Sheet

Cash Flow Statement

Wealth Management Business Plan FAQs

What Is a Wealth Management Business Plan?

A wealth management business plan is a plan to start and/or grow your wealth management business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your Wealth Management business plan using our Wealth Management Business Plan Template here .

What are the Main Types of Wealth Management Businesses?

There are a number of different kinds of wealth management businesses , some examples include: Personal Financial Planning and Advice, Asset Management and Allocation, Estate Planning, and Tax Accounting.

How Do You Get Funding for Your Wealth Management Business Plan?

Wealth Management businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

What are the Steps To Start a Wealth Management Business?

Starting a wealth management business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop A Wealth Management Business Plan - The first step in starting a business is to create a detailed wealth management business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your wealth management business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your wealth management business is in compliance with local laws.

3. Register Your Wealth Management Business - Once you have chosen a legal structure, the next step is to register your wealth management business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your wealth management business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Wealth Management Equipment & Supplies - In order to start your wealth management business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your wealth management business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.

Get instant access to detailed competitive research, SWOT analysis, buyer personas, growth opportunities and more for any product or business at the push of a button, so that you can focus more on strategy and execution.

Table of contents, creating an effective wealth management business plan.

• 4 April, 2024

Introduction to Wealth Management Business

In the world of finance, the field of wealth management has gained significant prominence. As individuals accumulate wealth and aim to achieve their financial goals, the need for expert guidance in managing their assets becomes paramount. This is where a wealth management business plays a crucial role.

What is Wealth Management?

Wealth management involves overseeing investment and asset portfolios, guiding clients through market fluctuations, tax implications, and investment strategies to create customized plans tailored to their financial needs ( Texas Gulf Bank ). Financial advisors in this field provide comprehensive services that go beyond traditional investment advice. They focus on developing a deep understanding of their clients’ financial situations, goals, and risk tolerance to provide personalized and proactive guidance.

The role of a wealth management business is to assist clients in building, growing, and preserving their wealth. This involves a holistic approach to financial planning, including investment management, retirement planning, estate planning, tax optimization, and risk management. By offering a wide range of services, wealth management businesses aim to help individuals and families achieve long-term financial success.

Importance of Starting a Wealth Management Business

Starting a wealth management business is important as it allows individuals to provide comprehensive financial planning, tax optimization, estate planning, and investment strategies tailored to the specific needs of high-net-worth clients ( AssetMark ). High-net-worth individuals require specialized services to navigate the complexities of managing substantial wealth and achieving their financial objectives.

Wealth management businesses play a crucial role in helping clients achieve their financial goals and preserve their wealth through personalized and proactive service, expertise, and attention to detail ( AssetMark ). By understanding their clients’ unique circumstances, financial aspirations, and risk appetite, wealth management professionals can develop customized strategies that align with their clients’ goals.

Furthermore, the demand for wealth management services is increasing as the number of high-net-worth individuals continues to rise. According to Investopedia , this presents an opportune time to start a wealth management business. By offering specialized services and expertise in areas such as nonqualified plans, employee stock options, or comprehensive wealth management, individuals can cater to the unique needs of high-net-worth clients.

In the following sections, we will explore the steps involved in starting a wealth management business, strategies for success, and the essential components of a comprehensive wealth management business plan.

Steps to Start a Wealth Management Business

Starting a wealth management business requires careful planning and consideration. Here are the key steps involved in establishing a successful wealth management business:

Market Research and Analysis

Market research and analysis play a crucial role in laying the foundation for a wealth management business. Conducting thorough market research helps identify new market opportunities, understand customer profiles, and assess the competition ( BDC ). This research allows you to make informed decisions about your target market, identify their needs and preferences, and develop strategies to effectively reach them.

Key aspects to consider during market research and analysis include:

• Identifying your target audience and understanding their financial goals and challenges.
• Analyzing the competitive landscape and identifying opportunities for differentiation.
• Assessing market trends, regulations, and industry-specific reports to stay informed.

Creating a Business Plan

A comprehensive business plan is crucial for any wealth management business. It provides a roadmap for your company’s growth and outlines the strategies and goals for the next five years ( Growthink ). The business plan should include:

• Plan summary and goals: Clearly define your business objectives and the value proposition you offer to clients.
• Market research and analysis: Provide insights into your target market, competition, and industry trends.
• Funding sources and financial projections: Detail your funding requirements and financial forecasts for the next five years.
• Marketing and promotion strategies: Outline your marketing plan to attract and retain clients.
• Operations and service delivery: Explain how your business will operate and deliver exceptional service to clients.

Funding and Financial Considerations

Consider how you will finance your wealth management business. Funding sources can include personal savings, bank loans, credit cards, or angel investors ( Growthink ). Prepare a financial plan that includes a 5-year financial statement with monthly or quarterly breakdowns for the first year and annual breakdowns for subsequent years. This plan should include income statements, balance sheets, and cash flow statements, along with assumptions about revenue, costs, and other financial factors.

Marketing Strategies for Wealth Management Business

Develop effective marketing strategies to attract clients to your wealth management business. Consider the four P’s of marketing: Product, Price, Place, and Promotion ( Growthink ). Key considerations include:

• Clearly defining your suite of products and services.
• Identifying pricing strategies based on market competition and client expectations.
• Determining the most suitable location for your business and how it impacts your target market.
• Outlining promotional methods such as digital marketing, networking, and referrals.

Operations and Client Servicing

Establishing effective operational processes and delivering exceptional client service are crucial for a successful wealth management business. Consider the following:

• Designing processes for day-to-day operations, including client onboarding, account management, and communication.
• Setting short-term and long-term goals to guide your business growth.
• Building a team of qualified professionals to handle client relationships and operational responsibilities.
• Regularly reviewing and improving operational processes to enhance efficiency and client satisfaction.

Financial Planning and Risk Assessment

Financial planning and risk assessment are integral parts of a wealth management business. Develop strategies to help clients achieve their financial goals and manage risk. Consider the following:

• Conducting comprehensive financial assessments for clients to understand their goals, risk tolerance, and investment objectives.
• Designing customized financial plans that align with clients’ needs and objectives.
• Implementing risk management strategies to protect clients’ investments and portfolios.
• Utilizing technology and data analysis to improve risk assessment and decision-making processes.

By following these steps, you can establish a solid foundation for your wealth management business and increase the chances of long-term success. Remember that continuous learning, staying abreast of industry trends, and providing exceptional service are key to thriving in the wealth management industry.

Strategies for Success in Wealth Management Business

To thrive in the competitive field of wealth management, financial advisors must adopt effective strategies that attract and retain clients. Here are some key strategies to consider:

Building a Referral Network

Establishing a strong referral network is crucial for expanding your client base. Elite financial advisors often develop partnerships with attorneys, CPAs, and other professionals, offering greater rewards and revenue sharing to incentivize them to refer clients ( Investopedia ). By nurturing relationships with these professionals, you can tap into their networks and receive qualified referrals, increasing your chances of attracting high-net-worth clients.

Focusing on High-Net-Worth Clients

Rather than serving a broad base of mid-range customers, elite advisors concentrate on providing personalized services to smaller client bases with higher net worth. This approach allows for more intimate client relationships and tailored marketing efforts ( Investopedia ). By focusing on high-net-worth clients, you can dedicate more time and resources to meet their complex financial needs and build long-term loyalty.

Streamlining Operations and Embracing Technology

Efficiently streamlining operations is essential for maximizing productivity and providing top-notch service. Many elite advisory firms delegate tasks among employees, allowing principals to focus on client interactions. Automation tools, such as robo-advisors, can also help in managing lower-level portfolio tasks effectively ( Investopedia ). Embracing technology can enable you to streamline administrative processes, enhance client communication, and improve overall efficiency.

Specializing in Niche Areas

Specializing in niche areas unique to the high-net-worth space can make you stand out in the market. By focusing on a specific expertise, such as nonqualified plans, employee stock options, or comprehensive wealth management covering all asset classes, you can position yourself as a master in your chosen area of specialization. This targeted expertise will not only attract high-net-worth clients seeking specialized services but also enhance your credibility and reputation.

Offering Comprehensive Wealth Management Services

Comprehensive wealth management services are highly valued by high-net-worth clients. These services encompass a holistic approach to financial planning, including tax optimization, estate planning, and investment strategies tailored to individual risk tolerance and long-term goals ( AssetMark ). Providing a wide range of services demonstrates your commitment to addressing all aspects of your clients’ financial well-being. It also allows you to build stronger, long-lasting relationships with your clients.

By implementing these strategies, financial advisors can position themselves for success in the wealth management industry. Building a referral network, focusing on high-net-worth clients, streamlining operations through technology, specializing in niche areas, and offering comprehensive wealth management services are all key components of a successful wealth management business plan.

Components of a Wealth Management Business Plan

To establish a successful wealth management business , it is essential to develop a comprehensive business plan that outlines the company’s goals, strategies, and financial projections. A well-crafted business plan provides a snapshot of the company’s current status and lays out the growth plan for the next five years. Let’s explore the key components of a wealth management business plan.

Plan Summary and Goals

The plan summary section of the business plan provides an overview of the company, its mission, and its vision. It should concisely communicate the unique value proposition of the wealth management business and highlight the goals and objectives it aims to achieve. This section acts as a roadmap, guiding the company towards its desired outcomes and setting the tone for the entire plan.

Market research and analysis play a crucial role in understanding the target market, identifying potential clients, and evaluating competitors. By conducting thorough market research, you can gain insights into industry trends, customer preferences, and emerging opportunities. Utilize data from government publications, industry-specific reports, and market analysis tools to support your findings. This information will help you make informed decisions and tailor your services to meet the needs of your target audience.

Funding Sources and Financial Projections

Determining the funding sources for your wealth management business is an important aspect of the business plan. Common funding options include personal savings, bank loans, and angel investors. Banks typically review the business plan to assess the likelihood of loan repayment. It is essential to include financial projections that demonstrate the potential profitability and growth of the business over a five-year period. This includes income statements, balance sheets, and cash flow statements. Assumptions should be made regarding revenue, costs, and other financial factors to provide a realistic overview of the business’s financial health.

Marketing and Promotion Strategies

The marketing and promotion strategies section outlines how you plan to attract and retain clients. Identify your target audience and develop a marketing plan that highlights the unique benefits and services your wealth management business offers. Consider the four P’s of marketing: Product, Price, Place, and Promotion. Define your services, pricing structure, target markets, and promotional activities. Use digital marketing techniques, traditional advertising methods, and networking opportunities to raise awareness of your business and build a strong client base.

Operations and Service Delivery

The operations and service delivery section of the business plan focuses on the day-to-day operations and processes required to deliver exceptional service to your clients. Define the organizational structure, roles, and responsibilities within your wealth management team. Detail the client onboarding process, portfolio management strategies, and the technology tools you will utilize to streamline operations. Emphasize the importance of providing personalized and tailored services to meet the unique needs of your clients.

By including these components in your wealth management business plan, you can present a comprehensive overview of your business, its market potential, financial projections, marketing strategies, and operational processes. Remember to regularly review and update your business plan as your business evolves to ensure continued success in the dynamic field of wealth management.

The Role of Risk Management in Wealth Management

Risk management is a critical aspect of wealth management that plays a fundamental role in achieving financial goals and preserving wealth. By understanding and effectively managing risks, wealth managers can make informed decisions aligned with their clients’ financial objectives and risk tolerance. In this section, we will explore the key components of risk management in wealth management, including understanding risk, assessing risk tolerance, measuring and managing investment risks, and integrating technology and data analysis in risk assessment.

Understanding Risk in Wealth Management

Risk refers to the potential for an investment or action to deviate from its expected outcome. In the context of wealth management, risks can manifest in various forms, including market volatility, economic uncertainty, inflation, geopolitical events, and individual financial circumstances. Understanding these risks is crucial for wealth managers to develop strategies that mitigate potential negative impacts and maximize returns. By gaining a comprehensive understanding of risk, wealth managers can help their clients make informed decisions about their investments.

Assessing Risk Tolerance

Risk tolerance refers to an individual’s willingness and capacity to take on financial risks in pursuit of higher returns. It is influenced by factors such as financial goals, time horizon, investment knowledge, and personal circumstances. Assessing risk tolerance involves the use of risk profiling tools and questionnaires to determine clients’ comfort levels with risk-taking. By understanding their clients’ risk tolerance, wealth managers can tailor investment recommendations and construct portfolios that align with their clients’ risk profiles. This helps ensure that clients feel comfortable with the level of risk associated with their investments.

Measuring and Managing Investment Risks

Measuring and managing investment risks is a crucial aspect of effective wealth management. Wealth managers utilize various tools and techniques to assess the potential risks and rewards associated with different investment strategies. Common measures of risk include standard deviation, beta, value at risk (VaR), and conditional value at risk (CVaR). These measures help assess volatility and downside potential, enabling wealth managers to construct portfolios that align with their clients’ risk profiles. By incorporating risk management strategies, wealth managers can help clients achieve a balance between risk and return.

Integrating Technology and Data Analysis in Risk Assessment

Technology and data analysis can significantly enhance risk assessment processes in wealth management. By leveraging innovative tools and advanced analytics, wealth managers can improve risk assessment practices and overall wealth preservation efforts. Integrating technology allows for more efficient data collection, analysis, and visualization, enabling wealth managers to make data-driven decisions. Advanced risk modeling techniques, such as stress testing and scenario analysis, can provide valuable insights into potential risks and their potential impact on investment portfolios. By embracing technology and data analysis, wealth managers can enhance risk assessment accuracy and improve the overall effectiveness of their wealth management strategies.

Incorporating robust risk management practices is essential for wealth managers to navigate the complex landscape of wealth management and help their clients achieve their financial goals. By understanding risk, assessing risk tolerance, measuring and managing investment risks, and integrating technology and data analysis in risk assessment, wealth managers can provide their clients with comprehensive and tailored wealth management services.

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Wealth Strategy

Chances are, even if you like what you do today, even if you have your dream job, you’ve given this idea some thought. “Yes, I love what I do. But what if I didn’t have to do it?”

What is a Wealth Strategy?

Who needs a wealth strategy.

Everyone. Well, everyone who wants to enjoy the financial freedom that allows them to live life on their own terms and who wants to reduce their taxes through a corresponding tax strategy .

How To Create A Wealth Strategy

Step 1: CLARIFY YOUR WEALTH VISION

Taking ownership of your wealth strategy means gaining clarity around your goals and objectives. Pull out a journal and write a vivid description of your ultimate lifestyle. Where do you live? Who is with you? Where do you travel? How do you spend your time? Be as specific as possible about the life you dream of having.

There’s a great scene in Lewis Carroll’s classic Alice in Wonderland, where Alice asks the Cheshire Cat, “Would you tell me, please, which way I ought to go from here?”

The cat responds, “That depends a good deal on where you want to get to.”

Alice replies, “I don’t much care where.”

And the cat answers wisely, “Then it doesn’t matter which way you go.” It's much the same with your wealth strategy. You need to know precisely what you want to achieve so that you can create a plan to get there. What is the precise cash flow you want to reach to live the life you desire? Once you know that, you're ready to build a plan to get there.

Step 2: TAKE OWNERSHIP

Many people trying to build wealth make the mistake of putting advisors in charge of their wealth strategy. Why is that a mistake? It's not the expert advice that's the problem. It's putting them in charge. The experts with whom you work should be your trusted advisors and guides, but YOU should be in charge.

A successful wealth strategy starts with you. You are the best person to control your money. Taking ownership of your wealth strategy is the best way for you to build massive wealth. You can evaluate others' recommendations, but you should understand and direct your investments, your tax strategies, and your wealth-building techniques.

Step 3: CHOOSE YOUR NICHE

As you begin to build your wealth strategy, you will face many options for investing your money and accumulating assets that deliver cash flow and build equity. The four main asset classes are business, real estate, equities, or other “paper” investments, and commodities, such as oil and gas or agriculture.

Your task in this step is to choose from among those asset classes where you’re going to specialize when it comes to building wealth. There is no right or wrong choice here. The key is to study the options and select an asset class that suits you and your personal situation and plays to your natural strengths. Then, drill down and get laser-focused. Learn all that you can about your chosen niche so that you become a subject matter expert in your chosen area.

Why is this important? This is how you’ll gain momentum in building wealth. If you stick with conservative investments, your money will grow slowly; a 3 percent growth rate will double your money every 24 years. But if you can achieve a 10 percent growth rate with your asset selection, your money will double in 7 years.

This is where you’re building your wealth, so take it seriously. You want to be investing in assets that generate positive cash flow. You want to be able to repeat the investment process repeatedly to scale your results. For example, suppose you've selected residential real estate as your chosen asset class. In that case, you want to create a formula for what types of properties you buy, where you buy them, and how you manage your properties. That way, you can repeat this process with predictably positive results.

Step 4: ESTABLISH YOUR TAX STRATEGY

What do taxes have to do with building wealth?

A lot, if you take the right approach.

A successful tax strategy is a plan of action designed to permanently reduce the amount of tax you pay, putting more dollars in your pocket to invest the way you choose. It is a paradigm shift that turns the tax code into a guide for building wealth. By taking a strategic approach to structuring your business entities, planning and documenting your deductions, utilizing your available tax brackets, and other factors that impact your tax obligations, many entrepreneurs can lower the amount of tax they pay by 10 to 40 percent.

Playing less taxes means more money and faster wealth building.

When To Adjust Your Wealth Strategy

After you've completed your review, you can make informed adjustments to your strategy to keep your wealth-building momentum moving in the right direction.

The WealthAbility ® System

Founded by tax and wealth expert Tom Wheelwright, CPA, the WealthAbility® System is a proven process that permanently reduces taxes by 10% to 40% in 90 days or less. It is the result of more than 40 years of work perfecting a process that helps business owners and investors reach their financial dreams faster. It teaches people how to get clear on their financial goals, permanently reduce their taxes, and start building wealth to achieve their dreams.

Our programs and insights have helped our clients save and invest in their families, business, and employees successfully for years. There is no need to fall victim to complex taxation laws or poor tax planning. The WealthAbility® team and courses help you determine which tax strategies fit your situation and meet your needs the best.

We are focused on making sure our clients meet and exceed all federal and state governments' expectations while also exceeding what our clients thought was possible. Being a good citizen and community member does not mean you can't adhere to a profitable and lucrative tax strategy .

Most of all, we make taxes fun, easy, and understandable. We look at the whole picture when it comes to your finances and help you set up your financial future as a place you want to visit.

Resources To Support Your Wealth Strategy

Free wealth evaluator, tax-free wealth™ book.

WealthAbility® CEO Tom Wheelwright’s best-selling book is the starter manual for understanding the power of a tax strategy to build massive wealth by permanently lowering your taxes.

Tom is a CPA, Rich Dad Advisor, Entrepreneur, and International Speaker, and his work has been featured in hundreds of media outlets, including NPR, Fox News, Forbes, Entrepreneur, The Wall Street Journal, Accounting Today, NBC News, ABC News, The Huffington Post, and more. Robert Kiyosaki, the best-selling author of Rich Dad Poor Dad , calls Tom “a team player that anyone who wants to be rich needs to add to his team.”

In its second edition, Tax-Free Wealth™ is a must-read for business owners and investors ready to take their finances to the next level.

Free Weekly Report

The wealthability® show.

Privacy Overview

Top Mistakes and Opportunities in the 2017 Tax Act Live Event

November 21st – 23rd, 2019.

Join Tom Wheelwright in taking a deep dive into the Tax Law and how you can leverage it for your clients’ success in 2020. This exclusive TCJA event will show you how to use the tax law to significantly reduce your clients’ taxes. Tom will cover the changes in the tax law, as well as the implications of those changes for your tax strategy.

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Ultimate Guide To Wealth Management Business Plan

• Amit Chandel
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Are you looking to prepare a comprehensive wealth management business plan but unsure where to start? Understanding and implementing wealth management requires a well-thought-out strategy. A business plan is not just a document; it’s a roadmap for your financial advisory services.

Our Ultimate Guide to Wealth Management Business Plan offers an in-depth look into creating a successful plan. It covers everything from understanding your target market to financial forecasting, ensuring your wealth management business is set for success. Let’s dive in and explore how to build a robust foundation for your wealth management services.

What is a wealth management business plan?

A wealth management business plan is a comprehensive document that outlines the strategies, objectives, and operational framework for a firm that offers wealth management services. This plan serves as a roadmap for the business, detailing how it intends to manage and grow clients’ wealth.

It typically includes market analysis, target client demographics, service offerings, marketing strategies, revenue projections, and operational details. Such a plan aims to provide a clear direction for the wealth management business to achieve financial success and client satisfaction.

Why Financial Advisors Need a Business Plan?

Here’s why financial advisors need a business plan:

• Defining Goals and Objectives: A business plan helps financial advisors set clear, achievable goals, guiding their business strategies and decisions.
• Mapping Growth Strategies: It outlines strategies for growth, including client acquisition, service expansion, and scaling operations.
• Financial Management: A business plan includes financial projections and budgets, crucial for effective financial management.
• Risk Assessment: It helps in identifying potential risks and devising strategies to mitigate them.
• Securing Funding and Partnerships: A well-crafted business plan is essential for attracting investors or partners.
• Performance Tracking: The plan provides a framework for monitoring progress and performance, enabling adjustments as needed.
• Market Analysis: It includes market research to understand target clients and competition, vital for crafting effective marketing strategies.
• Operational Planning: Outlines the day-to-day operations, staffing needs, and technology requirements.
• Adaptability to Change: It allows financial advisors to be agile and adapt their strategies in response to market changes or new opportunities.

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What are the Essential Elements of a Financial Advisor Business Plan?

The essential elements of a financial advisor business plan include:.

• Executive Summary: A brief overview of the business plan, highlighting the main goals and points.
•  Company Overview: A snapshot of the financial advisory firm, including its history, structure, and services offered.
• Industry Analysis: An examination of the financial advisory industry, trends, and the overall economic environment.
• Customer Analysis: Details about the target client demographic, their needs, and how the firm plans to meet them.
• Competitive Analysis: An assessment of competitors in the market, their strengths, weaknesses, and the firm’s unique selling points.
• Marketing Plan: Strategies for attracting and retaining clients, including branding, channels, and tactics.
• Operations Plan: Describes the daily operations, such as client service processes, office management, and technology use.
• Management Team : Information about key team members, their roles, experience, and contributions to the firm’s success.
• Financial Plan : Financial projections, budgeting, revenue streams, and funding requirements.

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Tips for Writing a Wealth Management Business Plan:

• Define Your Target Market : Identify and understand your ideal client demographic for personalized services.
• Outline Your Services : Clearly describe the range of wealth management services you offer.
•  Competitive Analysis : Analyze your competitors to identify your unique value proposition.
•  Marketing Strategies : Develop effective marketing approaches tailored to your target market.
• Operational Plan : Detail your operational processes, technology use, and office management.
• Financial Projections : Include realistic financial forecasts and budgeting.
• Risk Management: Address potential risks and strategies to mitigate them.
• Team Qualifications : Highlight the expertise and qualifications of your team.
• Growth Strategies : Plan for scaling your business and expanding services.
• Compliance and Legal Considerations : Ensure all regulatory requirements are addressed in your business plan for wealth management.

Ready to take your financial future to the next level? Explore our wealth management services designed to cater to your unique financial goals and needs. Let’s start building your success story together.

Myths Financial Advisors Believe About Business Plan

Financial advisors often hold several misconceptions about business plans:

• Some believe that a business plan is a one-time document, not realizing it needs regular updates as the business evolves.
• Another myth is that business plans are best created in isolation, whereas incorporating insights from team members and stakeholders can provide a more comprehensive view.
• Many think the main purpose of a business plan is to attract funding, overlooking its role in guiding strategic decisions and operations.
• There’s also a belief that simply having a business plan guarantees success, which is not true without implementation and ongoing revision.

Determining if You Require a Business Plan

For any business owner or entrepreneur, figuring out if you need a business plan is an essential first step. It’s a guide that helps you outline your business’s goals, strategies, and potential challenges.

Here’s a concise and formal approach to deciding if a business plan is necessary for you:

• Purpose and Goals : Are you clear about the purpose of your business and its long-term goals? If not, a business plan can help clarify these aspects.
• Seeking Investment : If you’re planning to seek external funding from investors or banks, a business plan is essential. It shows potential investors that you have a well-thought-out strategy for your business.
• New Business or Expansion : For new businesses, a business plan is crucial to mapping out the path ahead. Similarly, if you’re expanding or pivoting your current business, a plan helps to strategize this change.
• Market Understanding : A business plan forces you to research and understand your market, including potential customers and competitors. If you’re not familiar with your market, a business plan is a useful tool.
• Managing Growth: If your business is growing, a business plan can help manage and sustain this growth effectively.
• Measuring Success: A business plan provides benchmarks and performance indicators, which are essential for measuring success and making informed decisions.
• Team Alignment : If you have a team, a business plan ensures everyone is on the same page regarding the business’s direction and goals.

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Our professional tax planning services are designed to efficiently manage your taxes and maximize savings. Don’t miss out on potential benefits. Schedule your consultation today and make the most of your finances. Time is of the essence, so let’s get started!

Mr. Amit Chandel

Amit Chandel is a “Certified Tax Planner/Coach”, and “Certified Tax Resolution Specialist”. He has extensive experience in Tax Planning and Tax Problem Resolutions – helping his clients proactively plan and implement tax strategies that can rescue thousands of dollars in wasted tax. 

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How to write a business plan for your wealth management advisor.

You should consider starting a wealth management advisory because it allows you to provide personalized financial guidance and strategies to help individuals and families grow and protect their wealth, while also building long-term relationships and trust with clients.

However, prior to that, you must have a business plan.

Creating a business plan is essential before starting a new project, as it will allow you to identify your goals, resources, and potential risks associated with the project. It will also help you to evaluate the potential success of the project and create a roadmap for the future.

In short, a good business plan will help ensure the profitability of your wealth management advisor .

What should you include in the business plan for a wealth management advisory? How can it be presented clearly? Which metrics should be part of the financial analysis? What are some steps I can follow to quickly create a business plan?

Prepare for a thorough exploration of these questions with detailed answers right here!

One last thing: starting your business plan from scratch is not required.

You can download our business plan for a wealth management advisory and adapt it to your project.

How to create a business plan for a wealth management advisory

Should you consider writing a business plan for your wealth management advisor.

Yes, you should consider writing a business plan for your wealth management advisor.

Building a solid business plan will allow you to:

• gain knowledge of the wealth management market
• stay updated on emerging trends and include them in your project
• establish what makes a wealth management advisory solid and successful
• understand clients' financial goals and risk tolerance to develop customized investment strategies
• create a solid value proposition for your financial planning consultant
• analyze competitor target markets
• find relevant competitive advantages for your wealth management advisor
• find a business model that optimizes cash flow generation
• formulate and implement a sustainable long-term action plan
• evaluate risks associated with providing wealth management advisory services, including market volatility, regulatory compliance, and client satisfaction

Our team has drafted a business plan for a wealth management advisory that is designed to make it easier for you to achieve all the elements listed.

How to structure a business plan for a wealth management advisory?

A business plan is brimming with information, content, metrics, and financial data. It is important to have an orderly format for smooth reading and comprehension.

When we built our business plan for a wealth management advisor , we made sure to outline it properly.

This is broken down into 5 sections (Opportunity, Project, Market Research, Strategy and Finances).

1. Market Opportunity

The first section is named "Market Opportunity".

This section offers comprehensive insights and analysis on wealth management advisory services, including investment strategies, client profiles, regulatory considerations, and industry trends, assisting professionals in providing effective and personalized financial advice.

The data here is regularly refreshed to keep it accurate.

2. Project Presentation

The second part is dedicated to the "Project" of your wealth management advisory. Here, you can outline your services, such as investment planning, retirement strategies, risk management, estate planning, personalized financial advice, and the unique value proposition that helps clients achieve their financial goals and secure their financial future.

At the end of this section, provide a brief introduction about yourself and your expertise in wealth management.

Explain your commitment to financial planning and investment strategies, your personalized approach to client relationships, and how you plan to provide comprehensive wealth management solutions. Highlight your industry knowledge, your track record of successful client outcomes, and your dedication to helping individuals and families achieve their financial goals and build a secure future through your wealth management advisory.

You'll find provided wording in our business plan. Customize it to fit your concept precisely.

3. Market Research

Then, we have the "Market Research" section.

In this section, you will find a detailed market segmentation analysis for your wealth management advisory services.

It includes a presentation of other wealth management firms in the industry that will be competing with you. Your advisory services' expertise in financial planning and competitive advantages are also highlighted. A customized SWOT analysis is included.

4. Strategy

Within the "Strategy" section, a detailed plan spanning three years is outlined, specifying the necessary initiatives to make your wealth management advisory highly profitable.

Moreover, you'll find a marketing strategy, a risk management strategy, and a completed Business Model Canvas in this section.

5. Finances

Finally, you'll arrive at the "Finances" section, which presents the financial metrics and calculations for your project.

How to write the Executive Summary for a wealth management advisory?

The Executive Summary presents a compact overview of the business plan of your wealth management advisor.

Don't make it longer than 2 pages, focusing on the crucial information.

This is the beginning of your business plan that the bank will see first. It should catch their interest and make them want to read the rest of the plan.

In the Executive Summary of your wealth management advisor, provide responses to the following: what wealth management services does your advisory offer? who is your target market? who are your competitors in the industry? how do you differentiate from them? what is your budget?

How to do the market analysis for a wealth management advisory?

The market study of your wealth management advisory helps you understand external factors such as client demands for financial planning services, competition within the wealth management industry, and emerging trends in investment strategies.

By conducting a comprehensive market study, a wealth management advisory firm can understand client financial needs, offer personalized wealth management solutions, optimize pricing strategies, and execute targeted marketing campaigns, ultimately leading to a larger client base, increased assets under management, and a prominent position in the wealth management industry.

Here's what we've included in the "Market Research" section of our business plan for a wealth management advisor :

• fresh and updated data and statistics about wealth management, including investment trends, asset allocation strategies, and financial planning
• a list of potential market segments for a wealth management advisory
• the competitor analysis
• the competitive advantages to target for a wealth management advisory

The key points of the business plan for a wealth management advisory

What's the business model of a wealth management advisory, business model of a wealth management advisory.

A wealth management advisory's business model revolves around providing financial planning, investment management, and wealth advisory services to clients. Revenue is generated through management fees based on assets under management or financial planning fees.

The business model focuses on understanding client financial goals, creating customized investment strategies, delivering comprehensive financial advice, and building long-term client relationships.

Success depends on financial expertise, delivering consistent investment returns, providing exceptional client service, maintaining regulatory compliance, and fostering trust and confidence in managing clients' wealth and financial well-being.

Business model vs Business plan

Keep in mind that "business plan" and "business model" refer to different concepts.

A business model is a framework that outlines how a company creates value, delivers products or services, and generates revenue.

In a business plan, you demonstrate your business model using a structure called the Business Model Canvas.

And, of course, there is a Business Model Canvas (already completed) in our business plan for a wealth management advisor .

How do you identify the market segments of a wealth management advisory?

Market segmentation for your wealth management advisory involves dividing your potential clients into different groups based on their financial goals, investment preferences, and demographics.

These categories may include factors such as retirement planning, investment management, estate planning, or clients seeking specific wealth management strategies or services (e.g., socially responsible investing, tax optimization).

By segmenting your market, you can offer specialized wealth management services and guidance that cater to each segment's specific requirements. For example, you might focus on retirement planning and provide personalized strategies and investment options to help clients achieve their retirement goals, offer comprehensive investment management services and build portfolios tailored to clients' risk tolerance and financial objectives, specialize in estate planning and help clients navigate complex estate planning considerations and wealth transfer strategies, or focus on specific wealth management strategies or services such as socially responsible investing or tax optimization to accommodate clients' specific preferences or values.

Market segmentation allows you to effectively target your marketing efforts, communicate your expertise in specific wealth management areas, and provide comprehensive and customized financial advice that meets the unique needs and preferences of each client segment.

In the business plan for a wealth management advisor , you will find a detailed market segmentation that gives you insights into your potential customers.

How to conduct a competitor analysis for a wealth management advisory?

Undoubtedly, you won't be the only wealth management advisory firm in the market. There are other professionals providing financial planning and investment advice to clients.

Your business plan should encompass a detailed competitor analysis, where you identify and evaluate their strengths and weaknesses.

Address their weaknesses (such as lack of personalized financial planning, poor investment strategies, or inadequate client communication).

Why is it crucial to address these aspects? Because these weaknesses can impact the success of wealth management advisory services.

By focusing on these areas, you can offer personalized financial planning and investment strategies, provide expert advice and guidance, and deliver exceptional client service, positioning your wealth management advisory as a trusted and valued partner for individuals and families seeking financial security and growth.

It's what we call competitive advantages—prioritize building them to gain a competitive edge.

Here are some examples of competitive advantages for a wealth management advisory: experienced and knowledgeable financial advisors, comprehensive financial planning and investment strategies, personalized wealth management services, strong industry expertise, fiduciary responsibility, exceptional client service and satisfaction.

How to draft a SWOT analysis for a wealth manager?

A SWOT analysis can help identify potential opportunities and threats to a wealth management advisory, enabling informed decision-making.

As you can guess, there is indeed a completed and editable SWOT matrix in our business plan for a wealth management advisor

The strengths for a wealth management advisory

The "S" in SWOT symbolizes Strengths, indicating the project's internal factors that give it a competitive edge.

For a wealth management advisory, possible strengths could include financial planning expertise, investment portfolio diversification knowledge, tax planning experience, and estate planning capabilities.

The weaknesses for a wealth management advisory

The letter "W" denotes Weaknesses, which are the areas or aspects of the project that require modification.

For a wealth management advisory, potential weaknesses could include inadequate risk management systems, lack of knowledge in certain asset classes, lack of adequate technology infrastructure, and lack of diversification in services offered.

The opportunities for a wealth management advisory

O stands for Opportunities in SWOT, indicating the external factors that can provide beneficial opportunities for the project.

In the case of a wealth management advisory, potential opportunities include retirement planning, estate planning, investment management, and tax planning.

The threats for a wealth management advisory

The letter "T" in SWOT signifies Threats, highlighting the potential roadblocks or harmful factors that the project needs to consider.

How to elaborate a marketing strategy for a wealth manager?

A marketing strategy is a crucial ingredient of a business plan as it sets out how a business will acquire customers and achieve sales goals.

Implementing a targeted marketing plan will attract individuals and businesses in need of expert guidance and financial management services from your wealth management advisory.

Investors won't trust your wealth management advisory without proper marketing and a track record of successful financial management.

Have you considered marketing techniques to attract clients to your wealth management advisory? Consider hosting financial planning workshops, leveraging professional networking platforms, and offering personalized consultations to showcase your expertise and build trust with potential clients.

Don't be too hard on yourself if you're struggling with ideas for your project's marketing strategy – it's a process.

How to make financial projections for a wealth manager?

A comprehensive business plan requires a thorough analysis of financial data to ensure its success.

It is essential to include revenue forecasts for your wealth management advisor.

We must ensure that this revenue forecast is reasonable and easily comprehensible.

Our financial plan for a wealth management advisor is user-friendly, providing automated validations that allow you to rectify any assumptions swiftly. This guarantees the creation of credible projections with ease and assurance.

Of course, you'll need to create a preliminary budget for the launch of your wealth management advisor. Pay attention to every expense and don't leave any out (our financial plan includes a complete list for your convenience).

The break-even analysis is an essential component of your financial plan, as it provides an indication of whether your wealth management advisor will generate profits or not.

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Defining and Refining Your Business Plan for Success in 2018

Matt Matrisian | Dec 27, 2017

Financial advisors today are navigating a variety of external pressures: widespread firm consolidation, an uncertain regulatory climate and the evolving needs of an aging client demographic. These constant shifts mean that advisors must sharpen their focus on their business goals in order to prosper. However, while many advisors think about their business objectives abstractly, few put such thoughts down on paper and devise a specific plan of attack. They’re missing a golden opportunity, as creating a formal business plan can make all the difference in attaining one’s goals. Here are three steps advisors can take to approach planning more proactively and start 2018 right off on the road to success.

Be SMART About Defining Your End Goal

Creating and executing a business plan requires that you first identify your end goal. High-level business concepts like “driving scale” and “increasing efficiency” are popular buzzwords, but these terms are too theoretical to be actionable—they are most helpful as themes to underlie a more concrete objective and its corresponding plan. Instead, goals must be SMART: 

There are infinite SMART goals—every advisor is driven by their own personal objectives. For example, one advisor may be looking to grow their average assets under management per client from $250,000 to $400,000 over three years, while another may aim to acquire 10 clients from a new demographic in the next year. These goals may differ, but both are specific, measurable, achievable, relevant and time-bound. Adhering to such criteria will make it easier for you to actually realize your goals.

Implement “Horizon Planning”

Once advisors have clearly defined their end goal, they must create a specific, tactical business plan that can be shared with employees and clients. Many advisors have found success in doing so by leveraging “horizon planning” to organize their thoughts into three “horizons,” or groups of smaller objectives linked to a larger end goal.

“First horizon” objectives are the specific, action-oriented tasks critical to beginning to pursue a larger goal—for the hypothetical advisor looking to boost average client AUM, this may include forging 10 new relationships with potential clients. “Second horizon” objectives identify areas for investment that will drive future revenue, profit or any other strategic priority related to the business, such as adding retirement and estate planning services to harness more of clients’ wallet share. “Third horizon” objectives may be a strategic priority, but are not currently achievable due to a lack of resources—perhaps that hypothetical advisor would like to hire a junior advisor to further drive growth, but does not have the time and resources to interview candidates. With these three horizons in mind, advisors will have a clearer view of how to align day-to-day strategies, decisions and staffing with short- and long-term goals for the firm.

Stay on Track by Anticipating Common Pitfalls

One of the most common mistakes we see advisors make when executing a business plan is allowing distractions and other projects to derail their progress. While business planning is certainly an intensive process, advisors can help maintain their focus by further breaking up each “horizon” of their overall strategy into bite-sized goals. Not only does this make reaching their larger objective more tangible, but accomplishing each “mini goal” provides a clear sign of advancement that can help them stay motivated. Another common mistake advisors make is failing to regularly review their overall business plan. Revisit each “horizon” of the plan during team meetings and year-end reviews to assess progress and status updates—that way, the firm can pinpoint areas of opportunity together and make any necessary adjustments moving forward. In addition to checking in with internal stakeholders, it’s important to identify an “accountability colleague” to meet with regularly to specifically review the progress made towards the goal. This could be an affiliate group, study group, consultant or advisory board. Whatever shape it takes, having a person or a group of people to whom you are accountable helps maintain focus and motivation.

Developing a business plan is key to advisor success—without a disciplined approach to designing and executing goals, advisors run the risk of letting ever-increasing industry pressures impact their long-term vision for their businesses. But by leveraging these best practices, advisors can approach the new year with a fine-tuned strategy for achieving their unique goals.

Matt Matrisian is Senior Vice President, Strategic Initiatives at AssetMark, Inc. AssetMark, Inc. is a SEC-registered investment adviser.

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More From Forbes

The entrepreneur's guide to improving health, wealth and relationships.

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In my experience, successful entrepreneurs are always seeking to improve. They are always on the lookout for new business books or new podcasts or new techniques that they can learn from and apply to their business — and they invest an extraordinary amount of time and money in this search for improvement. But there’s more to life than just business. And when you spend all your energy improving in one area of life, you neglect other areas. You may be rocking your business, but your health is declining. Or perhaps your health is fantastic but some of your relationships may be suffering. For me, I’ll never forget when my wife said, “You’re an amazing businessman, but you’re just an OK father.”

After that, I decided to change the way I approach improvement. Instead of just working to improve my business, I made a conscious effort to improve in 5 key areas of life. I committed to learning and growing financially, spiritually, mentally, physically and socially. Each of these impacts all the others. What good does all the money in the world do if your family life is dysfunctional? Health issues can be financially devastating. And poor mental and spiritual health can lead to bad business decisions. In my opinion, constant improvement in all 5 of these areas is a must.

So how can you maximize your growth in each of these of these 5 key areas? Counterintuitively, the answer isn’t to start with where you’re weak. Rather, it’s to focus first where you’re strong, to identify why and how you’re strong in that area, so you can then apply the same techniques to your weaker areas. If you’re currently growing the most as an entrepreneur, write down specifically what you are doing to improve. You may have never really thought of it before, but it’s critical that you identify concrete reasons here. The objective is to identify a specific, detailed formula for improvement that you can apply to the rest of your life.

For example, here are things that help me improve in business:

• I hire and pay mentors to help me with specific objectives and breakthroughs.
• I read books in the area I want to maximize.
• I attend seminars and events.
• I listen to audio books or podcasts while I’m driving.
• I always increase my chances of success by including others. I create mastermind groups with other high achievers in any area I want to improve. I also engage in productive conversations with my top relationships.
• I set specific times during the week to meet with these people. I ask these people to hold me accountable to my goals.
• I create daily systems and accountability, which are integr ated into my life and schedule.
• Finally, I always track my progress.

Your formula may include none, some, all of these, or maybe completely different techniques. Regardless, it’s critical that you become conscious of the specific things that you do on a daily and weekly basis to achieve peak performance in the most superior area of your life. Once you’ve identified those techniques, improving your weaker areas becomes much simpler. All you have to do is apply the same formula from your strongest area to your weaker areas.

For example, I hire coaches and mentors for my business, so I did the same thing for my health and relationships: I hired a personal trainer and a relationship coach. I read business books, so I made a conscious effort to read books on meditation and similar topics to help me spiritually and mentally. I like to spend time and learn from other business owners, so I started exercising with others so we could encourage and learn from each other. Many of my friends, associates and employees do a daily Power Hour, which involves learning and meditating and exercising. And we check in with each other to make sure we’re keeping up the habit, which gives me accountability. And those are a just a few examples of how I’ve applied my best growth strategies to other areas of my life.

When people talk about work/life balance, they usually mean the amount of time spent at work versus not at work. But what about the amount of growth at work or in the business versus the amount of growth in other areas of your life? By making a conscious effort to grow financially, spiritually, mentally, physically and socially, you will achieve true work/life balance.

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How To Write a Business Plan for Wealth Management Platforms in 9 Steps: Checklist

By henry sheykin, resources on wealth management platforms.

• Financial Model
• Business Plan
• Value Proposition
• One-Page Business Plan
• SWOT Analysis
• Business Model
• Marketing Plan
• Bundle Business Plan & Fin Model

Are you interested in entering the lucrative world of wealth management platforms? With the rapid growth of the industry, now is the perfect time to launch your own business. In 2021, the global wealth management market was valued at $1.18 trillion and is expected to reach $1.46 trillion by 2028. To help you get started, we have compiled a comprehensive guide on how to write a business plan for wealth management platforms in 9 simple steps. So, let's dive in and explore the key factors that will set you on the path to success.

The first step in crafting a winning business plan is to research the market and industry trends . This will help you gain valuable insights into the competitive landscape and identify emerging opportunities. By staying up to date with the latest trends and innovations, you can ensure that your wealth management platform remains relevant and appealing to your target market.

Once you have a clear understanding of the market, you can proceed to identify your target market and competition . Analyze the demographics, preferences, and investment goals of your target audience to create personalized financial planning and portfolio management services. Additionally, conduct a thorough analysis of your competitors to identify their strengths, weaknesses, and unique selling propositions.

Before diving headfirst into your new venture, it is important to conduct a feasibility study . This will enable you to assess the practicality and profitability of your business idea. Evaluate the market demand, potential risks, and financial viability to determine if your wealth management platform is viable in the long run.

With the feasibility study completed, it's time to define your business objectives and goals . Clearly outline what you aim to achieve with your wealth management platform, whether it's achieving a certain number of clients or generating a specific amount of revenue. Setting clear objectives will provide you with a roadmap for success and keep you focused on your mission.

Next, you need to determine the legal structure and requirements for your wealth management platform. Consult with legal and financial professionals to ensure compliance with regulatory frameworks and obtain any necessary licenses or certifications. This step is crucial to avoid any legal complications in the future.

A comprehensive financial plan is the backbone of any successful business. Develop a thorough financial plan that includes revenue projections, expense forecasts, and cash flow analysis. This will not only help you secure funding from investors or lenders but also provide you with a clear understanding of the financial health of your wealth management platform.

Once the financials are in order, it's time to outline your marketing and sales strategies . Define your brand positioning, target marketing channels, and promotional activities to attract high net worth individuals to your platform. Additionally, devise effective sales strategies to convert leads into paying clients.

No business can thrive without a strong team. Build a team of experienced professionals who are well-versed in wealth management and possess the necessary skills to provide exceptional service to your clients. Remember, your team is an integral part of your success, so choose wisely.

Lastly, gather all the necessary resources and information required to launch and operate your wealth management platform. Ensure that you have the right technology, software, and infrastructure in place to provide a seamless experience to your clients.

By following these 9 essential steps, you'll be well-equipped to write a compelling business plan for your wealth management platform. So, get ready to embark on an exciting journey of transforming the financial futures of high net worth individuals.

Research The Market And Industry Trends

Before starting any business venture, it is crucial to thoroughly research the market and industry trends to gain valuable insights and understanding. This research will provide you with a clear picture of the current landscape and help you make informed decisions. Here are some important steps to consider:

• Identify the target market: Determine who your potential clients are and what their needs and preferences are. Understanding your target audience will allow you to tailor your services and marketing strategies accordingly.
• Analyze the competition: Study the existing wealth management platforms and firms in the market. Analyze their offerings, pricing, and customer base. This will help you identify gaps in the market and opportunities for differentiation.
• Identify market trends: Stay up-to-date with the latest industry trends and changes. Keep an eye on technological advancements, regulatory updates, and shifts in customer behavior. This will help you adapt your business model and strategies to stay competitive.
• Utilize industry reports and market research: Look for reports and studies that provide comprehensive insights into the wealth management industry. These resources can provide you with a wealth of information and help you make data-driven decisions.
• Network and attend industry conferences: Connect with professionals in the wealth management industry and attend conferences and events. This will allow you to gain industry knowledge, learn from experts, and expand your network.
• Stay informed through online forums and communities: Join online forums and communities related to wealth management. Engage in discussions, seek advice, and stay updated with the latest trends and developments in the industry.

Identify Target Market And Competition

Once you have thoroughly researched the market and industry trends, it is essential to identify your target market and understand the competition. This step will help you tailor your services and differentiate yourself from others in the wealth management industry.

1. Define your ideal client: Begin by clearly defining the characteristics of your ideal client. Consider factors such as age, income level, investment preferences, and financial goals. Understanding who your target audience is will help you develop effective marketing strategies and offer personalized solutions.

2. Conduct market research: Conduct a detailed analysis of the market to gather information about your potential clients. This research should include demographic data, financial trends, and customer behavior. By understanding the needs and preferences of your target market, you can tailor your services to meet their specific requirements.

3. Analyze the competition: Identify and analyze your competitors in the wealth management industry. Look for similarities and differences in their services, pricing, target market, and marketing strategies. This analysis will help you identify gaps in the market that you can exploit to gain a competitive advantage.

• Consider conducting surveys or interviews with potential clients to gather valuable insights about their needs and expectations.
• Join professional associations and attend industry conferences to network with peers and gain insights into industry trends and best practices.
• Keep an eye on emerging technologies and innovative solutions in the wealth management sector to stay ahead of the competition.

Identifying your target market and understanding the competition will provide you with crucial insights to develop effective strategies and differentiate yourself in the wealth management industry. Use these insights to tailor your services, refine your marketing approach, and attract high net worth individuals who will benefit from your personalized financial planning and portfolio management services.

Conduct A Feasibility Study

Before diving into the world of wealth management platforms, it is crucial to conduct a feasibility study to determine the viability of your business idea. This study will provide valuable insights into whether your business concept is achievable, sustainable, and profitable.

Start by analyzing the market demand for wealth management services and the potential growth opportunities. Research the current trends and developments in the industry to understand the competitive landscape and identify any niche markets that you can target.

Next, examine the financial aspects of your business idea. Evaluate the potential costs, such as technology infrastructure, software development, marketing, and personnel expenses. Determine if you have the necessary financial resources to launch and sustain your wealth management platform.

A feasibility study also involves assessing the technical feasibility of your business idea. Evaluate your technological capabilities and determine if you have the necessary resources and expertise to develop and maintain a state-of-the-art wealth management platform. Consider consulting with IT professionals to ensure that you have the necessary infrastructure in place.

Furthermore, a feasibility study should involve conducting market research and gathering feedback from potential clients. Engage with high net worth individuals to understand their preferences, pain points, and expectations from a wealth management platform. This feedback will help you refine your offering and tailor it to meet the unique needs of your target market.

Feasibility Study Tips:

• Utilize industry reports and market research to gather reliable data.
• Engage with industry professionals and seek their advice throughout the study.
• Include a risk analysis to identify potential challenges and develop contingency plans.
• Consider conducting pilot tests or surveys to validate your assumptions.
• Regularly revisit and update your feasibility study as your business idea evolves.

By conducting a detailed feasibility study, you can gain a comprehensive understanding of the resources, market potential, and challenges associated with your wealth management platform. This will enable you to make informed decisions and set realistic goals as you move forward in developing your business plan.

Define Business Objectives And Goals

Defining clear and well-defined business objectives and goals is essential for the success of any wealth management platform. These objectives will serve as a roadmap and guide the direction of your business, helping you stay focused and make informed decisions.

When defining your business objectives and goals, it is important to consider both short-term and long-term milestones. Short-term goals should be achievable within a specific timeframe, while long-term goals should align with your overall vision for the platform.

Tips for Defining Business Objectives and Goals:

• Begin by clearly stating the purpose and mission of your platform. This will provide a foundation for your objectives and goals.
• Identify specific quantifiable targets that you want to achieve, such as gaining a certain number of high net worth clients or reaching a specific level of assets under management.
• Conduct a SWOT analysis to assess your platform's strengths, weaknesses, opportunities, and threats. This analysis will help you identify areas where you can set goals for improvement.
• Ensure that your objectives and goals are realistic and attainable. Setting unrealistic goals can lead to disappointment and hinder progress.
• Regularly review and reassess your objectives and goals to ensure they remain relevant and aligned with market trends and changes in the industry.

By clearly defining your business objectives and goals, you will provide your team with a clear focus and direction, and increase the chances of success for your wealth management platform.

Determine The Legal Structure And Requirements

Determining the legal structure and requirements for your wealth management platform is a crucial step in the business planning process. This step involves understanding the various legal structures that are available and selecting the one that best suits your business needs. It also requires identifying the specific legal requirements and regulations that you must comply with in order to operate your platform legally.

Important considerations in determining the legal structure

• Research various legal structures, such as sole proprietorship, partnership, limited liability company (LLC), or corporation, to understand the advantages and disadvantages of each option.
• Consult with a legal professional who specializes in business law to ensure you make an informed decision based on your specific circumstances and goals.
• Consider the liability protection, tax implications, and ease of administration associated with each legal structure option.
• Consider seeking guidance from a qualified attorney or accountant who can provide expert advice tailored to your business.
• Research the legal and regulatory requirements specific to the wealth management industry to understand the compliance measures you need to implement.
• Stay updated on any changes in legislation or industry regulations that may affect your legal requirements.

Once you have determined the legal structure for your wealth management platform, you need to fulfill the necessary requirements to establish and operate your business legally. This may involve obtaining the required licenses, permits, and registrations, as well as complying with regulations related to client data protection, financial reporting, and investor disclosures, among others.

Important legal requirements to consider

• Research and understand the licensing requirements and regulations specific to wealth management platforms in your jurisdiction.
• Ensure compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations to prevent illegal activities.
• Establish robust data protection and cybersecurity measures to safeguard client information and mitigate privacy risks.
• Implement proper client disclosure and transparency practices to ensure compliance with investor protection regulations.

By determining the legal structure and requirements for your wealth management platform, you can establish a solid foundation for your business, ensuring compliance with legal obligations and setting the stage for sustainable growth.

Develop A Comprehensive Financial Plan

Developing a comprehensive financial plan is a crucial step in creating a successful wealth management platform. A well-thought-out plan not only serves as a roadmap for your business but also helps to demonstrate your understanding of the financial aspects of your venture.

To develop a comprehensive financial plan, it is essential to consider various factors:

• Revenue Projections: Estimating your projected revenue is a vital part of your financial plan. Consider factors such as subscription fees, asset management charges, and potential growth in your target market. Be realistic but also aim for achievable growth.
• Cost Analysis: Conduct a thorough analysis of the costs involved in running your wealth management platform. This includes technology expenses, marketing and advertising costs, employee salaries, legal fees, and other overhead expenses. Make sure to account for any potential fluctuations in costs.
• Risk Management: Identify potential risks and devise strategies to mitigate them. This could involve implementing robust cybersecurity measures, having contingency plans for market volatility, and maintaining compliance with regulatory requirements.
• Profitability Analysis: Analyze the profitability of your business to ensure its long-term sustainability. Consider factors such as your profit margin, return on investments, and growth potential. This analysis will help you determine the viability and competitiveness of your wealth management platform in the market.
• Cash Flow Management: Create a detailed cash flow projection to understand the inflow and outflow of funds in your business. By monitoring your cash flow, you can ensure the availability of sufficient funds to cover expenses and invest in growth opportunities.

Tips for Developing a Comprehensive Financial Plan:

• Consult with financial experts or hire a financial advisor with expertise in the wealth management industry to help craft your financial plan.
• Use reliable financial management software to automate calculations and generate accurate financial reports.
• Regularly review and update your financial plan to account for market changes, evolving industry trends, and any modifications in your business objectives.

Creating a comprehensive financial plan requires meticulous attention to detail and accurate forecasting. It serves as the foundation for your wealth management platform's financial success and guides decision-making processes as your business grows.

Outline Marketing And Sales Strategies

Once you have defined your business objectives and goals, it is essential to outline a clear and effective marketing and sales strategy. This step is crucial in reaching your target market and successfully promoting your wealth management platform. Here are some key considerations to keep in mind:

• Identify your target audience: Clearly define the characteristics and demographics of your target market, such as high net worth individuals, their financial goals, and investment preferences. This will help you tailor your marketing efforts and messaging more effectively.
• Create a compelling value proposition: Differentiate your wealth management platform from competitors by clearly communicating the unique benefits and value it offers. Understanding the pain points and needs of your target audience will help you develop a compelling value proposition that resonates with them.
• Utilize digital marketing: In today's digitally-driven world, an effective online presence is crucial. Leverage various digital marketing channels such as search engine optimization (SEO), social media marketing, email campaigns, and content marketing to reach and engage with your target audience. Ensure your messaging is consistent across all platforms.
• Build strategic partnerships: Establishing partnerships with complementary businesses or professionals can significantly enhance your marketing efforts. For example, consider collaborating with financial advisors or professionals in related industries who can refer clients to your platform.
• Implement a customer referral program: Encourage satisfied clients to refer your wealth management platform to their peers by offering incentives or rewards. Word-of-mouth recommendations are powerful in the finance industry, and a strong referral program can help expand your client base.

Tips for effective marketing and sales strategies:

• Invest in market research to gain insights into competitor strategies and market trends that can inform your marketing approach.
• Regularly analyze and track the performance of your marketing campaigns to make data-driven decisions and optimize your strategies.
• Develop strong relationships with industry influencers, financial bloggers, or media outlets to enhance your brand's visibility and credibility.
• Continuously update your marketing collateral, website, and content to ensure they align with the latest industry standards and reflect your brand image.

By outlining effective marketing and sales strategies, your wealth management platform can maximize its reach, attract high net worth individuals, and ultimately achieve its business objectives. The success of these strategies will depend on continuous monitoring, adaptation, and delivering exceptional service to your clients.

Build A Strong Team

Building a strong team is crucial for the success of any business, and a wealth management platform is no exception. A team of skilled professionals can provide the expertise and knowledge needed to effectively serve high net worth individuals and ensure the platform operates smoothly.

When building your team, consider the following:

• Identify the roles and responsibilities required for your wealth management platform. This may include financial advisors, investment analysts, technology experts, and customer service representatives.
• Recruit individuals who share your vision and values. A team that is aligned with your business goals and values will be more motivated and committed to the success of the platform.
• Provide ongoing training and professional development opportunities to ensure your team stays updated with industry trends and best practices.
• Promote effective communication and collaboration within the team. This can be achieved through regular team meetings, brainstorming sessions, and the use of collaborative tools and technologies.

Remember, a strong team is the backbone of your wealth management platform. By carefully selecting skilled professionals, fostering a positive team culture, and providing ongoing support and training, you can ensure your platform delivers top-notch financial planning and portfolio management services to high net worth individuals.

Gather Necessary Resources And Information

As you embark on your journey to establish a successful wealth management platform, it is crucial to gather the necessary resources and information to support your business operations. This step is essential for equipping your team with the tools and knowledge needed to provide exceptional services to your high net worth clients. Here are some key considerations:

• Expertise and Talent: Recruit professionals with expertise in finance, investment management, and technology . Building a team composed of talented individuals who understand the intricacies of wealth management will be instrumental in ensuring optimal performance and client satisfaction.
• Technology Infrastructure: Invest in a robust and reliable technology infrastructure that can support the delivery of personalized financial planning and portfolio management services. This may involve implementing portfolio tracking systems, advanced analytics tools, and secure client portals to enhance the user experience.
• Data and Information: Collect and analyze relevant data and information to gain insights into your target market, industry trends, and competitor offerings. This knowledge will enable you to make informed decisions and tailor your services to meet the specific needs of high net worth individuals.
• Regulatory Compliance: Stay up-to-date with regulatory requirements pertaining to wealth management platforms. Complying with legal and industry regulations is critical for maintaining client trust, protecting sensitive information, and avoiding potential legal complications.
• Strategic Partnerships: Consider establishing strategic partnerships with other financial institutions, technology providers, or industry experts. These collaborations can provide access to additional resources, expertise, and potential client referrals.
• Continuously assess the effectiveness of your resource allocation and make adjustments as necessary.
• Keep a close eye on emerging technologies and industry best practices to ensure your platform remains competitive in the dynamic wealth management landscape.
• Establish internal processes for ongoing training and development to keep your team updated on industry advancements and changing client needs.

Gathering the necessary resources and information is a critical step in building a successful wealth management platform. By investing in the right expertise, technology, data, and partnerships, you will be well-positioned to provide exceptional financial planning and portfolio management services to your high net worth clients.

In conclusion, writing a business plan for a wealth management platform involves careful research, analysis, and strategic planning. By following the nine steps outlined in this checklist, aspiring entrepreneurs can create a comprehensive and effective roadmap for success in this competitive industry.

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Wealth Management Business Plan

If you are creating a wealth management company, it is likely that you will require a business plan at some point. The professionals at Pro Business Plans have worked with dozens of wealth management professionals to create plans for investment and strategy. This article contains information on what is typically included in a wealth management business plan and how it is structured.

There are several things to consider if you are creating a business plan for a wealth management company. Among the most important are how you will acquire clients and effectively be able to convert them. Having a plan in place will not only help you to be prepared, but also to acquire more clients and gain the interest of potential partners and investors that you may need to jump-start your business. A strong business plan for wealth management includes information about the business model, marketing strategy, and the potential financial forecasts that the wealth manager can project.

Business Model

The business model for a wealth manager is relatively straightforward, but the ability to consistently win and retain clients can be challenging. It not only requires an impressive background, but that the wealth manager have some go-to-market strategy and way to consistently win clients. Since other wealth management professionals are competing for the same business, it only makes sense to establish market positioning. For instance, the approach of one wealth manager may be to be engaged within the Startup community and tailor to recently wealthy technology entrepreneurs by building relationships early on. The approach to others may be to establish connections at country clubs and philanthropic events by co-hosting or sponsoring tournaments and engaging in philanthropic activities.

Market Positioning

The market positioning for a wealth manager is important because it directs the area of the market and their respective approach. Some wealth managers target a specific niche, for instance, some may target high net worth individuals that have intergenerational wealth. Others may target those that have recently been awarded a large sum of money through a business acquisition or some other source.

Operations Structure

Most of a wealth manager’s duties revolve around building relationships with clients and working to maintain those relationships over a long period of time. This is generally taken in the form of a business development role or other related customer facing position.

• Marketing Plan

he marketing strategy for a wealth management business plan may be constrained by regulatory restrictions, as well as restrictions by the company the wealth manager represents. For instance, Merrill Lynch may have conditions that specify what its wealth managers may use in its promotions and how they may promote themselves. Individual wealth management offices generally have greater autonomy in their marketing strategy. The most effective approach through both channels to building a personal and professional network based around trust and credibility. Rather than spending money on mass marketing campaign and possibly running into regulatory issues, focus on building close relationships with prospective clients and converting them over a long period of time. Wealth management is about relationships and trust, which can only thinly be established if the prospective lead has been generated from a marketing campaign.

Lead Generation

There are many approaches to generating leads for a wealth manager including online, referral networks, and sourcing through networking. It is often best to have some niche or special approach to generating leads that will outperform the competition seeking access to the same high net worth individuals

Business Development

The business development of a wealth management company is focused around establishing and nurturing relationships with potential leads and strategic partners that may eventually grow into a loyal client base. This is extremely important for an individual wealth manager or company that wishes to expand in the market.

Financial Projections

One of the most hotly debated subjects in the Startup world is how to effectively prepare projections for an Wealth Management. There are several elements that combine in order to form the basis for this, however it is still subject to many assumptions and only providing a well-structured conclusion will be advantageous. Many Startups get confused and believe that their projections are able to form a basis to propose a Startup valuation, which is simply not feasible in most circumstances. The best approach to forming the projections is to estimate the revenue based upon similar companies and form a budget of what you will need in order to grow the company.

Revenue Projections

The revenue forecasts for a wealth management company are based on several factors including the structure of the company. In general, the revenue projections will be correlated with the amount of assets under management which can be accomplished either through just a few high net worth clients or a large number of ones with a more modest net worth.

Budget Forecasts

The budget for a wealth manager will depend on the style of lead generation and the business development approach. Some wealth managers require access to premium clubs and travel often. Others may have a more modest budget that serves a lower net worth clientele such as middle class retirees and college students.

What is Included in Our Custom Wealth Management Business Plan?

• SWOT Analysis
• Competitive Analysis
• Profitability Analysis
• Personnel Plan
• Organizational Chart
• Company Valuation
• Executive Summary
• Company Description
• Keys to Success
• Three Year Objectives
• Product or Service Description
• Market Research
• Fundraising Support
• 12 Month & 3 Year Profit & Loss
• 3 Year Balance Sheet
• 12 Month & 3 Year Sales Forecast
• 12 Month & 3 Year Cash Flows
• Break-Even Analysis
• Financial Ratio Analysis
• Management Team

Speak with an Advisor

Pro Business Plans is a team of professional researchers, writers, designers, and financial analysts. Speak with an advisor today.

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Wealth Management Strategies

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• Charitable Giving
• Types of Investment

Strategic Wealth Management Strategies at the Pace of Life

What’s on your ‘life list’? Do you want to:

•   Retire early?
•   Fund a charitable gift or family foundation?
•   Save for your kids’ inheritance?
•   Travel the world?
•   Buy a vacation home?

At Windward Wealth Strategies, your dream is our directive. We want to know you better — your age, you career, your family, your interests and passions – so we can develop a financial plan to help you create the life you want.

By developing a deep, long-term relationship, we understand how to best help you manage your wealth with agility and restraint. Our goal: Develop measured wealth management strategies that reflect your personality and your evolving life.

Wealth Management Strategies for Your Life’s Chapters

Your financial goals and needs change through the years. Yet, one need remains constant. No one wants to enter a new life stage concerned they will run out of money. That’s why different stages of your life call for different wealth management strategies:

• Wealth creation: Early in your career is the time to get finances organized, create a budget and open a retirement savings account. You’ll set a career trajectory, decide whether to rent or buy and establish money management plans (for example, joint or separate accounts) with a spouse.
• Wealth stabilization: Mid-stream in your career is the time to buckle down on retirement savings, pay off debt and buy life insurance. You’ll also likely set financial expectations for adult children, update a will or replace your will with a trust and think about long-term care in your later years.
• Wealth preservation: The end of your career is the time to take fewer financial risks, make sure your will and estate plans are current and lock in how you’ll cover expenditures in retirement using a mix of savings, Social Security and Medicare. This life stage segues into post-retirement planning and includes a career exit strategy, asset management and cash flow planning to help you stay within budget.

By helping you plan for the stage you are in and considering the stages you have yet to broach, Using this strategic wealth management approach, we’ll help you rebalance investments to stay on course, whatever that course may be.

Why Wealth Management Strategies Evolve

There are many reasons you need different wealth management strategies throughout your life. Here are a few of the big ones:

• Retirement timeline: Today you’re one day closer to retirement than you were yesterday. Days turn into years. Years turn into decades. And, as time marches on, your wealth management strategies need new marching orders, too.
• Wealth growth: The longer you work, the more you expect your income and savings to grow. As you build wealth, , you have more opportunities for investment and measured risk.
• Life changes: Over time, your goals will evolve to align with each of life’s chapters. You’ll need wealth management strategies to address paying for college, improving your home, organizing your will, caring for aging parents, financing travel — and more.

Talk with a Windward wealth advisor about how strategic wealth management services could help you evolve your financial plans to reflect the life stage you’re in while planning for the life stages to come.

Our Strategic Wealth Management Services

To help you avoid investment underperformance, align investments with your goals, optimize your asset mix and balance your risk tolerance and returns, we follow a step-by-step strategic wealth management process.

Step 1: Understand Your Picture

Whether your wealth is inherited or new, your family large or small, you have favorite charities or favorite hobbies, we want to get the total picture of your life. This lay of the land enables us to build a framework for strategic wealth management. Without this audit, we cannot grow upon what you already have or know what you want to protect.

Step 2: Discuss Your Goals

As we begin to understand the picture of your life, we’ll also learn your wealth objectives. These goals will be the touchstone for all wealth management strategies .

Step 3: Set Performance Expectations

At Windward, we strive for a culture of accountability and transparency. Measuring investment performance helps us understand where we stand in building your wealth to achieve your dreams. You and your advisor will determine performance metrics based on your goals.

Step 4: Develop Solutions

Based on our understanding of your finances and your goals, your Windward advisor will help you develop simple solutions for strategic wealth management. You need flexibility to change and personalize products and services as your goals evolve.

Step 5: Understand Risk

Understanding your risk is an essential component to recommending wealth management strategies that help you achieve your financial goals. For some clients, this may mean mitigating financial risks. For others, this may mean entertaining greater risk to match the goals you hope to achieve. Our experience helps us know which risks you may want afford to take — and when to take them.

Personality-Driven Wealth Management Strategies

We match our services and products to your personality and goals. Your current finances tell part of the story of where we should go next on your financial journey. Your comfort and understanding, however, are more critical elements when helping you set a course for achieving your personal dreams.

While this is a common refrain in the marketplace, we deliver on this promise by working with a limited number of clients. As a boutique firm, this is one of the things that truly sets us apart. If you are tired of receiving standardized products and services or having to chase your wealth manager, we invite you to contact us to learn more.

Throughout our wealth management process, you will find our goal is to help you strategically manage your wealth with grace and peace of mind. To this end, expect your Windward advisor to provide frequent communication and to demonstrate deep understanding of who you are and where you’re going.

Call (920) 230-2215 to request a complimentary one-hour consultation with a Windward Wealth Strategies advisor.

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Discover more resources and insight on wealth management:

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