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Trusting someone with your money is trusting someone with your future. We believe successful wealth management extends well beyond financial planning and investing. Wealth management is, by definition, a holistic approach to understanding and providing strategies to all of the major financial challenges of an investor’s financial life.
It’s more than just investment advice – it includes all aspects of your financial life. Our clients benefit from a holistic approach by working with a wealth manager to coordinate and unify the decisions in their financial life, so that those decisions complement each other and produce enhanced results. In other words, we provide comprehensive financial planning.
Our approach allows us to look at the big picture and assess all the factors that affect your unique situation. A fragmented approach to finances leads to inefficiencies that can erode your financial future. More specifically, a fragmented approach misses important key components that will affect not only our approach to your finances, but also the outcome. In the long run, having a fragmented approach to your finances is inefficient, inconvenient, and expensive for you. It lacks accountability and consistency.
In contrast, our holistic approach allows us to look at every pertinent aspect of your specific situation and bring all of the various pieces together. This, in turn, allows us to create a tailor-made, stress-tested plan that considers your whole financial picture, coordinates, and unifies your decisions, and strives to protect your legacy which ultimately ensures that you are confident in the potential of your financial future.
How do we do it?
First, we use our Connect Wealth Process to partner with and guide you in gathering the information necessary to “connect” all the areas of your wealth. We pride ourselves in providing an atmosphere of establishing trust and warmth, which we believe encourages communication and results in a successful partnership. We believe this partnership of mutual participation is key to helping transform our clients’ long-term dreams into realities. We aim to be your trusted partner to help you manage your money and navigate what comes your way, along the way.
What are the components?
The components of holistic wealth management are listed below, ongoing, and full circle throughout your financial life. It’s the combination and integration of these financial planning capabilities that bring holistic wealth management to life and help you truly integrate your financial decisions to pursue your goals. We use the resulting Wealth Management plan as the client-specific blueprint for the services that we will ultimately provide.
- Investment Summary
- Account Summary
- Asset Class Summary
- Holdings Detail
- Financial/Retirement Planning
- Facts, Assumptions, Retirement Goals
- Balance Sheet
- Corporate Benefits
- Social Security
- Retirement Cashflow
- Stress Test, What If Analysis
- Estate Planning
- Projected Balance Sheet
- Beneficiary Designation
- Estate Transfer Projection
- Estate Tax Calculation
- Asset Protection
- Insurance Basics – Life, LTC, Disability, Liability
- Corporate Benefits
- Insurance Summary
- Gap Analysis
- Education Planning (if applicable)
- Basics of Education Planning
- Projected Cost
- Funding Vehicles
- Options for Meeting Education Needs
- Tax Planning
- Tax Management Basics
- Corporate Benefits
What do you receive?
All clients (“Plan Only” or “Fee Based”) receive a full, holistic Wealth Management Plan that consists of the parts mentioned above. It includes Current Inventory, Assumptions, Goals, Investment Management, Retirement Planning, Tax Planning, Education Planning (when applicable), and Estate Planning. It is provided electronically and in print form via a binder with the sections outlined above. It is reviewed and maintained annually or more frequently depending on your unique situation.
How do you pay for it?
Good question. “Our fees” depend on how you want to proceed. Some of our clients prefer to be “Plan Only” which is the creation of the holistic wealth management plan for a flat fee. The price of the plan is determined based on your specific situation which we discuss in our complimentary consultation. From there, as a “Plan Only” client, you would implement the plan as created for you and come back to review your progress with us on an annual basis. The majority of our clients, however, choose to be “Fee Based”. As a “Fee Based” client, you would enlist us to manage a portion of or all of your portfolio, and, in order to effectively do that, we create your wealth management plan. The creation of the plan is included as part of the management fee. There is no additional cost. We use the plan as the blueprint to guide us in the implementation of various services. The plan is maintained and reviewed annually or as needed throughout the life of our partnership. It’s also worth noting that some clients start “Plan Only” and end up wanting us to manage their investments at which time we refund the “Plan Only” fee.
How do you benefit?
You know exactly where you are and what it takes to pursue your goals from that point. You are empowered to make decisions and know how those decisions impact your financial future. You can use the information to take the reigns of your financial life, and we are here to help you. It’s no longer a “shot in the dark”, and when life hits you, you will be able to adjust accordingly.
Your wealth management plan is not a tool solely for the use of your financial advisor nor is it only useful in review meetings with your advisor. Your wealth management plan is a resource for you to refer to time and time again. We are constantly told by clients that they felt confident taking that dream vacation or remodeling their dream kitchen because their wealth management plan showed what was and was not needed in order to attain their goals.
If you are not confident in your financial plan, schedule your complementary consultation with our team of advisors today. As a client of Virtus Wealth Management, you join a community of individuals who are, or want to be, educated, empowered and involved in the planning of their financial futures. This is a community of individuals who are smart enough to take control of their financial future and establish a partnership with Brian, Chuck, Karen or Mark. Through this partnership, we provide you the means to actively participate in a holistic approach to your finances that allows you to maximize the efficiency of your wealth.
Virtus Wealth Management is an independent Southlake wealth management firm with no proprietary products or investments, thereby offering the strategies well suited to a clients’ needs. We provide professional financial planning advice with regard to taxes, investments, insurance, estate planning, pensions, retirement planning, IRA rollover, capital needs analysis, business succession planning, asset management, and general financial advice. Most importantly, we focus on your financial goals so you can focus on living your life.