Take the example of the difference between going to a supermarket and multiple small stores to do your weekly shopping, much as our parents or grandparents may have done.
The supermarket brings meat, fish, produce, pantry, and personal care items under one roof. But before this concept became universal, people had to make multiple trips to different destinations, resulting in a longer, more convoluted process.
Let’s carry the metaphor a little further. In some ways, there are benefits to purchasing items from dedicated stores.
A butcher or fish market, for example, often posts higher prices, but they might be able to source organic or local in a way a supermarket, which is focused on minimizing prices and maximizing convenience, could not.
It isn’t a like-for-like comparison to advisory services by any means, but provides an interesting perspective, nonetheless.
The same “rules” apply as for an accounting and/or wealth advisory search.
When you are searching for a professional in these categories, your goal should be to find someone who understands your priorities, who has time for you, and has experience in the investment areas you’re wanting to focus on.
When people say, “everything under one roof,” they typically want to evoke convenience, ease, and simplicity.
Our firm is driven by two executives who are both Certified Public Accountants (CPAs) and CERTIFIED FINANCIAL PLANNER™ practitioners, working side by side and effectively creating a centralized hub to access strategic advice clients can count on.
It is beneficial to have all facets of your financial landscape linked together. Here are a few examples of how:
Risk management: Effectively managing risk not only concerns the stock market, but also in controlling for external variables like inflation that could impact your personal portfolio or a business.
Accounting support is especially important for maximizing financial stability in advance of “lean” times, while management and advisory can strategically reorient you toward a brighter, more sustainable long-term future.
In particular, at RBGWA, we’re quite passionate about our Risk Number calculator that can help clients quantify and visualize their tolerance and goals.
Estate planning, funding, and bequests: From charitable contributions to education plans for loved ones, financing the future takes a strong foundation, and a strong foundation is in turn dependent on as broad as possible a view of managing your estate.
This is dependent on deep knowledge of regulatory laws to minimize tax outlay, accurate net worth calculation and reporting, and the minutiae of cash flow planning.
Accounting and taxes: While accountants and wealth managers routinely work together, having someone who is well versed in both areas means that any guidance or recommendation your advisor makes is done with both tax and growth implications in mind. This includes areas in particular like measuring the quantified impact of transactions and planned gifting strategies.
Taking a holistic approach has the potential to yield the biggest benefits when it comes to the legacy you leave behind for future generations, as well as maximizing your assets today.
Our goal at RBG Wealth Advisors is to compound investment portfolios to meet financial planning needs. We also want to make sure that we do it in the most efficient way possible while preserving strategic features. If you’re interested in learning more about how we might be able to help you achieve your goals, reach out today for a consultation.