Date: Dec 14TH, 2022

What is a Wealth Management Advisor?

One of the many downsides to economic turmoil is that many people become focused on day-to-day uncertainty, which leaves little room for planning for the future. When it comes to retirement, however, it’s critical to focus on the distant (or maybe not so distant) big picture. You may have an idea about what you want to do in retirement: relocate to a desired location, travel, start a new career based on a passion of yours, or just stay home and read books. Whatever your goals, it’s important to make frequent check-ins with your retirement planning to ensure that you’re on track.

Financial planning can feel overwhelming. There are a significant number of factors to consider, and few people have the tools to evaluate the situation alone with no professional help. It makes sense to seek guidance when establishing your retirement plans. A wealth advisor is a professional who can help you plan, alter or rebalance your financial strategy.

How is a Wealth Management Advisor Different from a Financial Planner?

Financial planning is a broad umbrella. Financial advisors can help you with many aspects of your personal or business life, including estate planning, investments, real estate, starting a business, taxes, creating trusts, and more. A wealth management advisor works under this umbrella but specializes in managing, protecting, and building wealth. He or she will act as a consultant who can build a customized solution for your unique needs.

It’s about more than just investment advice. A wealth management advisor will offer you actionable financial advice for your entire financial life. This will likely include investment management, tax, and accounting strategies, retirement portfolio advice, estate planning, and more. They will work closely with you to paint a comprehensive picture of your earnings, your assets, your risk tolerance, your plans, and your goals to establish a game plan that will help you grow and maintain your wealth.

Choosing a Wealth Management Advisor

Now that we’ve established the need for a wealth management professional, it’s important to understand how to effectively choose one. Not all financial professionals offer the same services, and not all have a fiduciary responsibility to you, so be sure to vet your choices carefully. 

Make appointments to meet with different financial professionals, either in person or virtually, and have a list of questions to ask that person about their services, their skills and experience, their fiduciary responsibility, and any fees they will charge. If your wealth leans heavily toward one type of asset – real estate, for example, or stocks and bonds – you may wish to choose an individual with a reputation for managing those assets.

There are ways to check the backgrounds of financial services advisors to ensure they are legit. FINRA’s BrokerCheck Tool offers a way to research professionals who are registered with the Securities and Exchange Commission (SEC). The SEC also offers its Investment Adviser Public Disclosure website to help establish legitimacy for a money professional. In addition, your state securities agency will likely offer tools to help you establish the credentials of an individual whose services you are considering using. 


In Arizona, Prime Wealth Advisors offers full-service retirement planning, tax, estate, and wealth management. We can help you with wealth management and all aspects of your financial life. Call 623.77.PRIME or visit our website for more information.