Follow Us:

Have Questions?
We have Answers

Click Here to send us a question
and to receive answers from our Experts

Why do Financial Firms have Wealth Management Philosophies?

by Chris Cooper, Financial Planning Expert
July 07, 2017

Question: Why do financial planning firms focus on wealth management philosophies?

Answer: One of the tenants of financial planning is the allocation of and accumulation of resources to achieve ones goals and objectives.  Thus accumulating wealth is often necessary for most of us as we aren’t born with money nor will many of us win the lottery.   As most investors are NOT business owners or property managers, wealth management using “paper assets” , i.e., stocks, bonds, cash, mutual funds, etf’s and the like, is a convenient way to gain “business like” returns as opposed to “savers’ returns that we receive on bank deposits.  Depending on your experience you may be able to manage your own investments as you would manage your own company or rental properties.  Or, you may prefer to delegate to a professional the management of your investments, your company or rental properties.  

Financial planning firms simply find that “paper assets” are attractive to a large audience of people so they are filling a need that some people will want to have their wealth managed.

Chris Cooper is the owner and founder of Chris Cooper & Company, Inc., a fee-only financial planning firm for elderly persons and the owner and founder of ElderCare Advocates, Inc. a private geriatric care management and long term care consulting firm. As a California Licensed Professional Fiduciary, Chris can serve as  Conservator of the Person and Estate under court appointment,  as Agent under a Durable Power of Attorney for Financial matters and Health Care matters.

See more of Chris Cooper's expert answers

Your Answers and Comments

Post your answer or comment
You must be logged in to post a comment

Previous Expert Q & A

More Previous Expert Q&A