What is Total Wealth Management?

By Graham Wickham, CEO & President

People ask me all of the time: What is total wealth management?

We implement five strategies: Retirement planning, investment planning, risk management, estate planning, and tax strategies.

A lot of people think that wealth management is just about investments, but that is just one aspect of a total wealth approach. Total wealth management is about taking a truly holistic approach to your financial life.

We strive to help individuals and families achieve their financial goals by creating a comprehensive plan that takes into account their current financial situation, future financial needs, and long-term objectives. This approach considers not only the client’s financial assets but also their liabilities, income, expenses, and overall financial goals.

The areas of your financial life that are covered by our total wealth management approach include:

  • Financial Planning: Creating a comprehensive plan that considers the client’s financial situation, goals, and objectives. We can help develop a budget, identify investment opportunities, and create a retirement plan.
  • Investment Management: We can develop and implement an investment strategy that aligns with the client’s financial goals and risk tolerance.This includes selecting and monitoring investment products, assessing market conditions, and adjusting the portfolio as needed.
  • Tax Planning: We can develop strategies to minimize taxes and maximize after-tax returns. This includes strategies like tax-efficient investments, income deferral, and deductions.
  • Estate Planning: Estate planning involves creating a plan to manage the individual’s assets and distribute them to their heirs or beneficiaries in the event of their death. This typically involves drafting a will, establishing trusts, and considering tax implications.
  • Risk Management: We can identify potential risks and develop strategies to mitigate them. Risk management may include strategies like insurance, diversification, and asset protection.

We have team members who have very specific skills in certain areas like home and auto coverage, business coverage, health and life insurance. We also have experts in estate planning and accounting, as well as investment planning. We really wanted to create a well-rounded approach to achieving clients total needs.

Our team works together to provide customized solutions that align with the client’s unique financial situation and objectives. The goal is to create a cohesive and integrated plan that optimizes financial outcomes while minimizing risk.

Seeking to understand and then to be understood is a core philosophy at Wickham Financial & Insurance Services. For us, it’s paramount to really, truly understand a client’s goals and objectives. We want to fully understand the challenges that they’re facing in their financial lives before we can ever talk about financial planning or wealth management strategies.

I think a lot of people in our business – like financial planners and insurance agents – really end up just pushing you to buy things. For them, it’s not about solving problems. At Wickham, we are problem-solvers. We are going to listen to your goals and objectives, and understand the challenges that you’re having. We then employ strategies to achieve those goals and objectives.

If you have questions about our approach to total wealth management or you’re ready to get started, please reach out to us. We’re ready to help.

Financial & Insurance Services
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