In the short term, managing your money means doing little more than checking your most recent bank statement and wondering how much change you have in your pockets. Further on, a little more planning is needed to make sure that you have the means to pay for life’s essentials, as well as those luxuries that truly make life worth living.
For your future finances, wealth management is an essential tool. And therefore, wealth management firms like Montoya Financial Strategies (you can search for wealth management jacksonville fl online to avail their services) can play an important role in achieving financial stability. Firms like these can basically help you in understanding how much money you have, what your assets (home and possessions) are worth, and how you can make the most of it. Truth be told, their assistance can be of great help, especially where the process of saving money is concerned.
Pensions and annuities
Choosing a wealth manager is essential if you have at least two years’ wages worth of assets and you have an eye on your future money situation. Wealth managers like Sanlam are able to advise you on financial products, particularly pensions and annuities that pay out as soon as you reach retirement age.
Wealth managers are expected to know about pensions and annuities and, as such, be able to work out which products offer the best value for money. Choosing the right product that pays out post-retirement is essential; it should be as high-interest as possible, not to mention tax-efficient. A wealth manager will look for the best deal and advise you every step of the way.
If you already have a pension in place, be it through your job or a private scheme, a wealth manager like Lincoln Frost can help you to find if you can transfer your funds elsewhere or make more from the existing scheme. As consultants, it’s their job to do what’s right for you and your money.
Another way in which wealth management can aid your future security is through choosing the best savings account. Alongside a pension, your savings hold the key to determining what sort of lifestyle you can lead in your golden years. In going to a wealth manager, you’ll be speaking to someone who’s up to date with the latest developments.
It’s worth keeping an eye out for news yourself. A piece published earlier this year on the Financial Times website about savings accounts being a safer bet than the FTSE 100 index is a prime example. Share prices and, more importantly, the Bank of England’s interest rate, have a profound impact on savings account values. Wealth managers will inform you of that and their impact on your money.