What is Wealth Advisory? How the old ways can bring greater perspective than the recent history of the financial industry. Take a different view to be informed, intentional, and impactful.
Be sure to click the subscribe button. Thanks for watching!In this episode I explain some changes in the financial industry and what it means for families who are looking to manage their money. I explain “What is wealth advisory?”
Hopefully you enjoyed the last series, 8 Questions Over Coffee. If you haven’t checked it out yet you can do so by going to sojournwealth.com or checking it out by going to Facebook, YouTube, my LinkedIn, and Twitter.
After completing the series someone asked me, okay Sean, what is wealth advisory? So, that is what we’re going to cover today.
Families like the Rockefeller’s or the Vanderbilt’s would hire people to help manage their financial interests. So they were called family offices because they typically only worked with one family.
Most people didn’t have access to the kinds of expertise or investment opportunities that these families had. Instead most families’ finances at the time were far simpler and unfortunately limited. Perhaps they worked at a company where they received a pension but it was the company that determined what that pension was going to be invested in. And maybe they had typical banking accounts and perhaps they even bought life insurance from the door-to-door salesman that was going through their neighborhood.
Then later the financial markets offered greater access to more people. People began investing in 401ks and 403bs and IRAs, and then began investing in stocks, bonds, and mutual funds, and other securities.
But these people didn’t have access to a family office. Instead they might make an investment decision with a stock broker at this investment firm, or a banking decision here, or they might have worked with an insurance agent at an insurance company. And all these different decisions were made independent of each other without little care as to how they would affect one another. And everyone was pretty much siloed and unfortunately very product focused and commission-based. And to this day the primary focus of most of these institutions is only retirement.
So wealth advisory looks to reverse that. Your financial life is likely much bigger than just retirement. And it’s likely that you want to accomplish a lot more for you and your family. So instead of making decisions all over the place I want to help you make well-orchestrated and informed decisions. Decisions that will hopefully have a good impact for you and your family and to help you be more intentional with your money.
That is what I’m all about. Sojourn Wealth Advisory exists to help families manage their resources for the opportunities ahead. And if that resonates with you be sure to reach out to me at sojournwealth.com.
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Until next time, sojourn well.