Your favorite digital radio station or podcast service makes personalized recommendations based on your listening history. Facebook and LinkedIn personalize your feed based on whom you follow and which posts you interact with. Personalization is prevalent in nearly every aspect of our lives. It is something that we have come to expect with any worthwhile service. If you aren’t receiving personalized attention from your wealth management firm, there could be a disconnect between your goals and outcomes.

A “one-size-fits-most” solution typically doesn’t cut it when it comes to effective wealth management. A wealth advisor should customize your strategy to meet your needs and exceed your expectations. Understanding your goals, from prominent topics like short- and long-term financial objectives to more nuanced details like risk tolerance and core values, is critical for success.

Why is Personalized Wealth Management Important?

Over time, your goals and circumstances change. Families grow. Priorities shift. Your vision evolves. If you work with a paint-by-numbers wealth advisor, the strategy may not keep up. A personalized approach to wealth management helps ensure that your strategy has the flexibility to adapt to your needs. The plan must be malleable and organic, suited to your risk tolerance, and designed to help you get the most out of your money.

Personalization extends beyond tailoring a strategy to reach your goals. It also means feeling good about how you get there. There are many avenues to your ideal financial situation, but usually, only one is right for you. Whether you want your plan to include charitable gifting and socially responsible investing, private equity, or anything in between, it’s essential to have a plan that caters to your unique preferences and risk tolerance. Having a wealth management firm that aligns with your core values helps ensure a rewarding experience.

Personalization is near the top of most clients’ lists in terms of desirability. Studies from PricewaterhouseCoopers and Ernst & Young reveal that most clients hold personalization in high esteem.

How is Personalization Achieved?

Personalization isn’t just a matter of reviewing your finances and building a strategy based on numbers. A truly personalized wealth management plan begins during the very first interaction with your wealth manager and continues indefinitely. In our opinion, the advisors who provide the best experience are the ones who connect with you as a person rather than just as a client. Relationship building is at the heart of our strategies, and discussions about your values, family history, outlook on life, and goals all contribute to a personalized wealth management plan.

Becoming a trusted partner and understanding you at a personal level is the first part of creating a custom wealth management strategy. The next step is building a comprehensive plan that fills any gaps and meets your needs today, tomorrow, and into the future. The wealth management firm that you partner with should offer services beyond investment advice and financial planning, such as:

  • Estate Planning
  • Retirement Planning
  • Tax Efficiency Strategies
  • Wealth Transfer Strategies

Comprehensive planning is becoming increasingly important in wealth management. A 2023 survey conducted by McKinsey & Company found that 47% of respondents prefer a holistic approach to wealth management, which is a 60% increase from their previous survey in 2018. Judging by this trend, the number of people looking for a single firm to manage all aspects of their wealth is expected to continue rising. When partnering with a firm that’s capable of handling each of your needs, look for a family-style office with an in-house CPA, estate attorney, mortgage lender, and CERTIFIED FINANCIAL PLANNERS™.

Wealth Management with Personalized Attention

Your wealth management strategy is just that—yours. It should be designed to reflect your needs, goals, and beliefs. Some advisory firms miss the mark by building plans with prepackaged products and services. However, the most effective wealth advisors take time to understand your needs before making recommendations.

At Morgan Rosel Wealth Management, we strive to design a personalized strategy that works for you now and evolves as needed over time. We believe that conversations are critical in building a successful wealth management relationship, so we encourage ongoing communication. Even after we implement your plan, we will regularly review your goals and progress, adjusting the plan as necessary to ensure it stays aligned with your vision. We work hard to provide personalized service that goes beyond traditional planning and investment management so you can focus on what matters most and live life by design.

This commentary reflects the personal opinions, viewpoints and analyses of the MorganRosel Wealth Management, LLC (“MRWM”) employees and guests providing such comments, and should not be regarded as a description of advisory services provided by MRWM or performance returns of any MRWM Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. MRWM manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results. MRWM may recommend the services of a third-party attorney, accountant, tax professional, insurance agent, or other specialist to clients. MRWM is not compensated for these referrals.