Wealth management strategies for individuals, businesses, and nonprofits.

• Author: Barbour, Tracy
• Position: FINANCIAL SERVICES

The concept of wealth management denotes different things to different people. To some, it's about achieving a certain net worth or lifestyle. To others, it's about leaving a legacy for children, grandchildren, and favorite charities.

Despite how it's characterized, wealth management is an important responsibility. And that responsibility covers a myriad of issues, including managing investments and risk, managing and leveraging debt, financial planning, estate planning, protecting assets, funding educational goals, planning for life and business transitions, and planning for retirement. On the softer side, managing wealth can (and should) entail the pursuit of personal goals and dreams for the future--whether it's having time for travel, hobbies, or philanthropy.

Of course, these areas of concern will depend on each individual's situation. For instance, a couple caring for young children or an aging parent will have a different focus than a business owner or someone entering retirement. Ultimately, wealth management is an ongoing process that evolves with the different stages of life as people's needs, objectives, preferences, and values change.

Developing a Road Map

At Wells Fargo, wealth planning is a meticulous process that involves helping clients and understanding their goals, objectives, and family dynamics, according to Anchorage-based Wells Fargo Wealth Advisor TerriLee Bartlett. This information gives her a starting point for creating a customized life map to help clients attain the level of wealth they would like to maintain. Then they explore a variety of issues, such as what clients want to live on during their retirement years, what they want to leave behind, and what roads they must take to achieve those results. "When we're talking to our clients, it's all about them," Bartlett says. "It's about what they want and want to achieve. And then we help them narrow that down."

It can be difficult for clients to narrow down their goals, but Wells Fargo's "discovery" process makes the task easier, according to Wells Fargo Private Bank Senior Fiduciary Manager Carla Wigen. It also helps to have clients focus on major areas for addressing their wealth management needs, including managing their investment and risk; managing debt in terms of their credit situation; planning for retirement; and protecting themselves and their family.

Wells Fargo clients can also take advantage of specialized services geared to their individual needs, such as a special needs trust designed for a beneficiary with a disability or life management services for aging adults. Other viable options for managing wealth include leveraging credit with low-interest loans and life insurance premium financing.

People need to really understand what they have in terms of their wealth...