Whether you won the lottery, inherited money or earned it on your own, when you have substantial net worth, there are five different types of advice you’ll need. Your requirements for wealth management in CT will vary based on your preferences, work style, skill and experience, but all are worth a look. You may need:
1. A lawyer
2. An accountant
3. An insurance agent
4. A portfolio manager
5. A private banker
We will examine each of these positions below, in detail.
A Lawyer
When you have a lot of money, you’ll need a good attorney. A lawyer can make your life easier, and you should look for one that’s part of a successful law firm in the nearest major city. Your lawyer will function as your main point of contact, but can also hire specialists such as trademark and estate planning lawyers (as your needs dictate).
An Accountant
A competent and honest accountant is essential when you have significant net worth. Accountants can ensure your compliance with tax laws, and can help you set up retirement plans such as 401(k)s. The more money you have, the higher the chance that most of that money is coming from sources other than wages or salary. An accountant can help you with wealth management in CT, and can help you pass along more of your wealth to your heirs.
An Insurance Agent
When you have many assets, your insurance needs will change. At a minimum, you’ll need an umbrella policy of at least seven figures. Find an insurance agent that can provide you with coverage and information to protect against any unforeseen circumstance.
A Portfolio Manager
Many investors successfully manage their portfolios on their own. For those who’ve made money in lucrative careers, self-management doesn’t make much sense. If you don’t have the knowledge or inclination to manage your own portfolio, outsource the task to a manager with a good long-term track record.
A Private Banker
There is a significant difference between retail and private banking. The latter can simplify tasks which would otherwise be difficult, such as getting a bridge loan or expanding a credit line. As long as you hire carefully, the advisors mentioned above can help you manage your wealth and expand your estate.
