By Mary Jo Lyons, CFP®
Clients often ask us “Exactly what is Wealth Management?”. Most don’t think of themselves as having wealth. Wealth Management is a concept advisors use to articulate the financial principles and strategies they use as they work with clients.
Wealth management is a discipline that incorporates financial planning, investment management, tax planning, and financial goal setting. It’s a holistic approach to coordinate and correlate all the moving pieces and parts of your financial life to provide solutions that are both appropriate and suitable.
In a true Wealth Management approach, which is what we offer at CIS Wealth Management Group, clients develop a deep and trusting relationship with their advisor. We work with you to understand your entire financial picture, your goals, your priorities, and what matters most to you. We lay out your options and discuss the pros and cons of each approach. We serve as a financial advocate and trusted fiduciary.
Your situation is unique and we customize our approach to fit your needs. Financial leadership is about guiding the conversation. The currency of leadership is communication. We ask meaningful questions to uncover any particular family, financial, social, or emotional needs that we must understand in leading you on this journey. As your trusted advisor we help you develop a clear and compelling financial vision for your family. When necessary we consult with other trusted subject matter experts and engage with your attorney and accountant.
At CIS Wealth, we work with our clients on 15 Wealth Management Issues. These key issues are critical to the financial well being of most successful families. Not all of them will apply to every situation. We take a disciplined approach to addressing these issues to help our clients create and growth wealth, protect and preserve the wealth you have, transfer excess wealth during life and at death according to your estate planning wishes. As Christian advisors we do this by following Biblical principles.
Wealth Management is a process and does not happen in one meeting but over the course of time. There are five required competencies for financial leadership:
- Decision Making
- Life Planning
- Goal Setting
- Cash Flow Management
- Wealth Transfer
As a financial planner, I have the opportunity to give clients a vision of what they can become financially. Money becomes a tool. My purpose is that by working towards this goal you become a better steward of your God given resources. When it comes to finances, there are many areas that are not absolute or black and white in scripture, but there are principles that can be followed.
There are 5 observable symptoms of Stewardship:
- Giving in proportion to income
- A controlled, debt free lifestyle (more cash flow, vs. more stuff)
- Taxes paid with integrity and thanksgiving
- Spousal unity, husband and wives set financial goals together
Good financial advice always has its roots in Biblical wisdom. In financial decision making there are numerous emotional traps. A trusted advisor will help you navigate those to avoid emotional drivers. When you think emotionally, you can’t think rationally.
Life is all about decisions. Decisions determine destiny. Everything we do while living on earth has eternal consequences. We should always ask ourselves “What would God have me do?” Your use of money reflects your goals, your values, your priorities and your spiritual convictions. By making good financial decisions, you bring balance into your life. This allows you more time for what matters most, relationships.
Purposeful planning helps with accountability which leads to peace of mind. Now that is true wealth.
If any of you lacks wisdom, he should ask God, who gives generously to all without finding fault, and it will be given to him. But when he asks he must believe and not doubt, because he who doubts is like a wave of the sea, blown and tossed by the wind.
James 1:5-6 NIV
A man of understanding will acquire wise counsel.
Proverbs 15:27 NASB