I personally do not believe that anyone needs to hire wealth managers or financial advisors for sound wealth management strategies and tactics. Rather, my personal and professional experience tells me that the majority of people are more than capable of managing their own financial portfolio and when following the correct experts and gaining the correct education on the trends of what is really going on in this economy, can expect returns far greater than most wealth managers or financial advisors will be able to provide for you.
However, if you’re considering taking over the management of your wealth and growing your financial portfolio to new and higher levels, I do strongly suggest you to find a good mentor or two. Having said that, do not look to the financial services industry or the mainstream media for your wealth management tips – we already know from our experience during the 2008-2009 crash that we can’t trust the first, and Jim Cramer isn’t the only would-be wealth managing personality who gets things wrong at least as often as he gets them right.
Instead, I recommend educating yourself on economic trends both here in the US and abroad. I would study the statistics that Shadow Stats.com releases and I would start to follow economic experts like Porter Stansbury, Mike Maloney, Eric King and Kip Herriage to name a few. I frequently post economic and trend news from these educational sources and more on both of my blogs and invite you to come and visit them on a daily and weekly basis. Some of my sites can be found at the bottom of this article.
Do I ever suggest hiring outside professionals to help you maintain and protect the wealth that you are accumulating? Yes. The one outside professional I do suggest to most people is that you hire a good tax management consultant.
Your tax advisor can show you how to protect your wealth from the IRS through properly managing your investments and taking advantage of any available deductions that are currently appropriate and legal.
Even though I am sure you are more than intelligent enough to take on your taxes yourself, I still suggest that you stay away from them. Tax laws are so complicated it has been shown that even IRS employees don’t always know what they’re doing! The only people I feel are competent to do our taxes are the dedicated professionals who have made tax management their lives’ work.
So, yes, I feel you should consider one outside professional to help you manage and protect your wealth. But when it comes to wealth managers and financial advisors creating wealth management strategies and tactics that will be viable and profitable for our own financial portfolios as we continue to be in the economic Perfect Storm, you I believe you can save the money you pay in hefty commissions and do a better job for yourself.
