IRVINGTON, N.Y. -- The term “wealth management” is talked about in boardrooms of private client firms, in news media and by financial advisors in front of clients. Simply put, wealth management is the science of solving or enhancing someone's financial situation.
Wealth management incorporates insurance analysis, investment portfolio management and a number of other financial planning services to help savers increase their annual income and become better prepared for the future. While it may seem complicated, having a diversified portfolio of assets -- which is key to a healthy portfolio -- is easier than it looks. "Personal wealth management involves taking the right steps at the right time to ensure you are on the prudent path to financial stability," said Theodore Jones III, Financial Advisor at Sunnyside Federal.
Through careful planning, financial stress can turn into a calm as money is invested through multiple sources of income. Sunnyside Federal, through its relationship with Money Concepts Capital Corp., offers services in the areas of business succession, estate transfers strategies, retirement analysis and other planning tools needed to establish, maintain and transfer long-term personal wealth. "There is no better time than the present to start thinking about your future," said Jones. "In speaking with our team of professionals, our clients can discover the path that's right for them in moving towards their financial goals."
It's important to take wealth management one step at a time. Earning enough capital to invest in long-term goals like a new car or a house is achievable, but knowing how much to save and when to spend it is vital. "It's still key to focus on small achievable goals for the near future," said Jones. "However, you also need to make sure that the small goals form a continuous chain of progression to your ultimate long-term goal of financial stability. "
Even when money is properly invested, making sure daily expenses are under control can go a long way for the future. Once you see how your morning coffee adds up over the course of a month, you'll realize that making small, manageable changes in your everyday expenses can have just as big of an impact on your financial situation as getting a raise. "Money can come and go, so it's vital to know how to invest, how to spend and how to save," said Jones.
For more information about wealth management or to contact a financial advisor, visit Sunnyside Federal's website.
All Securities Through Money Concepts Capital Corp., Member FINRA/SIPC.
Money Concepts Advisory Service is a Registered Investment Advisor with the SEC
Sunnyside Wealth Management is an independent firm not affiliated with Money Concepts Capital Corp.