When Do You Need Private Wealth Management in Edmonton?

2 days ago

2 min read

People often think that private wealth management is only for the rich or for people late in their careers who are planning their retirement. However, that couldn’t be further from the truth. There are many situations in which anyone could benefit from an experienced private wealth advisor, such as our experts at DeHaan Private Wealth in Edmonton.

These are just a few of the scenarios where a wealth management firm can help you get ahead.

4 Situations Where You Want a Certified Private Wealth Advisor

1. You have more disposable income, but your savings are still low.

If you find yourself suddenly making more money than you used to, such as receiving a raise at work or finally paying off a major loan, it's tempting to simply start spending that money. However, if you don't have much in savings, it's a much better idea to invest that new income. That is where a wealth management firm can assist you with making your first investments and building a financial foundation that can support you for the rest of your life.

2. You’ve suddenly come into a large amount of money.

Sometimes windfalls happen, such as an inheritance or lottery win. If you suddenly have a lot more money than before, that's the perfect time to hire a Certified Private Wealth Advisor. They can help you plan for the financial impact of your windfall, such as changes to your tax status, while also making solid plans for investing that money and seeing it grow for years to come.

3. Your family is expanding; are you prepared for the future?

Having children is amazing, but this time can also bring potential financial challenges. You need to know that your child's future is planned for, ensuring they're happy and healthy throughout their childhood and, hopefully, that you’re positioned to send them to university when the time comes without having to take out loans.

It’s never too early to start planning for your kids’ future with the help of a private wealth management firm.

4. You're gaining equity in your company.

If you're looking to purchase stock from your company or receive some as part of your compensation package, it's important to make the best use of this equity. You might even be facing the question of whether to take a high salary or choose stock as part of your compensation.

A financial advisor can help you decide which option is best for your life and your needs since there is not a one-size-fits-all solution.