W E A L T HM A N A G E M E N TR i c h a r d L o n d o n F i n a n c i a l – L a s

V e g a s , N V

D e fi n i n g W e a l t hM a n a g e m e n tIn the world of Financial Services there hasbeen many phrases “coined” over the pastcentury on what Financial Advisors and LasVegas Wealth Management Advisors would

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Vegas Wealth Management Advisors wouldlike their business to be called. In the past“financial advisors” have been calledeverything from an Account Executive to aStock Broker. As individuals, families, andbusinesses have had to evolve in this everchanging world so have the professionalswho help them. Financial advisors todayneed to be up to date with the latestoptions, understand the different optionsavailable, have numerous strategies toimply and a well thought outimplementation process needed to givesound advice. Our world and economy haschanged dramatically over the pastdecades to where when dealing with afinancial professional, he or she needs totruly understand your entire financialpicture, objective, and everything fromyour tax situation to estate plan. Today themost “coined” and generally acceptedname for our business is WealthManagement. But this phrase brings up alot of controversy especially among thebaby boomer demographic.

Qualified financialplanning for Baby BoomersMany baby boomers have come from humble

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Many baby boomers have come from humblebeginnings and they worked hard their entirelife building a nice nest egg and do notconsider themselves wealthy. Many babyboomers just have the fear that they do notwant their hard earned money to be used upbefore they die and they are very skeptical onwho to trust with many recent scandals overthe past few decades. Not even to mention thewild swings the market has experience thepast 15 years has made it difficult for investorsto want to allocate a large portion of theirassets to the Stock Market. Your traditionalWealth Management customer may have aninvestment asset of 100k to 2 million, but thisamount does not make the customer feelwealthy! For this reason alone manycustomers feel like they don’t have “enough”money to be a Wealth Management customerand feel they do not qualify for quality advice.In a nutshell, Wealth Management in myopinion is when a “qualified” financial advisortruly offers Full Financial Planning to theirclients like we do at Richard London Financialin Las Vegas, NV.

There should not be a dollar amountassociated with what is a Wealth Managementclient, but as the Financial Advisor you areyour own business and have to choose whattype of clients and assets size is appropriatefor your business from a service level andprofitability level. So before I begin my fulldefinition of Wealth Management, Ill explain“qualified” financial advisor.

W h a t i s a “ q u a l i fi e d ”F i n a n c i a l A d v i s o r ?Again this is my opinion but this is a widelyacceptable definition. A “qualified” financialadvisor is a an individual who may have aprofessional credential such as CharteredFinancial Consultants, Certified FinancialAnalysts, Chartered Financial Planner, or anMBA and/or has a deep understanding ofInvestment Management, InsurancePlanning, Retirement Planning, IncomePlanning, Estate Planning, RiskManagement, and employee benefits. It hasbeen generally accepted that the CertifiedFinancial Planner or CFP® designation isthe gold standard in the financial planningworld because these are the core topics ofstudy. It may be easier to explain what isnot a financial advisor, but if your “financialadvisor” cannot offer you the client manynon-biased options and talk through thereasons on why the recommendationsmake sense vs. another option, the advisorisn’t truly giving their client the bestoptions for them.

Financial Advisors Need

Financial Advisors NeedResources and toCommunicateSo this brings me back to my definition ofWealth Management. A Financial Advisorwho states they work in wealthmanagement in my opinion needs to offerthe following advice and be able toquarterback the relationship to the otherprofessional partners of the client if need.The financial advisor needs to be able tohave legal resources, tax professionals,Trust services, and give advice onInvestment management. A good financialplanner should be able to communicatewith your CPA, Attorney, etc… to make sureeveryone is on the same page in regards toreaching the clients objectives.

I m p o r t a n t R e q u i r e m e n t so f a F i n a n c i a l A d v i s o rSome other things I feel is important tolook for when dealing with a financialadvisor is to make sure they are fullylicensed. Make sure you advisor holds their

licensed. Make sure you advisor holds theirSeries 7, Series 66, and Insurance licenses.The Series 7 along with the Series 66 allowthe advisor to give advice and look atvariable type of products and solutions,these are very rigorous exams and you willbe surprised to find out that many do nothave them.

Other requirements to be aCertified Financial PlannerWith being a Certified Financial Advisorthere are few more requirements theadvisor needs to meet besideunderstanding all the concepts in financialplanning. A CFP® must have obtained atleast a bachelors degree from anaccredited college. A CFP® must also beethically responsible to each and everyclient and prospective client. The CFP®must have a clean disciplinary record andcannot have had a Bankruptcy with thepast so 5 years. CFP®’s like Richard Londonare also knowledgable on insuranceservices as well and it might be worthwhileto request an insurance review.

Please call or email us for a freeconsultation and to consider

Richard London Financial as your LasVegas Wealth Management Partner.

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RichardLondon

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Las Vegas, NV89148

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