If you believe that because you do not have a large amount of money or a huge income you do not need wealth management services, think again. A wealth manager is not an investment advisor. He or she is not only concerned with how you invest your money for your future, but how you handle every aspect of your money. Here are just a few reasons you should work with a wealth manager. 

Risk Management

While an investment advisor worries about the risk of making certain investments, a wealth manager considers how you are currently spending your money and how this is risking your current and future finances. For example, if you own a home you have home owner's insurance. A wealth manager will go over the policy to make sure you are covered for all the risks your home might face. This will include natural disasters, swimming pools, go-carts, and anything else that may need to be replaced or could cost you money if someone sues you. In addition, th manager will make sure you are not paying for coverage you do not need, like hurricane coverage if you do not live near water.

Income and Investments

A wealth manager can help when you are faced with choosing benefit options from your employer. You may want to put more money into an IRA but need to take advantage of an employee day care center to avoid paying the high cost of child care. He or she can also help you make the transition from one job to another if necessary. The manager will work with you to consider all the money aspects of making a switch, keep you from losing health benefits during the job change, and help you to work with an income change. He or she may point out that while it is more money, you will also have to drive further every day and may need to purchase new work clothes. All this has an effect on your current finances.

You do not need to keep a wealth advisor on retainer, of see him or her regularly. However, it is a good idea to meet with one and discuss your current financial state and how you want to change it or ways to keep it the same. Then, as life happens and if you get off track or have a major change in your finances you can meet with this same person who will be able to help you get things where they need to be.