The Six Areas of Personal Wealth Planning

Financial health is much like physical health in the sense that the body is a complex system of interdependent systems.  Financial health consists of six systems that must all be healthy for you to be as financially healthy as possible.  Furthermore, the systems must act in unision to achieve your goals.  To continue the analogy, you must decide if you would like to hire a primary care physician or would you like to manage your overall health on your own.  In the financial world this primary care physician is confusingly called many different things such as wealth manager, financial advisor, financial planner, personal chief financial officer (CFO), just to name a few.

In addition, you must decide which specialists you will want to hire or which areas you will function on your own.  Each one of these areas also represents a professional for a team of professionals that you may choose to hire dependent on your ability to manage them.   

1. Asset/Investment Management
2. Debt Management
3. Cash Flow Management      
4. Tax Planning & Preperation
5. Risk Management
6. Estate and Legal Planning