About Wealth Management Financial Planners

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Wealth management financial planners gather all personal or business data, determine where the customer is financial at this point, and figure out where the customer would like to be in the future. Understand the job of a wealth management financial planner with information from a portfolio manager in this free video on finance.

Part of the Video Series: Credits, Stocks & Pension
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Video Transcript

Back in the 1960s, Connecticut General, the life insurance company, pioneered the financial planning business. Hi, this is Roger Groh of Groh Asset Management. I wasn't there in the 1960s, but I sure was in the late 1970s, and they were good at it. They gathered all of the data about your business and personal situation, and then came back with a plan as to help you get from where you were today in terms of your total financial picture to where you wanted to be at some point in the future. It worked very well. That has evolved now somewhat into two parts: one, where you do it on your own and generally, that's just called financial planning, or into groups that have migrated towards the very top end of the economic spectrum, and they call themselves wealth planners. Really, it's the same thing. Get all the data. Figure out where you are today, figure out where you want to be, and then talk about what you have to do from an earnings and an investment point of view to get from point A to point B. So they're helpful. One note, though: Some planners aren't quite as scrupulous as others, meaning they may receive commissions from products that they sell to you. So know how they get paid. It's fine if they do that as long as you understand that. Just be sure that you know where their heart is. Are they really trying to make the best plan for you, or are they really trying to sell you a product and make commissions off of it? The good ones -- they do it all for you. I'm Roger Groh of Groh Asset, and thank you very much for spending time with me.


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