Wealth Management Basics

July 19, 2019

At Advisory Group West, we believe that strategic wealth management is essentially made up of three distinct elements: 

  • Asset protection
  • Diversified investments
  • Lifetime income plans

Each aspect is important for healthy wealth management, supports potential achievement in each area and can ultimately allow you to make continuous progress toward your financial goals. 


First, you’ll want to “right size” your asset protection strategies and tactics. 

Why? Though it’s important to grow your assets to create a viable and desirable nest egg, without proper asset protection, you could be putting wealth you’ve have already acquired at risk. 

Asset protection helps preserve and protect your existing property, resources, and assets from foreseeable and even some unforeseeable threats. To provide yourself comprehensive protection, you should look at each how element can have a significant impact on your assets. 

We address these elements by expense type:  

    • Savings are predictable and periodic expenses
    • Reserves are unpredictable but plausible expenses


  • Emergency expenses are unpredictable but implausible 
  • Crisis coverage are catastrophic but improbable expenses


  • Auto and home insurance requires cost containment tactics

For asset protection that truly provides you the coverage you need, you’ll likely also consider: 

  • Investing in earnings protection
  • Maximizing Social Security benefits
  • Reducing elder care costs 


Once you have your assets and liabilities covered, you can consider your investments and how you can coordinate your resources to increase your retirement earnings potential.  Diversifying your investments can be one of the best ways to manage risk, thus potentially increase your chances of staying on your growth trajectory. Additionally, diversifying your investments should include tax-managed growth opportunities which can also decrease your risk and provide favorable after-tax compounded long-term returns. 


Lifetime income plans are a means to reach and maintain your desired lifestyle throughout retirement. Generally, there is no set amount of savings for all people to achieve for retirement: meaning, retirement savings is never one-size-fits-all solution for everyone. You must set your savings goals for an amount of savings, and therefore, the lifestyle that you desire. 

Your desired retirement lifestyle as well as where you are in relation to retirement will most likely determine your strategies for creating your lifetime income plan: 

  • Pre-retirees determine trajectories for meeting retirement goals
  • Retirees can earmark and invest funds for immediate tax-managed lifetime income

Asset protection, diversified investment and lifetime income–creating a wealth management strategy should address each of these three elements. 

To learn how wealth management strategies may intersect with your financial goals for your future, visit the Advisory Group West website. There, you can learn more about our companymake an appointment with one of our personal financial advisors and watch videos that address key financial elements and address practical day-to-day monetary issues.