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Guest Post: Goals-Based Wealth Management: Planning for the Life You Want to Live

Posted by Lisa K. Matthews, CFP®, ChFC, CLU on October 02, 2018

Lisa Matthews is a Financial Advisor & Senior Portfolio Manager for Morgan Stanley in Boston. She is also a longtime member of the Greater Boston Chamber Board of Directors, a member of the Women's Network Advisory Board, and a past Pinnacle Award winner for Achievement as an Emerging Executive.

You have unique goals, and your wealth management strategy should be designed to reflect the specific aspirations you have for yourself and your family. It should also go beyond just creating a portfolio to help you plan for retirement and other life priorities, such as saving for your child’s education or leaving a meaningful legacy.

The Evolution of Wealth Management

Over the past 30 years, the wealth management industry has evolved. The role of the Financial Advisor has transformed from stock broker to caretaker of their clients’ financial lives. In the wake of the financial crisis, Financial Advisors have increasingly taken on the role of fiduciaries, putting their clients’ best interests first.

Today, wealth management is a high-level professional service that goes beyond just investment advice to encompass every part of your financial life. Rather than trying to piece together advice from a series of professional advisors, you benefit from a holistic approach where a single Financial Advisor or team of Financial Advisors coordinates all the services needed to manage your wealth and plan for your current and future financial needs.

The Emergence of Goals-Based Wealth Management

Traditionally, wealth management centered around having a diversified portfolio and measuring its performance against a benchmark. But, for most people, successful wealth management is less about the day-to-day fluctuations in the market and more about having the resources they need to pursue and achieve their goals.

Goals-based wealth management, as its name implies, is a goals-based approach to managing your wealth. It revolves around reaching your objectives, rather than chasing after an elusive return. It changes the focus from creating a portfolio to concentrating on building the life you wish you lead. With goals-based wealth management, you develop a strategy to reach your goals and measure success by the progress you’ve made toward achieving them.

Goals-Based Wealth Management is Dynamic

As your life stage changes, so do your goals. Early in your career, you may be focused on buying a home or starting a family. Over time, your priorities may shift to sending your children to college, assisting your aging parents or planning for retirement. In retirement, your concerns may be generating enough income to maintain your lifestyle or creating your legacy. To keep pace with your evolving needs and priorities, goals-based management is an ongoing process that helps ensure your strategies are always aligned with your goals, even if your goals change.

In an increasingly complex and ever-changing world, goals-based wealth management helps you create a financial roadmap to the future you envision for yourself and your family. With the help of a Financial Advisor who invests time in understanding you and your full financial picture, you can develop a wealth management strategy that fits your needs and helps maximize your probability of reaching your most important goals.


Article by Morgan Stanley and provided courtesy of Morgan Stanley Financial Advisor.

Lisa Matthews is a Financial Advisor in Boston at Morgan Stanley Smith Barney LLC (“Morgan Stanley”). She can be reached by email at lisa.matthews@morganstanley.com or by telephone at (617) 478-6535.

This article has been prepared for informational purposes only. The information and data in the article has been obtained from sources outside of Morgan Stanley. Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of the information or data from sources outside of Morgan Stanley. It does not provide individually tailored investment advice and has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. The strategies and/or investments discussed in this article may not be suitable for all investors. Morgan Stanley recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.

Lisa Matthews may only transact business, follow-up with individualized responses, or render personalized investment advice for compensation, in states where she is registered or excluded or exempted from registration, https://fa.morganstanley.com/lisamatthews

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