I know I added value for my clients as a stockbroker, a financial planner, an investment management consultant, and a portfolio manager. I have many friends who are highly competent advisors, and they too add value for their clients. However, many of today's investors are looking for something more.


When Aaron, a 56-year-old corporate attorney, became responsible for managing his family's $11 million fortune, he sought guidance from a tax attorney and a stockbroker. "The lawyer emphasized estate tax planning," he recalled. "He set up two charitable remainder unit trusts and a charitable lead trust. With a family limited partnership - another idea of the tax lawyer's - I found myself making choices so that the avoidance of estate taxes seemed to make my life worse instead of better. The broker showed a personal interest in me but not in any way toward furthering my goals or helping me use the money to have a better life. The money seemed like the only goal. He'd say, "˜Buy bonds,' but never made any suggestions about balancing my portfolio." Aaron knew he wanted a comprehensive approach to coordinating his life issues with his personal finances. He also wanted a fee-based service, free from conflicts of interest.


To make life after 50 their best years yet, Aaron and others like him want a new kind of conversation with their advisors. They want to move to the next level, beyond portfolio management and financial planning, and work with an advisor who integrates their life vision and goals with financial coaching and customized investment management. What they're looking for can be found in a relatively new discipline called personal wealth management.


For many years, similar service was available only to some of the world's wealthiest families. They put together teams that combined life vision coaching with all aspects of their personal finances and portfolio management. Today, that service is becoming available to a wider audience. Personal wealth management is defined as the pursuit and management of wealth and abundance in all their forms.


Personal wealth involves more than money and tangible items. It's about wealth in relationships; health; knowledge; and rewarding, fulfilling experiences. If your financial wealth is not managed properly, it can create family dysfunction and unpleasant experiences. However, when managed wisely, money and tangibles are the tools you can use to create freedom and the options to pursue true wealth.


A personal wealth manager guides people through three critical areas:

  • Life vision coaching: The rock and roll generation is beginning to understand that life after 50 includes a number of transitions - each of which affects their personal finances. A personal wealth manager can guide you through the process of creating, monitoring, and achieving your own compelling life vision, and help you make sure you'll have the money to fund it.
  • Customized investment management: Originally, portfolio management was primarily used by institutions. It was a standardized process, where every portfolio was managed the same way. Individuals require a different level of service, focused on the issues most important to them. Customized investment management requires portfolio managers to know their clients personally and help them achieve and manage their wealth and abundance. Individuals want their portfolios customized with attention to their clearly defined personal risk parameters, goals, and objectives.
  • Personal financial coaching: Many people facing life transitions want to participate in an ongoing process encompassing all areas of personal finance. Today more than ever, they want financial coaching from someone who can educate them about investing and personal finance to keep them from making costly mistakes; who can develop personalized strategies that are integrated with their lives; and who will monitor, review, and update those strategies to meet dynamic circumstances. Good coaches do more than advise; they draw out the best from you and work with you to create a higher level of total abundance than you ever could have imagined.

I truly believe the financial services industry will move in this direction if they follow business coach Steve Moeller's advice and move from a sales-centered to a client-centered business model and understand the connection between investments and the quality of people's lives.