Our Approach To Wealth Management
One of our distinctives at Covenant Wealth Management is our approach to wealth management. To help explain, let’s think of our approach as a formula. Wealth Management = Investment Consulting + Advanced Planning + Relationship Management.
The first component of Our Approach to Wealth Management is Investment Consulting. Investment Consulting focuses on making smart decisions with your money. This is the #1 concern of successful individuals and couples, which is to always make smart decisions about their finances using investment strategies to support the quality of life that’s important to them. While 100% of financial advisors do this, some do it better than others.
The next component of Our Approach to Wealth Management is Advanced Planning. Advanced Planning addresses the other 4 major areas of concern of successful individuals and couples. Only a few financial professionals address these areas. Our formula for Advanced Planning is Wealth Enhancement + Wealth Transfer + Wealth Preservation + Charitable Planning.
Wealth Enhancement is the second major concern of successful individuals and couples. It involves the desire to mitigate income taxes. Top financial advisors address that concern by developing strategies to prevent your assets from being excessively taxed, allowing you to keep more of your hard-earned money.
Successful people are not only concerned with their own wealth but taking care of their heirs as well. This is the third major concern of successful people. Advanced Planning can provide sound strategies to address the needs of your heirs as well, helping you make smart decisions.
The fourth major concern reported by successful individuals and couples involves protecting their assets they have worked so hard to grow. Advanced Planning addresses developing barriers to prevent your assets from being unjustly taken.
Most successful people are generous, so it is no surprise that the fifth major concern of successful people is desiring to make an impact. Advanced Planning focuses on leveraging generosity through charitable planning to magnify its impact both today and for generations to come.
The last component of Our Approach to Wealth Management is Relationship Management. Our formula for Relationship Management is Client Relationship Management + Professional Relationship Management.
Client Relationship Management
Client Relationship Management includes the Wealth Management Planning process used to address the Top 5 Critical Concerns of successful people. At Covenant Wealth Management, we have a highly disciplined 5-step process that helps us identify and address the key wealth management issues that impact success. Click here to find more information about our Wealth Management Process.
Professional Relationship Management
At Covenant Wealth Management, we work with a select team of qualified professionals in a coordinated fashion to help you address your key financial goals. These professionals include accountants, attorneys, investment portfolio managers, insurance specialists, and others as well as the professionals on our client’s team and any professionals that we recommend that you add to your team as well.
Putting it All Together
Working through our Wealth Management approach of Investment Consulting + Advanced Planning + Relationship Management, we are able to provide a Personal Chief Financial Officer experience for our clients, helping source and coordinate the components essential to their financial success. If you would like to know more about how Our Approach to Wealth Management might apply to you, click on Contact Us for more information.
Our Approach to Values
At Covenant Wealth Management, we serve our clients with a values-based approach. Our values serve as the guiding principles for all of our operations and relationships.
A fiduciary standard of conduct puts the interests of our client first. At Covenant Wealth Management, we maintain a fiduciary standard at all times when working with our clients in keeping with the fiduciary standard of care of the Certified Financial Planner Board.
Covenant Wealth Management is an independent firm. We neither have nor use any proprietary products or services, maintaining a consultative approach to advice. To accomplish this, we are able to draw on the resources of LPL Financial, one of the leading independent financial services companies (As reported by Financial Planning Magazine, June 1996-2019), to provide any needed financial product or service our clients may need to address our clients goals and fill any gaps.
- Purpose-Driven Planning
Covenant Wealth Management is a planning firm. All of our planning begins with a client’s life purpose and associated vision, mission, and goals. Our Wealth Management Process incorporates our client’s vision into the first step of our process and it serves as the ultimate guide to all recommendations.
- Biblical Wisdom
Our firm is a member of Kingdom Advisors, an international association of financial planners who incorporate biblical wisdom into their advice. We encourage clients to incorporate biblical wisdom and values into their planning, from wisely stewarding their resources for maximum impact to passing a legacy of generosity to future generations.
We understand that what happens in one area of a client’s financial life can have a corresponding effect in multiple other areas. Making financial decisions with incomplete information is never wise. Our Approach to Wealth Management considers the interrelated components of your wealth, such as taxes, investment management, risk management, wealth protection, and others. We work with a select team of qualified professionals in a coordinated fashion to help our clients address their key financial goals. These professionals include accountants, attorneys, investment portfolio managers, insurance specialists, and others as well as the professionals on our client’s team and any professionals that we recommend that our clients add to their team as well.
As a firm, we encourage clients in their desire to infuse generosity into their financial lives today and into their legacy for future generations. We also “practice what we preach” as we cheerfully give generously to both local and international organizations that help meet the needs of others.
Our Wealth Management Process
Our mission at Covenant Wealth Management is to partner with families, providing counsel and inspiration that equips them to make sound financial decisions to successfully accomplish their financial goals and dreams during their lifetime, in keeping with their life’s purpose and calling, and establish their legacy that will continue after them.
To pursue our mission, we have a highly disciplined Wealth Management Process that helps us identify the key wealth management issues that impact success, and that process has five steps:
- Define Goals
We help clients define their goals based on their life purpose and unique values
- Organize Information
We gather all the personal and business information currently in place related to those goals. This could include current estate planning documents, tax returns, business buy-sell agreements, investment statements, insurance policies, and anything else that relates to our clients’ financial situation today and in the future.
- Analyze Gaps
We compare their priorities against their current resources and identify any gaps that may exist.
- Design Strategies
After clearly determining any gaps that exist, We develop coordinated strategies tailored to address those gaps.
- Implement Plan
Once we review the strategies and make any needed adjustments, we help our clients implement the steps necessary to address their goals and objectives and monitor their plan over time and make adjustments as needed.
To accomplish this, we are able to draw on the resources of LPL Financial, a leading independent broker dealer firm, to provide any needed financial product or service to our clients to address their goals and fill any gaps.
By giving a high level of attention to designing our plans tied to our client's life purpose, our clients are free to pursue their highest passions with the confidence of knowing they are on the right track.