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A financial architect designs flexible and effective financial plans for individuals and organizations, based on their needs. They can teach clients to manage their money independently or offer full-service options. Financial planning includes saving for retirement, college, and managing existing wealth. Corporations and institutions also use financial architects for wealth management and financial accounting.
A financial architect is a financial professional who specializes in helping individuals and organizations build strong financial portfolios. Much like the more conventional architect who designs and oversees the construction of actual buildings, a financial architect designs a financial plan that will be flexible, effective and robust, based on the individual needs of the client, and oversees the execution of the plan. Financial architects may work for private consulting firms, banks, mutual funds, and a variety of other financial services companies.
When a financial architect meets with a client, he or she discusses the client’s needs and expectations. Everyone is different, and it’s important to find a long-term financial planning solution that is achievable and effective for a client. A 60-year-old woman, for example, has very different needs than a 20-year-old man. In addition to providing financial planning assistance, a financial architect can also help with wealth management, showing people how to use their money wisely.
Some financial architects specialize in empowering their clients, teaching them how to manage their money independently and encouraging them to use a high degree of self-discipline in organizing and monitoring their finances. Others offer more full-service options, relieving their clients of the need to worry about financial planning and money management. Financial architects can also offer a mix of the two, providing clients with lots of information and helping clients make smart decisions, but stepping in to intervene if they feel a client isn’t making the best choice.
People of all ages and socioeconomic classes can benefit from consulting a financial architect or financial planner. It’s never too early to start planning for the future, and by working with a financial expert, people can avoid many pitfalls and mistakes that could cost money. Financial planning includes saving money for retirement, college, and big expenses, as well as managing existing wealth effectively so that it earns interest income and continues to grow.
Corporations and institutions also use financial architects to manage their wealth and help with financial accounting. These organizations are accountable to members and shareholders who want to make sure the business or institution is headed in the right direction, and a financial architect can help generate better returns, invest in the future, and make wise spending decisions. Corporate and institutional wealth management and financial planning are much more complicated and involved than those for individuals, requiring the skills of a highly experienced financial architect.
Smart Asset.
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