Recession. Not many want to hear a word that nobody wants to hear. While recessions trickle in and out of our economy throughout the years, many people and businesses understand that the rainy day funds aren’t something that’ll keep their head above water if and when it does hit. They understand that it takes proper preparation and really a strategic avenue. One of the best ways to stay on top of personal & business finances is with the help of a Wealth Management team.
Recently I had the opportunity to speak with Adrianne Yamaki, Founder and Financial Advisor of Strategic Wealth Capital, who has over 18 years of experience, to get some clarity and a better understanding of how a Wealth Management firm and its advisors can help businesses stay on top of their finances and to make better investment choices overall.
What are the key differentiators of working with a Wealth Management firm instead of a relationship banker at a local bank?
Advisors at Wealth Management firms may delve more deeply into holistic planning and access the broad universe of research and financial instruments. High-performing Wealth Managers also tend to have well-developed external networks of other experienced professionals (attorneys, CPAs, insurance specialists, real estate agents), with whom we consult when building a client’s financial plan and to recommend directly as needed.
Relationship advisors at banks can also be very important members of one’s financial team, though the focus may differ. Bankers are sometimes limited to recommending their own bank’s specific products (mortgages, business loans, and bank accounts) or finding internal solutions. But they also have a more granular knowledge of clients’ cash activity, which can be particularly helpful with small businesses.
With both Wealth Managers and Bankers, the experience and expertise vary widely, so finding the right personal and professional fit is the key.
What are the most common problems/issues that you & your team have come across in accessing client portfolios before onboarding?
We execute a full Financial Diagnostic analysis which includes reviewing tax returns, portfolio X-rays, and expenses, before we and the client decide to work together. Since we have the records already, thus far, this hasn’t been an issue.
We take the time to get to know our clients – their values, preferences, needs, and blind spots – which, coupled with our relentless study of the economic, tax and investment changes, produces a robust financial plan. Our goal is to help clients make deliberate, well-informed decisions so that they are ready for whatever comes their way. -Adrianne Yamaki
Banking & Wealth Management is still heavily male-dominated, and as a woman, what have been some of the challenges (if any), and how have you overcome those and helped other women on your team?
I have found it is a benefit to be a female advisor. I think many women are good listeners, which in my work is imperative in understanding my clients and helping them make important decisions.
What are some myths regarding working with a wealth management firm that you wish to debunk?
Many people think that wealth managers focus mainly on selecting investments. But in reality, our clients leverage us for much larger guidance and decisions and solicit our help for specific projects. More of my time is spent problem-finding and problem-solving than anything else.