Accounting & Finance

The Rise of RIAs: Why You Need A Wealth Manager Now More Than Ever?

Meet your financial guardian angels and set sail towards financial success today!

  • 5 min Read
  • April 8, 2024

Author

Escalon

Table of Contents

Imagine you’re amidst a financial storm, surrounded by market volatility and economic uncertainty. You are on the verge of sinking into this tumultuous sea of numbers and balance sheets. Enter a wealth manager, your financial lighthouse in the stormy waters of investment.

Schedule a call today

Post-pandemic, Google Trends searches for ‘wealth management’ have increased, underlining a growing recognition of the need for expert financial guidance. But what comes under the umbrella of wealth management, and do you need it? We’re here to unravel this mystery and explore the rising trend of Registered Investment Advisors (RIAs) in the United States.

Understanding the holistic approach


Wealth management isn’t just about picking stocks or allocating assets. It’s a comprehensive process encompassing a spectrum of financial disciplines, from investment and financial operations management to tax strategies and retirement planning. It’s about having your eye on the bigger picture, not just focusing on the next step.

Talk to us about how Escalon’s essential business services can help your startup scale faster.


This is where the wealth manager makes his grand entrance—the seasoned captain who directs your financials to safe harbors. Unlike nominal financial planners who solely focus on one aspect of your financial life, wealth managers embrace a more holistic approach. They take a magnifying glass to your financial landscape, honing in on your goals, risk tolerance, and unique circumstances to craft a personalized course for your financial voyage. Need help navigating the complex world of the taxman? Or thinking about buying a house or starting a business? A wealth manager will help you crunch the numbers and make sure you’re making the most intelligent investment for yourself.

Let’s not forget about everyone’s concern: money. A wealth manager can help you make the most of your money by optimizing your investment portfolio, minimizing tax liabilities, and ensuring your finances are on track to meet your goals. However, the most significant benefit this holistic approach offers is the peace of mind that comes with knowing that your financial future is in good hands.

Deciphering the RIA phenomenon


Registered Investment Advisors (RIAs) are financial professionals or firms registered with the Securities and Exchange Commission (SEC) or state securities regulators. While traditional brokers and financial advisors operate under different regulatory frameworks, RIAs are held to a fiduciary standard. This means they are legally obligated to act in the best interests of their clients – a crucial distinction that sets them apart in an industry plagued by conflicts of interest.

Let’s pause for a moment to understand the significance of this fiduciary standard. When entrusting someone with the stewardship of your hard-earned assets, would you want them to prioritize their interests or yours? While the answer is obvious, investors often find themselves trapped in a web of hidden fees, biased recommendations, and opaque practices.

Here’s where the fiduciary advantage of RIAs comes in. By adhering to a higher standard of care, RIAs are duty-bound to keep their clients’ best interests in mind, free from conflicts of interest that plague shadowy corners of the financial industry. This commitment to transparency, integrity, and accountability forms the bedrock of the RIA ethos, fostering a relationship of trust and confidence between advisor and client.

RIAs also have a razor-sharp focus on Key Performance Indicators (KPIs) for finance managers. These metrics help them, and you gauge the effectiveness of their strategies and ensure they’re delivering value to you.

Why do individuals need a wealth manager?


You might be wondering if I need to hire an RIA now. Can’t I manage my finances myself? While the DIY approach has worked for many and still does, modern finance has pitfalls and perils that can derail even the most well-planned strategies. When trying to build wealth, you must consider the following:

  1. Expertise: Just as you wouldn’t perform surgery on yourself or represent yourself in court, managing your finances without expert guidance can quickly get you into a soup. RIAs bring a wealth of knowledge, experience, and expertise, leveraging their insights and skills to ensure you get the ultimate payoff for your investment.
  2. Objectivity: Emotions can bring even the savviest of investors down. Fear, greed, and cognitive biases can cloud judgment and end with irrational decisions. RIAs are the voice of reason, offering objective advice and guidance based on solid data and analysis.
  3. Time: Managing your money can be time-consuming, not to mention overwhelming. From researching investment avenues, looking for budget management outsourcing services, monitoring market trends, and rebalancing your portfolio, the demands can quickly go from 0 to 60. RIAs free you from this stress, allowing you to focus on what matters most.
  4. Peace of Mind: In a world that runs a mile per minute, there’s always something new coming up. Not to mention how uncertain and volatile these changes can be. Knowing you have a trusted ally who always has your financial back gives you the peace of mind needed to sail through turbulent times.

The future of wealth management


As we navigate the ever-changing currents of the global economy, the need for expert guidance and strategic planning is omnipresent. Whether you’re saving for retirement, planning to send your child to an Ivy League school, or building a solid portfolio, a wealth manager can take it from good to great.

Schedule a call today

So, if you’re serious about achieving your financial goals and securing your future, partnering with a wealth manager is not just a wise choice — but a strategic imperative. Whether seeking financial operations management or budget management outsourcing services, having a trusted wealth manager can help you craft your financial destiny.

Want more? In addition to HR, benefits, recruiting, and payroll through its PeopleOps, Escalon’s Essential Business Services include FinOps (CFO services, taxes, bookkeeping, and accounting) and Risk (business insurance). Talk to an expert today.

Talk to our team today to learn how Escalon can help take your company to the next level.

  • Expertise you can trust

    Our team is made up of seasoned professionals who bring years of industry experience to the table. You gain a trusted advisor who understands your business inside out.

  • Quality and consistency

    Say goodbye to the hassles of hiring, training and managing in-house finance teams. You will never have to worry about unexpected leave of absence or retraining new employees.

  • Scalability and Flexibility

    Whether you’re a small business or a global powerhouse, our solutions scale with your needs. We eliminate inefficiencies, reduce costs and help you focus on growing your business.

Contact Us Today!

Tap into the latest insights from experts in your industry

Accounting & Finance

M&A Readiness: How to Prepare Your Financials for a Successful Acquisition or Sale 

Mergers and acquisitions (M&A) can dramatically alter a company’s trajectory—unlocking new markets, technologies, or customer bases. Yet, many deals stumble...

Read More
Accounting & Finance

Optimizing Working Capital: Strategies to Maximize Liquidity Without Raising Funds 

Working capital: The difference between your current assets and your current liabilities. It’s a key barometer of financial health.  While...

Read More
Accounting & Finance

Outsourcing vs. In-House: A Strategic Guide for Growing Companies

Expanding your team and capabilities is critical to sustaining growth—but the question often arises: Should you build an in-house department...

Read More
Accounting & Finance

The CFO’s Role in Driving Operational Efficiency in a Mid-Sized Company 

A Chief Financial Officer (CFO) isn’t just a numbers person anymore. Modern CFOs play a pivotal role in shaping strategy,...

Read More
Technology & Security

What Every $10M+ Business Should Know About Data Privacy Laws 

Once your annual revenue surpasses $10 million, you attract more attention from regulators, partners, and customers, especially regarding data privacy....

Read More
People Management & HR

The Cost of a Bad Hire: How to Improve Your Recruiting Process

Hiring is one of the most pivotal processes in any organization, particularly for a medium-sized business looking to scale. Yet...

Read More
People Management & HR

Key Insights from the 2025 CBIZ Not-for-Profit Pulse Survey 

At Escalon, we are committed to keeping our clients informed about the latest trends, challenges, and opportunities across the industries...

Read More
People Management & HR

Scaling Culture: How to Keep Employees Engaged as Your Business Grows

Growth in headcount brings exciting opportunities for a business, but it also poses a key challenge: How do you maintain...

Read More
Accounting & Finance

Managing Multi-State Compliance as Your Workforce Becomes More Distributed

Rapid expansion and remote work trends have empowered medium-sized businesses to hire talent nationwide. Yet with multi-state operations come multi-layered...

Read More