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In any of your visions of wealth management, do you imagine yourself now? If not, it’s time to start thinking about how meeting with a wealth manager can help you.
Michael Chamberlain, a Certified Financial Planner (CFP), defines wealth management as “the utilization of processes, services, and products designed to grow, protect, utilize, and disseminate one’s wealth.” Wealth management is a topic that anyone interested in growing, protecting, and using their money should get excited about.

Managing your wealth is not about swimming in a pile of gold coins in your mansion’s own vault, Scrooge McDuck style. It is the practice of developing awareness of your individual needs, spending habits, and savings goals. It is evaluating where you are now and where you want to be, and making a plan of action to get there. Wealth management is for you.

At MAX, our team of Wealth Management Specialists is available to meet with customers and discuss their specific financial situations and goals for future growth. Melinda Milam and Carrie Rauch recently shared a few insights into how they, as MAX Wealth Management Specialists, can help make their customers more financially savvy.

  1. Which customers do you recommend meet with a MAX Wealth Management Specialist

    Melinda Milam: I believe that we can offer help and advice to any of our customers. It doesn’t matter what their credit score or financial situation may be, there might be some things that we notice that may be overlooked by a customer that isn’t familiar with credit reports, budgeting, or saving.
  2. What types of information or documents should a customer bring to their first meeting with a wealth management specialist?

    Carrie Rauch: We recommend that you maintain records of your monthly expenses including bills and personal spending. Bringing documentation such as monthly account statements is helpful in creating a customized budget or evaluating the potential need for debt consolidation.
  3. What advice would you offer someone with a lower credit score who is wanting to repair their credit?

    Melinda Milam: I let the customer know that it does take work on their part and it also takes time. Building or rebuilding credit doesn’t happen overnight or even in a month or two. I am a firm believer in MAX’s share secured products. I have used them over and over again to help customers build and repair damaged credit.
  4. Spring is a great time to explore this option as many customers who struggle to come up with the initial funds receive tax refunds that can be used to establish their share secured loan or credit card. Why do you think people put off saving for retirement? How do you help them make a plan to save?

    Melinda Milam: Most people put off saving for retirement because many people work and live paycheck to paycheck these days. Retirement for most of our younger customers seems to be so far away, and it’s easier and more tempting to satisfy the immediate needs and wants.

    I always advise customers to take advantage of any 401K or work-related retirement programs that their employer may have. It’s “free money” and why leave money on the table?

    Aside from employer retirement plans, the best way to begin a savings plan is to have it set up for automatic deduction from your account or paycheck just like any other bill.

  5. If you could offer one tip to anyone to help them better manage their money, what would it be?

    Carrie Rauch: Write down your monthly expenses from start to finish, accounting for every penny spent. This will allow you to find spending leaks and reduce costs which opens the door to possible money saving opportunities.

To meet with a MAX Wealth Management Specialist, members can request an appointment through the MAX Mobile Banking App or they can visit a branch location.

Do you have a question for one of our Wealth Management Specialists? Email Please do not include any personal information such as account numbers.

The Wealth Management Specialist certification is offered by Kaplan.