When people hear the term portfolio manager, or asset management, they often think of the investment professionals who manage assets in mutual funds.

But for most families and individuals, it’s about a trusted advisor reviewing your portfolio to ensure it’s appropriately diversified across a wide range of asset classes. It also involves monitoring—and, when necessary, adjusting—the asset allocation (the mix of stocks, bonds and cash) in each of your accounts to meet your short- and long-term financial goals and stay within your risk tolerance.

Being your own portfolio manager takes time, expertise and discipline. The wrong asset management approach could jeopardize your retirement, college savings for children or heirs, major expenses, emergency funds, charitable giving and more.

And you’ll want to ensure your investments aren’t costing you hundreds or thousands of dollars each year in excessive fees.

That’s why many investors leave these critical investment portfolio management responsibilities in the hands of a qualified, fee-only fiduciary financial advisor. These portfolio professionals take a holistic view of your wealth management goals and how your money is being invested for many different purposes.