Put in simple terms, wealth management is the process of enhancing and solving your financial circumstances. Hiring a wealth management advisor will help make the process easy and stress-free as time goes on. Wealth management advisors typically offer a lot more than financial planners or investment managers can. Here is what the new wealth advisor you decide to hire should be able to do for you both now and in the future:
One important service your wealth management advisor should be able to provide you with tax strategizing. Your advisor will make sure that any investments you make, income you create, and business deals you agree to are planned for and processed in a way that limits your taxation liability so you don't end up in a higher tax bracket than you're prepared for.
You can expect your advisor to know all the latest federal tax laws, regulatory pronouncements, and court rulings that could affect your tax obligations and recommend a variety of effective tax strategies that you can use to ensure that you keep more of what your investment and wealth portfolio earns in the coming years.
Your new wealth management advisor will also help you identify ways to limit your financial risk, make investments, and manage assets. They'll recommend various insurance plans that you can invest in to protect your property, valuables, and even your cash. And your advisor will alert you when a stock becomes high risk and point you in the direction of low-risk bonds and mutual trusts that you can invest in to create long-term profit increases.
Keeping track of your assets over time is one of the most important aspects of managing wealth. If your assets aren't properly tracked and managed, you can't possibly know when to sell out or make a buy when it's in your best interest. If an asset gets ignored over time for some reason, it could erode into a financial loss that sets the wealth building process back for you.
An experienced wealth management advisor will do all the legwork of managing your assets so nothing is ever overlooked and you can stay on top of your worth at any given time. You'll be advised when an asset is in jeopardy of loss or devaluation and receive purchase recommendations when new asset acquirement opportunities become available.
Active Retirement Planning
Planning for retirement should be a fluid process as you age. The plans you have in place now may not be in your best interest in a few years when you are getting ready to retire. Luckily, you can count on your wealth management advisor to keep your best interests in mind as you age and your financial circumstances change.
For example, when you get closer to retirement age, your advisor may recommend that you trade in some of your higher-risk investments for lower-risk options while a retirement planner may simply continue managing the investments you already have. And your advisor will help you figure out how to use your money in various ways to make an income after you have retired altogether.
Business Wealth Management
Your wealth management advisor should be able to manage your business investments and financial portfolios in addition to managing your personal wealth. They'll also help you manage your charitable contributions so you can take advantage of all the tax breaks that are available to you. And your advisor should be able and willing to work with your team of accountants and attorneys when necessary to ensure your approach to wealth building and management is seamless.
Contact our wealth management advisors today to learn more about how to get started building your financial portfolio and creating long-term wealth that you and your family can count on.