Wealth Management Services for Individuals and Families
Wealth Planners are professionals who are skilled in helping you grow and preserve your wealth. Their abilities enable them to manage your investments, lower your overall tax burden, and plan for retirement. They can also help with estate planning for your family. Here are some services these experts provide to families and individuals:
Investment Management
Wealth planners analyze your full financial status, including income, expenses, assets, and liability reports, to develop realistic goals and strategies that align with your risk tolerance and investment horizon. Based on the analysis, experts create a customized investment plan, which may include spreading your assets across various mediums, like real estate, bonds, and stocks. They continuously track each asset’s performance to identify changes in risk levels and adjust the portfolio accordingly. If stocks become riskier due to market conditions, your planner may reduce exposure to them by rebalancing or shifting to a defensive asset.
Tax Strategies
To reduce tax liabilities, your planner uses various strategies, such as tax-deferred accounts, tax-advantaged accounts, and tax-loss harvesting methods. These strategies allow you to retain more of your portfolio returns. Tax-deferred accounts are investment accounts that will enable you to grow your investment without paying tax on earnings as they accumulate. These accounts include individual retirement accounts (IRAs), annuities, and simplified employee pension (SEP) IRAs. The tax-loss harvesting approach involves selling investments that have declined in value, while tax-advantaged accounts offer tax-free withdrawals or tax-free growths.
Retirement Income planning
Qualified planners create a strategy that allows you to have stable and sufficient income throughout your retirement. They evaluate factors like expected retirement age, desired lifestyle, and estimated future expenses. Then, based on your current investments, savings, and retirement accounts, they help you create a plan that meets your retirement goals. They help close income gaps by adjusting your savings rate or increasing your contribution to retirement accounts. They may also explore options such as social security strategies and annuities.
Estate Planning
Estate planning involves organizing how your portfolio will be managed, preserved, and shared after your death. Your planner creates legal documents that facilitate the smooth distribution of assets, helping to minimize conflict among beneficiaries. These documents include a trust, will, beneficiaries’ designation, and letter of intent. These professionals also help draft a power of attorney and healthcare proxy that allows one of your family members or trusted individuals to handle all your affairs if you become incapacitated due to injury, illness, or aging. Experienced planners focus on tax-efficient estate planning, such as lifetime gift tax exemption or charitable donation strategies. These strategies help reduce the overall tax burden on your estate, preserving more wealth for your beneficiaries.
Risk Management and Insurance
Planners help identify potential risks that could cause financial challenges. The risks may include accidents, legal liabilities, or health issues. They then recommend coverage such as life insurance, disability insurance, and homeowner insurance to mitigate the risks. Disability insurance replaces your income if you cannot work due to illness or injury. This coverage protects your savings and investments since you do not have to use them to cover living expenses.
Learn More About Wealth Planners
Wealth planners have the required skills and knowledge to help you grow, preserve, and distribute your wealth. Whether you want to create a power of attorney or manage your investment, a qualified planner can help you achieve your goals. Contact a reliable financial firm to learn more about their wealth management services.
