Protecting your investments and your wealth from the volatility of the market requires careful management. With the help of a wealth planner, you may benefit from expertise that helps you make sound investment decisions and manage your assets. Your wealth manager will help you grow and protect your assets so that you can achieve your financial goals. The following are some of the services offered by wealth managers:
Risk Management
Protecting your assets from uncertainties such as market fluctuations and inflation requires you to take calculated risks. You have to balance the risk and reward to ensure that your investments don’t lose value over time. When you involve a wealth planner, you will benefit from an informed approach to risk management. Your wealth manager assesses your risk tolerance and creates a diverse investment portfolio for you. With a well-diversified portfolio, your investments are spread across different asset classes, reducing your risk exposure. They advise you on the appropriate insurance coverage to protect your assets from unexpected events like natural disasters, accidents, or various economic issues.
Financial Planning
Financial planning involves your wealth manager helping you to create a strategy to support your asset growth. You may have different financial goals, like saving for retirement, funding your child’s education, or purchasing a vacation home. Your wealth manager works with you to create a path so that they can design an appropriate financial plan. Part of planning could include creating a budget, planning for lowering debt, setting aside funds for specific goals, and monitoring your progress.
Estate Planning
Wealth managers can assist you in planning for your beneficiaries and estates. They can advise you on how to structure your assets to transfer them to your heirs with minimal tax implications. A well-designed estate plan supports the continuity of an owned business and ensures your wealth goes to beneficiaries. Proper estate planning also enables lasting support for philanthropic causes that you donate to. Your wealth manager also helps you choose trusts, wills, or other legal documents that protect your assets.
Tax Planning
Assets come in different forms, like real estate properties, stocks, or bonds. Your wealth manager can devise a plan to minimize the tax implications when you sell these assets. They also advise you on tax-efficient investment strategies to reduce your annual tax bill and increase your returns. Wealth managers might also work with your tax professional to review your income, deductions, and investments to find opportunities for savings.
Retirement Income Planning
Retirement planning means setting aside a portion of your current income for use when you retire. Your wealth manager can help you determine how much to save based on the desired retirement income, life expectancy, estimated health care costs, and other factors. They advise you on where to invest your retirement funds for optimal growth and protection from inflation. Your wealth manager also helps you try other sources of retirement income, like social security benefits and pension plans.
Partner with a Wealth Planner
Your wealth planner acts as a single contact for all your financial needs. They understand your financial goals and objectives, and they continuously monitor your assets’ performance to confirm that you’re on track to meet them. Your wealth manager also collaborates with other professionals, such as attorneys or accountants, to create a cohesive plan that supports your financial objectives. Reach out to a wealth manager today for a consultation.
