Expert Wealth ManagementExpert Wealth Management
Expert wealth management services provide investors with significant assets with comprehensive financial plans, which includes investments, estate planning and taxes.
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An experienced wealth manager will remain by your side through all the ups and downs of the market, providing strategies such as tax loss harvesting to help lower capital gains taxes.
Estate Planning
Wealth management encompasses services designed to assist individuals and families with overseeing their assets effectively, such as estate planning, tax services and financial planning services.
Estate planning involves creating documents to outline how an individual's estate will be distributed upon their incapacitation or death. An estate can consist of anything from real property (like houses and cars) to financial products like bank accounts, retirement savings plans and investment accounts as well as personal belongings like jewelry and family heirlooms.
Establishing an estate plan is crucial, no matter your age or wealth. Doing so can reduce stress among family members while fulfilling your wishes. Reviewing it periodically is also recommended, particularly after experiencing major life changes such as marriage, divorce, birth or death of loved one(s), move or job change.
Investment Management
Expert wealth management firms specialize in offering tailored investment strategies to high-net-worth clients, typically including comprehensive financial advice, tax guidance and estate planning assistance. Furthermore, these firms may collaborate with other financial experts such as accountants or estate planning specialists on behalf of their clients in order to offer comprehensive financial guidance.
Wealth managers provide not only investment advice, but also assistance and guidance with other financial matters, including helping to preserve your legacy, transfer wealth to future generations and achieving your philanthropic objectives. An ideal wealth manager must have expertise in estate planning and tax matters as well as more specialized areas like 1031 Like-Kind Exchanges, Farm & Ranch Management or Oil & Gas Management.
Consider how your wealth manager is paid and if they possess any certifications that prove their expertise in your specific area. Many work as fee-only advisors charging an annual, hourly or flat fee while others earn a combination of fees and commissions on investments they sell. Also keep an eye out for newer roboadvisor platforms designed as wealth management tools which often charge less than 1% annually of assets under management with low minimum account requirements and start-up costs.
Tax Planning
Working in financial services demands technical proficiency – from knowledge of stock market applications and accounting software, to being able to answer clients' inquiries in an understandable manner.
Wealth managers specialize in orchestrating all aspects of their client's financial plan. Working closely with accountants and estate planning specialists, wealth managers provide holistic financial advice. Furthermore, their in-depth understanding of tax laws that impact wealthy individuals such as estate and gift tax is indispensable.
Tax planning should be an ongoing focus for those with significant wealth. It involves overseeing the tax ramifications of investment profits and contributions made to tax-deferred retirement accounts as well as charitable donations made. Hiring experienced advisors can help protect more of your hard-earned wealth.
Retirement Planning
Wealth management services can help you optimize your financial situation. A qualified advisor can craft an all-encompassing plan designed to meet all aspects of your finances as well as any unique goals or needs that you may have.
Financial planners offer invaluable advice regarding charitable giving, tax liabilities and estate planning. They can assist in creating a plan to meet your savings and investment goals as well as rebalance your portfolio as needed. Financial advisors also can give guidance for reducing tax liabilities with strategies that lower capital gains taxes or tax-efficient real estate investments.
To locate an appropriate wealth manager, it's best to look for one with professional credentials such as Certified Financial Planner (CFP) or Chartered Financial Consultant (ChFC). They must be fiduciaries who disclose all fees; any advisor receiving commission for products they suggest might also be better avoided. SmartAsset's free matching tool can connect you with financial planners that fit your individual needs.