Do you wonder why the joy of buying the new watch or new car fades quickly while the family vacation or gift to your favorite charity stays with you? It comes down to how well connected your money is to your core values and what you really care about. One of the biggest reasons our team members chose this profession is their ability to help clients achieve real, lasting impact in their lives. The only way to do that is to make sure that your money supports what matters most to you.
The wealth management process is built on having a complete view of all those things in your life that impact your money and your time and being able to create strategies to help you maximize both.
We view our role as being a personal Chief Financial Officer or CFO for you and your family. The CEO of a company expects their CFO to keep track of all the financial details, keep the money moving where it needs to go, and provide them with good data and recommendations so that they can make quality decisions.
The question that we all wrestle with heading into full retirement or even just slowing down in a career is, “Can my family live the life we want?” This question is all about moving from wondering about what the future looks like, to having the confidence to make big decisions.
Retirement looks different for everyone and it rarely fits the stereotype of never working again and passing your time split between the front porch and the golf course. Instead, it is just the next step in your life journey and requires you to come up with the right mix of daily income, splurge income, and reserve money in case plans change.
Entrepreneurs and equity partners in businesses face a host of challenges that salaried employees don’t see. Managing fluctuating cash flow, reserve capital needs, and tax projections and payments are detailed and complex tasks that are all part of the daily challenges in managing business equity. With the challenges, businesses also present significant opportunities to customize your life. As an owner or partner, you are free to build something that is tailored to you.
Losing a partner is probably the most traumatic event that our clients face. At a time when clients should focus on grieving for that person, their relationship, and themselves they are also faced with picking up the financial pieces. We help our clients understand what has to happen immediately and what can wait while implementing the immediate changes.
Sending your family to college is a rewarding experience, but one that can present challenges. Navigating the terminology around the various types of financial aid, grants, loans, work-study, 529 plans, and prepaid tuition is challenging. Weaving them together to come up with the total amount needed to pay for everything is even more challenging.
Estate planning is usually not something that anyone jumps out of bed in the morning to tackle. At its most basic, it covers what happens to your property at your death and how your end of life financial and medical needs are handled. But estate planning also covers a number of other areas that are relevant during the rest of your life and that can add tremendous value to you and your family.
Usually the second question that clients want us to help them answer, after “Do I have enough to live the life I want?” is “How do I reduce the amount of tax I owe?” Our job is to design and operate your financial strategy to be as tax efficient as possible while also being flexible and tailored to your needs. For example, we might discuss the tradeoffs between two different account types or whether to sell an investment at a loss in order to recognize the loss for that tax year.