The Eight Wealth Management Issues
No matter where a client is financially, it’s important that they are taking steps to actively address the issues that managing their wealth presents. There are eight wealth management issues that are critical for clients to address. Each of these issues is interrelated and acts like a balancing scale. If an adjustment is made to one issue, it affects the others. It is critical that clients have one advisor who is knowledgeable about their complete financial picture so they can be given appropriate advice and recommendations.
At Wehring Wealth Management, we work closely with clients using these eight wealth management issues with the goal of helping them make the most of their wealth while avoiding common financial pitfalls.
In today’s investment environment, it is easy for clients to be overwhelmed by the amount of information available. Without professional advice, taking action could be detrimental to one’s investment goals. We can help clients thoroughly assess their entire portfolio before helping them build a long-term investment strategy, diversify their assets*, and even deal with tax implications.
*Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.
Cash Flow and Debt Management
Everyone knows they should spend less than they earn, but not everyone actually does this. Working together, we can identify where the client’s cash is going each month and evaluate potential opportunities to improve their cash flow through tax strategies and proper debt management. We can also help clients determine if certain strategies such as refinancing, debt consolidation, or changing their tax withholding could be advantageous to their situation. Clients may discover they have more resources than they might have thought to help them pursue their other wealth management goals.
Family Risk Management
A key part of financial services is helping clients protect their retirement savings and their ability to earn income. We can evaluate a client’s current risk plans to determine if they adequately meet their needs at whatever stage of life they are in.
People entering retirement are facing concerns retirees simply did not face 20 and 30 years ago. As healthcare is improving and life expectancies rise, people are likely to live longer during retirement than past generations. In addition to the existing concerns, it is important to first establish a clear vision of what a successful retirement looks like. Does it include working part-time? Traveling the world? Everyone’s vision of the “retirement dream” is different. We can help clients form a clear vision of what they want from retirement and develop a financial strategy to help them pursue their goals.
Every child dreams about what they will be when they grow up, and a college education can be the most important factor in making their dream a reality. The available education planning choices can be confusing, and it is important for a family to have help from someone who understands how their savings will affect their child’s or grandchild’s ability to qualify for financial aid, as well as the implications for their income, gift, and estate tax situation. We can help clients identify how much money they’ll need to send their children or grandchildren to college, determine how much they need to save, and how this dedicated investment fits with their overall investment management plan.
A well-crafted estate plan ensures that what one wants to happen will happen – even after they’re gone. Without a good plan, the government may divide a family’s assets, often making decisions the family would not have made. We can help create a strategy focused on minimizing estate taxes and maximizing the assets going to the surviving family.
Many business owners face daily financial challenges, such as having enough cash available to take advantage of opportunities when they arise, using the business as a vehicle to save for their retirement, and protecting the business from a potentially devastating financial loss. We can help clients evaluate and implement strategies designed to protect their business and take advantage of opportunities that may improve the cash flow, tax situation, benefits, and bottom line of their business.
Special Situations Planning
Throughout one’s life, some expected and unexpected needs will arise. Whether it is planning for a wedding, taking a spur-of-the-moment dream vacation, deciding to buy a second home, or facing unexpected expenses due to unforeseen events – no matter how carefully someone plans, unexpected financial needs happen. We can help clients change their game plan without jeopardizing their long-term goals. While working together in these special situations, we will continue to monitor clients’ tax situations as well as their progress in the other wealth management issues.
Investment and financial planning services are offered by Charlene Wehring through her affiliation with HD Vest.