Wealth Management is an advanced investment advisory discipline that incorporates financial planning and specialized financial services. The key objectives are to provide individuals and families with tailored financial, estate planning, and investment management resources. The management of your wealth is a long-term approach that requires you to focus on the big picture.
Asset Management is the professional management of various securities (stock shares, bonds, mutual funds, etc.) and assets (real estate) to help meet specified investment goals for the benefit of investors. Investors may be institutions or private investors. Asset management includes elements of financial analysis, asset allocation, stock selection, retirement plan implementation, as well as monitoring of investments.
*Asset allocation or diversification do not guarantee a profit or protect against a loss.
Retirement planning refers to the process of making financial provision for retirement before reaching retirement age. This usually results in the purposeful setting aside of money, or other assets, with the intention of deriving an income from those assets at retirement age. Retirement planning also incorporates all the capabilities within wealth management to help your future needs be accommodated while retired. The goal of retirement planning is to achieve financial independence so that the need to be gainfully employed is optional rather than a necessity.
Education planning is the establishment of a plan to finance the future educational needs of a family member. While there are numerous vehicles with which to save for regular and higher education expenses, each product has benefits and limitations that can vary from tax sheltering to growth potential to ownership control. Each educational aspect needs to be evaluated within the plan thoroughly to help your external benefits, such as awards and scholarships are still accessible as education costs increase over the years.
Medicaid planning is the creation of a plan to protect an individual or families assets from excessive and often devastating health expenses in the future should a family member’s health begin to deteriorate. A proper plan goes far beyond simply using long-term health care insurance as some individuals do not always qualify for every plan or may have unprepared estates that could become susceptible to health care expenditures. Paying for costs associated with long-term care need to be incorporated into an individuals retirement plan as many of the financial pitfalls in the later years due to unexpected health costs, if unplanned for, can drastically decrease an individuals income stream and savings.
Estate planning is the process of accumulating and disposing of ones accumulated estate to help maximize the goals of the estate owner. The various goals of estate planning can include making sure the highest amount possible of the estate passes to the estate owner’s intended beneficiaries, often including paying the least amount of taxes and avoiding or minimizing probate count involvement. Additional goals typically include providing for and designating guardians for minor children and planning for incapacity by establishing a will, trusts, and healthcare proxies.
Business continuation planning covers a variety of aspects such as creating buy-sell agreements; incorporating insurance policies with the business, its owner(s) and/or beneficiaries; establishing guidelines to accommodate significant changes to the business or owner(s); creating cash flows from the business; creating/managing stock plans within a business; valuing a business to prevent disputes and helping to ensure an orderly transfer of the business upon death.
Lifetime Income Planning is a long-term strategic plan to provide a reliable stream of income that coincides with the future liquidity needs for the life of an individual, family, business or entity using all the resources available to a wealth manager (e.g. investments, annuities, social security, insurance, or pensions) that can also adapt to changes in life.
Accounting, tax, and consulting services are tailored to meet the individual needs of each client. Our CPAs’ goal is to help their clients understand complex accounting and tax issues, help both maximize cash flow, and minimize their tax liabilities.