Partnering with a wealth advisor can give you peace of mind as you plan for the future, knowing your wealth is secure. A skilled advisor will consider factors like your retirement goals, philanthropic interests and the legacy you want to leave behind. Using this insight, they develop a holistic strategy tailored to your unique vision that can help you achieve your unique goals while growing and protecting the legacy you’ve worked to build.
Wealth advisors provide a wide range of services, from retirement, tax and estate planning to investing and more. They can also collaborate with your other advisors, like tax professionals and estate planners, to foster a cohesive approach to planning for your future.
When choosing a wealth advisor or evaluating your current advisor, it’s important to assess their capabilities in the following areas:
Retirement Planning
Working with a wealth advisor can help you plan for your retirement while considering variables such as tax impacts, unexpected expenses and market downturns. Wealth advisors can help you answer questions such as:
- How much money do you need to maintain your lifestyle in retirement?
- Are you making the most of your retirement accounts?
- How should you prioritize your retirement goals?
Investment Planning and Management
Investing can be emotional, and your portfolio plays a critical role in accomplishing your financial objectives. A wealth advisor can assist with portfolio construction and conduct periodic reviews to help ensure your assets stay in line with your goals.
Estate Planning
Estate planning is an important step you can take to ensure your wishes are articulated clearly and your wealth is transferred according to your goals while minimizing tax burdens for your heirs. A wealth advisor can help you evaluate, organize and formalize your estate plan.
Tax Planning
A wealth advisor can familiarize themselves with your tax situation, incorporate it into their planning process and help you construct tax-efficient portfolios for ongoing asset management. Your advisor and your tax professional may collaborate to address topics like strategies for tax-advantaged retirement accounts, tax-efficient vehicles for non-retirement accounts, charitable contributions and long-term corporate incentives, such as stock options and other equity holdings.
Cash Flow Management
Wealth advisors can work with you to articulate your goals related to college savings, debt management, home purchasing decisions, reserves for short-term needs and more in order to incorporate these initiatives into your overall plan.
Risk Management
Once a plan has been established, it’s important to put the necessary safeguards in place to protect your assets and goals. An advisor can work with you to provide a comprehensive overview of coverage for “what if” scenarios, incorporating protective vehicles like life, disability and long-term care insurance, as well as other forms of protection.
While wealth advisors can help you craft a comprehensive plan based on your unique goals, approaches will vary. Be sure to assess whether their capabilities and approach align with your specific objectives.
Connect with a specialist to learn more about how CBIZ can help you develop and implement a strategy to build and protect your legacy.
Investment advisory services provided through CBIZ Investment Advisory Services, LLC, a registered investment adviser and a wholly owned subsidiary of CBIZ, Inc.
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