Defining Your Wealth Management Goals 

You may feel financially strong but disorganized. What you need is a realistic framework so you can better seize financial opportunities as they arise.

Before you can create a wealth management plan you need to take a snapshot of where you are today financially. Net worth is measured as the excess of all your assets over all your liabilities:

What You Own – What You Owe = Net Worth

Now that you know what you have, you must decide what you want from the wealth planning process.

Ask yourself:

What are your primary financial goals?

  • Building and protecting an estate
  • Charitable giving
  • Protection against loss/illness
  • Protecting investments
  • Ensuring an adequate retirement income
  • Minimizing taxes
  • Transferring a business to heirs

What are your estate planning goals?

  • Use gifting as part of an estate plan
  • Set up a trust for heirs
  • Transfer ownership of a business
  • Use trusts to achieve charitable goals
  • Set up a private foundation
  • Use insurance as part of an estate plan

What financial techniques are you interested in learning more about?

  • Utilizing long-term care insurance to protect assets
  • How to maximize retirement income
  • Plan retirement plan distributions
  • Choose the right type of insurance
  • Split-dollar insurance plans
  • Create an asset allocation plan for investments
  • Create a capital gains strategy
  • Asset protection planning
  • Shifting or deferring income

There are many different strategies to manage your wealth. The ones that will work best for you will depend on your unique situation.

Defining your future goals and identifying techniques are the first steps to building a wealth management strategy. To better understand your current place in the wealth management process and create a strategy for wealth accumulation, protection, and preservation and distribution, contact a wealth management advisor today.