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.