Financial Planning For High Net Worth Individuals – People with a lot of money tend to live successful lives with full plates at home and at work. And you know what it means—when you have more financial responsibilities, income, and assets, your financial life can become more complicated—which can present unique challenges and opportunities.
The good news is that high net worth financial planning in Akron-Canton, Ohio begins and ends with your financial goals at McGervey Wealth. We are a cash-only trust company with a comprehensive approach to investing in wealth management.
Financial Planning For High Net Worth Individuals
Achieving and maintaining financial freedom while protecting your assets can be very difficult when dealing with large amounts of money. That’s where we come in – a financial planner in Akron-Canton, OH, is here to help you expand your knowledge of the financial planning process for high-net-worth individuals, which changes:
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There are many reasons why comprehensive financial planning for high net worth individuals (HNWI) is more complicated than for the average investor.
A comprehensive insurance protection plan is a great way to protect assets for high net worth individuals. This means that you will want to make sure that your property is protected against threats such as natural disasters, human error, market crashes, and more.
The best way to protect your property is to make sure it is properly inspected and valued. If you don’t know the value of what you are protecting, how can you make sure you have enough protection? Working with an investment advisor who has experience working with HNWIs and families is a great way to start a comprehensive wealth management plan.
Another important thing to consider when it comes to property protection for HNWIs is that you may need different insurance coverage than others. For example, if you have a lot of valuable jewelry, it may make more sense to get jewelry insurance instead of home or car insurance.
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You can consider providing liability protection if someone is injured on your property or at work (if it is in your place of business).
Protecting your assets from creditors, lawsuits and divorce is one of the most important aspects of wealth management. Your financial advisor in Akron-Canton, Ohio will help you determine which types of assets are best to protect your money and increase your value. If you have a property with a high value, you can use it as collateral to borrow money.
High net worth individuals are more likely to have complex investment strategies, which can increase their tax liability. In addition, they may be active businesses and may be subject to special laws that apply only to them. Therefore, it is important that high net worth individuals consult with a CERTIFIED FINANCIAL PLANNER™ Professional when implementing a tax plan.
This becomes even more important as you approach retirement so that you can take full advantage of all available deductions to reduce your tax burden as much as possible.
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Investing is one of the most important aspects of financial planning and can vary greatly from person to person. For example, investment options are often limited to those not available to ordinary investors. Because these people have more money at risk, they also have an increased need for diversification and risk management.
Instead of a traditional asset allocation approach, McGervey’s team takes a different approach by monitoring domestic/international markets and economic conditions. We can allocate your portfolio to the best asset classes and sectors depending on the type of period we are in (growth or inflation). We focus on your long-term financial success over short-term performance. You can trust that we closely monitor all market conditions so you can focus on what you love.
Estate planning involves protecting your assets, preserving your wealth and passing it on to your heirs. There are many details about property planning:
At McGervey Wealth, we look forward to working with your legal advisor on estate planning matters. We can help you find an experienced, cost-effective estate planning attorney to fulfill your wishes. We can also help with end-of-life planning so your family can prepare for the unexpected and be able to enjoy your time together worry-free—and sleep better at night.
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To find you the best financial planning in Akron-Canton, remember that a true HNW financial advisor deals with clients of $1 million or more. Most planners will focus on helping those who are building their wealth and will not have the experience you need when managing millions of dollars.
If you are striving to achieve true financial independence, work with us to take your wealth management to the next level. In our experience, it is important to get professional advice from an experienced financial planner who works with HNWIs. Make sure you invest in someone who is willing and able to fully understand your goals and implement a consistent plan to help you achieve them by providing timely advice throughout the process.
Mike is passionate and knowledgeable about helping clients solve complex financial problems. He is known for his thoughtful communication, educational approach and excellent organized service. Mike has been a sought-after resource for financial TV, magazines and newspapers looking for insightful analysis. His expertise has been featured on CNBC, FOX Business and …High net worth clients require robust and sophisticated investment services. This is what we read in industry publications, say on our websites and recommend to HNW prospects. But what exactly does it mean? How important are HNW investors really?
Six service areas are seen as important by more than 75% of HNW investors, looking for a different service offering that matches their expectations.
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However, long-term success requires more than just adding or expanding your services – in-house or in partnership. It takes careful planning and execution to get a sense of what HNW investors are looking for in each service.
Unsurprisingly at the top of the list, financial management and financial planning are services you probably already provide. However, it is important to understand a few things about how HNW investors want their money managed.
First, it’s important to note that HNW investors are not as risk-free as you might think. Most of them have a lot of money (more than 10%
) by hand, not for protection, but to give them the opportunity to make the most of the opportunity. They are also oriented towards quality, but not in the sense of price – in fact, it is quite different. They show a willingness to pay for quality services.
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A good example can be found in the rise of HNW-Investor direct access consulting firm Fisher Investments (you may have seen or heard of their ads on TV and social media). With over $71 billion in AUM, their recent success speaks to what HNW investors are looking for – quality investment services tailored to their unique needs. It’s all about customization, which they bring with different accounts.
An important aspect of HNW investors’ tax management is capital gains. Prioritize investment vehicles that reduce capital gains, such as ETFs over traditional Mutual Funds. This is another example of the importance of adaptability and flexibility when serving affluent clients. Another strategy available through separate accounts (or separately managed accounts) is tax loss harvesting, which can increase portfolio returns by 0.5% to 1%, according to Meeder Investment Management.
The main characteristic of HNW investors is trust. Eighty-two percent of HNW investors are confident in their ability to handle family money
. However, this hope does not always translate to the next generation. Expand your wealth transition education resources and focus on reducing stress as the client approaches retirement.
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Unlike wealthy investors, your HNW clients don’t need guidance on how to accumulate enough cash to retire. They need a different focus. Back to the tax system. Please indicate your ability to consider the tax implications of charitable giving. Focus on savings strategies to meet their unique needs.
. Remember, these investors have more opportunities than their wealthier counterparts. Embrace this idea and make sure you can enable them to take full advantage of investment opportunities as they arise. Consider adding banking and insurance solutions to your business.
. Offering services to align their investment performance with your beliefs helps you build deeper relationships with the client. Try to maximize your impact with socially responsible investment practices and have the skills to understand the tax implications of each strategy.
Hopefully, most of these top services aren’t surprising. Growing your HNW business doesn’t have to be difficult. All it takes is to focus on their unique needs and wants. Think about how well you’re prepared to meet these needs and work to change your service set to fill the gaps – whether it’s through inventory systems or a strategic program like separately managed accounts. Now you can compete with a company that is well positioned to serve and retain HNW business.
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