As a high-earner or busy professional, you may not have the time or skills to manage your finances effectively. That’s where an experienced wealth manager can be critical.
Many high-net-worth individuals need help with financial planning and investment planning decisions. Those that handle their own finances may need help navigating complex concepts and strategies, and going alone may create a roadblock in achieving their financial goals.
But hiring an experienced financial advisor is one of the best ways for wealthy individuals to ensure their hard-earned money is wisely invested, managed, and protected for generations to come. With an experienced professional in charge of their finances, high earners can focus on other matters like growing their business or career while securing their wealth.
Here are five benefits of working with an experienced wealth management team.
1. You benefit from their knowledge and expertise.
When it comes to managing wealth, experience and knowledge are vital to ensuring that high-net-worth individuals can take full advantage of all the strategies at their disposal.
Our team at TrueNorth Wealth has decades of experience in the field, allowing us to provide an invaluable service to our clients that considers the ever-evolving landscape of investments and tax strategy. We continue to stay on top of the latest legislation while drawing upon our powerful body of wisdom to provide reliable and astute consultation.
That approach, combined with our dedication to ethical standards and strong client relationships, sets us apart from other options for those seeking trusted advice for building and preserving wealth for generations.
2. You get advice tailored to your unique situation.
Where do you go when you have a financial question?
Many go online to search for their answer. And for many, this is perfectly fine, as their situation and question are broad enough to receive a decent, albeit general, answer that works. But, for high-net-worth families with complex and unique situations, a one-size-fits-all approach could fall short of the mark.
Instead, consider the advantage of working with an experienced wealth manager to receive custom advice that is uniquely tailored to your situation.
For example, a common piece of financial advice is to contribute to Roth accounts and benefit from tax-free distributions during retirement. But, an experienced wealth manager will tell you that advice is not so simple. Because to determine whether you should contribute to Roth or Traditional accounts, you should start by comparing your current marginal tax rate to your future predicted marginal tax rate during retirement. If your current rate is higher, you’re usually better off with Traditional contributions and vice versa. And for many high earners, like Physicians and Surgeons, their marginal tax rate today will be much higher than their marginal tax rate in retirement, making Roth accounts a sub-optimal choice.
By working with an experienced wealth manager, you can avoid the downsides of generalized advice and receive actionable tips and strategies that are designed with your unique situation in mind.
3. They can help you diversify your portfolio and protect your assets.
Investing in a combination of asset classes is the best way to secure your revenue and financial future.
However, many DIY investors feel overwhelmed when selecting which investments to target or how to ensure they are well-diversified to protect their money against market fluctuations.
That’s where an experienced wealth management team can help. With their expertise and knowledge, they can find the right strategy best suited for your portfolio and develop a plan tailored to your individual needs and risk tolerance. The security you get with a diversified portfolio will give you greater peace of mind knowing that your assets are protected—no matter what happens on Wall Street.
4. They can offer tax-sensitive strategies for investing.
As a wealth management team with decades of experience, we are pleased to offer high-net-worth clients access to tax-sensitive investing strategies that go beyond the standard DIY portfolio.
Our approach to financial and investment planning can help reduce your tax burden and create a tailored plan that considers your current and future tax liabilities. In addition, we will provide you with the highest level of service so that you can feel comfortable understanding what options are available and make decisions based on academically sound research and projections. So whether you’re looking to diversify your portfolio or get tax-sensitive advice, our experts can guide you through the world of tax and investment planning.
5. They can provide peace of mind knowing that your finances are in good hands.
Having a trusted team available to help protect and manage your wealth can provide the greatest benefit of all: the ability to sleep well at night.
When you partner with an experienced wealth manager, you can rest assured that your wealth is being cared for no matter the market conditions. In addition, a reliable team of professionals can be a tremendous asset in analyzing, growing, and protecting your finances in an ever-changing landscape. These experts are there for you throughout your financial journey, giving you the security and peace of mind that your financial health is in reliable hands.
In the end, there are many benefits to working with an experienced wealth manager, from their knowledge and expertise to the uniquely tailored advice you’ll receive to the simple but powerful benefit of sleeping well at night. So if you’re a high-net-worth individual who’s ready to graduate from DIY financial planning, it may be well worth it.
TrueNorth Wealth Is Here to Help
Looking to build a solid investment plan that’s uniquely yours and achieve your financial goals? Look no further than TrueNorth Wealth. Our team of dedicated CFP® professionals operates with the highest fiduciary standards and can help you create a customized investment portfolio tailored to your specific needs.
We are proud to be one of the top wealth management firms in Utah and Idaho, with multiple offices across Salt Lake City, Logan, St. George, and Boise. At TrueNorth Wealth, our mission is to help our clients not only accumulate wealth but also maximize their enjoyment of it. We believe in serving families throughout Utah and helping them attain the freedom and flexibility they desire in life.
Join us on this journey to financial success and schedule a no-cost consultation with our team. At TrueNorth Wealth, we’re passionate about helping you achieve your financial dreams!