An approach designed to stay in sync with your goals.

The Stages of Wealth Management

Life doesn’t happen all at once. With each milestone comes a unique need for careful financial planning. Personal wealth management follows three stages: build, preserve and transfer. During these stages, you may need trust and fiduciary specialists, business advisory services, tax specialists, estate services, or legacy trust and philanthropic services. While financial strategies can vary greatly in each of these stages, the need to plan remains the same.

Building Wealth

In this stage you accumulate money, property and other assets. Your goals may be to enhance your lifestyle, to care for loved ones and to expand your charitable giving. You may be building a business, buying a home, starting a family, or saving for college and retirement.

The financial tools and strategies you use as you build and manage your wealth will change with your timeframe, risk tolerance and overall financial picture. This also is the time to lay the foundation for the next stages of preserving and transferring your wealth.

Preserving Wealth

As your wealth grows, you likely will accumulate bank accounts, retirement accounts, stocks and bonds, property and debts. This financial stage requires more sophisticated financial planning that may seem overwhelming without the experienced guidance of a personal wealth services advisor. Through careful listening and attention to detail, these consultants can recommend ways to address tax issues*, handle concentrated stock holdings, manage properties or align your debt structure with your goals. 

Transferring Wealth and Leaving a Legacy

You can share your wealth during your lifetime or after you pass away through estate planning. Planning ensures that your money and assets transfer to the people and charities you wish to remember. Appropriate strategies can minimize taxes while transferring maximum wealth, transition a business or support the causes you are passionate about.

Wealth Management Issues

Consider these wealth management issues as you build, preserve and transfer your wealth:

  • Structuring your investments to support your life goals and retirement plans
  • Assessing your cash flow and liability management needs
  • Development of insurance and tax strategies for wealth accumulation and estate transfer
  • Identifying any challenges with concentrated stock or stock options
  • Analyzing tax consequences related to the transition of business
  • Establishing a durable power of attorney, health proxy and living will
  • Assessing your wishes for wealth transfer, gifting strategies and charitable giving
  • Ensuring assets are titled for maximum advantage
  • Establishing trustees who will represent your wishes and manage your estate

 

*Consult your tax advisor.

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800-395-8890
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