Wealth planning enables you to maintain and improve your lifestyle, increase your wealth, minimize both current and estate taxes, ensure your assets are distributed according to your wishes and protect your heirs. Establishing a strong working relationship with a trusted advisor can be the critical link between your wealth today and realizing your full investment potential to help you reach your goals for the future.
Selecting an adviser
There are a number of factors to consider when determining with whom to work. Perhaps most important, you want someone willing to develop a long-term fulfilling relationship who will partner with you.
Other criteria to consider when selecting an adviser may include:
* The appropriate level of education, professional qualifications, experience (typically at least five years handling investment accounts for clients) and technical competence
* Someone who makes it a priority to learn more about you and educate you before offering recommendations
* Accessibility and service level standards
* An individual who demonstrates consistent performance over longer time periods rather than just on recent historical performance
* A thorough understanding of how your investment adviser is compensated, and a feeling that you are receiving appropriate value for the fee or commission paid
* Appropriate accounting of your portfolio, with detailed reports at least quarterly
Creating a wealth plan
To create a wealth plan that reflects your current financial situation and long-term goals, as well as your personal values, attitudes and beliefs, have an in-depth, confidential discussion with your adviser to review your current financial situation and share your vision. That information can be analyzed to develop your short-term and long-term personal goals and objectives, as well as your net worth and tolerance for risk.
The outcome of these discussions and analyses is a comprehensive, customized plan to help you achieve your goals. A wide range of wealth management and planning solutions can help you implement your plan and achieve success.
Services may include, but are not limited to:
* Investment planning, including asset allocation and diversification strategies, tax-sensitive investment recommendations and liquidity and cash flow planning
* Income tax planning, including tax reduction strategies, capital gains planning and charitable giving
* Retirement planning, including targeting your retirement savings, maximizing your retirement income and minimizing taxes
* Estate planning analysis, including strategies to minimize estate tax, establish trusts as appropriate, asset protection strategies and planned giving intents
* Stock option planning, including maximizing cash flow, minimizing taxes and hedging strategies
* Insurance planning, including wealth replacement strategies, a comprehensive review of insurance coverage and charitable giving intentions
Customized for success
There is not necessarily one solution, but rather several compelling courses of action that can be implemented to achieve your goals. There is no one-size-fits-all approach for individuals or businesses, but rather the need to customize solutions based on individual needs.
For that reason, it is important that your adviser listen carefully to your objectives and establish a dialogue with you to determine the solution with which you are most comfortable. Your involvement and comfort with your information and desires shared, understanding the recommendations of the adviser, your decision-making process and the execution of the plan are each important aspects of this process and its on-going results.
Your adviser will be an insightful, lifelong ally who understands your day-to-day investments as well as your long-term financial goals. This partnership will allow you to take advantage of personalized services that will benefit you and your family now and in the future. Calloway Robertson is a vice president and wealth management adviser, for Fifth Third Bank Investment Advisors in Columbus. Reach him at (614) 744-5429 or at Calloway.Robertson@53.com.