Posted in: Business Transition, Education Funding, Estate Protection, Financial Planning, Income Source, Retirement Security
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The Five Pillars of Wealth Management
Over the course of the past quarter century, the team at Richard Brothers Financial Advisors has developed and refined a unique approach to wealth management. After careful consideration, we’ve identified five areas that are critical to our clients’ financial success. These key areas form what we call our “Five Pillars of Wealth Management.” For each pillar, we offer clear, comprehensive guidance that considers the full financial picture.
Periodic reviews help us remain focused on defined objectives. Wealth management is crucial in each of these areas.
Our Five Pillars of Wealth Management include:
Pillar One: Estate Protection
While estate planning is often guided by a trusted attorney, estate protection involves an in-depth assessment of your whole financial picture. It includes the development of detailed strategies for protecting your wealth. These strategies ensure your family’s well-being today and for generations to come.
Guided by your wealth advisor, sound estate planning starts with the development of detailed plans on family wealth transfer, tax mitigation for estate and gift transfers, and charitable giving. During this wealth management process, you’ll achieve a clear grasp of the steps necessary to protect your estate. This includes details like establishing trust accounts and coordinating important documents. It also involves calculating and reporting net worth and securing adequate insurance protection. Once these essentials are in place, you’ll be well on your way to meaningful asset protection and peace of mind.
Pillar Two: Retirement Security
Detailed, individualized, reality-based retirement planning considers a range of critical variables — and charts a clear course toward measurable retirement goals. Working with your wealth advisor, you’ll define your ideal future — and use that vision to build lifestyle goal-based retirement projections.
The retirement security process begins with a comprehensive asset evaluation. This evaluation gathers key details about your financial life to establish a “whole picture” of your current wealth. Your wealth advisor will assist in evaluating your income sources, current retirement accounts, and other investment holdings. With that background, you’ll then collaborate to ensure the thoughtful management of your employer-sponsored plans, deferred compensation, and company stock. Your wealth advisor will also help manage pension, individual retirement accounts, and social security income. You can rely on your advisor’s expertise for both tax planning and retirement timing as part of holistic wealth management.
Pillar Three: Education Funding
Despite trends showing steady growth in the cost of post-secondary education, careful planning can eliminate the last-minute scramble for financial resources. This planning can also eliminate the onerous burden of excessive student debt.
With the guidance of your wealth advisor, your education funding efforts should begin with the development of a straightforward roadmap. This roadmap defines and attains the ideal education financing arrangements for each of your children — and grandchildren. The process should include a thoughtful calculation of your anticipated education costs. This is followed by an analysis of savings vehicles that articulates your goals and how to achieve them. Wealth management principles apply here as a final step. You and your advisor should perform a personal financial resources evaluation. You should also evaluate any available education financing sources to develop clear, detailed payment coordination plans.
Pillar Four: Business Transition
Sound succession planning is vital to preserve the value of your business. It also ensures its prospects under new family management or maximizes its market appeal to prospective buyers.
Working with your wealth advisor, your business transition evaluation should begin with information gathering and a thoughtful analysis of your objectives. This helps chart a clear, efficient course of action. You and our wealth advisor should then perform a comprehensive corporate insurance review and a thorough business valuation. Plans should include identifying and coordinating professional support. This support will align your goals with your succession plans.
Over the course of nearly three decades, the Richard Brothers team has helped dozens of clients navigate the complexities of their unique business transitions. This support allows clients to move with confidence inspired by sound personal finances and thorough wealth management principles.
Pillar Five: Income Source
At various points in life, your liquidity needs may vary. Finding the best source is unique from retirement planning. The need for cash is often unexpected and can take place at any time.
In order to create a clear picture of your cash flow potential, you and your wealth advisor should begin with an in-depth review of income sources. This includes a thorough expense assessment and a survey of cash flow needs. Together, you’ll review lifetime earning projections, including mortgage calculations and optimized Social Security benefits. You’ll work to plot advantageous financing solutions. The wealth management process should then culminate in a thorough, lifestyle-based income and expense assessment to ensure ready access to necessary cash. Additionally, it should preserve the long-term performance of your investment portfolio.
For more than 25 years, the dedicated team at Richard Brothers Financial Advisors has provided a growing roster of distinguished clients with comprehensive financial planning and tailored investment advice. We’ve built our business one client at a time. We earn new relationships on the strength of our advice and our commitment to integrity, transparency, flexibility and simplicity.
