Do you have complex financial needs? Are you wanting to save for retirement but feel that your outgoings are too high? Or are you having issues with high tax payments?
While it can be associated with wealthier people, or bigger businesses, in 2024, going into 2025, most people can benefit from the help of a wealth management team. This option is not only about growing your wealth but also about ensuring that the wealth that you may have is preserved.
With the ever-changing financial landscape changing, for those who are about to retire, or those who want to diversify their investments, looking into hiring a wealth manager is the ideal solution.
Here, you will be walked through some of the key things that a wealth manager can do to help you assess if you need them in your life right now, or if you will in the future.
What Exactly is Wealth Management?
Starting with a definition, wealth management solutions are an advisory service, which integrates a wide range of financial institutions.
For instance, a wealth management company will likely oversee things from investment management, financial planning, tax options, as well as retirement planning. In many ways, you could say that wealth management is almost a holistic financial advisory service, or a personalized strategy designed to address your needs and goals for the future.
With that in mind, what are some of the key things that a wealth management company will be able to do for you going into 2025?
Managing Investments
OK, not everyone has investments, but with more people looking to save a nest egg, or simply wanting to dip their toes into the water, the demand for help making investments is growing.
Wealth management teams will tailor your investment type and strategies based on the market at the time, while also assessing your risk tolerance, your savings goals, and the time you want to make them in.
Financial Planning
Financial planning helps you and your family to budget, save, and get an idea of how long it will take you to save for certain financial milestones that you might want to reach. This could be saving for a house, saving money to welcome a new baby, or putting money into your retirement fund.
Tax Management
The reality is that few, if any, people like paying taxes.
If you want to minimize how much tax you pay, a wealth management team can help you. They will assess your tax returns to leverage deductions and credits and help you get some of your hard-earned money into investment accounts, such as IRAs, which are usually tax-free. Great!
Estate and Legacy
If you are looking to ensure that the estate you pass on to your children has minimal taxes, it is worth contacting a wealth management team. They will be able to oversee smooth transfer of money to your beneficiaries and, again, will make sure they keep as much of it as possible!