Wealth management is the implementation and ongoing oversight of the steps recommended in the planning process. Much of the focus is on investment management, as nurturing your nest egg is vital to your goals. As an independent firm, we are free to choose from a vast array of products and can design a program to precisely fit your situation. And while each plan is unique, certain principles apply to all of our work:
Diversification You don’t want too many of your eggs in one basket. Every investment contains risk, and while there is no way to eliminate it, you can ensure that the underperformance of one company, one industry, or one fund is not responsible for the failure of your plan.
Asset Allocation No single asset class or sector outperforms consistently. Therefore, it is important to own multiple asset classes (stocks, bonds, real estate, cash, etc.) and monitor the weightings so that the portfolio maintains the risk and return characteristics appropriate for each client. Much of your overall return is determined by this critical area of planning. While diversification and asset allocation can’t guarantee against loss, they are methods we use to manage risk.
Tax Management While our advisors are not accountants, tax planning is a critical component of our client relationships. Whether it is tax loss harvesting, planning for the tax treatment of your retirement withdrawals, or planning for estate taxes, we focus on helping you understand the tax consequences, and minimize their impact.
Risk Management Planning for life’s contingencies is an important part of wealth management. Whether it is designing a program in the areas of life, disability, or long term care insurance, or protecting your retirement portfolio, risk management is a key component of your strategy. Although risk cannot be eliminated, your plan should be built to weather the storms of life.