{"id":16222,"date":"2023-12-04T09:25:18","date_gmt":"2023-12-04T15:25:18","guid":{"rendered":"https:\/\/johnsonwim.com\/?p=16222"},"modified":"2023-12-04T09:25:18","modified_gmt":"2023-12-04T15:25:18","slug":"5-life-events-your-financial-advisor-can-help-you-with","status":"publish","type":"post","link":"https:\/\/johnsonwim.com\/5-life-events-your-financial-advisor-can-help-you-with","title":{"rendered":"5 Life Events Your Financial Advisor Can Help You With"},"content":{"rendered":"
Financial advisors are crucial in helping individuals manage their wealth and achieve their financial goals. High-net-worth investors, in particular, often have complex financial situations that require additional guidance.\u00a0<\/b><\/p>\n
Whether you’re planning for retirement, managing a windfall, or navigating other significant life events, a skilled financial advisor can provide valuable support. In this blog, we’ll explore some life events where a financial advisor can make a substantial difference for high-net-worth individuals. Here\u2019s what you should know.<\/span><\/p>\n <\/p>\n Retirement planning <\/span><\/a>is one of the most important financial life events people need help with. Many variables are associated with planning and saving for retirement, and it can be difficult to plan for years. Things like inflation can certainly affect the amount you save and invest.<\/span><\/p>\n However, a financial advisor can help you calculate the funds needed to maintain your desired <\/span>lifestyle during retirement.<\/span><\/a> They can assist in optimizing your retirement savings accounts, such as 401(k)s and IRAs, and suggest tax-efficient withdrawal strategies.\u00a0<\/span><\/p>\n Additionally, these professionals can help you develop a comprehensive investment strategy tailored to your risk tolerance. They can help guide diversification, asset allocation, and selecting investment vehicles that align with your objectives, such as stocks, bonds, real estate, or alternative investments.<\/span><\/p>\n Life is full of unexpected twists and turns, and individuals with substantial wealth must have robust risk management strategies to protect their assets. Financial advisors can play a pivotal role in helping you establish an emergency fund and contingency plans. These plans help protect your financial well-being even in unforeseen events like divorce.\u00a0<\/span><\/p>\n Having an emergency plan has become increasingly important, especially considering the changing dynamics of divorce in recent years. <\/span>According to research published in the Journals of Gerontology<\/span><\/a>, more than one in three people who divorce in the United States is older than 50. <\/span>Researchers also predict that by 2030,<\/span><\/a> the divorce rate for the gray divorce population will triple.<\/span><\/p>\n In this changing demographic landscape and evolving personal circumstances, a skilled financial advisor can provide the guidance and strategies needed to help you navigate the financial complexities of divorce while preserving your wealth and providing a secure financial future.<\/span><\/p>\n High-net-worth individuals often have substantial assets they wish to pass on to future generations or charitable causes. Estate planning can help minimize estate taxes and protect your family’s financial legacy. Yet, <\/span>2 out of 3 Americans <\/span><\/a>do not have any type of estate planning document.<\/span><\/p>\n A financial advisor can help you create an<\/span> effective estate plan<\/span><\/a>, establish trusts, and explore strategies like gifting or charitable giving to optimize wealth transfer. Beyond the financial benefits, effective estate planning also brings peace of mind. Knowing that your affairs are well-organized and that your wishes will be carried out in the event of your passing offers a profound sense of security.<\/span><\/p>\n Planning for when you\u2019re no longer here also offers peace of mind and helps facilitate a smooth and efficient transfer of wealth. Taking proactive steps to manage your estate and assets empowers you to leave a lasting impact that aligns with your values and secures your family\u2019s financial future. It\u2019s not just about protecting your wealth; it\u2019s about preserving your legacy for generations.<\/span><\/p>\n Receiving a <\/span>significant windfall, <\/span><\/a>whether from an inheritance, the sale of a business, or a large bonus, can be overwhelming. Typically, money that comes suddenly originates from a lawsuit, divorce, sale of a business, inheritance, lottery winnings, sports\/entertainment contracts, retirement packages, or stock options.<\/span><\/p>\n Financial advisors can help you make informed decisions about handling these windfalls. They can create a plan to allocate the funds wisely, whether that involves investing or paying off debts. Moreover, financial advisors can provide emotional support and guidance during these transitions to help you avoid making impulsive financial decisions.<\/span><\/p>\n If you are considering starting a business, <\/span>tax planning strategies<\/span><\/a> should be at the top of your list. As a new business owner, taking advantage of every tax deduction available is crucial. By working closely with a knowledgeable financial advisor, you can help identify and optimize beliefs specific to your business.<\/span><\/p>\n Some standard deductions include expenses related to business travel, office rent or mortgage payments, equipment purchases, marketing and advertising costs, employee salaries and benefits, and professional development expenses.\u00a0<\/span><\/p>\n Furthermore, for small businesses, there’s the opportunity to leverage tax credits provided by the SECURE Act, potentially amounting to up to <\/span>$5,000 per year for the initial three years of your business’s existence. <\/span><\/a>Capitalizing on these tax benefits can bolster your business’s financial health and accelerate your retirement savings, providing a brighter financial future.<\/span><\/p>\n Are you looking to grow your wealth and secure your retirement? Consider utilizing the services of a Fiduciary financial advisor. A Fiduciary is a type of financial advisor who is legally bound to prioritize their client’s financial interests over their own, offering a higher level of trust and duty than a standard financial advisor.<\/span><\/p>\n1. Retirement Planning<\/b><\/h3>\n
2. Divorce<\/b><\/h3>\n
3. Estate Planning and Wealth Transfer<\/b><\/h3>\n
4. Sudden Wealth<\/b><\/h3>\n
5. Starting a Business<\/b><\/h3>\n
How a Financial Advisor Can Help<\/b><\/h3>\n