In this video, we begin taking a closer look at certain financial planning basics and other personal finance 101 topics.
Most financial advisors just focus on investment management and product sales -- after all, that's how they make money, and unfortunately, too often they're looking out for themselves first.
This is why you have to learn financial planning basics, which includes tax planning strategies and wealth planning, and be able to synthesize it all into a holistic financial planning approach.
Wealth planning involves understanding asset allocation strategies; tax planning strategies involve income and estate tax minimization.
A true wealth plan -- one that's oriented towards accelerated growth over the long term, in support of lasting, generational wealth -- needs to take into account tax optimization (in every case) and real estate (in nearly all cases).
If you're missing these two items, drop us a line ASAP and let's talk!
In the current COVID-19 environment, businesses would do well to keep a close eye on issues surrounding wealth transition and succession planning. Check out this article, which goes into some depth on the subject.
Here's an excerpt from the article that speaks to the urgency of this issue for many businesses:
"Thanks in no small part due to COVID-19, many private enterprises and even family-owned businesses have been forced to dramatically rethink their points of view on these and other important wealth transition and succession planning topics. Not only that, but when you consider that roughly $68 trillion is set to be passed down from Baby Boomers to their beneficiaries over the next ten years - an unprecedented transfer of wealth - it's clear that these are issues that must be assessed sooner rather than later."