Wealth Management FAQs

When it comes to money, financial planning and working toward your financial goals, it's only natural to have questions. We can help, with answers to your wealth management questions designed to help you make more informed decisions about your money and help you decide whether wealth management may be right for you.

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  • What is wealth management?

    Wealth management usually refers to a suite of services that provides the opportunity to work with a financial professional. It usually includes working together on a broad plan to help grow and protect assets and it often includes the ability to take advantage of professional money management.

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  • Why would someone need wealth management?

    Clients may engage in a wealth management relationship for a number of different reasons. Some choose to do so because they need help planning for certain goals, or need guidance around estate planning, protecting wealth, retirement planning, or ways to manage their tax obligations. Others choose wealth management because they don’t have the time or the desire to manage their own portfolios or simply value the input of a financial professional, who can act as a sounding board.

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  • How much do I need for wealth management?

    While the minimum investment required varies from investment firm to investment firm, wealth management is designed for clients whose financial situations warrant the personal attention of a financial professional.

    Learn more about how to qualify for wealth management

  • What does wealth management cost?

    The fees associated with wealth management will vary from firm to firm and are based on all of the services that you have engaged with the firm to provide. For instance, if you choose to have the firm provide investment management services on your behalf, that fee will be based on the dollar amount of the funds you've chosen to have managed.

    Learn more about the costs of wealth management

  • What's the difference between wealth management and financial planning?

    Wealth management is a broad term that usually includes financial planning. Financial planning usually refers to guidance in which a financial professional helps you identify your goals and works with you to design a clear path forward. Wealth management is broader and may include this and other services.

    Learn more about how wealth management can help you reach your goals

  • What is wealth planning?

    Wealth planning is a broad term that generally focuses on both growth and protection of assets, supported by planning around certain goals. It usually involves working with a financial professional, who takes the time to get to know you and your financial situation. This person can work with you to explore various aspects of your full financial picture, from retirement goals to guidance around estate planning needs, as well as specific investment strategies designed to help you reach your goals.

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  • Do I need a strategy to help me manage my wealth?

    If you're searching for someone who can offer a holistic approach designed around your financial situation, working with a financial professional to develop a strategy to manage wealth may make sense for you.

    Learn more about how a wealth planning strategy may help you

  • How can I protect my wealth?

    There are a number of things one can do in an effort to protect wealth, such as retirement planning, estate planning (including developing a plan for the orderly transfer of wealth to your heirs), being more tax-efficient, or exploring the addition of fixed income investments to a portfolio.

    Learn more about wealth protection

  • What is tax-efficient investing?

    Tax-efficient investing refers to the practice of taking the impact of taxes into consideration when making investment decisions. For instance, reviewing a portfolio for tax-loss harvesting opportunities or considering the tax status of an account before withdrawing money from it are examples of tax-efficient investing practices.

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  • What is tax-loss harvesting?

    Tax-loss harvesting is a way to reduce the taxes associated with capital gains. Let's look at a hypothetical example.

    Assume an investor has a long-term capital gain of $5,000 in Investment A, and a long-term capital loss of $4,000 in Investment B. If that investor sells Investment A, they would have a federal capital gains liability of $1,190 (assuming a 23.8% federal tax rate).

    However, by selling Investment B and realizing the $4,000 loss during the same tax year the investor sold Investment A, they can use that loss to partially offset the gain in Investment A. By doing this, they lower the long-term capital gain from $5,000 to $1,000, which would reduce their tax liability from $1,190 to $238.

    Learn more about tax-loss harvesting

  • What strategies can be used to reduce the taxes on investments?

    Depending on your personal situation, there are a number of ways to potentially reduce or defer the taxes you pay on your investments. These can include finding ways to reduce or defer income, capital gains, and estate taxes. Strategies such as Roth IRA conversions, asset location, tax-loss harvesting, or revisiting your gifting and estate plans may help you grow your wealth and preserve your legacy.

    Learn more about tax-efficient investing

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