Are Your Financial Assets Working As A Team?
Asset Harmonization
Financial Services Professionals must develop certain skill sets that enable them to build, manage and protect the wealth and assets of clients on all levels of Life Stages planning. Financial Services Professionals work hard to be sure the client’s financial assets are working in harmony.
Through “Asset Harmonization” the Financial Services Professional can keep you on the right path as you and your family move through life’s stages. He or she will look at your complete financial picture, including your current and future objectives, and help ensure that the insurance and investment products you own are working in sync to meet your financial goals and objectives.
Paths – Lets Take A Walk:
Lets take a walk. Not an ordinary walk, but a walk down life’s paths as we raise our families, celebrate life and mourn the loss of love ones:
Path 1 – Pay Off Debt…Protect Income: On the first path of our walk we find growing families. In this stage, we find families paying off college debt and establishing credit to begin purchasing their first homes and automobiles. There is quite a demand to protect current income and pay off debt in case of a premature death at this stage.
Path 2 – Investing For The Future: Now our walk leads us to the second Life Stage that is most crucial. At this stage we begin to see families investing for the future. Families are investing today to be able to execute major purchases e.g. home, luxury car, boat or going into business in the future. Families also begin to amass the funds they need at several significant milestones i.e. college for the children and retirement for mom and dad.
Path 3 – Elder Care: Then our path leads us to the third stage around late 40s and early 50s of the breadwinners (Their mom and dad are alive). The third Life Stage deals with Elder Care and cost associated with Elder Care commonly called Long Term Care.The danger here is that the client may live too long. This would drain off assets and disinherit heirs. Elder Care assist in meeting the needs and addressing the issues of aging. Long Term Care Insurance provide protection against the erosion and destruction of legacy assets
Path 4 – Retirement Income and Intergenerational Transfers: Our path leads us into the sunset as we find clients dealing with passing legacy assets to kids and heirs with minimum tax impact. Before this journey is finish, the client must prepare for suitable intergenerational transfers. Retirement Exit Strategies provides distribution and income tax strategies for retirement assets. Estate Planning provides strategies for passing legacy assets to kids and heirs with minimum tax impact. Estate Planning provides also provides strategies for preparing for suitable intergenerational transfers.
“Asset Harmonization” Connects The Dots
Financial Services Professionals help clients connect the dots with Asset Harmonization”. This involves coordinating the clients’ wealth building efforts as they cycle through life. The Financial Services Professional will help you to deploy the key factors of areas elements of “Asset Harmonization":
Asset Allocation: Financial Services Professionals will provide guidance in placing an overall asset allocation strategy in place (including stocks, bonds, cash) instead of a fragmented approach for each separate individual insurance, financial and insurance product the client own.
Asset Accumulation: Financial Services Professionals will provide guidance to the most suitable strategies to:
- Grow assets in the most tax-advantageous way
- Be able to access your assets if the need arises (liquidity)
- Gain access with or without tax consequences?
Asset Protection: Financial Services Professionals will provide guidance to be sure all your assets protected against the uncertainties of life so that you and your loved ones will not be put in financial jeopardy.
Asset Distribution: Financial Services Professionals will provide guidance as to avoidance of severe tax consequences at the time assets are received. Financial Services Professionals will provide guidance as to how taxes can impact your assets at different “ Life Stages”
Connect with a Financial Services Professional Today
When seeking out a Financial Services Professional, you may want to look to an experienced professional with credentials. There are approximately hundreds of thousands of Financial Services Professionals to choose from. The consumer has to make sense of the noise and find the lighthouse that will provide the counsel that guides them through the financial fog. So how does the American public and businesses make the choice? The best way to illuminate the way is to ask the Financial Services Professional powerful enabling questions:
Example:
- What are your credentials, designations and accreditations?
- Also what professional organizations do you belong to?
Credentialing and Accreditation requires Financial Services Professional to have a certain level of education, experience and some specialized training to qualify for the designation. It also requires the Financial Services Professionals to practice within a high set of standards. A summary of professional designations appears below. Go to websites of interest and find the "Consumer Resources" section and clink "Find A Advisor" or "Locate a Financial Services Professional" . Get the help you need.
Quick Links To PROFESSIONAL DESIGNATIONS