The Benefits of Comprehensive Wealth Management

 
 

Curtis has earned the Life and Health Insurance licensure, has passed the Series 66 examination, and has earned a degree from the University of Nevada, Reno. He has over 20 years of experience in the financial industry, helping others protect, grow and manage their wealth. Curtis helps clients create customized strategies for their portfolios based on their unique financial goals.

 
 

THE BENEFITS OF COMPREHENSIVE WEALTH MANAGEMENT

When many people think about wealth management the first and main thing that they think about is how someone will invest and manage that money.  Whether to use these funds, this stock, or that bond, and how much the return and downside exposure can be.  I would argue that managing a portfolio is just part of the equation in wealth management and to get the full benefit of wealth management you should be looking at things such as income distribution, tax efficiency, risk mitigation, and plans for a surviving spouse or leaving a legacy.  It is about having a complete and comprehensive plan to tackle whatever area of life you are in whether that is in retirement or the growth and accumulation stage of life.    

So, what is the benefit of comprehensive wealth management? Let’s look a little deeper into a couple of the ways comprehensive wealth management can benefit you. 

 

DOES YOUR PLAN ENCOMPASS WHAT YOU ARE TRYING TO ACCOMPLISH?

First and foremost, do you have a comprehensive financial plan encompassing everything you are trying to accomplish?  Suppose you have an income plan that focuses on the best way to take income tax efficiently backed by an investment plan that focuses on proper risk management and strategy to take income. Having that in place may bring you some peace of mind as you navigate retirement - or any aspect of life.  Having a plan can essentially reduce stress and help you focus on the things that are most important, living the life you want to live.

WHO IS HELPING YOU WITH YOUR PLAN?

The other aspect of comprehensive wealth management that can make a big difference to many households is that there is someone to help you along your financial journey.  Sometimes, people don’t want or have a desire to focus on financial matters.  For some people, financial matters can be scary or intimidating. Hopefully, you have a trusted partner to help with the income, investments, tax strategies, legacy planning, and anything financial that may arise in your life.  I compare this to how I feel when something goes wrong with my vehicle, I can do some basic things here and there but opening the hood and trying to diagnose, repair, and get my vehicle back on the road can be daunting and even intimidating, so essentially, I leave that to my mechanic who I trust to help me navigate through those times.

 

COMPREHENSIVE PLANNING VERSUS JUST INVESTING

I could run down many avenues here from income to legacy planning but one thing in my mind is certain, you will benefit much more from comprehensive wealth management than just having someone pick stock, bonds, and funds.  Everything that you can have a plan for will matter and make a difference as trying to focus solely on one aspect would be equivalent to a baseball player just focusing on batting, or a painter focusing on only using shades of blue to paint a landscape scene.  Comprehensive wealth management means having a plan, reducing stress, being ready for anything, and ultimately living your best life through all its phases.

WHERE TO GO FROM HERE

To find out what your comprehensive retirement plan looks like, call our office at 775.853.9033 or click here.

Based in Reno, NV, Cornerstone is for individuals and families looking to grow wealth, protect and preserve their life savings, and plan for the distribution of their estate in a tax-efficient manner through a tailored strategy. Schedule a time to discuss your financial goals with us.

This information should also not be considered tax or legal advice. Individuals should consult with a professional specializing in the fields of tax, legal, and accounting regarding the applicability of this information for their situation.

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