A breadth of services
to serve a variety of needs
Whether you are an individual with personal and family goals or the person charged with the financial goals of your organization, we are here to provide you with an array of financial and investment planning services essential to your success.
We will work hand in hand with you – and, if need be, your other professional advisors – to select the service that best suits your needs, then apply our investment insight and expertise to tailor the required service to your unique situation and with your specific goals in mind.
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The complexities that come with significant wealth call for far-reaching care that frees you from the burdensome day-to-day management of your investments. Working closely with a wealth manager experienced in serving distinctive individuals, families and businesses enables you to spend your time where it matters most.
We tailor our full range of wealth management services to wherever you are in life and your goals at each stage. Through a process that is detailed and time-tested, we go to great lengths to provide a holistic approach of custom financial planning, investment management, charitable giving and tax and estate planning strategies specifically for you.
As your financial stewards, we coordinate with your other trusted advisors to get a detailed look at every aspect of your life to ensure a holistic approach to serving you.
Raymond James does not provide tax or legal services. Please discuss these matters with the appropriate professional.
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Take Action Today for Security Tomorrow
As is most often the case, during times of uncertainty you do what others like you are doing. You do this, in part, because taking action helps allay anxiety. After all, if you can think of a few things to keep yourself and/or your loved ones safe you can more easily bear your fears of the unknown. Of course, it goes without saying, not all actions are in your best interest. Some may even be detrimental to your future. Financial Planning can help determine the difference between the two.
In the spirit of taking prudent action, I have outlined specific strategies to improve your financial future. Quite often, small tweaks in savings or your investment strategy can make a big difference in your long term financial plan. Sometimes a few changes to your plan now can help you achieve your financial goals and objectives without working longer or taking additional investment risk. By the way, this is true even when market conditions are volatile.
Ultimately, I have outlined seven actions that you should consider in order to better understand your current financial situation and increase your probability of achieving future goals and objectives.
- First and foremost, find out where you stand today. Determine whether the amount you are saving and investing will be sufficient for when you retire (with some margin for error). If you do not know when you should retire, the financial plan will tell you that too. If you are already retired, you will know how you are doing and if any changes to your investment strategy are appropriate. By the way, if you have accumulated several different retirement accounts from past jobs it may be more difficult than necessary to determine where you stand. A financial advisor can help you consolidate your retirement accounts and make future planning or otherwise managing investments easier. In short, complete a comprehensive financial plan to determine where you stand today.
- If you are not on track to achieve your financial goals and objectives, figure out why. Are you able to save as much as you planned? Are you maximizing your contributions to your employer-sponsored retirement plan or individual retirement account (IRA)? Are you mitigating your tax liability through appropriate investment strategies? Is the amount of money you will need in retirement increasing? If you are not on course because your investments aren’t performing well, your financial advisor may suggest you make a change to your asset allocation or the specific investments you have chosen. On the other hand, if your investments check out, it may be in your best interest to hold on through a period of volatility, as chasing top performers is often a poor way to make decisions. In short, determine if your savings and investments are setting you up for success.
- Come up with a strategy to remain, or otherwise get back, on track. That could include revisiting your goals and objectives. For example, you may need to work a year or two beyond your original goal or perhaps reduce the amount of money you plan to spend in retirement. On the other hand, you may simply create a financial plan that takes in to consideration the propensity for retirees to spend less as retirement goes on, which means you might be better prepared than you think. You may also decide you would rather increase your portfolio risk in an effort to target a higher rate of return over time. Of course, you should not make this decision without careful consideration of your personal risk tolerance. It could be that the most palatable option is a little of all three. In short, consulting with a financial advisor can help you identify a clear path to reaching your financial goals and objectives.
- Take advantage of ways to improve returns without magnifying the risks. This may include reducing what you pay in fees and commissions for investment services, minimizing taxes or transferring risk. In regard to the latter, if used correctly, long-term care, life insurance and structured products have the potential to bolster your retirement plan due to their tax treatment and/or risk mitigation features. These strategies can be complex and a financial advisor can help you implement them. In short, make certain you are not paying too much for the services you are receiving and reduce risk while boosting potential returns when possible and appropriate.
- Determine the best strategy for maximizing your income sources. If you are retiring soon, you need to get the most out of all your sources of income. That could include strategies for claiming Social Security, a traditional pension or rental income among other sources. By the way, the difference between taking Social Security early versus later may mean hundreds of thousands of dollars forfeited over your lifetime. Also, if your reliable sources of income, such as Social Security and pension payments, are not significant enough, your financial advisor may suggest employing a conservative income-oriented investment strategy using a mixture of dividend paying stocks and interest bearing bonds. In short, maximizing your income sources can be one of the most effective ways to increase your probability of success while taking full advantage of secure income.
- Determine the best strategy for receiving health care and minimizing costs. If you are age 65 or above (and retired), you should consider Medicare and the merit of purchasing a supplemental policy. Additionally, you should plan appropriately for out-of-pocket expenses. If you retirement before age 65 you should shop the marketplace for a customized plan that suits your needs and budget. With thousands of plan and over 200 companies competing for business there are suitable options. In short, an advisor can provide the professional support you need to find the coverage that fits your needs regardless of your age.
- Last, but not least, assess the overall level of risk in your financial plan. While it is likely you are keenly aware of the amount of risk you are taking given the spike in market volatility, you still need a plan to navigate the future. And if you run through these steps and realize that you are on target with a healthy margin of safety, consider a plan for reducing the amount of risk once the market recovers. Ultimately, having a plan that takes in to consideration all market environments as well as scenarios such as rising inflation, investment underperformance, cuts to social security or pensions or a long-term care need is the best action you can take to secure your financial future and keep you from taking actions that might jeopardize your success. In short, developing and maintaining a comprehensive financial plan provides assurance that the savings you’ve worked so hard to accumulate will be there when you need it. Financial Advisors like us can help.
Any opinions are those of Mike Forster and not necessarily those of Raymond James. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. There is no assurance any of the trends mentioned will continue or forecasts will occur. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Dividends are not guaranteed and must be authorized by the company's board of directors. Raymond James and its advisors do not offer tax advice. You should discuss any tax matters with the appropriate professional. Diversification and asset allocation do not ensure a profit or protect against a loss.
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Together, we can take financial planning to new levels
With tools to help you plan and pursue your short- and long-term goals.
It’s never been easier to set your personal retirement and financial goals and follow their progress. First, watch the informative video, below. Next, print out and complete the Retirement Readiness Checklist to gauge your readiness for retirement. Then, give us a call and let’s get started.
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Whether you are an individual with personal and family goals or the person charged with the financial goals of your organization, we are here to provide you with an array of financial and investment planning services essential to your success.
We will work hand in hand with you – and, if need be, your other professional advisors – to select the service that best suits your needs, then apply our investment insight and expertise to tailor the required service to your unique situation and with your specific goals in mind.
LEARN MORE
