The Value a Wealth Management Team Brings to Your Family

A wealth management team is more than just a group of people managing your investments. They’re there to guide your entire financial journey, helping your family make the best decisions for today and the future. From preparing for retirement to helping preserve your assets, they offer valuable advice on every step of your financial life. Here’s how they can help:

Investment Portfolio Management: Growing Your Wealth

Managing your investments is one of the most important services a wealth management team provides. They help you choose the right mix of investments based on your goals and risk tolerance. Whether you want to save for retirement or grow your wealth, they’ll create a plan that works for you. By diversifying your investments and observing the market, your wealth management team ensures you’re on the right track.

For more information about how we manage investments for you, check out our Investment Services.

Managing Risk & Securities Concentration: Protecting Your Wealth

Wealth management isn’t just about growing your assets; it’s about helping conserve them too. If you invest too much in one area, it can be risky. A wealth management team helps reduce these risks by spreading out your investments across different assets. They also review your portfolio regularly to make sure it stays balanced and less volatile from big market swings.

Learn more about our Fixed Income Services for a lower-risk approach to building wealth.

Planning for Longevity & Care: Preparing for Your Future Needs

As we get older, our needs change. A wealth management team helps you plan for the future by preparing for medical care, retirement, and other long-term needs. Whether it's budgeting for healthcare costs or arranging for long-term care, they help you make sure you’re covered and financially secure as you age.

Tax Planning: Saving Money on Taxes

Taxes can take a big chunk of your income and savings. Wealth management teams know how to reduce your tax burden. They help you make smart decisions about where to invest and how to use tax-advantaged accounts like IRAs or 401(k)s. By planning ahead, you can keep more of your money working for you.

Making the Most of Your 401(k) Plan: Retirement Savings Done Right

A 401(k) plan can be a powerful tool for saving for retirement. A wealth management team helps you make the most of it, helping to ensure you contribute enough to get your employer’s match, selecting the right investments, and setting yourself up for long-term success. They help you understand how to use

If you're looking for specific help with your retirement plans, explore our Retirement Planning Services.

Stock Option Strategies: Making Your Equity Work for You

Many families have stock options or equity in their company. A wealth management team helps you manage these types of assets to maximize their value. They’ll guide you on the best times to exercise options, sell shares, and how to handle the tax implications. This helps ensure that your stock options are an asset, not a liability.

401(k) Rollovers: Simplifying Your Retirement Savings

When changing jobs, many people forget to move their 401(k) savings to a new plan. A wealth management team helps you with this process by rolling over your 401(k) into an IRA or another plan that works for you. This makes sure your retirement savings stay on track and grow over time.

Retirement Planning: Creating a Roadmap for Your Golden Years

Planning for retirement can feel overwhelming, but a wealth management team helps make it simpler. They’ll help you figure out how much you need to save, where to invest, and how to create a retirement income plan. Their goal is to help you retire comfortably and with confidence.

Social Security Maximization: Getting the Most from Social Security

Understanding when and how to take Social Security can make a big difference in how much you receive over your lifetime. A wealth management team can help you plan when to start collecting Social Security benefits so you can potentially maximize the amount you get based on your circumstances.

Business Succession Planning: Passing Down Your Business

If your family owns a business, you need a plan for what happens when you’re ready to retire or step away. A wealth management team helps create a business succession plan that helps protect the value of the business and ensures a smooth transition. Whether you want to sell the business or pass it on to the next generation, they’ll guide you every step of the way.

Insurance Planning: Protecting Your Family

A solid insurance plan is essential for protecting your family’s financial future. Wealth management teams help identify the right types of insurance—like life, disability, and long-term care insurance—to ensure your family is protected in case of unexpected events. They’ll make sure your coverage is enough to protect your loved ones, without being too expensive.

Realized Gain / Loss: Understanding Your Taxable Events

When you sell investments, you may have to pay taxes on the profits, known as capital gains. A wealth management team helps you manage these taxable events by deciding when to sell assets and how to balance gains with losses. This strategy helps reduce your tax burden and keeps your investments working for you.

Tax Loss Harvesting: Reducing Your Taxable Income

Tax loss harvesting is a strategy used to offset gains by selling investments that have lost value. Your wealth management team can help use this strategy to lower your taxes while maintaining a well-balanced portfolio. This can be a smart way to keep more of your money for the long-term.

College Planning: Saving for Education Costs

The cost of college is rising, but there are ways to prepare. A wealth management team helps families set up college savings plans like 529 plans to save for tuition and other education costs. By planning ahead, they make sure you’re ready to support your children’s education without draining your retirement savings.

RMD Processing: Managing Your Required Minimum Distributions

Once you reach a certain age, you’re required to start taking money out of your retirement accounts. These are called Required Minimum Distributions (RMDs). A wealth management team helps you figure out the best way to take these distributions, while minimizing taxes and ensuring your retirement plan stays on track.

Cash Flow & Budgeting: Keeping Your Finances on Track

Tracking your income and expenses is the key to good financial health. A wealth management team helps you create a budget that supports your goals, whether it's saving for a house, preparing for retirement, or funding college. They help you stay on top of your finances and make sure you’re making the best use of your money.

Frequently Asked Questions

What is a wealth management team, and how can they help my family?

A wealth management team is a group of financial professionals who work together to help you manage and grow your wealth. They provide services like investment management, retirement planning, tax planning, insurance strategies, and more. Their goal is to help ensure your financial decisions align with your long-term goals and help protect and grow your family’s assets.

Why is investment portfolio management so important for my financial future?

Investment portfolio management is crucial because it helps ensure your investments are strategically allocated to meet your goals. A wealth management team helps create a diversified portfolio that matches your risk tolerance and financial objectives, aiming to grow your wealth over time while helping to minimize potential risks.

How does a wealth management team help with retirement planning?

A wealth management team creates a customized retirement plan that takes into account your current savings, retirement goals, and desired lifestyle. They help you choose the right investment strategies, track your progress, and adjust the plan as needed to help ensure you're on track to achieve a confident and comfortable retirement.

What is tax planning, and how can a wealth management team help me reduce my taxes?

Tax planning involves making strategic decisions to potentially minimize your tax liability. A wealth management team helps you take advantage of tax-deferred accounts, tax-efficient investments, and other strategies to help reduce your taxable income. By planning ahead, you can keep more of your wealth and grow your assets more efficiently.

What is the benefit of working with a wealth management team for business succession planning?

Business succession planning is vital if you own a business and want to help ensure its smooth transition when you retire or step away. A wealth management team helps develop a succession plan that preserves the value of your business and helps ensure it’s passed on to the next generation or sold according to your wishes. They also provide strategies to potentially minimize taxes during the transition.

How can a wealth management team help with managing my 401(k) plan?

A wealth management team helps optimize your 401(k) plan by striving to ensure you contribute enough to get the employer match, selecting the best investment options, and providing guidance on rollovers when changing jobs. They’ll also help you manage your 401(k) to help ensure it grows efficiently and aligns with your retirement goals.

What are tax loss harvesting and how does it work?

Tax loss harvesting is a strategy that involves selling investments that have lost value to offset taxable gains. This usually helps reduce your overall tax bill. A wealth management team uses this strategy to help you manage your taxes while maintaining a balanced and effective investment portfolio.

How does Social Security maximization work, and why is it important?

Social Security maximization is the process of determining the best time to start collecting Social Security benefits to get the highest monthly payment over your lifetime. A wealth management team helps you understand when to start receiving benefits based on your financial situation, health, and other factors, helping you receive the most out of Social Security.

What are stock options, and how can a wealth management team help me manage them?

Stock options are a form of compensation that allows employees to buy company shares at a set price in the future. A wealth management team helps you make the most of your stock options by advising on when to exercise them, how to manage the tax implications, and how to incorporate them into your broader investment strategy.

How does a wealth management team assist with college planning?

A wealth management team helps you prepare for the rising costs of education by creating a college savings plan, such as a 529 plan. They will help you set realistic savings goals and invest wisely, helping to ensure that you’re financially prepared when it’s time to fund your children’s education.

What is the difference between a wealth management team and a financial advisor?

While both a wealth management team and a financial advisor provide financial guidance, a wealth management team typically offers a more comprehensive set of services. They take a holistic approach to managing your finances, including investments, retirement, tax planning, insurance, and estate planning, whereas a financial advisor may focus mainly on investment advice.

Why should I choose a wealth management team over managing my finances on my own?

A wealth management team brings experience and a holistic approach to managing your finances. They can help you avoid common mistakes, reduce risks, and create a customized financial plan that aligns with your goals. By working with a team of professionals, you may gain access to a wider range of services and knowledge that you might not have on your own.

Why a Wealth Management Team Is Essential for Your Family

A wealth management team is here to guide you through every financial decision your family will face. Whether it's investing, planning for retirement, managing risk, or helping preserve your wealth, they work with you to make sure you’re on the right path. By working with a team, you can help ensure that every part of your financial life is managed and optimized to achieve your long-term goals.

Let us help you navigate the complexities of wealth management and create a plan that works for your family’s future. For more information on how we can support you, check out our full range of services.

Contact Us

Ready to take the next step toward financial independence? Contact Wilmarth Private Wealth Management to schedule a consultation. Let's work together to build a financial plan that aligns with your goals and aspirations.

Disclosures:

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Wilmarth Private Wealth Management and not necessarily those of Raymond James.

If you've changed jobs or are retiring, rolling over your retirement assets to an IRA can be an excellent solution. It is a non-taxable event when done properly - and gives you access to a wide range of investments and the convenience of having consolidated your savings in a single location. In addition, flexible beneficiary designations may allow for the continued tax-deferred investing of inherited IRA assets.

In addition to rolling over your 401(k) to an IRA, there are other options. Here is a brief look at all your options. For additional information and what is suitable for your situation, please consult us.

1. Leave money in your former employer's plan, if permitted
Pro: May like the investments offered in the plan and may not have a fee for leaving it in the plan. Not a taxable event.

2. Roll over the assets to your new employer's plan, if one is available and it is permitted.
Pro: Keeping it all together and larger sum of money working for you, not a taxable event Con: Not all employer plans accept rollovers.

3. Rollover to an IRA
Pro: Likely more investment options, not a taxable event, consolidating accounts and locations Con: usually fee involved, potential termination fees

4. Cash out the account
Con: A taxable event, loss of investing potential. Costly for young individuals under 59 ½; there is a penalty of 10% in addition to income taxes.
Be sure to consider all of your available options and the applicable fees and features of each option before moving your retirement assets.

401(k) plans are long-term retirement savings vehicles. Withdrawal of pre-tax contributions and/or earnings will be subject to ordinary income tax and, if taken prior to age 59 1/2, may be subject to a 10% federal tax penalty.

RMD's are generally subject to federal income tax and may be subject to state taxes. Consult your tax advisor to assess your situation.

Shares acquired via an exercise of employee stock options are subject to resale restrictions. Restricted stock is nontransferable and must be traded in compliance with special Securities and Exchange Commission (SEC) regulations.

Matching contributions from your employer may be subject to a vesting schedule. Please consult with your financial advisor for more information.

Guarantees are based on the claims paying ability of the issuing company. Long Term Care Insurance or Asset Based Long Term Care Insurance Products may not be suitable for all investors. Surrender charges may apply for early withdrawals and, if made prior to age 59 ½, may be subject to a 10% federal tax penalty in addition to any gains being taxed as ordinary income. Please consult with a licensed financial professional when considering your insurance options.

Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.