When it comes to financial advice, the benefits of working with a team rather than an individual advisor become increasingly clear as your financial needs grow more complex. A team can offer a range of insights and perspectives, bringing a more comprehensive approach to managing your finances.  There are a wide variety of teams out there. Some are large, some are small. Some have specialists in-house, while others leverage external partners. Really, there is no “perfect” team structure. It’s more about finding a team whose specialties align with your needs and whose values are congruent ..read more

A Family Financial Summit might be a new concept for many of you, so let’s start by defining it before delving into whether or not you need it. Essentially, it’s a family meeting that allows for the sharing of financial values and goals.  It can be helpful in aligning expectations about inheritance, responsibilities, and the legacy the family wishes to build. By discussing these topics in advance, families can ensure that everyone is informed, prepared, and in agreement with the strategies and plans in place.  Few families have these types of meetings, and if they do, the conversati ..read more

Tax planning is a vital part of any wealth management strategy, but reducing your tax burden isn’t always a straightforward process, especially for individuals with more complicated returns. Careful planning can help minimize your tax liability leaving you with more money to further your financial goals.  Tax planning isn’t just something you think about when filing, it requires year-round attention if done properly. Surely, your accountant should play a large role in this, but consider working with a financial advisor who can recommend tax-efficient investment strategies as well. What i ..read more

What would it be like to be ultra-wealthy? Would it mean homes in Hawaii and Paris? Do you envision sailing a luxury yacht across the Mediterranean? What about chartering a trip to space? While it’s fun to imagine, this isn’t the reality for most of us.  You might have heard the term “Ultra High Net Worth” (UHNW) before. It’s a term for those who have north of $30 million in net worth. There are currently 142,990 UHNW individuals in North America1 out of 369 million in total2. That’s less than one-tenth of 1% (.03% to be exact).  There simply aren’t that many people flying priv ..read more

Technology has helped to streamline the way we manage our money, allowing us to perform transactions and monitor our accounts online, instead of needing to do everything in-person. These tools are simple to use, getting better every year, and don’t cost any more than the traditional methods.  But there are risks involved, especially for our seniors. This vulnerable population is more likely to fall victim to the fraud and abuse that has come along with this digital revolution. Whether it’s phishing attempts, fraudulent lotteries, or exploitation by deceitful caregivers, these threats are ..read more

One of the most significant developments in recent technology is the rise of artificial intelligence (AI). When you ask ChatGPT (a leading AI program) what that means, it says “these computer systems are designed to mimic human intelligence, including learning, problem-solving, and decision-making.”  For small business owners, this can be immensely valuable. Whether it’s creating new marketing ideas, creating new content for your social channels, or even drafting customer emails, AI can save you time and energy.  We recognize there are hesitations about using AI as well. Some fear i ..read more

Tapping into the rich network of professionals we associate with has many benefits. Having worked with a wide variety of families with a wide variety of needs, our networks often include everything from accountants and attorneys to high-end tailors and travel agents. The importance of this can’t be overstated. Leveraging our network can help with:  Coordination: Collaborating with other professionals helps to ensure that every aspect of your financial plan is aligned. We work together to consider all aspects of your life, providing solutions that encompass not just your financial goals b ..read more

When planning for retirement, we often focus on the accumulation phase: saving diligently and investing wisely. We spend 40 or more years of our lives focused on building the proverbial “nest egg,” but after retirement, things change and so should our financial focus.  There are a variety of questions that must be answered. How much should you be withdrawing annually? Should you go with your IRA first or your brokerage account? Should you withdraw a fixed percentage or fixed amount? How much will you leave behind?   Having a well-planned withdrawal strategy is important:  ..read more

Wealthy families often find themselves grappling with how to effectively pass along assets to their children while ensuring those children are ready for the responsibility. As we tread towards the largest generational wealth transfer in history, there is a growing need to ensure those inheriting the assets are adequately prepared to handle them.  There are a variety of risks involved, including: Lack of Financial Literacy: Without proper financial education and guidance, heirs may struggle to manage their wealth effectively, leading to overspending or poor investment decisions. Entitlem ..read more

These financial tools automatically rebalance as you near retirement. A target date fund is an investment instrument designed to become more conservative as it approaches a predetermined future date. For investors looking to simplify their retirement strategies, target date funds can be appealing for their “set-it-and-forget-it” nature. But how do they work and are they the right tool for your retirement planning needs? How a target date fund works  A target date fund is a fund that can hold a diversified basket of mutual funds and ETFs. The fund’s assets allocation automatically shifts ..read more