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Wealth Creation

The primary goal during the wealth creation phase is putting things into place to become financially independent - now and in the future.  The focus here is implementing strategies to meet current needs while preparing for future needs such as education expenses, health care expenses, family financial stability and retirement income needs.
 

Financial Independence:
  To gain financial independence, setting goals and developing strategies to meet those goals are keys to success.  When implementing your strategies, you will benefit if you are disciplined in times of market turbulence and flexible when situations call for adjustments. 

Education Planning:  Once you have forecasted projected expenses, you then must determine the most appropriate way to prepare for those expenses.  Custodial Accounts, Educational Savings Accounts, and 529 Plans each offer unique ways to save for education.  The pros and cons of each must be considered for balancing potential tax incentives, flexibility of use and ownership implications. 

Retirement Planning: 
In order to appropriately plan, you must first forecast what your retirement needs might be.  What percentage of your overall retirement income will come from government benefits (i.e. Social Security), what percentage will come from employer benefits and what percentage must come from your own dollars saved? 

Thoughtful utilization of the various retirement plans available can be critical in meeting your goals.  This means determining how best to invest via different retirement accounts available to you such as a SIMPLE Plan, Individual IRA, Roth IRA or 401K plan.  If you are a business owner, it may mean establishing a plan for you and your employees.  It may also mean utilizing non-qualified accounts for some of your assets in order to allow for future flexibility with respect to retirement age and managing future tax situations.
 
Wealth Preservation

Once your assets become more significant, you often naturally begin thinking about the second phase of wealth management.  This is when you really focus on overall investment management, risk management and your own unique family situations. 

Investment Management:
  To successfully manage your dollars, you must first assess your risk tolerance.  After understanding that, you can more accurately identify an appropriate asset allocation.  Studies reveal that over 90% of a portfolio's return is directly attributable to your overall asset allocation.  Managing your assets over time and ensuring that they don't stray too far from your desired allocation are important components of investment management and wealth preservation. 

Risk Management:  Tactics to protect against the unknown can be essential in the preservation of wealth.  How is your family protected in the event of a premature death, disability or the need for long term care?  Utilizing the appropriate kind and amount of insurance might be the protection you and your family need.  Consulting with an attorney to assess your need for trusts, living wills or powers of attorney may also be a piece of the risk management puzzle. 

Family Situations:  Individual family scenarios might require you to take extra steps in your wealth management strategy.  This might include determining how best to fund the care of a special needs child or grandchild after you are gone or how best to fund the care of aging parents without jeopardizing your own retirement stability.  If you are a business owner, steps can be taken to sell or properly shift the business to the next generation without saddling them with undue debt and while keeping family harmony.  Every family is different and has unique situations.  By listening to you and your concerns, The Hollander Group can help address family goals.
 
Wealth Distribution

Without proper planning, moving into the distribution phase can be very frightening.  During this phase, you are often ready for your investments to begin working for you and to pay you an income.  You may also begin to focus on the positive impact your assets can allow you to have on your family and others after your lifetime.
 

Sustainable Cash Flow:  A retirement income is one example of the distribution of wealth.  Determining the appropriate level of cash flow to meet your lifestyle needs is critical.  Even more critical, is determining the best way to generate that cash flow from your assets while allowing them to last throughout your lifetime.  Careful consideration must be made with taking distributions.  Strategically taking distributions from various account types can allow you to minimize the impact of income taxes due.  Likewise, appropriate use of a cash reserve strategy can help to avoid being forced to sell investments at inopportune times. 

Estate Planning:  Passing on your wealth to heirs or charitable organizations requires careful consideration.  This may be as simple as naming beneficiaries on an IRA or establishing a Transfer on Death (TOD) account, or as complex as establishing gifting strategies, living trusts, life insurance trusts, charitable trusts, or a business succession plan.  Knowing you and your family's goals allows us to guide you through this process.
 
Guidance

As you work to structure, implement and
evolve your personal wealth management
plan, the guidance and counsel of financial,
tax, and legal professionals can prove
invaluable.  As a member of your professional team, The Hollander Group works with you to coordinate the resources necessary to help you pursue your goals.
 





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 Securities and Advisory Services offered by J. J. B. Hilliard, W.L. Lyons, LLC, A Registered Broker Dealer and Investment Advisor, Member NYSE / FINRA / SIPC. Trust Services are offered through Hilliard Lyons Trust Company, LLC, an affiliate of J. J. B. Hilliard, W.L. Lyons, LLC. Hilliard Lyons does not offer legal, accounting or tax advice. You should consult your own tax or legal counsel prior to making any decision that may affect your tax or legal situation. To understand how Hilliard Lyons is compensated for its services, please click here.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

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