Full Service Wealth Management
Often, people (many financial advisors included) hear the term "Wealth Management" and think only of "Investment Management." The truth is that investment management is a sub-component of Wealth Management.
Wealth Management is a holistic, top-down effort to maximize a client's total wealth picture for today, tomorrow - and future generations. It addresses your personal values, goals, experiences, and future desires. Some of the more important assets in your Wealth Management picture may not those you own - but are social assets that must be optimized on your behalf. Full Service Wealth Management requires a team of highly specialized professionals working in a coordinated fashion to achieve your goals. No single advisor can perform the task of Full Service Wealth Management. By training, the CERTIFIED FINANCIAL PLANNER™ professional is ideally suited to coordinate all other specialists' actions on behalf of the client. Commonly, this function is known as the "Chief Financial Officer," or "Financial Quarterback." Whatever the term - if your financial advisor is not performing this function... perhaps you should upgrade. Likely, you are paying too much for too little.
Wealth Management includes:
Coordinating multiple strategies to grow your wealth, maximize your income, and minimize taxes.
- Low-cost portfolios designed to maximize returns within a specific risk tolerance.
- "Monte Carlo" (stress) testing to determine which strategies have the highest odds of success - before choosing a strategy.
- Advanced Retirement Income strategies such as Bucket Strategy, Spending Floor/Ceiling, Inflation Cap, Portfolio Return Freeze, and others.
- Systematic Roth Conversions, income shifting between family members, and IRA/401(k) withdrawal planning.
- Social Security and Pension Maximization strategies.
- Individual Bond and Tax-Free Municipal Bond portfolios to provide steady, predictable income streams when appropriate.
- The use of Exchange Traded Funds (ETFs) in order to avoid high costs and unexpected capital gain distributions that are problematic with most mutual funds.
Strategies to prevent your assets from being unjustly taken away! This means we routinely make risk management recommendations to protect against catastrophe, litigation, identity thieves, unwise choices, Special Needs, or errant family members. Additionally we are one of the few financial firms who will automatically adjust your portfolio to protect against recessions - the number one cause of market crashes. This process is known as our "Recession Protocol™."
- Portfolios designed with protection in mind - which we will automatically adjust when indicators of recession loom.
- Periodic reviews to help you decide upon appropriate insurances of many types. We do not sell insurance, however, adequate insurance of all types is a critical component of Wealth Protection. We help you make these decisions and implement them with as little frustration as is possible.
- Survivor Planning using the Survivor Needs Analysis technique - allowing the survivor to dictate their own lifestyle after a spouse dies.
- Veterans Benefits, Medicare supplement, and Special Needs planning - a critical component to your plan if you have a Special Needs person in your life.
- Referral to asset protection attorneys as necessary.
- Long Term Care, Elder Care, Assisted Living, and planning for aging in place - for you or for your elderly parents
Strategies to transfer wealth into the hands of your heirs in the most efficient, hassle-free, and tax friendly manner. This process is also known as Estate Planning. Our job is to coordinate your financial plan with your Estate Plan. By distilling complex ideas into simple and easily understood strategies, we help you decide what you want your Wealth Transfer plan to look like. The Estate Planning Attorney drafts the documents and provides legal counsel - then we help you execute the plan by ensuring that your financial assets reflect your estate plan correctly.
- Planning for Disability - documents to identify individuals you rely upon for care of your assets should you become incapacitated.
- Special Needs Planning to protect benefits for heirs with handicaps or disabilities. Inheriting money may eliminate your special needs loved one from eligibility for government benefits and scholarships. This can be avoided through proper Special Needs planning and legal documents - but only if done in advance.
- Trust Funding and other account titling as directed by your Estate Planning Attorney
- Lifetime gifting, income shifting between family members, installment notes, and family-owned business strategies.
- Strategies to reduce or eliminate Gift Tax and Estate Tax, if applicable.
If you are charitably inclined, some giving strategies are efficient and maximize your gifts, while others do not. We can help you maximize the tax impact of your giving strategies while also maximizing the living benefits of being a donor or benefactor.
- Help you decide upon charitable strategies such as Charitable Lead Trusts, Charitable Remainder Trusts, gifting appreciated assets.
- Proper use of life insurance, Donor Advised Funds, or charitable annuities.
- Strategies to enhance the social standing of yourself or your family while benefiting causes that are important to you.
- Advise you on creating Family Foundations or Private Charities to control your giving - not only for your own lifetime, but for the lifetimes of your heirs as well.
- Assist in the implementation of your decisions.
PARAGON's financial advisors work as a team, not as individual advisors. This allows each of us us to individually focus on creating specialized knowledge that each financial advisor can bring to the table as a part of an integrated team working on your behalf. Few of our clients need ALL of our services, but most of them need at least some of them. These services are usually provided to our Wealth Management clients without additional costs. If you are paying investment management fees to an advisor, but are not receiving these services, we encourage you to explore how working with PARAGON can benefit you by scheduling a Discovery Meeting.
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame logo) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.
Investment Advisory Services Provided by Paragon Wealth Strategies, LLC, a registered investment adviser.