NEWS & RESOURCES

Provided By: Adelae Winters, Financial Advisor

Adelae Winters, Financial Advisor

American economist, professor and investor Benjamin Graham once said, “The best way to measure your investing success is not by whether you’re beating the market but by whether you’ve put in place a financial plan and a behavioral discipline that are likely to get you where you want to go.”

So, as we are currently in fourth quarter ­– what are some ways you can set yourself up for greater financial security — regardless of what happens in the stock market?

Tax Planning – One of the most significant areas people miss opportunities is unnecessarily paying more in taxes than is required by law. This often happens when your financial advisor isn’t knowledgeable about the tax landscape or fails to collaborate with your CPA. For example, advisors who don’t understand the tax implications of investment portfolio decisions can end up costing clients unnecessary dollars in capital gains tax. By working with a tax-smart financial advisor who is a CPA or collaborates one-on-one with advisors, you can implement strategies like tax loss harvesting, which uses investment losses to offset gains and avoid paying unnecessary taxes.

Insurance Planning – Growing your wealth requires protecting it because it doesn’t take long for an unexpected expense to set you back. Holistic financial planning should incorporate evaluating insurance policies that can protect your family and finances against future risks. Long-term care, disability, and life insurance are all critical to preparing for the future. A financial advisor should help you review existing policies, identify gaps in coverage, secure quotes from insurance providers, and make recommendations on the cost and coverage that fits your unique needs.

Estate Planning – The creation of an estate plan to protect your family and estate after you’re gone can leave your family with clarity and confidence about how you want your assets distributed. Effective generational wealth planning requires working with a skilled estate attorney and a tax-smart financial advisor to help minimize estate taxes and maximize assets passed on to future generations.

The financial services industry has changed a lot over the years. There have been downturns and financial crises, and global pandemics that kept people from seeking a financial advisor — due to fear or distrust or stay-at-home orders. Technology has evolved to make basic advice more accessible online. However, rules and regulations have become increasingly complex, and people’s needs now far exceed only investment management.

While elections often bring heightened emotions and can increase volatility in the stock market, they don’t have to cause fear about your long-term financial security. With an integrated financial plan designed around your goals for the future and a tax-smart advisor who collaborates with CPAs can help you capitalize on down-market opportunities.

You need a financial partner that can help you prepare for the future, plan for alternate scenarios and provide advice in every area of your financial life. Cordell, Neher & Company, PLLC takes an integrated approach to financial planning by blending tax professionals and financial advisors to give you a complete financial team in their corner. For more information, visit cnccpa.com.