Four Areas to Consider if You Want to Revisit Your Advisor Relationship in 2024
Authored by: Bradi Dahmen, Director of Wealth Management at Cordell, Neher & Company, PLLC
At every life stage, you’re presented with unique challenges and opportunities. As we begin a new year, working with a financial advisor who understands the importance of financial planning through a tax-smart lens has never been more essential for navigating these challenges effectively. However, not all wealth management firms are created equal.
So, what is tax-smart planning and investing? This approach involves analyzing all aspects of your financial life – from retirement savings to investments, risk management, legacy planning and more – with a focus on minimizing your tax liabilities to maximize your financial opportunities.
Tax-Intelligent Planning
Nearly every financial decision has tax implications. In 2024, a holistic approach means that your financial advisor is collaborating with your accountant to identify opportunities that maximize your tax benefits. Tax-intelligent planning ensures you’re leveraging tax-efficient investment products, strategically timing contributions and withdrawals, utilizing tax-loss harvesting and more to avoid paying unnecessary taxes. In fact, the potential value of working with an advisor can add approximately 5% annually to your portfolio, while 1.7% of that total percentage can be attributed to tax-intelligent advice.1
Proactive Management
Letting “auto pilot” guide your investment portfolios won’t always yield positive results and may cause more harm than good. Your financial advisor should proactively approach your financial investments by actively rebalancing portfolios to help you maximize returns and pursue optimal long-term growth.
Behavioral Guidance
Over the years, I’ve found that many clients repeat the same behaviors when it comes to financial matters without thinking or having a particular reason to do so. Together, it’s important to identify the behaviors holding you back and develop strategies to overcome them. By doing this, you can make rational decisions that will keep you on track toward your financial goals.
Personalized Experience
Your financial advisor should prioritize custom financial planning for your family and business to adapt with your changing needs, instead of following a ‘one size fits all approach.’ Comprehensive financial plans consider your unique circumstances, possible scenarios and data you need to make informed decisions – all while discussing your goals, future plans and more to build a plan that works for your needs.
No matter what season of life you’re in, working with a financial advisor that has an understanding of taxation can be one of your greatest assets at every stage. For more information, visit our website at cnccpa.com or give us a call at (509) 663-1661, and we’ll begin helping you, your family or your business today.
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