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Understanding Your Key Financial Priorities

Summary:

Making sound financial decisions is at the heart of achieving your long-term financial goals and aspirations. To create an effective strategy, you must first identify and understand the specific financial challenges that matter most to you and your loved ones.

Making sound financial decisions is at the heart of achieving your long-term financial goals and aspirations. To create an effective strategy, you must first identify and understand the specific financial challenges that matter most to you and your loved ones.

​Our extensive experience in working with affluent investors, backed by industry research, reveals five primary concerns that consistently emerge regarding financial futures. As you review these key areas of focus, consider how they align with your own financial situation. While you may have additional specific concerns, these core challenges likely resonate with your circumstances.

Concern #1: Wealth Preservation

The cornerstone of financial security lies in generating optimal investment returns while staying within your risk tolerance and time horizons. For today's affluent investors, maintaining wealth throughout their lifetime has emerged as the predominant financial challenge. Consider this crucial question: How confident are you in your ability to accumulate and maintain the wealth necessary to fulfill your needs, accomplish your goals, and sustain your desired lifestyle?

​This question weighs heavily on the minds of wealthy individuals. Recent comprehensive research reveals:

  • Almost 90% of affluent investors express significant concern about preserving their wealth
  • Approximately 71.5% worry about maintaining sufficient funds throughout retirement

These statistics have remained consistently high year after year, highlighting the enduring nature of these concerns.

Concern #2: Wealth Enhancement

Affluent individuals frequently seek to grow their wealth while minimizing tax implications on their financial position. Tax efficiency has become particularly crucial in recent years, given ongoing congressional discussions about potential tax increases affecting high-income earners and those with substantial assets.

​While future tax legislation remains uncertain, waiting for complete clarity before taking action is unwise. Tax optimization should remain a fundamental component of your family's financial strategy, regardless of the current political climate.

Concern #3: Wealth Transfer

Have you established a comprehensive plan for transferring your wealth to family members, either during your lifetime or after? If such a plan exists, does it reflect current laws and align with your family's present and future requirements, objectives, and financial position?

​Many avoid this critical area because it involves confronting challenging questions about asset distribution after death and inheritance timing. However, failing to ensure proper wealth transfer can lead to significant complications, affecting everything from supporting family members' goals (such as funding education) to maintaining family business continuity.

Concern #4: Wealth Protection

Beyond safeguarding assets from market volatility, affluent families seek protection from various threats, including:

  • Catastrophic losses
  • Potential creditors
  • Legal actions
  • Former spouses
  • Children's spouses
  • Identity theft

Effective wealth management must therefore incorporate robust protection strategies, including proper business procedures, employment contracts, and strategic ownership structures.

Concern #5: Charitable Giving

A growing number of affluent investors are extending their focus beyond family to make meaningful societal contributions. Strategic charitable giving presents its own challenges, from selecting appropriate donation methods to identifying causes and organizations that maximize impact. While optimizing your philanthropic strategy is important, it must be balanced against other crucial financial objectives, including retirement planning and long-term family security.

Creating an Integrated Approach

Examine these primary financial concerns and compare them to your personal priorities. Each challenge alone can seem formidable, but when facing multiple or all of these issues – as many affluent investors do – the impact on achieving your desired lifestyle becomes significantly more complex. These concerns are inherently interconnected; wealth protection often overlaps with transfer planning, while charitable giving can support objectives in all other areas.

​Remember that every aspect of your financial life is interconnected in both obvious and subtle ways. Addressing these challenges in isolation often leads to suboptimal outcomes. Success requires both systematic attention to each area and an integrated approach to your complete financial picture.

Tim McNeely
Advisor to Dental Entrepueriers 

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This material is intended to be used for educational purposes and does not constitute a solicitation to purchase a security or investment advisory services. Some material on this site has been researched and prepared by BSW Inner Circle and its affiliates, CEG Worldwide, LLC and AES Nation, LLC. Timothy J McNeely has retained AES Nation to conduct research and prepare informational materials for his use. Mr. McNeely is a member of CEG Roundtable and pays an annual fee for these services. Mr. McNeely is involved in these activities through The LifeStone Companies.

Some materials is published by the VFO Inner Circle, a global financial concierge group working with affluent individuals and families and is distributed with its permission. Copyright by AES Nation, LLC. This report is intended to be used for educational purposes only and does not constitute a solicitation to purchase any security or advisory services. Past performance is no guarantee of future results. An investment in any security involves significant risks and any investment may lose value. Refer to all risk disclosures related to each security product carefully before investing..

*Timothy J McNeely is an Investment Advisor Representative.  All investment advisory services are offered through a RIA. The LifeStone Companies are not owned or legally affiliated with RIA and the activities conducted by Mr. McNeely under The LifeStone Companies are considered educational activities and are separate outside business activities.

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