Most people can benefit from some type of financial planning to oversee their finances. A special type of client may need wealth management, though. Clients that fit this profile typically have a high net worth, necessitating specific services to help them take care of their money.
Financial Planning
Financial planning typically involves an expert assessing someone’s situation and devising a strategy for meeting personal goals and saving for retirement. When you combine financial planning with wealth management, you will likely have an entire team of professionals working on your behalf to oversee your money and investments. With this type of financial planning, the experts may also need to incorporate the entire net worth of your extended family into the planning. This can change the entire landscape of the issues and goals, which often presents special considerations and challenges.
Estate Planning
Estate planning enters a whole new hemisphere when a client’s net worth is in the millions. In these cases, estate taxation can be a significant issue, and clients need assistance with protecting their assets from excess liabilities. In addition, clients need help with the additional estate taxation that will come about at the federal estate tax level and not just the state level. Different states have different estate taxation, so this will vary depending on location.
When looking for a wealth management service in Syracuse, NY residents visit HighPoint Advisers. To learn more, visit http://www.highpointadv.com/wealth-management.php.
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