A wealth management firm offers personalized financial services and financial planning to high-net-worth individuals and families. Comprehensive wealth management includes financial planning and investment management. These services include retirement planning, tax planning, estate planning, philanthropic planning and many more.
Retirement Planning
A wealth management firm can assist with strategizing and managing your finances to work towards your specific retirement goals. Your plan may include an analysis of your current financial position and projections of your retirement living expenses and healthcare needs to develop a plan for distribution timing and withdrawal order from your IRA and other accounts.
Wealth management firms in Minneapolis, MN can also help you with investment planning, asset allocation recommendations, and investment selection, monitoring, and rebalancing.
Tax Planning
Tax planning is a common focus of wealth management firms in Minneapolis, MN. They strive to help clients lower tax liabilities by identifying strategies investors can pursue to reduce their tax obligations. Suggestions may involve retirement plan withdrawal strategies, tax-efficient investment strategies, and tax-deductible charitable contributions. Some examples include tax-loss harvesting and bunching contributions.
Estate Planning
Wealth management firms in Minneapolis, MN can help you review your estate plan and wealth transfer plan to your heirs and beneficiaries. They will also coordinate with your other professionals such as lawyers and accountants.
Philanthropic Planning
Wealth management firms can also assist clients with their philanthropic objectives. For instance, Donor Advised Funds allow donors to make charitable contributions, receive an immediate tax benefit, and retain advisory privileges over how the account is invested and distributed.
These are just a few of the services wealth management firms in Minneapolis, MN can provide. They tailor the approach to fit your unique financial situation and preferences. They will also include an action plan and assist you with its implementation.
