Areas to Consider When Creating a Wealth Management Roadmap

It would be impossible to reach your financial destination without a clear plan. This is where setting wealth management goals come in. It's best to work on this with your financial advisor to have a clear view of what you wish to accomplish from a sound financial perspective.


What are the Main Areas of a Goal-Based Wealth Management Roadmap?

Business Succession

Do you own a closely held company like other wealthy families? If so, then you need to have a solid plan in place that would cover business succession right before you make your business exit. It doesn't matter if you intend to transfer your company's ownership to the next generation or sell it to an outside buyer – the process of transition to new ownership requires much careful planning.

Estate Planning

This refers to how you would want your assets to be distributed to your heirs after your death. Goals need to be set in place beforehand to avoid placing the burden of high estate taxes on your heirs and disputes among them about how your assets should be divided.

Financial Liquidity

You need to set this goal if your own business constitutes a huge chunk of your wealth. It's important to liquidate your business's value so that you can use this to cover your daily living expenses by the time you retire.

Retirement Lifestyle

This refers to what you want to do after you retire. Would you like to travel or volunteer in nonprofit organizations? It's best to give this much serious thought so that you can easily set your goals for your retirement.


Do You Need More Information About Wealth Management?

Learn from the financial experts at 1879 Advisors so that you can achieve your financial goals! Request an appointment today!

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