As a professional, you well know that planning is the key to running a successful company or practice. The same can be said for your financial future. However, between the demands of work and the complexities of your personal financial matters, planning for your own future can be challenging.
We serve professionals who recognize the prudence in having a well-designed wealth management strategy for addressing short-term needs for today, such as saving for their children’s college educations, and for tomorrow, such as retirement.
We understand the many important financial matters professionals must address, including protecting assets from liability risk, tax planning, managing cash flow, managing education debt, valuating a firm or practice for purchase or sale, wealth transfer, philanthropy and, ultimately, enjoying financial independence. You can rely on us to provide high-level expertise and guidance for your personal financial matters and the needs of your firm or practice.
Legal Professional, Dog Lover. Judy began working with a new client that provided her with a significant increase in work, resulting in a large increase in revenue. For years, she used a SEP IRA to fund her retirement goal, but with the new level of income, an opportunity presented itself for the attorney to rework her business’s retirement plan.
With our team, Judy created a custom designed retirement plan that would allow her to contribute much more than the $54,000 pre-tax deferrals available with a SEP IRA. The result created a significant decrease to her future effective tax rate, and an ongoing ability to continue to contribute a large portion of her income to fund her desired retirement income goal. She never anticipated saving an excess of six figures annually, but a high attention to her long-term goals and current business proved advantageous.
Prior to opening her own practice, Judy started working with WealthEngage for her transition from working with a large firm to going independent. She worked closely with the team to move her 401(k) into a rollover IRA managed by the WealthCIO platform.
After opening her practice’s doors, the WealthConserve process helped our team design Judy’s benefits package with health, life and disability insurance, an appropriate retirement plan, and updated estate planning documents.
Judy expressed her wish to leave a legacy for her family and foundation, so we worked with her estate attorney to develop a plan to meet these objectives, while also mitigating the effect of taxes and confirming proper titling of her accounts, assets and beneficiary designations. We also evaluated Judy’s insurance policies in collaboration with her insurance professional, to potentially mitigate her exposure to estate taxes.
This investment profile is hypothetical and not indicative of any specific situations or clients. It is presented only as an example and not intended as investment advice. Asset allocation and diversification do not guarantee a profit nor protect against a loss. There is no assurance that any investment strategy will be successful. Investing involves risk including the possible loss of principal. While interest on municipal bonds is generally exempt from federal income tax, it may be subject to the federal alternative minimum tax, state or local taxes. In addition, certain municipal bonds (such as Build America Bonds) are issued without a federal tax exemption, which subjects the related interest income to federal income tax. Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Raymond James financial advisors do not render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.