WHAT IS WEALTH MANAGEMENT?
In an ideal world, your wealth would run smoothly without constant oversight. Your finances would be streamlined, and your decisions obvious. But wealth actually is pretty complicated, and the decisions you make in one area of your finances can affect other areas for years to come. Plus, few people have the time or desire to develop the expertise to manage such far-reaching decisions.
At Parkshore Wealth Management, we provide wealth management that helps free people to live their “why” in life. We work with financially responsible individuals and families throughout the Greater Sacramento, Logan Metropolitan, and Provo-Orem Metropolitan areas to organize their wealth, simplify their financial picture, and attain clarity about how to achieve their life’s dreams.
Based in Granite Bay and Folsom, CA, and Lehi and Logan, UT, we design our Wealth Management services as a blueprint for success. Depending on your situation, we might look at the following:
THE ROLE OF A FIDUCIARY IN WEALTH MANAGEMENT
Whether or not you think of yourself as a person of high net worth, you may find a wealth manager indispensable as a one-stop shop for the diverse financial services you need.
To help ensure that the services you receive are truly designed for you, consider seeking out a wealth manager who serves as your fiduciary and provides fee-only service that is free of commissions.
Since you will develop an ongoing relationship with your wealth manager, your trust that they are providing advice in your best interests is essential. A fee-only, fiduciary can help build that trust.
THE WEALTH MANAGEMENT PROCESS
Wealth management is a comprehensive process that helps protect and grow your wealth so you can achieve your goals in life. Your wealth manager builds a blueprint of interrelated strategies, helps implement them, meets with you regularly to assess progress, and creates the systems for the eventual transition of your wealth.
Our Wealth Management process for working with you includes the following steps:
STEP 1: Get to know each other. We meet, get to know you and allow you to decide if our independent financial advisory is a good fit for your needs.
STEP 2: Establish a clear understanding of your goals and objectives. We have a frank conversation to determine what you want to achieve with your wealth.
STEP 3: Determine your risk profile. Through discussion and testing, we find out how much risk you would like (and need) in your portfolio to achieve your goals.
STEP 4: Establish your accounts. We create your accounts and transfer your investments.
STEP 5: Allocate your funds into the appropriate asset classes. Using the information we gathered earlier in the process, we implement our investment selections.
STEP 6: Develop your unique financial plan. We present a final version of your customized financial plan so that you're positioned to move forward.
WHAT AREAS DOES WEALTH MANAGEMENT ADDRESS?
With our Wealth Management program, we organize all areas of your financial life around your goals. We offer the collective skills of our team members, working together on your behalf without regard to the time constraints found in less comprehensive offerings.
Some of the areas in which we commonly make recommendations include:
Personal, fee-only financial planning: We create a comprehensive financial plan that pulls together all areas of your wealth. Your financial plan is the blueprint for how your goals can be achieved.
Tax planning and preparation*: We provide proactive tax planning and preparation, taking advantage of tax strategies such as tax-loss harvesting. If you work with another tax preparer, we can provide up-to-date financials on your behalf.
Cash flow planning and management: We build a cash flow plan based on your income, expenses, and goals—both in the short and long term. We help you find the balance between enjoying life today while saving for tomorrow.
Retirement, tax, and estate planning strategies: We help get and keep you on track for your ideal retirement. We build in long-term tax strategies to help you keep more of your money in retirement, and we work with your attorney to coordinate your estate plan wishes.
Disciplined portfolio management: We build an investment strategy tailored to your personal and financial goals. We take into account factors such as your age and risk tolerance so that you are better able to withstand short-term market variability and keep your focus on the long term.
Asset allocation model construction: Your portfolio will be constructed according to your strategy and will include ongoing management such as rebalancing.
Retirement plan rollover guidance: When you have a retirement plan with a previous employer, you have options. We advise you on those options based on your financial situation and objectives.
Advice about stock options: Stock options can play an important role in your wealth and life goals. But the tax issues can be tricky, and mistakes can be expensive. We have a thorough understanding of how stock options work and will provide fiduciary advice to maximize yours.
*Additional fees may apply
In addition, we provide resources on many other financial subjects to help promote financial wellness. We are also happy to offer a fiduciary second opinion on your current investment portfolio or financial plan.
LET’S CHAT
Let’s see how we can help you achieve your financial goals.
Schedule a 15-minute discovery call.