Financial Advisors

Growing Wealth In Times of Crisis

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We all are in a quest for preservation and multiplication. Preservation of dollars earned while multiplying dollars that are to come for clients who trust us.

Taking the time to think about strategic growth allows us to focus on creative ways to increase take-home dollars as opposed to dollars unnecessarily going out the door, especially in times of crisis.

When we peel the layers back on what it takes to drive more profit for our own economic ecosystems, we should always start with elements we can control. Every dollar saved is a dollar earned; when future income is considered, proactive tax planning can produce immense savings if addressed appropriately. With the chaos currently being experienced I am convinced we will see tax rates increase over the next several years to pay for debt currently being incurred. So what plan do you have in place and what team do you have working alongside you to address such issues for your clients? Are you familiar with what the right team should look like?

Bringing together professionals who serve the ultimate goal of growing and protecting your clients’ wealth is the first step, but you have to come to the table with some very clear goals and expectations for each client. Have answers to questions like, “what do you plan on doing with the dollars that are saved”, “is the goal to maximize tax savings this year or for the rest of your life?”, “have you considered what retirement may look like if tax rates increase?”. These are items that matter in a big way as they will set the foundation for the types of discussions that need to be had between the financial advisor, accountant, banker, estate planning attorney, insurance professional and finance concierge.

These six players make up the roster for who it is I recommend be inherently involved in executing tax reduction strategies that are tried, true, and have positive impacts on growing wealth.

Individually, these professionals can do some great work. Synergistically, these professionals can make magic happen.

The cliché saying of “many hands make for light work” rings exceedingly true when considering the amount of moving parts that exist when navigating wealth preservation, estate protection, tax reduction, legacy building, and dollar multiplication, especially in the midst of a global crisis.

When you challenge your clients to view their personal finances in the same lens as running a business, extracting value and making each dollar stretch requires multiple departments such as marketing, sales, fulfillment and accounting. When we think about the different “departments” that make up the driving force within our clients’ personal finances; key players involved should consist of a financial advisor, accountant, banker, estate planning attorney, insurance professional, and finance concierge. The idea of not having them work fluidly with one another means inefficiency which equates to dollars lost and missed opportunities for growing wealth.   

Bringing all of them together in order to proactively plan for wealth building and preservation starts with a candid conversation with your client. Once goals and expectations are set, the teambuilding begins which should turn into increased profits, decreased expenses and a very happy client!

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Travis Jennings

Travis Jennings is a seasoned advisor, published author, and leader within the fractional family office space. He owns Finance CAPE in Tampa, Florida, and specializes in serving High and Ultra high-net worth individuals/families.

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