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4 Financial Planning Tips For High Net Worth Individuals

Have you noticed that everyone seems to have different strategies, plans, and dreams for their wealth? We have. While we know that you need to be secure in how your worth is managed, now and in the future, we also appreciate that you need flexibility.

As a high net worth individual, whether you consider yourself daring or conscientious, use these tips for financial planning. Make the most of your assets. Secure your future and that of your loved ones. And know that you can be involved in the planning process as much or as little as you would like.

  1. Know Why Financial Planning Is Beneficial
  2. Partner With Experts
  3. Decide Your Level Of Involvement
  4. Consider Strategic Wealth Management

1. Know Why Financial Planning is Beneficial

High net worth individuals have a good handle on wealth to get to this stage in their lives. It may be tempting to skip out on financial planning, thinking that the assets you have in place can carry you through any need. However, high net worth financial planning specifically does more than allocate your money to specific areas of a budget.

Done right, financial planning can work to reduce your risk, grow your wealth, and ensure that you don’t only have enough for your needs, but that your assets will continue to meet those needs and then some, for your lifetime and that of your loved ones.

2. Partner with the Experts

Working with a financial management firm ensures that wealthy clients get the guidance and planning they need from people who have the specific knowledge and expertise that financial stewardship for the wealthy requires.

The needs of high net worth individuals are different from those of people starting down the path to wealth. It’s useful to partner with financial managers who know the value of your assets and how to keep it growing. Factors like estate taxes, legacy planning for children and other heirs, and risk reduction look different for high net worth individuals than they do for those with fewer assets. It takes a skilled hand to get it all in order.

Unlike general financial managers, those who focus on high net worth individuals often take on fewer clients, given the complex needs of the wealthy. That means there is:

  • a higher level of personal contact and service.
  • a deeper relationship-based understanding of your lifestyle, your objectives, and your goals.
  • an advisor who will take a holistic look at your assets and how they impact your life. 

Work with a financial manager who knows your needs and is prepared to focus on you. Don’t settle for anything less than the expertise and personalized service you deserve.

3. Decide Your Level of Involvement

Some clients want to have insight into every aspect of financial planning, knowing the strategies they would like to use, investments they would like to make, and risks they would like to avoid. We welcome this level of partnership and are pleased to include our clients as much as they would like. We appreciate that we are managing your wealth and that your life is impacted by the financial plan we agree on.

Others have a high-level view of their financial objectives. They are happy to pay financial managers to work to get that done, choosing to focus their time on work, other financial pursuits, and endeavors beyond finances.

Either way, know that with our financial planning for high net worth individuals, you are in control of your financial future. Our dedicated team will work diligently to help you achieve your goals.

4. Consider Strategic Wealth Management

Every life stage requires a different approach. As a high net worth individual, we encourage you to partner with a financial manager who understands the solutions that best fit your lifestyle and your stage of life planning. For example, high net worth individuals who are still working to accumulate assets are in a different stage of life than those who are looking at converting that accumulated wealth for retirement funding and income, family legacies, and wealth protection.

It can be wise to work with one firm with expertise in all areas of high net worth financial planning. Shift financial and lifestyle priorities without having to switch professional partnerships every time something changes. Strategic wealth management is integrated and interdisciplinary. Effectively, it’s a one-stop shop for all things related to financial planning for wealthy clients.

Get in touch with Brix Partners to learn more about our high net worth financial planning services. You can also call us at (212) 578-2048.