The start of a new year often ushers in a desire to reevaluate goals, reflect on life changes, and set expectations for the year ahead. When it comes to financial health, regular checkups are essential to maintaining a strong foundation. Working with a wealth management firm can provide guidance on major financial considerations such as investments, retirement planning, taxes, and estate planning.
“A benefit of working with a wealth management firm is the opportunity to collaborate with a team of professionals who have experience in financial planning and decision-making,” said Mason Goynes, wealth advisor and Certified Financial Planner® at Gregory Ricks & Associates.
Just as one might seek out a primary care physician who aligns with their family’s needs and health priorities, finding the right team of wealth advisors may require an exploratory approach. Before beginning that journey, it is helpful to understand the holistic nature of financial planning. Investment and tax strategies are closely connected with retirement planning, which can ultimately impact estate planning.
“It is all interconnected,” said Goynes. “If one area is weak, it can affect the others.”
Investment Strategy
Investment portfolios are a foundational component of wealth planning. Understanding how and where to allocate assets is essential during every season of life.
Wealth management services can help clients evaluate diversification strategies and structure portfolios in a way that aligns with their risk tolerance and time horizon. Financial professionals can also provide a broader perspective, helping clients navigate market volatility while addressing potential opportunities and considerations.
For some high-net-worth individuals, wealth management firms may also offer access to certain alternative investment options, depending on suitability and eligibility.
Retirement Planning
Determining when and how to retire is a multi-layered decision. Having a team that understands an individual’s or couple’s priorities and long-term goals can assist in a smoother transition. Developing an income strategy, considering tax implications, and evaluating how to draw from existing income sources are key components of a wealth advisor’s role.
Ideally, retirement planning begins well before a target retirement date. Time is a valuable factor, and establishing a strategy early can allow more room for flexibility as goals evolve.
“Throughout their working years, many people contribute to retirement accounts automatically,” said Gregory Ricks, founder, CEO, and wealth advisor at Gregory Ricks & Associates. “But once you have a clearer idea of a retirement date, you are, metaphorically speaking, expected to bring the plane home. In learning how to land the plane, it can be helpful to have a coach—a financial advisor in this case.”
Tax Planning
Tax planning extends beyond preparing for the next filing season. Anticipating major life events—such as retirement or the transfer of assets—can play an important role in a household’s long-term financial outcomes.
Wealth advisors review income sources, investments, retirement accounts, and other factors to help clients understand tax considerations and potential planning strategies. Many firms work collaboratively with accountants or coordinate with a client’s existing CPA to help ensure continuity across financial decisions.
Estate Planning
Planning a legacy is a significant undertaking and can be an emotionally challenging topic for families. Establishing a relationship with a wealth management firm and discussing legacy goals and strategies may help reduce stress and provide clarity as individuals make estate-related decisions.
“In many cases, wealth advisors can serve as a neutral resource” Goynes said. “Families often have differing perspectives when it comes to money. We sometimes work with multiple generations, and having an impartial professional involved can help to facilitate clear communication.”
Meet with a Wealth Advisor
Wealth advisors often serve as sounding boards, offering insight to support informed decision-making. Gregory Ricks & Associates has served the Gulf South for more than 20 years, with a team of experienced advisors focused on aligning financial strategies with clients’ goals.
“We meet with clients annually for strategy discussions and follow up quarterly with updates,” Ricks said. “We review life changes from the past year and look ahead to future opportunities. We also model potential outcomes five, 10, 15, and even 30 years out to help clients understand how different decisions could impact their long-term plans.”
For more information on Gregory Ricks & Associates or to schedule a consultation, visit: www.gregoryricks.com.
Disclosure: This article is meant to be general and is not investment or financial advice or a recommendation of any kind. Please consult your financial advisor before making financial decisions. For more detailed information, contact a financial advisor with Gregory Ricks & Associates, Inc. Investment advisory products and services through AE Wealth Management, LLC. (AEWM). Insurance products are offered through the insurance business Gregory Ricks & Associates, Inc. AEWM does not offer insurance products. The insurance products offered by Gregory Ricks & Associates, Inc. are not subject to Investment Adviser requirements. Guarantees and protections provided by insurance products, including annuities, are backed by the financial strength and claims-paying ability of the issuing insurance carrier 3668585 – 1/26
