What Wealth Management Might Look Like in the Future

For many years, wealth management companies, as well as individual wealth management advisers have existed with the goal of helping people to make their money work for them. In other words, once people have finally accumulated the assets they’ve worked so hard for, wealth management professionals step in and help people to make the most of their assets through investment advice and other help. However, the wealth management industry is changing rapidly and has been for several years, leading many experts to speculate on the changes that are still (and soon) to come in the industry.

One of the first big changes that wealth management firms are predicting is that customers will have more control over their experience and their interactions with their wealth management professionals thanks to the likely use of an online-based platform that will allow them to input information, request specific advice, contact their advisers as needed, and manage assets and make decisions all in one convenient place and through one convenient platform.

Another big change that the wealth management industry foresees is that wealth management professionals, in the future, will be asked to do more. They’ll be expected to provide not just wealth management advice but also general financial advice, advice on which types of insurance to buy within one’s budget, and more. Wealth management professionals are going to have more information than they previously have, which will enable them to do more for their clients, and which will also lead clients to expect more.

With all of the improvements that are expected within the wealth management industry in the coming years, it’s also highly likely that wealth management professionals will soon begin to charge more for their services. After all, if they’re providing more of them and in more convenient ways, so of course they would charge more.

The additional costs, however, would likely be made up for by the new and additional benefits this industry will have to offer. In fact, it offers a lot right now, as it is, so don’t hesitate to find a wealth management professional to assist you with your needs, both now and in the future.

Wealth Tends to Decline over the Generations

There are, unfortunately, many people in this world who don’t subscribe to the belief that wealth management strategies are important. These people just expect the money to keep rolling in and accumulating with little to no effort on their part, and, according to Fox News, more often than not, these people are not the people who made the money in the first place. Instead, they are the heirs who have received family money through no actions of their own.   

Cerulli Associates, a research firm, predicts that, between 2031 and 2045, about 10% of the wealth in the United States will be “changing hands” every five years. It also predicts, however, that each time the wealth changes hands, it will decline. Typically, wealth increases in the first generation to acquire the wealth and then begins declining by the second or third generation, ultimately becoming non-existent or at least modest in later generations.

If you’ve worked hard to build your fortune, and inevitably you have, don’t let it all go to waste once your heirs get ahold of it. Teach your heirs and yourself proven wealth management strategies to make your money last. You can learn and begin implementing those strategies through the help of a skilled wealth management firm, such as Platinum Financial Associates of Naperville.

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Want to Get Rich?

Would you like to get rich? Of course you would; everybody would, but unfortunately, unless you win the lottery, getting rich doesn’t happen overnight. Instead, getting rich is a process, one that requires careful decision making and planning on your part.

To begin with, you should be making smart investments. A good financial management firm can help you to understand what makes up a smart investment and can tell you the best time to make those investments and how much you should invest.

Of course, once you do get wealthy, you have to learn how to manage that wealth. Fortunately, many financial management firms also act as wealth management firms, in that they can help you to take the wealth you currently have and to make wise choices with it, choices that will, in the long run, make you even more money. One of the best wealth management and financial advising firms in Naperville is Platinum Financial Associates. Whether you’re trying to make money, trying to decide what to do with the money you have earned, or both, the professionals there can assist you.

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What to Do When You Come Into Money

Have you recently earned a relatively large or even very large sum of money? If so, then you may be wondering what you should do with that money. While your first instinct may be to spend it all on some big purchase, such as a new house or a new car, know that there are much better things you can do with your funds, things that can allow your money to multiply and to continue working for you for years to come. As another warning, remember that money, even lots of it, can also slip away little by little if you aren’t careful, and that’s why it’s so important to have a solid plan in place as to how you will invest your money.

Many people, especially those who are new to the world of wealth management, are unaware that there are a wide range of ways to invest money. While just putting money in a savings account is a good idea, it’s not the end-all-be-all of smart choices for managing money. If you’d like to see your little nest egg grow and perform for you in diverse ways, then you need the help of the professional wealth management team at Platinum Financial Associates of Naperville.

Banking on Social Security? Think Again!

If you were to ask the average American about his or her plans for the future and about his or her wealth management strategies in general, you would likely find that, the vast majority of the time, the individual was putting all of his or her hopes and dreams on social security funds. It’s important to understand, however, that, on average, a retiree can only depend on social security for about half of his or her income.

For those who have been banking on social security, that fact likely comes as quite a shock, but it’s the truth. Social security, nine times out of ten, will not handle all or even most of your retirement income needs, regardless of where you worked or how long (or hard!) you worked there.

If you’ve been relying on social security benefits, stop! Regardless of who you are, it’s time to take control of your own wealth management and to start preparing for the future. Fortunately, the financial experts at Platinum Financial Services of Naperville can help you to do just that, so give them a call today!

Managing Your Money

If you’ve worked hard for the majority of your life and have been smart with your money, then you probably have a nice little (or big!) nest egg to show for all your hard work. You have two choices when it comes to that nest egg; you can either leave it alone, or you can make smart choices with your money and enable it to grow and multiply. Obviously, the second choice is the better option, and you don’t have to be some financial expert either. No, you can manage and multiply your money by seeking wealth management advice from a professional financial services company.

When you work with a Naperville company that specializes in wealth management, you’ll be able to sit down and talk with a knowledgeable professional about your money and about what you would like to see happen in your future. Based on your needs and desires, your personal financial consultant can set you up on a good plan to help you make the most of your money. From investments to retirement planning and beyond, you can put your money to work for you! Just contact the friendly pros at Platinum Financial Associates of Naperville. 

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Connecticut Town’s Financial Director Arrested

Towns, big and small, all across the United States appoint finance directors to oversee their general wealth management. Unfortunately, however, not all of these finance directors can be trusted, as is the case with Henry L. Centrella Jr. Centrella was the finance director for a small town in Connecticut called Winchester and is charged with embezzling $2.3 million from Winchester’s budget in order to support the Florida woman with whom he was having an affair.

Centrella was arrested in August and now faces five counts of larceny. The news came as a shock to the town, since Centrella had been working as the finance director since 1982. Obviously, Winchester should have been more careful about and more watchful of whom it hired to take over its wealth management department.

This story should be a lesson to all people to watch their finances closely and to be careful about whom they put in charge of their finances. For trustworthy financial advice in Naperville, know that you can always count on Platinum Financial Associates.

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Share the Wealth

If you’re doing fairly well or even very well financially, you might want to give back to the people who have given to you. After all, those with good wealth management plans in place usually have plenty of funds left over to do with what they wish. When you give large financial gifts, however, it’s important to remember that, in most cases, you’re required to pay taxes on those gifts. While it’s tempting to do your giving “under the table,” there’s a better, less-risky way to go about giving gifts without paying exorbitant taxes. In fact, there are actually quite a few ways that you can get around high gift taxes.

One thing you may be able to do, if you don’t mind giving your gift posthumously, is to make a special provision in your will that makes your gift tax free. You can do the same thing—create provisions—and give a tax free gift through your trust as well. There is also the opportunity to give one large gift per year; that one gift can be excluded from the gift tax, though there is a limit—$14,000—on how much you can give.

To learn more about these and other loopholes for giving tax-free gifts and about wealth management in general, contact Platinum Financial Associates of Naperville.