Whether you have recently become wealthy due to a windfall or you acquired significant wealth long ago, you know the value of having the right professional advisors on your wealth management team. Let's look at the roles each advisor plays on the team:
Estate Planning Attorney
An experienced and knowledgeable estate planning attorney will create an estate plan based on your preferences and goals. The plan will provide your relatives with instructions about how your property should be handled after your death, as well as outline your wishes regarding your health, finances, and more, even while you are living. Your legal team will navigate the latest tax laws and help you keep your estate plan updated as needed to ensure your goals are met even with ever-changing laws and policies.
Wealth Planning Specialist
Typically a certified financial planner, your wealth planning specialist will help you identify your financial life goals and guide you through a multi-step process that includes monitoring and refinement to establish a strategic plan to achieve those goals. He or she will optimize your tax strategy and maximize the wealth you pass on to your heirs. For business owners, this role may be even more beneficial if filled by an expert with certifications and experience in succession planning.
An experienced insurance specialist identifies and coordinates effective solutions for managing risk through the selection of the right type and amount of insurance and is often familiar with many different brands and products.
A licensed investment specialist helps you grow and preserve your wealth through a disciplined and personalized approach to investment and asset management.
Institutional Services Specialist
For charity-minded clients, an institutional services specialist assists with philanthropic and institutional asset management needs.
To begin putting together your wealth management team, start with a consultation with the experienced and knowledgeable estate planning attorneys at Stouffer Legal in the Greater Baltimore area.