The Wealth Accumulation Process:
Once you’ve started your climb up the Financial Step Ladder and are ready to begin planning to achieve your financial and life goals, you’ll want to work with an adviser that employs a systematic approach to wealth management. To this end, WEALTHplan considers the following building blocks of wealth creation when constructing financial plans:
Accumulation
Accumulation generally takes one of two forms. Savings and/or inheritance. For most, the accumulation phase is the first pillar of wealth creation and involves making choices that lead to a consistent savings plan. Committing to a budget that accounts for your current lifestyle as well as your long-term savings goals is an often ignored, but crucial step in the wealth accumulation process.
Growth
Inflation is the enemy of accumulation. It has the effect of eroding wealth by diminishing the value of your hard earned money. Designing a proper investment plan for growing your money over time to maintain its’ purchasing power, while considering other factors such as risk tolerance, objective and time horizon will serve to negate the erosive effects of inflation.
Preservation
Preservation is key in both the accumulation and growth phase of wealth creation. Taxes may well represent your largest lifetime expenditure. Often, even more so than your home. Something the very rich have known for many years, planning to minimize your lifetime tax bill as well as maximize government benefits can make an enormous difference in your ability to create and maintain wealth.
Succession
It can take a lifetime to build your wealth. A proper succession plan will consider any potential risks as well as mitigate the effects of taxation on your estate so that the majority of your wealth is transferred to those you love.
To This End:
When developing strategic solutions to meet your objectives, your WEALTHplan adviser will consider your past, your present and your future. In so doing, he/she will carefully analyze:
Your Previously Filed Tax Returns
Your tax return represents a wealth of financial information. A careful analysis will uncover any potential or missed opportunities for wealth creation moving forward.
Your Statement of Net Worth
Your statement of net worth represents your current financial position. It will serve as the baseline for monitoring your financial progress.
Your Financial Plans
What does your future hold? A well-articulated plan will act as a roadmap to get you to where you want to be by outlining strategic solutions to optimize your resources and build your wealth.
Products or services related to investments, investment recommendations, financial planning, retirement planning, and investment reviews are provided through our mutual fund dealer Security Financial Services and Investment Corp.
Insurance and financing product sales are not conducted through Security Financial Services and Investment Corp. nor are they the business of Security Financial Services and Investment Corp. Insurance sales are conducted through QFS, a Managing General Agency. Mortgage and financing product sales are conducted through Manulife Bank.
