Knowing the ins and outs of proper money management and knowing what to invest in can be a confusing path for anyone who doesn’t have the time. There are many tricks and ways to use to make sure your money is safe, but these can take years to learn. That’s why there are professionals like Richard Dwayne Blair for this type of problem. People who have spent the better part of their lives learning and managing others. The money business is a business.
As many work tirelessly through their life, they do so with certain goals in mind that include security, retirement, and family. It’s important to make sure that all the hard work pays off and all the wealth we’ve acquired through the years doesn’t go to waste. Common mistakes are made all the time when it comes to money management. That’s why it’s important to understand what not to do and take the proper precautions.
Knowing Your Investment Options
When it comes to saving for retirement, it’s important to defer as much income as possible through an IRA or work retirement plan. This is one common mistake that people forget to do as well as not knowing how to utilize the Social Security system. An increasing number of companies are not offering pension plans so more and more retirees are relying on Social Security. Understanding the rules of Social Security will help you maximize the most money out of the system.
Many mistakes are also being made when it comes to investing. Avoiding paying short term capital gains and instead use short-term losses tactically to offset them can be a more beneficial route. Tax-loss harvesting is a technique used by the best investors to lower taxes while maintaining the risk/return profile of their portfolio.
If someone is serious about investing, it is best to have a good investment philosophy. Many people are too quick to invest or are not properly diversified. Putting too much investment in the hottest stock that has the most momentum can lead to low returns and high fees.
Presuming the majority of people managing their own money aren’t familiar with these common mistakes, it’s always a smart decision to hire someone to guide you and teach you the best practices. There are many firms that promise to place the client’s needs first, but some firms have been accused of leading clients astray.
Smaller, Trusted, Transparent
Larger firms take on as many clients as they can which sometimes leads to the client not receiving the most trustworthy information or being used for the benefit of the company. This is exactly what has happened with clients under management of the company we all know as Wells Fargo. Just recently, the Wells Fargo wealth management division has been placed under investigation. In a report from the Wall Street Journal, whistleblowers initiated claims against wealth management, including the bank’s brokerage division of Wells Fargo Advisors. They are alleging that employees pushed for customers to purchase products and services in an effort to boost their own compensation instead of putting customers’ needs first.
Smaller independent firms can be a more trustworthy source of guidance. Firms such as Wealth Solutions in Austin, TX can provide personalized and professional advice and ensure the client’s needs are the top priority. Founded in 1994 by Richard Dwayne Blair, Wealth Solutions is an independent firm that focuses on making significant and positive differences in the lives of individuals, families, and small business owners. With qualifications such as being a certified specialist in annuity, estate and trust, income and tax, and an Investment Advisor Representative, Richard Blair has honed his knowledge of and experience in retirement planning and specializes in helping his clients bridge the gap between planning for and living in retirement.
With a deep qualified background, Richard Blair sets forth certain guidelines for his management firm and has created a transparent relationship with his clients. The first rule is understanding that clients are each unique in their own way. Listening to the clients’ goals allow him to develop a customized plan that can help them pursue those objectives. Even with Richard’s qualifications, he always keeps a student mentality when it comes to giving any advice by learning and utilizing the latest insights from the tax, estate, legal, and financial fields.
The client should feel in control of their decisions, so working closely alongside the client and providing them with insight and knowledge about their investments helps them feel secure about making financial decisions. Next, the client should never expect generic products, but customized solutions. Richard meets this with figuring out what’s important to the client and providing them with a clear strategy to help meet their goals.
It’s also important to a client that the process of transferring their accounts to a firm is a simple one. By discussing any costs associated with becoming a client at Wealth Solutions up front, clients can make an informed decision. And finally, Richard understands that a client’s wealth is not only important to them, but their family as well. Clients are given options to preserve their wealth through retirement so that their family can feel safe.
For those who are serious about managing their wealth, it’s important to know who you’ll be working with and their integrity. Feeling safe and essential can make the intimidating choices of managing your money a pleasant experience. Small independent firms such as Richard Blair’s Wealth Solutions provide the personal financial help to make that happen.