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Wealth Management Palm Bay and Tax Optimization

For affluent individuals with $5 million to $500 million in liquid assets, growing their wealth is not enough. They have to grow it efficiently with the minimum amount of expenses to make sure they are left with maximum returns. Accordingly, one of the biggest expenses they have to bear is tax. High net worth individuals can lose tens of millions of dollars in taxes alone if not managed properly. That’s why investors worth $10 million or more need the right financial advisor, as you’ll learn from our exclusive guide, to adopt the right strategies to minimize their tax liabilities and make their wealth management Palm Bay more efficient.

7 Secrets minified

7 Secrets To High Net Worth Investment Management, Estate, Tax and Financial Planning

The insights you’ll discover from our published book will help you integrate a variety of wealth management tools with financial planning, providing guidance for your future security alongside complex financial strategies, so your human and financial capital will both flourish.

Clients frequently share with us how the knowledge gained from this book helped provide them tremendous clarity, shattering industry-pitched ideologies, while offering insight and direction in making such important financial decisions.

However, it all starts with finding the right wealth manager, and if you’re thinking where to find wealth management Palm Bay, consider Pillar Wealth Management. We are an independent wealth management company that has been working to minimize tax liabilities and other expenses for our high net worth clients for more than thirty years. We focus on each client’s unique financial situation and devise personalized financial solutions to help them achieve financial success and security. Schedule a no-obligation meeting with our managers to learn more about it.

In this blog, we’ll be discussing the different strategies wealth managers use to minimize your tax liability. Let’s get started.

Table of Contents
Tax Saving Strategies for the High Net Worth
Choose the Right Firm for Wealth Management Palm Bay

Tax Saving Strategies for the High Net Worth

It’s important to understand that taxes make up a big part of the costs you’ll have to bear. When you ask a wealth manager, “how much I must pay for wealth management Palm Bay,” don’t just consider the management fee. Ask them how much you will have to pay in taxes, and what they will do about it. Taxes are one expense that you can’t avoid in any case. However, you can minimize it as much as possible to retain the maximum amount of your earnings. Here are a few of the strategies wealth managers use. You can learn more about them or about other strategies by ordering a copy of our book, The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies for Families Worth $25 million to $500 million.

Balance Between Active Management and Passive Management

Some financial advisors like brokers tend to adopt an active money management style. This involves betting against the market and relying on hot buys and latest market trending products. While this does bring in high returns, it also leads to a lot of costs. Since the broker has to constantly buy and sell multiple times, it drives up your transaction costs.

More importantly, since all this is happening within a year, it leads to excessive taxes on short-term capital gains which are usually charged at a higher rate. Passive money management tends to rely on long-term capital gains which result in lower taxes and much more sustainable returns, too. Find out how this makes a difference in the long run by going through our guide on how to maximize portfolio growth.

The best wealth managers, such as those at Pillar Wealth Management, know that you have to strike a balance between the two to get your high returns but also keep your tax expenses low.Get in touch with our managers to learn how we do this.

Wealth Management Palm Bay

Investing in the Right Type of Bonds

You also need to invest in the right type of bonds to reduce your tax liabilities. Palm Bay wealth management service usually includes investment management and retirement planning. Therefore, you might have instructed your wealth manager to invest in bonds so that you have a source of income after retirement. Reach out to our experienced managers to talk about your retirement needs.

However, some bonds incur higher tax charges as compared to others. For instance, bonds issued by corporations and other similar taxable bonds are usually charged at a higher rate, and this translates into even more taxes for high net worth investors. Therefore, instead of investing in taxable bonds, they need to invest in municipal bonds which are tax-free. You can learn more about investing in the right products and securities from our detailed guide on how to improve portfolio performance.

Cultivate Tax Losses

Another tax-saving strategy that most private banks or investment houses won’t bother with is cultivating your tax losses. Sometimes, when you’ve had a bad year with some capital losses, you can use those losses to offset your capital gains and minimize your tax liability.

This is one of the ways to identify if your advisor is experienced and knowledgeable enough as well. If they are not suggesting such strategies, you might want to find someone else using our exclusive guide for investors worth $10 million or more.

Choose the Right Firm for Wealth Management Palm Bay

All these tax-saving strategies are only possible to implement when you choose the Palm Bay best wealth management. Only when the wealth managers have enough experience to know about these tips and tricks will they be able to leverage these strategies to help you save those tax dollars. Similarly, the wealth manager should be a fiduciary so that they truly care about your best interests and do whatever it takes to preserve your assets. Read about what else you need to consider from our guide on how to choose the right financial advisor for high net worth individuals.

Pillar Wealth Management offers a wide range of investment, financial and advisory services to cater to our high net worth clients’ needs. These services include investment management, risk management, retirement planning, estate planning, and tax optimization. We hold a combined experience of more than 60 years in the industry, which allows us to adopt the right strategies and develop the best financial plans to gear our clients towards financial serenity. Start your tax optimization today by scheduling a consultation with our expert managers.

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