Akron-Canton Ohio: Where the Affluent Go for Advice
The number of wealthy Ohioans is growing. Just as in other parts of the U.S., many of the newly wealthy have made their money in technology businesses. This is where we come in: McGervey Wealth Management helps affluent individuals design a better plan to put them on track for meeting their financial goals, staying on track, and getting back on track when obstacles arise.
Our process includes periodic reviews over time to help ensure you are making progress toward your financial objectives while adapting to life changes along the way. Whether it is managing your assets, helping safeguard your legacy, or more, we have the comprehensive expertise and experience for high-net-worth financial planning in Akron-Canton, Ohio.
This article answers these questions:
- Is one-size-fits-all saving and investing optimal for everyone?
- Why do high-net-worth individuals need custom-tailored financial planning?
- How do estate planning and tax planning differ from each other?
- What is the possible downside of traditional asset allocation?
- Could establishing a trust make your loved ones’ inheritance easier?
Affluence Requires a Different Kind of Saving & Investing
If you are financially independent, you should be working with experienced professionals who prioritize meeting your needs and financial life, specifically. McGervey Wealth Management specializes in services tailored for affluent clientele. We handle trusts, estates, tax planning, and more.
Our approach includes investing for bear, bull, and all other market conditions. It is not designed to be set and then forgotten. Meanwhile, traditional asset allocation is designed to provide a balance of risk and reward, but its tendency to lead to concentration in equities can be a drawback: this can leave the method vulnerable to large drawdowns.
Consequently, we also utilize a full-cycle investment strategy. This means that instead of using commonplace asset allocation models, we take a different approach, starting by monitoring global and domestic markets and economic environments closely. Next, we strategically allocate your portfolio to the optimal sectors and asset classes (taking into account whether we are in a growth or inflationary period).
Our investment solutions include:
- Retirement planning
We advise you on the best options for growing your retirement nest egg. Our goal is that by the time you retire, you’ll be ready without having to worry about reductions to the standard of living to which you are accustomed.
- Estate planning
Our estate planning team will work closely with you during this challenging time so that your wishes are fulfilled as well as possible while helping reduce potential tax liability by minimizing probate costs in accordance with estate laws in Ohio and elsewhere (if applicable).
You need the highest level of expertise, experience, and resources from your financial advisor. That is why we hold ourselves to the highest possible standards on your behalf.
Hallmarks of a Desirable Financial Advisor
We make no secret of our belief that McGervey Wealth Management is the best financial advisor Akron-Canton, OH has to offer. Nevertheless, whoever you entrust with your assets (and legacy) must be screened carefully. As you search for the right candidate, there are several factors to consider.
First and foremost, seek someone with the experience necessary to handle your unique needs. A promising financial advisor may have at least seven years of professional experience in their field. However, ideally, they should have been in the financial industry for a decade or more.
You also want to make sure that whomever you choose to be your investment advisor has an extensive education in their area of specialty. A master’s degree or an MBA, like Matthew McGervey holds, is usually a good indicator. Additionally, look for an advisor who has earned certifications relevant to your needs.
For example, a CERTIFIED FINANCIAL PLANNER™ Professional can be a good start, but someone further certified as a Chartered Retirement Planning Counselor (CRPC®) is preferable for mapping out your financial future beyond the workforce. Mike McGervey has earned both titles.
Finally, look for someone who has demonstrated expertise in customizing investment strategies based on individual clients’ goals and constraints. These might change over time as you progress toward retirement, so it can prove more important than it sounds at first.
Can They Handle Your Taxes?
Next, determine if they offer sufficient advice regarding sometimes in-depth topics like tax planning and estate planning. Not all financial advisors are equally qualified to help with these specialized areas of expertise. This makes it important to learn what they do and do not offer.
Tax planning and estate planning are two very different things:
- Tax planning helps you save money on taxes by taking advantage of deductions, credits, and other legal provisions for reducing your tax bill. This tends to be a long-term endeavor because the greatest savings are normally derived from lowering your tax liability over multiple years.
- Estate planning is about protecting the wealth that you would leave as a legacy by setting up strategies to keep it out of probate court upon your passing. It also involves avoiding leaving undue burdens on your heirs, who can inherit their benefits smoothly from the estate plan at the time of death.
Trusts, estates, and retirement plans can be challenging because—especially with regard to high net worth individuals—they are often complex. It is not uncommon for an estate planner to spend several years working with a client before passing on the business to someone else who specializes in tax preparation.
Additionally, trusts are often set up by the wealthy as an investment tool for their beneficiaries or for their children and grandchildren. These allow you to leave money or other assets that were accumulated over time so that others can benefit from them after their death. There are various types of trusts, but any type you choose will involve settling your assets upon your death before paying any taxes owed on them during your life’s final years.
We Can Streamline Your Business Life, As Well
Lastly, do they truly understand how your business is set up? We ask because your company’s structure is a core factor when it comes to saving money on taxes. At McGervey Wealth Management, we know the difference between a sole proprietorship, a partnership, and a corporation from a tax perspective.
You might say that we know it by heart—because it is extremely familiar territory to us, professionally. We have the extensive experience, as well as the expertise, to help you work toward increasing the value of your business and maximizing your personal wealth. Contact us today and see why some may tell you that we are the best fee-only financial planner Akron-Canton, OH has on the map.