As a High-net-worth individual, you may have spent your career building their assets, making wise investments, and having the agility to adapt to a changing marketplace. The funds you have built have gone a long way toward creating a comfortable way of life. However, with sudden changes and volatility in the market, your hard work can disappear in seconds if you aren’t careful.
With the market’s current and future uncertainty, many ask, “how can high-net-worth individuals best protect their money?” Stolz & Associates, P.S. understands the desire to protect your hard-earned assets, and we’re here to provide you with some helpful tips to keep your money safe for the long haul.
Embrace Cyber-Security Tactics
Nowadays, more people are trusting their assets to digital spaces where they can live as a series of ones and zeros. However, with the convenience of storing sensitive financial information on the internet comes the looming threat of cyber attacks aimed at getting to this information. These outside actors can use readily available information that we provide in our daily internet footprint, which can unwittingly give them access to our most prized possessions.
Embracing increased attention to your cyber security practices can go a long way towards protecting your most sensitive data. For example, diversifying passwords, randomizing what emails you use, and two-step authentication can go a long way toward safeguarding your digital assets and information.
Hire an Estate Planning Professional
While people in all tax brackets should practice estate planning, high-net-worth individuals should place this service at the top of their priority list. An estate planning specialist in Tacoma, WA can help you protect your wealth throughout the rest of your life and also help ensure it is properly divided after you’ve passed. In addition, they can help you navigate the more significant taxes applied by state and federal governments to high-value estates and help ensure your family wealth is protected for generations to come.
Develop a Sound Financial Plan
For high-net-worth individuals, having a sound financial plan in place through the end of their working career and retirement goes a long way towards protecting your money. These detailed plans help you track what you have invested, how it’s performing, the health of your retirement funds, and how your investments are getting allocated. Having a trusted voice in your ear can help you push your financial future forward, helping you protect your assets and ensure your wealth stays intact for years to come.
Optimally Manage Your Risk
High-net-worth individuals become accustomed to a certain amount of risk when adequately funding their retirement. You can decide how you want to invest your money in your retirement funds, but if you try to do so without a sound plan or considering the inherent risks with a given option, you can see wild shifts in your assets. Taking the time to understand and manage these risks will go a long way toward helping you better protect your net worth.
Properly Prepare Your Heirs
Through a proper estate plan, you can dictate how your fortune will be distributed among your beneficiaries. However, with all of this money coming into their possession, if they aren’t properly prepared for their inheritance, the likelihood of them becoming overwhelmed by their sudden windfall and making costly mistakes increases. Taking the time to help your heirs learn financial literacy and teaching them effective money management skills will help ease their transition into their newfound wealth.
Let Stolz & Associates, P.S. Help With Your Financial Future
High-net-worth individuals have multiple aspects of their financial future to manage and protect to ensure their wealth remains intact. Stolz & Associates, P.S. works with our clients to help ensure they have a strong wealth management plan to best protect their assets now and in the future. Our experienced professionals help ensure you and your family will benefit from your financial assets for years to come. Contact us to learn more about our services and schedule your first consultation today.