You’re at a dinner party, you’re meeting new people. Then one of the first questions you’re asked is, “So what do you do?” It’s a familiar scene for all of us. It can be an easy icebreaker, but if you’re in an industry like mine, the answer can be a little more complicated.
The financial services industry has long been vague about the actual services provided from professional to professional and what the different terms in our industry mean. There are various acronyms to sift through — CPA, CFA®, CFP®, etc. — not to mention titles like “financial planner,” “investment advisor” or “wealth manager.”
The industry does not make it easy on consumers to compare professionals and services. And it doesn’t translate to easy dinner party conversation, either!
That’s why when I launched Abeona Wealth in 2020, I made a conscious effort to be as transparent about who I am and what I do as possible. I also included an easy reference section to answer important questions that a prospective client should ask me or any other advisors that she interviews.
Wealth Management Explained
Good wealth management helps you live your best life today, while also helping you plan responsibly for tomorrow. So, what does wealth management mean at Abeona Wealth? It means that we take an integrated, holistic, fiduciary approach and serve as your family’s CFO to not only manage investments, but proactively plan for taxes, wealth transfer, charitable giving, and retirement planning.
Values and Goals
If you don’t know where you’re going, you’ll never get there. What does a successful and happy retirement look like to you? Do you have charitable goals and intentions for your wealth? Do you want to provide financial support to your children and grandchildren? Do you have ageing parents you need to support?
The source of wealth is often the result of your or your family’s hard work and discipline over a long period, and understanding how you got here and what the money is for is an incredibly important part of the equation.
Before we even get to the numbers and returns, I get to know my clients and their personal values first. What is important to you? Are the annual extended family vacations or season football tickets non-negotiable? What values and assets is it important we build on to ensure your finances feel authentic to the rest of your life?
Abeona Wealth takes a planning-first approach, and this financial planning analysis then informs our investment selection. You can look forward to a holistic approach, starting with goal definition and using careful analysis to help you make informed decisions.
Along with creating a roadmap for financial success, we also help you implement, maintain and adjust your financial strategies over time — so don’t worry, you won’t be left to figure it all out on your own. We focus on four key areas of financial planning to draw out an indelible financial picture you can then continue to evolve from with confidence.
- Tax mitigation and planning where possible to plan for uneven income, realized capital gains, or business transitions.
- Wealth transfer strategies to efficiently transfer assets to a spouse or the younger generation via trust structures or asset titling to achieve your specific goals.
- Asset protection recommendations through appropriate legal structures or insurance coverage.
- Charitable giving strategies through gifting appreciated assets or leveraging a donor advised fund to both accomplish philanthropic goals and provide a tax benefit.
Maybe you understand that you need to invest to meet your retirement goals, but have absolutely no idea how to create a well-balanced, diversified portfolio. Or maybe you simply don’t have the time to do the research necessary to make wise asset allocation choices.
Our investment approach is designed to take the risk needed to reach your goals, but not more than you are willing to or can afford to take. At Abeona Wealth, implementation and expertise are of utmost importance. Wealth Management clients receive investment management that follows not only research-based principles but also individualized execution:
- Investment allocation guided by an Investment Policy Statement for your family.
- Tax-efficient investing that aims to be mindful of adding significant additional tax liability through realized gains or income for those in a high tax bracket.
- Incorporation of legacy holdings into an overall plan where a concentrated holding is unrealistic to sell.
- Consideration of human capital risk in conjunction with investment capital risk if there is a need to balance the two.
- Thoughtful asset location to locate high income assets within tax sheltered accounts when possible.
- Coordination of the full family balance sheet and assets to target an appropriate level of risk overall.
As your outsourced CFO, I often serve as the main point of contact for you and your family’s team of professionals so that your time is not taken up by more meetings than necessary.
During important life phases like an update to estate plans, retirement, or the loss of a spouse, a central contact who knows the right questions to ask and can organize any action steps can be incredibly valuable. At Abeona Wealth we can help you work with your chosen team of professionals such as:
- Estate planning attorney
- Other investment advisors
- Corporate trustee
Women Supporting Women
If you already have a wealth manager, do they help you look after your money in a way that feels aligned with who you are and what you want to achieve?
With women set to control $30 trillion dollars by the end of the decade and female breadwinner status growing every day, it’s more important than ever for women to feel in control of their financial situation.
As a female financial planner and business owner, I understand the unique financial issues that women face, and am here to help guide you to a secure financial future. Get in touch to discuss how Abeona Wealth can help you.