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Integrated Estate And Retirement Planning

Are Your Current Advisors Overwhelmed By The Complexity Of Your Financial Life?


Are your financial advisors and tax professionals on the same page, working together to optimize your estate and retirement planning? 


While it might be tempting to assume these professionals collaborate on their clients' behalf, many wealthy Americans report a glaring underservice gap in these areas. One reason for this may be that the average financial advisor's and tax professional’s business models often aren’t designed to go deep and discover the true complexity of a client’s situation. Their incentives lead them to focus on one-size-fits all services that are needed by many (e.g., asset allocation for the financial advisor; tax prep/compliance for the CPA). Less common but critical specialized planning issues can get insufficient attention.

This shortcoming can lead to clients' being underserved. Estate and retirement planning both can involve multiple issues where there are trade-offs between issues such as short-term and long-term tax mitigation, control over assets and placing those assets beyond the reach of creditors and/or under the direction of beneficiaries. Without a full array of relevant experts, clients with multiple layers of complexity in their personal, family, and business finances may end up leaving money and unnecessary risk on the table.

According to the Spectrem Group, the vast majority of wealthy individuals surveyed reported wide gaps between their expectations for planning and advice relating to estate and retirement planning, and the advice they actually receive from their advisors. In areas like business succession planning, life insurance, and trust services - areas with huge impact on retirement and estate planning and tax mitigation- as few as 10% of clients received the advice they needed.

 


When we’re planning for retirement, one of the important things is tax planning and creating a strategy for how we’re going to draw on different sources of income. Decisions made at the intersection of tax planning and retirement planning can have a huge impact. The Secure Act changes to retirement planning are also shifting tax planning and retirement planning strategies.

With the passage of the Secure Act of 2019 and its changes for both distributions and non-spousal beneficiaries, it’s important for people to carefully review and potentially make changes in how and when various retirement-income assets should be turned on and off.

Embrace Your Complexity! Meet Your Goals by Using Multiple Specialists with Expertise in the Specifics of Your Financial Life


Read "When Retirement Planning and Tax Planning Come Together."


Read "Investing, Diversification and Choosing a Financial Advisor."


➥  82% of those surveyed expected Life Insurance Advice from their advisors, but only 12% actually received it

➥  94% of survey respondents wanted advice on Trust Services, but only 10% reported receiving it

➥ 83% of people surveyed expected advice on Long-term Care Insurance, but only 14% actually received this from their advisors



Where There Is Complexity, There Can Be Opportunity


Customization is much harder than often is assumed. Traditional advisory processes may be ill-equipped to uncover the full range of your estate and retirement planning opportunities. Palmerston Group uses a Team of Experts, approach which starts with the complexities of the client and builds the team from there.

A Team of Experts can then use their knowledge of niche estate planning and retirement planning opportunities and strategies to their client’s benefit. Complexity thoroughly understood can uncover missed opportunities.


If there’s complexity, practicing collaboration and tapping into diverse sources of expertise is how financial planning can add real value for you.


Is Collaboration Your Missing Ingredient?

If you have any questions about how "Team of Experts" planning can help you, please reach out for a free assessment: Please click here.



Schedule a time with us today and get started on your journey to better financial planning.