Tax-efficient investing can add considerable power to your net wealth – the kind you and your family get to keep after taxes and expenses have taken their toll. But making the most of the many opportunities can be daunting if you’re going it alone.
We consider many of the folks we work with to be “family stewards”. Meaning they primarily seek to use their wealth to care for themselves and their family. Therefore, considering family conversations about money are an excellent way to foster a strong family dynamic.
There are a number of personal habits you can embrace that make for tax-efficient investing. Ask your advisor how they manage this aspect of your investment assets.
I suppose one such moral to this story would be to do all you can in working toward some good and worthwhile life goal. Do so with humility and with the expectation of inevitable roadblocks along the way. And, if you are given the chance to help others in the process, make sure to embrace the opportunity.
What is a financial advisor for? One view is that advisors have unique insights into market direction that give their clients an advantage. But of the many roles a professional advisor should play, soothsayer is not one of them.
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