Preparing for upcoming financial events or life milestones, such as inheriting a business or wealth, or planning for retirement, requires careful consideration and planning. The HARTY CARPENTER GROUP at Merrill Lynch in Fairhope can help. S Wesley Carpenter, a financial advisor at the firm, says not everyone has a clear picture of their financial goals, but with an idea of where you want to be and with the help of an experienced advisor, you can take control of your financial future and attain your goals. “A lot of what we do today is not like the old days of asset management where clients used to just say, here’s a bucket of money, go manage it. What we’re doing is planning for all the unforeseen events for clients, but also their financial goals.
Remember, each person’s financial situation is unique, so it’s crucial to tailor your planning process to your specific circumstances. Regularly reassess your plan and adapt it as necessary to stay on track and achieve your financial objectives.
Wesley’s nine-person team in Fairhope and Birmingham have over 100 years of industry and practical experience helping clients manage every aspect of their financial life. Over the past few years, Wesley has been named to Barron’s “Top 1,200 Financial Advisors” list (2021-2023) along with Forbes “Best-in-State Wealth Advisors” list (2019-2023).
Here are some steps you can take to prepare for these events:
SET FINANCIAL GOALS:
Define your short-term and long-term financial goals. These goals will guide your planning process and help you prioritize your actions.
SEEK PROFESSIONAL ADVICE:
Consider consulting with financial advisors at Merrill Lynch. They can provide valuable guidance tailored to your specific circumstances, ensuring you make informed decisions.
DEVELOP A COMPREHENSIVE FINANCIAL PLAN FROM A CERTIFIED FINANCIAL PLANNER.
Work with a financial advisor like Wesley to create a detailed plan that addresses your financial goals and upcoming events. The plan should include strategies for managing both your assets and liabilities along with tax and estate strategies to help you achieve your financial goals.
ASSESS YOUR CURRENT FINANCIAL SITUATION:
Take stock of your current financial status, including your income, expenses, savings, investments, and debts. This evaluation will give you a clear picture of your financial health and where you stand in relation to your goals.
DIVERSIFY YOUR INVESTMENTS:
Consider diversifying your investment portfolio to minimize risks and maximize returns. Allocate your assets across various asset classes, such as stocks, bonds, cash, real estate, and alternative investments, based on your risk tolerance and financial goals.
BUDGET AND SAVE:
Create a budget to manage your expenses effectively. Set aside a portion of your income for savings and investments. Automate regular contributions to retirement accounts or other investment vehicles to ensure consistent growth.
EDUCATE YOURSELF ABOUT FINANCIAL MATTERS:
Take the time to educate yourself about personal finance, investing, and retirement planning. Understanding these concepts will empower you to make informed decisions and protect your financial interests.
REVIEW AND UPDATE YOUR ESTATE PLAN:
If you’re expecting an inheritance or business transfer, review and update your estate plan to ensure it aligns with your goals and reflects any changes in circumstances. This may involve creating or updating your will, establishing trusts, or naming beneficiaries.
MONITOR AND ADJUST YOUR PLAN:
Regularly review and update your financial plan as your circumstances change. Keep track of your progress toward your goals and make adjustments as needed. Stay informed about changes in tax laws, investment opportunities, and economic trends.