Investors face an array of financial planning challenges, which can be presented in confusing, piecemeal fashion without overall coordination and planning.
For our clients, the individual components of planning and guidance come together through Aviance WealthPlan™, our multi-faceted financial planning process. Our approach to wealth management relies on the development and implementation of a consolidated plan taking into consideration several individual planning areas and reporting them together in one concise and cohesive plan document.
Our financial planning professionals work with you to develop your Aviance WealthPlan™ in an attempt to optimize efficiency, decrease potential tax exposure, mitigate insurable risks, ensure readiness for important milestones, and enhance the impact of charitable gifts.
Each relationship begins with thorough analysis of your current portfolio, cash flow, and personal balance sheet.
We work closely with you to review objectives, constraints and income demands with respect to risk tolerance and timeframe.
Together, we seek to develop a personalized written plan with distinct priorities, investment objectives, and measurable goals.
We analyze multiple investment strategies, estimate potential outcomes and make informed decisions regarding what we believe are the most appropriate solutions.
We continue to monitor the plan and communicate where we are in meeting your goals and discuss if necessary adjustments are needed to stay on track.
One of the strengths of the Aviance WealthPlan™ is the technology interface. This approach provides a summary of all of your investments whether they are managed at Aviance or other institutions. It allows us to deliver accurate and up to date advice on all your investible assets, and provides you with a clear, current and centralized view of your financial well-being. Additionally, we prepare your overall balance sheet, allowing us to view and report on your non-invested assets such as cash, mortgages, rental properties, illiquid assets and privately held businesses. By taking this approach, Aviance WealthPlan™ offers an on-demand financial plan that covers many aspects of your financial picture in a consolidated report.
Retirement Income Planning:
There are many steps involved in planning for retirement, most notably assuring adequate income. Retirement income planning is designed to give you an understanding of when retirement is feasible given a variety of factors, such as your views on risk, time horizons and cash flow needs.
Sources of retirement income typically depend on assets accumulated during working years, government programs (social security) and employer-provided plans. Since markets are broadly unpredictable, we model and test your retirement assets and income flows against random variables to better understand the impact of risk and uncertainty.
We analyze the range of outcomes and make informed investment recommendations that seek to minimize unnecessary risks and provide the highest probability of adequate income through retirement years.
Estate and Trust Planning:
When estate planning has a sound structure, you leave a respected legacy that helps instill your values and provide resources in a responsible and efficient manner. In essence, estate planning is a process that helps you:
Preserve and protect assets while living and
Efficiently transfer your wealth upon death.
We help to ensure that your values, vision, and goals are respected upon the transfer of your wealth. Our process focuses on accomplishing family and charitable objectives, minimizing income and estate taxes, avoiding unnecessary property transfer costs and preserving wealth for you and your beneficiaries.
We work closely with your attorneys, accountants and other professionals to provide guidance, perspective, and experience when developing and implementing the structures and strategies necessary to navigate the complex issues associated with estate planning and wealth transfer.
Cash Flow Management:
While poor cash management can create a drag on portfolio returns, proper cash management can be an administrative challenge. We alleviate the burden of cash flow management by constructing custom solutions. We provide guidance on appropriate cash vehicles, retirement account distributions and the optimization of withdrawals.
We customize portfolios to match milestone payments that are needed in the near future, such as education payments, large purchases and property purchases.
Tax Management and Reporting:
Tax planning affects virtually all areas of the wealth planning spectrum. We work directly with your tax advisor to attempt to minimize tax consequences through appropriate planning.
We help with tax management strategies and income tax reduction techniques. Such strategies include: deductions, avoidance, exclusions, tax-loss selling, charitable contributions, and gifting. We highlight tax advantages and efficiency through the use of tax deferred vehicles, timing and tax-lot selection when selling a security, step-up in basis and Like Kind 1031 Exchanges.
Our goal is to identify and evaluate personal and business risk exposures. Through our strategic alliances, we can offer wide array of coverage for life insurance, disability insurance and long-term care policies from various carriers.
Different combinations of policies and insurers are recommended based on needs, current premium paying capability, risk tolerance, time horizon, investment philosophy and relative desire for flexibility. We identify your gaps in coverage and strive to ensure that pricing, titling and benefits match your current needs.
We navigate the selection process by evaluating insurance providers’ financial soundness, policy coverage, price and service model.
Our analysis enables us to recommend funding methods and saving strategies that position you to meet your goals for financing your children’s or grandchildren’s education. We create plan projections, design implementation strategies, and monitor progress on an ongoing basis.
A diversified approach is most often used to fund education. We utilize qualified Section 529 Plans and Pre-Paid University Plans. We further explore the use of advanced funding methods such as: trusts for minors, UTMA, UGMA, cash value life insurance policies, annual gifting and unlimited tuition exclusions.
Finally, we take into consideration which types of investments are being utilized to fund the plan, desired tax reductions, deductions and exclusions as well eligibility and proper titling.
Philanthropic Intentions and Charitable Giving:
We customize your investment strategy to align with specific goals and gifting objectives. We assist you in the good stewardship of foundation assets and utilize planning techniques that can be coordinated with your overall retirement, tax and estate planning strategies.
We work with you to understand your objectives, identify available resources and formalize your intentions. We then apply technical expertise in an attempt to utilize the most appropriate assets, tools and methods to direct charitable gifts.
Finally, we consider timing, tax optimization and utilize tools such as charitable remainder trusts and donor advised funds to reach your objectives. These techniques can give potential tax benefits in addition to the satisfaction of helping others.