Your Finances, Your Plan
At Nicola Wealth, we work with successful leaders, business owners, and entrepreneurs. When relating successful wealth management to personal and professional success there are common traits, such as dedication to craft and commitment to improvement.
One of the most important shared characteristics, however, is understanding the importance of having an integrated strategic plan.
Knowing your objectives, understanding what’s required, and charting the path to reach them – this speaks as strongly to your personal strategic financial plan as it does your business plan. As with any business plan your personal plan needs to by dynamic and adaptable to ever changing circumstances.
Those who are at the top of their industries know that the path to success doesn’t happen by accident. It takes thoughtful planning and deliberate consideration to understand how all aspects of one’s business work together to achieve maximum benefit for the company. We hold the same philosophy when it comes to wealth planning.
Know Your Objectives
Where do you want to be in 10, 20, 30 years? What does success look like and what will it take to get there? What are the strengths you have and where can you bring in other professionals to help me execute? A good advisor will always talk about your objectives first to best understand how to build your plan. From paying for your children’s educations, to selling your business, to ensuring sufficient retirement income, knowing where you’re going is how you craft a plan to get there.
A key part of any plan is to stress test the plan against different scenarios such as differing economic conditions, rates of return and inflation.
Constructing a portfolio – selecting assets and managers – is almost always the last step and is designed to support and supplement the objectives you have in place. Focusing on investment return without knowing how much money you will need to meet your objectives is, simply put, a poor plan.
Fully Integrated Planning
All companies are comprised of moving parts; interconnected departments, each performing different tasks but all for the benefit of the business. Your financial plan is no different.
Between your insurance, charitable giving, asset allocation, compensation, tax and estate planning, and more, everything should be considered as a whole. Your plan should be designed in a comprehensive and holistic way, looking at how all parts can leverage off each other to uncover efficiencies, maximize outcomes, and grow your wealth. Gathering a team of specialists, taking a united approach led by an expert in the various fields, and reporting to you ensures that there are no missed opportunities.
Plan for Succession
Growing a thriving business is one thing, ensuring it lives beyond your involvement is another.
This is the stage of planning where our metaphor intersects with reality. As our clients move from the growth and protection of their wealth to creating a legacy, keeping a long-term eye on their exit strategy is critical to the ultimate success of the plan. Selling one’s business requires forethought and preparation, and with that succession comes the opportunity to find new focuses. Whether it is philanthropy, travelling, spending time with family, or simply enjoying freedom well earned, the chance to consider these isn’t available unless one’s exit strategy plan is proactively in place.
In order to minimize tax implications and provide the most efficient utilization and transfer of your life’s work it is important to ensure you are planning throughout your lifetime. Nicola Wealth is dedicated to the longevity of your plan and your legacy. There is always a team of two advisors working with clients and their families to manage the continuity of the plan for future generations. This approach has led to a 99% client retention rate for over 20 years.