Will Your Portfolio Harvest Good Returns This Fall?

SARASOTA, Fla., Sept. 6, 2012 /PRNewswire/ -- If you've planted the right seeds for success, this is the time of year that your portfolio could start to yield the fruits of your labor.   If you've been careful to nurture growth opportunities, have toiled to have the right tax structures in place and have worked closely with your wealth advisor to weed out non-performing or volatile investments, you could reap bountiful benefits this fall.

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Harris Private Bank, a part of BMO Financial Group, reminds you that now is the time to make an appointment with your wealth advisor to evaluate the year-to-date performance of your portfolio to make certain that you have addressed changes in tax laws that will take effect in January 2013.

"There are certain follow-up questions to your estate preservation and wealth management strategy that can indicate if your plan is effective and sound," noted Gary Heard, CTFA, CFP®, Director and Wealth Advisor for Harris Private Bank, a part of BMO Financial Group. "Your advisor can provide you with invaluable guidance on what you'll need to reach your goals by year's end. There is still some time, but don't delay.  Clients should be contacting their wealth advisors now to ensure an optimized outcome for year's end, since some planning techniques take time to implement."

Below are points of discussion for you and your wealth advisor in forecasting your year-end financial harvest:

• Take a look at your core investments and ask if they show potential for protected growth or additional income. Especially with today's volatile markets, it's a good idea to monitor your investments on a regular basis so that you can proactively make adjustments to your strategy. It's also wise to know if there are any penalty fees for doing so.
• Discuss with your advisor your tolerance level for risk. Make certain your portfolio manager knows what you are comfortable with by discussing tangible dollar amounts.  Your wealth advisor should communicate with you about what level of volatility could cause a loss of your standard of living or put future plans or goals in jeopardy.  If you still have concerns after your meeting or if anything seems too intangible from your perspective, put it writing.
• Ask your wealth management professional to review your overall combined portfolio.  If you are using more than one investment advisor, it is wise to make sure they are not duplicating investment or asset allocation strategies.  By reviewing your comprehensive portfolio, it can help identify any significant overlaps, gaps or duplicate fees, but most importantly insure that your overall portfolio is consistent with your goals, investment objectives and risk tolerance.
• This may also be a good time to review your estate and trust plans with your attorney to confirm your estate or gift tax savings, so you won't be blindsided come January 1, 2013.  That's when the current Federal gift and estate tax exemptions are scheduled to revert to the previous lower limits and the tax rate will increase. There could be considerable savings to you should you take advantage of current federal gift tax exemptions, if appropriate in your situation.  You can no longer procrastinate if you want to protect your savings.
• Are your documents and trusts titled correctly to maximize tax strategies? Ask your wealth advisor, your attorney and your accountant to review your financial planning documents to leverage your tax strategy and maximize wealth preservation.
• Be sure to ask your specific questions.  For example, if you are concerned about wealth preservation because of a family history of longevity, or if you need clarification on an abstract clause in an annuity, bring this up in the conversation.  The more specific you can be with those who manage your wealth, the better served you will be.

About Harris Private Bank, A part of BMO Financial Group

Harris Private Bank offers a comprehensive range of wealth management services that include investment advisory, trust, banking and financial planning to meet the financial needs of high net worth clients. Through integrated teams of experienced financial professionals, Harris Private Bank helps its clients realize their financial and lifestyle goals with solutions that are custom tailored and delivered with the highest level of personalized service.

Harris Private Bank is a trade name used by various subsidiary financial service providers of BMO Financial Corp. Banking products and services offered through Harris Private Bank are provided by BMO Harris Bank N.A. and their bank affiliates. Member FDIC. Not all products and services are available in every state and/or location. Investment products are NOT FDIC INSURED – MAY LOSE VALUE – CARRY NO BANK GUARANTEE.  BMO and BMO Financial group are trade names used by Bank of Montreal.

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $525 billion CAD as at April 30, 2012, and more than 46,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP(r), CERTIFIED FINANCIAL PLANNER(tm) and federally registered CFP (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

SOURCE Harris Private Bank, a part of BMO Financial Group