Zoe Financial: Transforming the Process of Finding the Right Wealth Manager

NEW YORK, July 14, 2020 /PRNewswire/ -- Currently, the United States, along with most of the world, is experiencing a financial crisis. Wealth managers, however, are still helping their clients come out on top by providing holistic, long-term financial planning. As the number of high-net-worth households increases, Zoe Financial has become the premier marketplace for consumers to frictionlessly discover and connect with top local wealth managers.

Wealth management advisors, also known as wealth managers, are financial advisors who offer advice to their clients based on their financial needs. This includes retirement planning, investment strategy, estate planning, tax strategy, and other unique financial situations. Wealth managers create a personalized plan for each client, as the plan is custom suited to an individual and their unique financial situation. Wealth managers also execute advanced financial planning, which is defined by Zoe Financial as "planning that involves more complex, intricate financial elements such as trust planning, business succession, legacy planning, and philanthropy."

Retirement Planning With a Wealth Manager

Unsteady economic times can impede plans to save for retirement. However, retirement planning isn't a goal anyone can afford to lose sight of, regardless of a financial crisis or economic downturn. During retirement, individuals no longer have the working income they've grown previously accustomed to. For example, if the plan is to retire at age 65, that could mean 20 to 30 years of no working income. The goal is to build a large enough "nest egg" so that when retirement age rolls around, the reward is enjoying retirement without worrying about running out of money.

There isn't necessarily a wrong way to save for retirement, as long as saving is taking place. That said, there are approaches that will make building a nest egg a lot easier. A wealth manager ensures that planning for retirement is a core part of a client's holistic financial plan. They work with clients to make sure that they are saving in the most effective and tax-efficient manner.

Investment Strategy With a Wealth Manager

The modern wave of wealth management has enabled more accessible investing. Technology has made access to investment products economical for all, not just the ultra-wealthy. A good wealth manager can increase returns by as much as 3% annually. One of the ways that wealth managers help their clients to reach their financial goals and achieve increased long-term returns is by helping them develop a sound investment strategy. As stated in The Basics of Investing, "It's important to understand the differences between investing and saving in order to grow your wealth, allowing you to redefine your relationship with money."

Understanding when to invest, when to leave a portfolio as is, and when to save, is important not only during this financial crisis but as one's life transforms over the years. A wealth manager takes into account their client's financial goals, unique financial situation, time frame, risk tolerance, and comfort levels when creating an investment strategy that allows them to feel at ease.

Tax Strategy With a Wealth Manager

With all the great advantages that wealth brings, taxes become an inevitable part of short and long-term finances. This is why many individuals choose to utilize wealth managers to optimize their taxes. Whether it's an increase in income, sudden windfall, or stocks that lead to significant capital gains, transferring to a higher tax bracket leads to higher taxes and may result in less of a financial reward if tax strategy isn't properly planned for.

Wealth managers offer their advice on tax strategies such as tax planning for retirement plans and tax gain-loss harvesting. Wealth managers take into consideration the timing of income, the timing of purchases, retirement plans, and selection of investments to complement an individual's tax filing status. Every single detail must be considered so that tax optimization strategies are maximized.

Estate Planning With a Wealth Manager

Wealth managers are skilled in estate planning. Contrary to popular belief, estate planning covers many more aspects than trusts and wills. It is an important aspect of financial planning that allows individuals to plan for their legacy and make sure those they care about are taken care of.

Having an understanding of the different options available when it comes to deciding what happens with assets and liabilities when one passes away can be invaluable. While progressing through different life stages, estate planning needs will vary. A wealth manager handles the crucial aspects of estate planning, as well as the minutiae such as wills and succession planning, so their clients are confident in the legacy they leave behind.

Growth in the Wealth Management Market

There are currently $42 trillion investable assets in the U.S. With a current revenue of $57 billion, Zoe Financial research indicates the industry will generate $200 billion in revenue by 2030.

In the past four years, the population of high-net-worth households has grown by 1 million. Wealth managers can be thanked for this increase, as they help their clients to reach and maintain this status. Regardless of the increases, an individual's wealth manager should always act as a fiduciary and in their best interest as they create a financial plan that changes and transforms with their client's goals and life situation. That's why Zoe Financial helps individuals connect with the top fiduciary and independent wealth managers.

About Zoe Financial

Zoe Financial was founded to empower individuals to make better financial decisions, especially when it comes to who they hire as a financial advisor. Work with an advisor who understands their client's unique situation as well as their short and long-term goals. Zoe is a technology-driven marketplace that frictionlessly connects individuals with Zoe Certified Financial Advisors across the United States, custom-matched for their specific needs. Our thoughtfully curated Network of the best independent and fiduciary financial advisors and financial planners includes only the top 5% in the country.

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The U.S. Wealth Management Market is Massive & Expanding
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SOURCE Zoe Financial