Why You Need a Comprehensive Wealth Plan - And Where to Start


Wealth planning is the blueprint for how you will make some of the most significant financial decisions in your life. From when to sell your business or retire to how you want your assets to be maintained, passed down and used to achieve your personal goals. If you’ve considered any of these decisions, you’ve likely heard about comprehensive wealth planning. But what does it really mean, why does it matter, and how can you ensure you have a comprehensive wealth planning strategy?

While the phrase might seem complex, it can be simply defined. We’ve outlined all you need to know about developing a comprehensive wealth plan.

What is Comprehensive Wealth Planning and What Does It Include?

A wealth plan is about more than just money and comprehensive wealth planning considers the entirety of your wealth life. This means all of your assets, liabilities, taxes, income, business, and any other aspects of your wealth life. These aspects of your wealth life are never isolated from each other and sometimes financial products are everywhere. Simply putting money into an investment is not a guaranteed method to building wealth or a solving wealth issues. Effective comprehensive wealth planning must be holistic because it is about so much more than money. A comprehensive wealth plan is not only built around your goals, but also around your core values.

What matters most to you in life? How does your wealth relate to that? What should your wealth help you accomplish? What could it accomplish for others? These are key questions you’ll need to answer as you consider your comprehensive wealth plan.

Think Long-Term and Adapt When Necessary

Comprehensive wealth planning is long-range. It presents a strategy for the accumulation, maintenance, and eventual distribution of your wealth in a written plan to be implemented and adapted over time.

If you aim to build and preserve wealth, it’s important to think about your long-term path. Many people only think of building wealth in terms of investing – first you invest, then you make money, and that’s how you become wealthy. That is only a small piece of the puzzle.

People who are successful in building and maintaining their wealth take the time to be strategic and plan carefully. They do this to minimize their taxes and debts, and adjust their wealth accumulation and wealth preservation tactics in accordance with their personal risk tolerance and changing market climates.

Build a Solid Plan (and stick to it)

Making decisions based on a comprehensive wealth plan can help prevent destructive choices if markets turn unstable. Quick decision-making may lead investors to buy high and sell low – ultimately, losing ground by buying and selling too actively.

This situation can be eliminated with a comprehensive financial plan and support from knowledgeable financial professionals.

Collaborate with a Trusted Wealth Planning Professional

A successful comprehensive wealth plan involves collaboration between the investor and wealth planning professional. Since a comprehensive wealth plan is goals-based and values-rooted, both the investor and the wealth planning professional will invest considerable time and effort on the plan. Sharing responsibilities, building trust, and making critical financial decisions. . Ultimately, this collaboration will result in a long and trusted relationship that charts a course for financial success.

Partner with a Wealth Planning Professional

Think of your comprehensive wealth plan as a compass that can guide you to long-term success. The plan provides direction and strategy needed to improve your financial life. Utilizing a financial planning team can also help. When you work with Eide Bailly's wealth planning professionals, you'll be surrounded by a team that brings knowledge from an array of specialty areas—business valuation, estate, trust and gift tax planning, financial planning—to provide a comprehensive approach to your wealth plan.

A wealth planning professional can help you gather what you need to create an effective wealth plan. The team can provide the expertise you need to fully understand where you’re at and where you’re going. By taking a strategic approach to your comprehensive wealth plan and partnering with a wealth planning professional, you can do much more than make money – you’ll set yourself up to build and maintain lifelong wealth.

Are you ready for a comprehensive wealth plan?

It all starts with a conversation.

Financial Advisor offers Investment Advisory Services through Eide Bailly Advisors LLC, a Registered Investment Advisor. Securities offered through United Planners Financial Services, Member of FINRA and SIPC. Eide Bailly Financial Services, LLC is the holding company for Eide Bailly Advisors, LLC. Eide Bailly Financial Services and its subsidiaries are not affiliated with United Planners.

This material was prepared by MarketingLibrary.Net Inc., and does not necessarily represent the views of United Planners Wealth Services. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. Neither United Planners nor its wealth professionals render legal or tax advice. Please seek such advice from your own tax and legal counsel. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

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