There’s never been a more important time to take a holistic view of your financial future

The COVID-19 crisis has led many of our clients to seek help with investments and estate planning in addition to working with us on their accounting needs.

In the 21 years working in this industry, I had never sat in a room with a client’s attorney and their financial planner. That changes now, because it’s clear that all three of these professionals should be working closely together, and we have made that a reality by housing Spoor Law and Sagace Wealth Management in the same building with SBF.

During the COVID-19 pandemic, clients are coming to Spoor Law to talk about estate planning, and they are coming to Sagace to discuss rebalancing their portfolios to ensure that their investments are performing as best they can, regardless of the instability of the current financial environment. If you’re thinking about any of these topics now, here are three tips we discussed:

  • Ensure your money manager is working to regularly rebalance your target asset allocation. This typically means strategically selling one kind of investment and buying another kind. A balanced portfolio is one in which you are not taking too much (or too little) risk in order to achieve the long-term returns you’re looking for.
  • Update or create estate planning documents. We’re all thinking more of our own mortality these days, and it might be a good time to make any changes you’ve been considering or to work with your attorney to update any out-of-date information.
  • Work with your accountant on tax planning. With new legislation on the horizon and so many new programs to consider, high-net-worth clients especially should ensure they are seeing the full picture of their tax liabilities and liquidity.

Rusty Spoor from Spoor Law and Dodd Disler, CEO of Sagace Wealth Management joined me on a video to discuss the benefits of having all three professionals working together, especially for high-net-worth clients and especially during a crisis.

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