At Magellan Financial, our objective is to allow you to live in the best way possible, without undue compromise to your current or future lifestyle, and without taking unnecessary investment risk. While we pay close attention to developing and managing your portfolio, our wealth planning approach is designed to take you far beyond investments to address the key financial considerations you’ll encounter on your journey.
Our holistic wealth planning and management system focuses on five key areas:
Combining goals-based guidance with investment expertise, the Wells Fargo Advisors’ Envision® Process provides an effective, easy-to understand path that sets the foundation for you to achieve your most important goals. It’s about striking the optimal balance between returns and risk for you, as an individual, and tailoring an ongoing process that better position you and your family for long-term success.
The Envision® process allows you and our team at Magellan Financial to continually monitor and test your progress throughout, always answering that key question: “How am I doing?” Whether you are accumulating capital, preserving your wealth, or looking to build your legacy, our investment planning and management process can help bring clarity to your life goals and enhance your confidence in achieving them.
Generating Tax Alpha
Failure to consider tax management as a component of wealth planning can impact long-term results and limit your spending power in retirement. One way that we attempt to deliver better portfolio outcomes is by implementing appropriate tax management strategies for clients. We achieve this in four ways: tax transition techniques, capital gains management, optimization of asset locations, and use of tax-loss harvesting.
Through a tailored tax management plan, Magellan Financial can help clients improve cash flow, reduce investment risk, and increase portfolio value. We also integrate required minimum distributions into the wealth planning process to optimize current and future tax implications. We will protect your investment returns and integrate withdrawal schedules so that taxes don’t absorb more of your hard-earned wealth than necessary.
The average cost of college in 2021-2022 is over $35,000, and the number is expected to climb in the years ahead. Some parents have been planning for higher education costs for decades while others are just getting started. Luckily, there are options for students and their families. We increase awareness of the college planning process and the savings vehicles, financial aid, scholarships, and other avenues available to families to make college more affordable. We also help develop realistic goals so that parents align a student’s educational needs with colleges that make the most sense for them.
As one can see, there are so many funding options that families often seek guidance to navigate the college planning process. 529 plans are a popular way of saving for a college or trade school education. They are flexible, low maintenance potential tax-deferred savings plans for which anyone can qualify. Later, families may want to take advantage of submitting the Free Application for Student Aid (FAFSA) to qualify for grant, loan, and work-study aid. We also make families aware of the athletic, academic, and affinity scholarships that often go overlooked in the planning process.
Retirement Income Planning
Post-Career Healthcare Coverage
Healthcare costs can skyrocket in retirement and derail many plans. We help clients navigate different options for their early 60s, when they are exposed to higher healthcare risks but not yet eligible for Medicare coverage. We also help make sense of the different options available for Medicare/gap insurance coverage to ensure that you and your nest egg is protected against possible expenses not covered by basic Medicare.
Another key retirement health and financial concern is long-term care. While many think long-term care insurance is out of reach, there are strategies to make it more affordable. Bundling a permanent life insurance policy with long-term care insurance can prove a great option for many high asset individuals. Hybrid policies can be a good investment if you otherwise would have spent the money or kept it in a low-yield account and a policy with a limited number of payments might even guarantee the premiums will stay the same. A wealth advisor at Magellan can help you determine the right path for you.
Interested in our Holistic Wealth Planning Services? Contact our team of Financial Advisors today!
“Envision® is a registered service mark of Wells Fargo & Company and used under license. Wells Fargo Advisors Financial Network, LLC is a registered broker-dealer and a separate non-bank affiliate of Wells Fargo & Company. ©2011 Wells Fargo Advisors Financial Network, LLC. All rights reserved.”