The clients I typically work with are high-net-worth (HNW) or ultra-high-net-worth (UHNW) individuals who have significant assets and require a personalised, holistic approach to wealth management to achieve their desired outcomes. These clients are often entrepreneurs, executives, professionals, or inheritors of substantial wealth, and frequently time-poor. However, the principles of financial planning apply to everyone: your financial journey should reflect your life goals. A strategic wealth plan can help you and your family achieve your personal aspirations.

For individuals with, for example, over €250,000 in assets, financial planning extends beyond budgeting and saving. It becomes a strategic endeavour to grow, protect, and transfer wealth. At each life stage, your financial decisions can have a lasting impact on your legacy, lifestyle, and long-term security.

Early success: Laying the groundwork (ages 20-35)

Begin by assembling a financial team: a reputable financial advisor, accountant, and solicitor. This team will form the foundation of your long-term wealth planning. Ensure open, transparent communication between you and your team. They should work well together, understand your goals, and maintain a collaborative relationship.

Discuss setting up and funding a pension with your advisor, and ensure you have adequate protection in place for your home, life, and income. Starting early reduces long-term costs. At this stage, you may be forming lasting relationships, cohabiting, marrying, or starting a family. Sound advice now can safeguard your future wealth.

Growth and complexity: Expanding your wealth (ages 35-50)

As you enter middle age, your financial situation typically becomes more complex. Your priorities shift to include dependents, property, and additional assets. It is crucial that your financial team stays informed about life changes. A holistic view of your wealth and unique circumstances becomes essential.

Ensure your wealth is managed and diversified across asset classes. Strategic tax planning is vital, as is estate planning. You may begin to consider the legacy you want to leave, one that aligns with your values. Creating a philanthropic roadmap can help you and your family make a meaningful impact.

Peak earning and pre-retirement (ages 50-65)

Despite the best-laid plans, life can change dramatically during this stage. Divorce, separation, or health issues may arise. While you may be at your peak earning potential, retirement planning becomes a priority. Collaborate with your financial and tax advisors to ensure your retirement income is structured in a tax-efficient manner.

Refine your estate and wealth transfer plans. Consider holding a family meeting to communicate your values, intentions, and legacy. This helps avoid future conflict and ensures alignment with your family’s expectations. Review your protection plans, including inheritance tax coverage, and plan for long-term care. Evaluate whether your current home suits your future needs or if downsizing is appropriate.

Retirement and legacy (ages 65+)

If you have communicated effectively with your financial team throughout your life, you should now have a sustainable income generation plan for retirement. Focus on transferring surplus wealth to the next generation in a tax-efficient manner. Simplify and protect your estate while maintaining liquidity for your lifestyle.

With good health, retirement could span 30 years or more. Make sure you have the tools in place to protect yourself in later years: a power of attorney, a health directive, and sufficient funds for care. These are essential for peace of mind and security.

Conclusion

Your financial journey is about more than accumulation. It is about intentional stewardship. By aligning your wealth with your values and goals at every stage, you can create a legacy that endures for generations. Partnering with trusted professionals and regularly reviewing your plan ensures your wealth continues to serve you and your loved ones.

Ensure your family’s goals are aligned with your financial team’s approach. A long-term, trusted relationship with professionals who are emotionally invested in your success can protect you from life’s uncertainties. A successful financial journey requires prioritisation, resilience, and methodical implementation. Trust your team, delegate wisely, and review your plan as life evolves. After all, wealth is a tool to help you live the life you envision. You want to ensure you can comfortably give discretion to a reputable team to support you while you go about living your life!

Written by Marina Giblin, Senior Portfolio Manager at Cantor Fitzgerald Ireland

Read the full Article in IMAGE MAGAZINE here

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