Successful investing is a critical element to achieving your financial goals and building long-term wealth.
But it isn’t enough.
You have to consider your entire financial picture. That means starting with your goals – retirement, college for the kids, social causes dear to you, leaving money to the next generation and other aims. It also means creating a plan to minimize your lifetime tax bill, having the right insurance policies and crafting an appropriate estate plan: wills, trusts and powers of attorney.
You can be the world’s most successful investor, but if you don’t do careful tax planning, your after-tax returns will disappoint.
You can have a high salary, but if you have not protected yourself with appropriate life and disability insurance, you and your family are at risk.
You can accumulate wealth, but without an appropriate estate plan, your heirs may find probate an expensive and burdensome process or they may pay more estate tax than they could have with better planning.
Financial advice should be comprehensive for one simple reason: because a comprehensive plan is the best way to achieve your goals.