Corporate executives and business owners face numerous challenges while leading a company and maintaining its financial health. On top of day-to-day tasks, executives may be busy with monitoring stock values, increasing profits, meeting company-wide goals and much more. 

Executives are in a unique position to ensure the financial health of their company. However, one of the most difficult aspects of an executive’s financial life involves balancing their company’s finances with personal finances. How can executives ensure their financial well-being when so much of their focus is on the company they run? 

Establishing a secure wealth management strategy as an executive can help you make decisions that will protect and possibly increase your wealth in the long run.

3 wealth management tips for executives 

Wealth management refers to a holistic approach to financial organization in order to meet an individual’s complex needs. Executives often have multiple financial goals and a large portfolio to manage. A wealth management strategy can help executives manage a broad range of needs, including estate planning, accounting, tax services and retirement planning.

If you are an executive and want to work on managing your personal wealth, you can try the following tips: 

  • Plan for the long term. 

As a corporate executive, you may be so focused on your present goals that you forget to think about the future of your personal finances. Although you are sitting near the top of your company, you should not take your financial stability lightly. There may come a time where you decide to change careers or even decide to retire early. As such, you should invest as much money as possible to protect your family in case your career trajectory suddenly changes. In addition to your retirement savings in your 401(k) or similar plan, you should stack lots of investments in a diverse portfolio so that you can eventually retire comfortably.

  • Minimize your income taxes. 

As an executive, you are most likely in one of the highest tax brackets. Since tax rates increase the more you earn, you could be paying up to 37% of your income on taxes. There are a few techniques you can use to reduce your tax burden as a high earner. For example, you can optimize your retirement contributions by placing the maximum amount of tax-deferred savings into your 401(k).

  • Set up an appointment with a wealth manager. 

A financial advisor, especially one who serves under fiduciary duty, can help you manage your wealth effectively. Fiduciary duty legally binds a financial advisor to their clients’ best interests. As an executive, you need an expert to help you manage complex financial obligations and goals. CERTIFIED FINANCIAL PLANNER™ professionals and wealth managers can help you: 

  • Manage your portfolio
  • Reduce your taxes
  • Plan your estate
  • Plan your retirement
  • Analyze your cash flow
  • Make large purchases responsibly

Talk to a ProVise CFP® professional about managing your wealth as an executive

Are you an executive looking for wealth management strategies and tips? At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER™ professionals can get to know you and your current financial circumstances, goals, risk tolerance and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.

Ready to talk to a professional about establishing a secure and stable wealth management plan? Contact ProVise today to schedule a complimentary consultation.