Category : Wealth Management

Why Do I Need a Wealth Manager?

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June 25, 2019

It’s a question we hear a lot, and frankly, it comes down to misconception. Wealth managers are highly trained individuals who know the ins and out of the financial industry – and how to make that work for you and your money. Here are 3 reasons that our team here at Metroplex Wealth recommends that you hire an experienced wealth manager to assist with your finances:

Future Financial Freedom

When you look into your future, what do you see? How does your financial situation look? The wealth managers at Metroplex Wealth can help you plan for your future financial goals and might even recommend products or strategies you had not previously considered based on our 20+ years of providing financial advice to our clients. Everything from retirement planning, estate planning, proactive tax planning, and even social security planning can be worked to your advantage and provide you with long-term financial freedom.

As Life Gets More Complicated – So Does your Money

As we age and acquire more wealth, the more complicated our finances become. Add a spouse and a family to the mix and the financial burden gets even more complicated. Metroplex Wealth offers another touchpoint for decision making; an outside perspective backed by 20+ years in the industry. And don’t forget that our proactive tax planning works those complicated tax assessments to your advantage.

Planning for the Unexpected

We can’t anticipate every curveball life gives us, but with the proper financial planning from a top wealth manager like Metroplex Wealth, we can ensure you have the financial stability to navigate that curveball with ease. Whether you need help with college planning, medical expenses, elderly care, and more – Metroplex Wealth’s team can help.

Ready to learn more about how our team of wealth managers can help you achieve your financial goals? Give us a call today to set up an introductory consultation.

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Budgeting, Finance, Wealth Management

3 Wealth Building Pitfalls – and How to Avoid Them

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June 10, 2019

They call it building wealth for a reason.

It takes time to achieve your financial goals, and at Metroplex Wealth in Southlake, Texas, our goal is to come along side you and offer guidance throughout the process. As you set forth toward your financial goals, be sure to avoid these 3 common mistakes when building wealth:

Removing Yourself from the Budgeting Process

Whether you are a small business owner or just managing your own personal finances, budgeting remains an important piece of the puzzle. At the end of the day, all wealth building comes down to income vs. expenses, and if you lose sight of the big picture and the budget, you’ll be led astray. Many people believe that as their wealth and income grows, a budget no longer matters. At Metroplex Wealth, we can say that the closer you stay to understanding your budget on a monthly basis, the closer you’ll come to achieve your greater financial goals.

Not Understanding Your Investment Strategy

At Metroplex Wealth, our goal is to educate you on products and investment that will grow your portfolio. We want you involved in the process. (It is your money, after all.) One of the worst mistakes you can make when building wealth is to get lazy in the process. Relying on others. Throwing money at things in hopes that it works out without doing your research. These are important mistakes to avoid.

Forgetting Where You Came From

As you build wealth, it’s important that you stay humble and grounded in order to achieve long-term financial success. A great way to do this is to give back to others. Donate and give to causes you want to support. Use your time to volunteer at a shelter or other charity.

Metroplex Wealth – the best financial advisor in Southlake, Texas – would love to help you achieve your financial goals and help you avoid these mishaps! Give us a call today to schedule a consultation.

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Budgeting, Finance, Wealth Management

Leveraging the Tax Code to Limit Your Liability

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May 31, 2019

Many of the clients we consult with are surprised to learn that their specific financial situation can lend to considerable tax savings. By effectively leveraging the IRS tax code and some of the lesser-known rules within it, our clients have had been enable to reap impactful tax benefits. Having an understanding of how to limit your tax liability has the potential to optimize your profits and create additional opportunities for wealth building.

Strategic Tax Planning

Whether you’re looking to lower your personal taxes or you own a business and are focused on limiting its tax liability, there are a wide range of nuanced rules within the IRS Tax Code that could be used to your advantage. Committing to strategic tax planning with intentionality also helps ensure you aren’t making costly mistakes or missing out on opportunities. Tax reduction strategies, especially when they’re stacked one on top of another, can result in savings of thousands upon thousands of dollars.

Tax Planning Expertise

We have a partnership with local company Financial Gravity to ensure that our clients have access to the expertise necessary to help our clients reduce their personal and business income taxes. While it might be tempting to wait for tax season to come around again, now is the time to initiate proactive planning for next year.

The most effective strategic tax planning will be customized to work with your specific circumstances. If you’re interested in learning more about how you can leverage the tax code to limit tax liability, reach out to the Metroplex Wealth team to determine what an appropriate next step would be. Our team can be reached via phone at 817-601-5272 or email at info@metroplexwealth.com.

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Wealth Management

Does My Portfolio Need to be Rebalanced?

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April 4, 2019

The ideal investment portfolio is one that is appropriately diversified across a range of asset classes. Even the most passionate of investors may find that they’ve become passive in their investment strategy and may need to leverage the expertise of an experienced consultant to rebalance their portfolio to most effectively reach their wealth management goals. How then can you determine if your investment portfolio needs to be rebalanced?

Acknowledging Limited Asset Classes

A great first step to determining whether rebalancing your portfolio is necessary is to get a lay of the land. Look to what asset classes you’re currently invested in within your investment portfolio. Is all of your money in real estate, bonds, or stocks? Regardless of which asset class you’re currently zeroed in on, you’re taking a gamble by exposing yourself to more risk than you may be comfortable with. Diversifying across asset classes, and within each asset class, is an effective strategy for limiting your risk.

Considering Risk Tolerance

It’s very likely that your risk tolerance will change over time, rebalancing your portfolio is an appropriate step to ensure your asset allocation reflects risk tolerance appropriate to your goals.

Assessing Goals

Consider when you last rebalanced your portfolio. If it’s been more than a year, it’s possible that your goals may have changed. Are you in a time of transition in your life? If you’re expecting any major life changes, such as an addition to the family, or nearing close to retirement – it’s likely time to consider a rebalance.

If you need support determining and reaching your preferred asset allocation levels, don’t hesitate to reach out to us. The Metroplex Wealth Management team can help you determine whether a portfolio rebalance is needed to get you closer to your wealth management goals.

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Wealth Management

The Value of Being Strategic About Social Security Benefits

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March 31, 2019

When discussing retirement plans with our clients, we find that Social Security benefits are a consideration for most. While many recognize that these benefits will be of value to them once they decide to retire, few realize that leveraging our expertise can vastly improve their collection amount. There is tremendous valuae in being strategic about your social security benefits.

Income Taxes

Did you know there are strategies you can implement into your plan to reduce the tax amount you’re required to pay on your social security income? Doing so not only allows you to add more income to your retirement, it ensures that you aren’t leaving money on the table as a result of not doing your due diligence alongside a wealth management professional.

Claiming Benefits

This likely won’t come as a surprise, but the percentage of Social Security benefits you are paid will largely depend on what age you retire. Your full retirement age is determined by the year in which you were born. Claiming your benefits prior to this full retirement age means that you’ll receive only a portion of the income you would have received had you waited to reach full retirement age. That being said, if you have the flexibility to wait to claim Social Security benefits, waiting to reach full retirement age is one of the most simple steps you can take to maximize your benefits.

There are a number of strategies you can implement to maximise your Social Security benefits and limit your tax risk. Working in partnership with a trusted wealth management professional is the most effective way to ensure you’re being strategic about your retirement years. Reach out to the Metroplex Wealth team today at info@metroplexwealth.comor 817. 6011.5272 to intiative a conversation about your Social Security benefits strategy.

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Budgeting, Wealth Management

Making Wealth Building a Reality

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March 15, 2019

There is no doubt that building wealth is a foundational goal of many of our clients. A key step to building long-term wealth is leveraging the power of your income and managing your finances with intention. By getting in the habit of spending less than you make early on, you allow yourself the opportunity to explore investment opportunities that can get you well on your way to building wealth.

Boost Your Income

It goes without saying that the path to building wealth can be paved more quickly by those that have a high-paying job. That being said, don’t let your current income dictate whether or not you’ll be able to build wealth. If you aren’t already in a high-paying career field, consider whether switching to a more lucrative career may be a viable move. Alternatively, consider whether you might be able to supplement your income with a side business or a second job. Any extra income you can generate is money that can either be invested or fed into retirement accounts, which can grow considerably over time through the magic that is compound interest.

Achieve Financial Independence

While it’s a long-term goal that may take some time to realize, spending less than you make is essential to building your wealth and ultimately, achieve financial independence. Achieving financial independence will allow you the freedom to live your dreams and work if you choose to, because you enjoy doing what you do, not because you need to to sustain yourself financially.

We truly believe that building wealth is in reach for everyone, regardless of their income level. If you’re ready to set some clear wealth goals but aren’t sure where to start, the experienced team here at Metroplex Wealth can help. Contact us at 817-601-5272 to start talking through your goals.

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Wealth Management

3 Key Considerations to Retirement Planning

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February 24, 2019

A key wealth management goal for many of our clients is ensuring that when retirement times comes, our clients can enjoy retirement comfortably. Without thoughtful and intentional planning, the approaching retirement milestone can cause significant distress. That inspired us to pull together some key considerations to keep in mind as you think through your financial needs in retirement.

Lifestyle Considerations

At the end of the day, no two retirees will live exactly the same lifestyle. Give careful thought to how you plan to spend your years in retirement. Are you planning on exploring all of the national parks or enjoying extravagant vacations abroad? While there is no right or wrong answer here, its apparent that decisions such as these will have financial implications.

Charitable Contributions

Giving back to the charities and organizations closest to your heart is undoubtedly a rewarding aspect to building wealth. If philanthropy is a key aspect of the retirement vision you have for yourself, it should be considered when planning for retirement.

Healthcare Expenses

While certainly not the most exciting of the considerations we’ve listed, many people don’t appropriately account for healthcare expenses in retirement. While Medicare will certainly cover some healthcare expense, it won’t account for them all. Appropriate plan can ensure that you’re well-prepared to cover necessary healthcare expenses should the need arise.

By giving careful thought to how you would like to spend your time in retirement and articulating those intentions to your wealth manager, your goals will help inform a wealth management plan that appropriately supports accomplishing them. The experienced Metroplex Wealth team is readily available to talk through your retirement planning efforts in detail. If you’re ready to pursue your financial goals intentionally, contact us at info@metroplexwealth.com or 817-601-5272.

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Finance, Wealth Management

A Primer on Retirement Accounts

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February 2, 2019

Thinking about saving for retirement can quickly send even the most well-prepared of investors into a tail-spin of stress. By getting a firm grasp on the types of accounts available to support your retirement savings goals, you can be better equipped to prioritize your contributions.

Individual Retirement Accounts

Often referred to as IRAs, there are four main types of accounts you should be aware of, the Roth, Traditional, SEP-IRA, and SIMPLE IRA. The primary different between a Traditional and a Roth IRA is that the Roth is funded with after-tax dollars while the Traditional is funded with pre-tax money, meaning that contributions made to a Roth IRA are able to grow tax-free. A SEP-IRA can only be established for you by your employer, they are most typically created by small business owners or those who are self-employed. A SIMPLE IRA is similar in that it is also typically used by smaller businesses, usually those that may have less than 100 employees. In 2019, the annual contribution cap for IRAs was bumped up to $6,000.

401(k)

Offered by many employers, the 401(k) is an account that includes contributed made with pre-tax dollars. Some employers offer a match to your contribution up to a specific limit, this match should be given consideration when prioritizing your contributions. The tax on your contributions is deferred, meaning that you will need to pay taxes on in when it’s withdrawn down the road. For those that are self-employed and don’t have any employees, you can explore establishing a Solo 401(k). The annual 401(k) maximum contribution was also increase din 2019, to $19,000. Notably, though they don’t happen often, retirement contributions limits are subject to change at the discretion of the IRS.

Learning about the retirement accounts available to your is a valuable first step you have taken in establishing financial retirement security.

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Wealth Management

Most Common Investment Blunders to Avoid

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November 28, 2018

We’ve all kicked ourselves after making the wrong moves with our money. When developing your investment strategy and considering what you should do with your money, be sure to avoid some of the most common investment blunders we see.

Follow Trends

Whether it’s the latest industry taking the investing world by storm or the new hot company that has tons of people talking about it’s spectacular performance, do your best not to follow investment trends. If word has already begun to spread, it’s likely that the window to scoop up a stock before it peaks has long since closed.

Make Uneducated Decisions

If you don’t have a strong grasp of the business you’re investing in, you are immediately opening yourself up to making an uneducated investment. Instead of taking a major risk, give consideration to an industry or business you are well-versed in. Use your knowledge to your advantage and leverage it to find your niche within that expertise. Your pulse on the industry will give you an advantage in recognizing periods of boom or bust.

Emotionally Driven Decision Making

It’s common to fall in love with a particular company and brush away all of the warning signs telling you to sell the stocks. Keep your fundamental investment principles in mind and your emotionally driven decision making in check. If the stock hasn’t performed as well as it has historically, assess the factors that could be impacting its performance. The last think you want to do is lose money because you’re overly loyal to any one company.

Stay away from investing trends, ensure that you’re making education decisions and don’t led emotions get the best of you. Avoiding these three common investment blunders we’ve outlined will go a long way in managing a savvy investment strategy.

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Wealth Management

Top Investment Strategies for Young Professionals

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November 10, 2018

As a young professional committed to managing your money responsibly yet juggling competing priorities, adopting a few valuable investment strategies can go a long way in accomplishing both short and long-term wealth management goals.

Start Early

If you’re diving into wealth management topics, you likely already recognize the magical impact of compound interest, especially for those that start investing early. Defined as the interest an investor will earn on compounding investments and savings, it presents an impactful opportunity to grow your investments in a powerful way.

Prioritize Saving

While investing is critical, prioritizing saving is also a necessary and effective strategy to achieve a wide range of goals. A gradual introduction to kicking off your savings goals is a savvy way to make savings an understood priority. Once you get in the habitat of saving, the process will soon become second nature.

Automate Investing

Consistency is key when it comes to investing. By automating the process, you eliminate any opportunity to allocate your money elsewhere. Getting in the habit of automated investing as a young professional will pave the path towards build long-term wealth.

Leverage Matching Programs

Be sure to explore any matching programs that your company offers and leverage them to the extent possible. Not doing so is essentially discarding free money being disbursed by the company you work for. Any contributions made by your employer will only serve to boost any contributions that you are making.

When considering top investment strategies for young professionals, it is essential to keep four tips in mind. By starting early, prioritizing savings, automating investing, and leveraging matching programs, young professionals will be well on their way to accomplishing their long-term wealth management goals.

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