Even the financially well-off must be aware of today’s economic conditions. This is especially true for high-net-worth individuals who have (necessarily) sophisticated tax and investment objectives. With inflation and market volatility challenging everyone’s retirement plans, it’s potentially risky to assume that luxuries today mean you’re guaranteed a comfortable lifestyle in retirement. 

Fortunately, there’s no shortage of options today. So, how do you know when you need the expertise of a Personal Chief Financial Officer (P-CFO)? In this article, I’ll explain four common indicators.  

 This article discusses these indicators:  

 ● A lack of time or desire to manage your money 

 ● Uncertainty about where to keep investing

 ● You need/want help saving for retirement 

 ● Protecting your wealth is a financial priority

1. A Lack of Time or Desire To Manage Your Money

Your time is precious, particularly when it comes to managing your financial affairs. If you have too few hours to spare, that can be a real hindrance. For example, you may be missing out on long-term opportunities to make the most of your money.  

This is why I believe a Personal Chief Financial Officer (P-CFO) can be a preferable choice for the millionaire next door. There are many reasons why, including the fact that, technically, anybody can call themselves a “financial planner” today.  

However, I believe the simplest reason is that as a P-CFO, I take a more careful, selective approach. You might say that I interview potential clients as carefully as they consider me – and there are good reasons why. Most importantly, I like to be certain that I can make a real difference in your life.  

A good personal CFO provides experienced advice and assistance for investing, savings, and retirement. In the same way that a physical doctor takes a patient’s physical vital signs, as your money doctor, I examine all aspects of your financial life, from income and expenses to investments and protecting your assets. This helps when beginning to create a custom-tailored plan for achieving all that is most important to you and your family.  

Creating your plan is only the first step of our ongoing, Five-Step Personal CFO process. Nevertheless, it’s a vital step that provides a reference for use along your financial journey through life. It could be likened to a road map for saving, investing, and (when all goes well) growing your money, and it’s far more useful.  

It’s also a metric by which we can measure your progress, making adjustments, as needed along the way. I try to keep these adjustments few and far between, but everyone goes through life changes like marriage, births, selling a business, and so on.  Similarly, today’s inflation and market volatility necessitate the occasional course correction to avoid wealth-draining situations.

We Don’t Just Invest Your Money. We Specialize in Endowment-Style Investing. Learn More Here.

2. Uncertainty About Where To Keep Investing

Even in the best of economic times, investing can be a complex and daunting task for what I call “the millionaire next door.” Knowing where to continue can be difficult and it is easy to feel overwhelmed by the variety of choices available. That’s why it can pay, possibly literally, to leverage professional wealth management.  

I’ve been in the financial industry for over three decades (including years as a CPA). Like other wealth managers, we help clients pursue their dreams while keeping risk to a minimum, but this is only the tip of the iceberg: We also utilize loss-protection strategies and tactics to minimize the capital gains taxes assessed on the profits your assets earn.  

Similarly, we assist you with keeping your portfolio protected and diversified, meaning that we help you spread your exposure to various investment opportunities. This helps avoid excessive risk in any one area. During market volatility, it serves as a sort of firewall, limiting your exposure to losses, should one of your investments lose value.

3. You Need/Want Help Saving for Retirement

Saving for your golden years is a major priority, no matter your financial situation. Especially during periods of market volatility and inflation, it’s particularly important for the affluent to ensure that their money is working as hard as it can for them. I have learned that no matter your net worth, there is usually a concern about outliving your money and there are specific strategies to maximize your chances of success.  

Again, living well now is wonderful but not necessarily a reliable indicator of a comfortable retirement ahead. Without conscious steps to safeguard a nest egg through careful financial planning, people have wound up unexpectedly downsizing during their golden years. I’m not saying that’s necessarily likely for you. Nevertheless, I am saying that with this much economic, political, and social uncertainty, it’s prudent to take advantage of suitable and available strategies to help you achieve all that is most important to you and your family.  

By taking into account your short- and long-term objectives, we can create a financial roadmap and a well-thought-out investment strategy. Pair this with carefully-planned savings and tax mitigation and you’ve got a formula for potentially ensuring a retirement free of financial concerns.

4. Protecting Your Wealth Is a Financial Priority

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Life, clearly, is about far more than money. It’s about taking care of those you love, giving generously to causes you care about, and making a real difference in the world. At the same time, especially in today’s world, protecting your wealth is of vital importance. This requires a degree of commitment on your part, but it can become a far easier process over the long haul with a personal CFO managing your financial affairs.  

 Silberman Wealth Strategies is here to help you protect your wealth in multiple ways.   Just to name a few, they include:  

 ● Specialized knowledge & experienced guidance. We have access to a wide range of resources to help provide insights for successful growth. 

 ● Comprehensive investment tactics. Helping you identify potential risks and develop strategies for mitigating them is a core objective of ours. 

 ● Tax optimization. Let us help you minimize your current and future income tax liabilities. 

 ● Risk management. We routinely identify potential risk factors to help you make informed decisions and mitigate risk when possible. 

 ● Estate planning. Your financial legacy is worth strategizing and protecting to help ensure that your loved ones benefit as you choose.

I’d love to share more. Please contact Silberman Wealth Strategies to schedule a meeting.  

A diversified portfolio does not assure a profit or protect against loss in a declining market.  

For a comprehensive review of your personal situation, always consult with a tax or legal advisor.  Neither Cetera Advisor Networks LLC nor any of its representatives may give legal or tax advice. 

The opinions contained in this material are those of the author, and not a recommendation or solicitation to buy or sell investment products. This information is from sources believed to be reliable, but Cetera  Advisor Networks LLC cannot guarantee or represent that it is accurate or complete. 

Mitch Silberman is a Registered Principal of and securities and advisory services offered through Cetera  Advisor Networks LLC (doing insurance business in CA as CFGAN Insurance Agency LLC – CA  Insurance License #0644976), member FINRA/SIPC, a broker/dealer and Registered Investment  Advisor. Advisory services also offered through Silberman Wealth Strategies, Inc.

Mitch Silberman

More about the author: Mitch Silberman

With over 30 years of experience, using his investment expertise and analytic skills, Mitch has helped his clients pursue their dreams with confidence and financial security. He is the President and Founder of Silberman Wealth Strategies, Inc., which is a fee-based Registered Investment Advisor.