Wealth Management in Nashville, TN
Wealth management, money, and retirement hold different meanings and priorities depending on the individual. It may be your goal to reach financial independence, or build generational wealth and security; whatever your desired outcome happens to be, as a high-net-worth individual, you should have a wealth management plan and strategy that is tailored specifically to your needs and objectives.
Wealth management in Nashville (which almost sounds like that’s the name of my firm) is having an understanding of your goals, desires, and values in order to apply wealth strategies for long-lasting success. Working together in a highly collaborative manner, our role, as a Nashville wealth advisor, is to develop strategies that maximize your opportunities and place you on a secure path towards pursuing your financial goals.
Our job isn’t just about making sure your finances are in order and avoiding running out of money in retirement; it’s about making sure you have an action plan for living an amazing life of significance.
In this article, we will delve into important wealth management concepts that, as an affluent individual, you should be aware of:
This article explores the following:
Six important components of Nashville wealth management
Is it time to change your current financial advisor?
Why affluent investors need a Personal CFO
Why High-Net-Worth individuals & families need Mitch-Silberman-style financial planning and strategies
What, exactly, is Endowment-Style Investing?
Why High-Net-Worth Individuals & Families Need Silberman Wealth Strategies Financial Planning
Wealth management is a vital aspect of financial planning. It requires a thorough understanding of both market dynamics and economic trends to enable your investments to be strategically placed to help you pursue all that is most important to you. However, when it’s done well, there is much more to it than these elements, alone.
Optimal wealth management should also include:
- Investment management. Looking after your assets when you lack the time, desire or knowledge is only the tip of the iceberg. Your portfolio should be custom designed for both day-to-day and year-to-year market fluctuations. That’s why we use extensively-researched investment management strategies designed for bull and bear markets. At Silberman Wealth Strategies, we take this personally, conducting our own intensive research and performing due diligence. This is a cornerstone of our wealth management.
- Wealth planning. This overall term refers to an array of financial strategies, including your retirement income planning, tax-reduction strategies, magnifying your charitable giving, and estate planning. Starting with the goal of understanding your financial objectives—and what matters most to you—we learn all that we can before helping your plan solutions. Going forward, it is an ongoing process of answering your questions, providing recommendations/advising, and adjusting your plans as needed (due, for instance, to life changes such as a new birth or changes to your health).
- Retirement income planning. Now that inflation is raging and 2022 saw volatile markets, this is essential, even for the affluent. The hard truth is that living comfortably now does not guarantee a comfortable retirement. Unfortunately, inflation shrinks the value of your money, so having a million dollars, for example, in an IRA does not mean what it might have just a few years ago. The good news is that by focusing, long-term, on strategized wealth accumulation, tax reduction, and asset protection, an enviable exit from the workforce is still possible. The point is never to have to wonder what happens if you run out of money in retirement.
- Tax reduction strategies. The tax code is ever-changing and successful people outside the financial industry seldom have time to learn each year’s changes. That’s why, as a retired CPA, I focus on tax planning strategies to help minimize your liabilities and maximize your net returns. This includes creating strategies around your existing retirement and after-tax accounts.
- Charitable giving strategies. Money is a great servant but a terrible master, and it’s just a tool; it’s not what life’s all about. Philanthropy can potentially benefit people, animals, and causes dear to us and net a great feeling for the donor in return. Meanwhile, the benefits don’t stop there. By strategizing the tax deductions or donations, among other things, money can be deducted from your income taxes. We can potentially establish and magnify your philanthropic projects to last multiple generations, as well.
- Wealth transfer specifications. Planning a legacy - ideally, for those who’ll be your survivors one day should be done with care and precision. This includes creating a will and a trust to better ensure that your hard-earned savings and assets go exclusively to those you intend them for. Other documents to carefully consider are a durable power of attorney and a healthcare directive.
There comes a time in anyone's financial journey when regular analysis and feedback are paramount. If you're constantly questioning the effectiveness of your current wealth management - or feeling frustrated or even neglected with their service and guidance, it may be time to consider making a change. We offer a thorough Second Opinion Service (“SOS”) to help you decide if you are maximizing your financial affairs.
Ideally, wealth management is a long-term endeavor; you and your advisor plan out a roadmap to your financial goals. Next, with ongoing input as needed, you pursue those objectives. The longer the time frame over which you work together to strategize your taxes, for example, the greater your potential savings tend to be.
You and your family’s financial future is at stake, so consider factors such as the leadership your advisor provides and how you like to communicate with the professionals you work with. Does your advisor place importance on how they communicate with their clients? An effective financial advisor should habitually seek to understand your unique needs before providing timely and accurate advice.
An experienced Nashville wealth manager will provide answers to your questions that are based on historical stock movement, measurable economic trends, as well as advanced planning strategies. These are all critical hallmarks of a firm whose services are worth working with over time to build a strong investment portfolio and help you achieve all that is important to you and your family.
Your advisor’s background should include accreditations and qualifications, as well. Consider their fee structure, services offered, credentials, track record of success with past clients, and overall investment philosophy.
If you’re an affluent investor having a personal Chief Financial Officer (CFO) to assist with your financial planning can yield multiple possible advantages. Strategizing and calculating acceptable levels of volatility, for example, is essential for any sizable portfolio. However, without guidance from an experienced financial professional, safely navigating today’s markets can prove difficult.
Meanwhile, strategizing how to legally reduce your taxes (or how much the IRS says you owe) can save potentially significant sums of money over longer periods of time. This isn’t something to attempt casually, however: The U.S. tax code changes every year and might be described as a regularly-shifting maze of financial regulations. Therefore, high-net-worth financial planning strategies involving taxation can be more complex and challenging.
The value of a fiduciary wealth manager who’s lived through previous inflation and market volatility cannot be overstated, either. Experience matters when it comes to your wealth.
This is only one of the many potential benefits of working with your own personal chief financial officer (CFO). We’ve borrowed the term from the corporate world because it best fits Silberman Wealth Strategies’ service model. Just as a billion-dollar company is selective in vetting and hiring experienced financial leadership, you should be just as selective.
With access to specialized resources/experts and an understanding of current trends, a personal CFO provides invaluable insight toward potentially maximizing your return on investments while minimizing your risk exposure. Your collaborative team of trusted advisors’ knowledge and seasoned insight should put you firmly at ease, knowing that any decisions are made exclusively with your best interests in mind.
For high-net-worth individuals and families, it is important to ensure that you are making smart decisions with regard to wealth building and asset protection.
Some of the best, most significant benefits aren’t possible without a comprehensive focus, however.
If your wealth manager also does financial planning for your business, there may be additional ways for your personal and professional tax liability to be further reduced, overall. Making the most of such an integrated approach, affluent individuals and families can deploy their resources tactically, saving money and maximizing potential returns wherever possible.
A comprehensive financial planning approach offers tax minimization, risk management strategies, endowment-style investing, and portfolio management. It also includes retirement planning, asset protection, charitable giving strategies, wealth transfer (estate planning), professional due diligence on investments, and precisely-tailored solutions for your personal financial situation.
However, my focus goes deeper than just considering these aspects, alone. As I mentioned earlier, we deliberately don’t play the how-big-can-we-get game. To be blunt, I don’t want more clients than I can provide optimal, personalized service to.
As a retired CPA, I’ve owned a wealth management firm for 29 years. I know, firsthand, that wealth management is about much more than money. It's about taking care of those you love, giving generously to causes that you care about, and making a real difference in the world. Never trust your life savings in the hands of anyone who doesn’t understand this.
Endowment-style investing has been increasingly gaining the attention and admiration of the financially independent and financial institutions alike. Essentially, it is a long-term, highly diversified investment strategy that seeks to maximize returns while managing volatility with discipline.
It also involves active asset allocation management. This typically utilizes private assets such as venture capital, private equity, hedge funds, real estate, and derivatives. The idea is to create an opportunity to generate sustainable returns and cultivate growth, which is tangible in both the short-term and the long term.
It is a sophisticated approach for those seeking optimal stability through up-and-down markets wracked by inflation and volatility. With a long-term focus, it offers the potential for remarkable success, as well. That’s what makes it a staple of financial planning for high-net-worth individuals. Endowment-style investing is only one of Silberman Wealth Strategies’ specialties. Sometimes you win by not losing!
Get to Know Silberman Wealth Strategies
Part of what sets us apart is our deliberate emphasis on “the millionaire next door;” we provide concierge service to a smaller, select clientele rather than seeking masses of people. This allows us to ensure that our values are mutually compatible. It also suits our custom-tailored-to-the-individual approach to financial planning.
One of our primary goals in establishing strong relationships with our clients is to get to know you on a deeper level. Maintaining selectivity when it comes to who we choose to work with allows us to build genuine connectedness and trust unrivaled by others.
Our focus on high-quality client experiences means that investing efforts into getting to understand your financial goals and values is at the core of what we do. We care about the long-term success of our clients, which is why we take building strong and lasting relationships so seriously. At the same time, what we’re known for is helping our clients live an amazing life of significance. No one that doesn’t share your last name will care as much about your financial affairs as we will.
If you’re interested in innovative solutions and a collaborative level of top-tier service, Silberman Wealth Strategies, Inc. may be exactly the Nashville financial advisor you need. Schedule a call with Mitch Silberman today.
Mitch Silberman is Registered Representative offering securities and advisory services through Cetera Advisor Networks LLC, member FINRA/SIPC, a broker/dealer and Registered Investment Adviser. Advisory services also offered through Silberman Wealth Strategies, Inc. Cetera is under separate ownership from any other named entity. Located at 320 Seven Springs Way Ste. 250 Brentwood, TN 37027
For a comprehensive view 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.