Mike Rogers is a fiduciary financial advisor with over 30 years of experience in the financial services industry as an investment advisor and financial planner. He founded 360 Financial in 1995 and holds series 7 and 63 security registrations with LPL Financial.
5 Ways to Tell If Your Financial Advisor Is a Fiduciary
1 – Ask them directly: A genuine fiduciary will straightforwardly affirm their role and commitment to act in your best interests.
2 – Review the advisor’s credentials: Certifications such as CFP® (Certified Financial Planner) or AIF® (Accredited Investment Fiduciary) often indicate a fiduciary standard.
3 – Examine their fee structure: Fiduciaries typically operate on a fee-only or fee-based structure, avoiding commission-based payments that could influence product recommendations.
4 – Research their registration: Check if they are registered with the SEC (Securities and Exchange Commission) or state regulators, as Registered Investment Advisors (RIAs) are held to a fiduciary standard.
5 – Request a written commitment: A fiduciary should be willing to provide a signed document that attests to their obligation to act in your best interests at all times.
Common Questions About Fiduciaries
How do I know if a financial advisor is a fiduciary?
To determine if a financial advisor is a fiduciary, you can directly ask them and also verify their status by checking their credentials and registration with regulatory bodies like the SEC.
Do all financial advisors have a fiduciary duty?
No, not all financial advisors have a fiduciary duty. Only those who are registered as such and commit to acting in the best interests of their clients carry this responsibility.
Why is it important to work with a fiduciary advisor?
It’s important to work with a fiduciary financial advisor because they are ethically and legally bound to act in your best interests, ensuring you receive objective advice and minimizing conflicts of interest. While there are great advisors out there who are not fiduciaries, you may wish to check if the advisory firm you’re working with has a fiduciary environment.
Some firms will have CFPs and AIFs who are fiduciary advisors. They may have other advisors who are not fiduciaries but are guided by the firms policy to always act in a client’s best interest.
The main reason people choose to work with fiduciaries is because then they can be sure they’re not being sold packaged products such as mutual funds that have excessive fees.
What is the difference between a fiduciary and a non-fiduciary advisor?
The difference between a fiduciary and a non-fiduciary advisor is that a fiduciary advisor is legally obligated to act in the client’s best interests, while a non-fiduciary advisor might prioritize their own interests or those of the institution they represent over the client’s. They do not have a fiduciary duty to their client.
Are there any red flags to watch out for when assessing an advisor’s fiduciary status?
Yes, when assessing an advisor’s fiduciary status, red flags to watch out for include vague fee structures, reluctance to provide a written fiduciary commitment, or promoting products that offer them high commissions without clear benefits to the client.
What questions should I ask my financial advisor to confirm their fiduciary duty?
To confirm their fiduciary duty, you should ask your financial advisor if they are a fiduciary, inquire about their fee structure, and request a written statement affirming their commitment to act in your best interests.
Are there regulatory bodies or organizations that oversee fiduciary standards?
Yes, there are regulatory bodies that oversee fiduciary standards. In the U.S., the Securities and Exchange Commission (SEC) and state regulatory bodies supervise fiduciary standards, and professional organizations like the CFP Board set standards for certified professionals.
What legal obligations do fiduciary advisors have towards their clients?
Fiduciary advisors have the legal obligation to act in the best interests of their clients, disclose any potential conflicts of interest, and provide advice that aligns with the client’s goals and financial situation.
Connect with a Financial Advisor Online or In Person
If you need a wealth management team to help you achieve your big-picture goals, we recommend scheduling a call with a financial advisor at 360 Financial.
360 Financial is one of Minnesota’s best independent wealth management firms. We work with clients in Minnesota and across the US. If you’d like to work with a team that always puts your best interests first and is committed to helping you create a lasting legacy, please get in touch.
Mike Rogers is the founder and president of Minnesota-based financial advisory firm 360 Financial. As the founder, Mike’s priority is that 360 Financial always serves the clients with empathy, integrity, and honesty. This customized, client-centric approach allows the firm to help clients decipher between the things they can control and what truly matters.
In other words, Mike understands that money is not the end-all-be-all; instead, it’s the “how” that fuels the “why” to the question: “What’s important to you?”
At 360 Financial, our clients come first. You deserve personalized attention. You’ll be happier and more confident in your financial future when you have an advisor who always puts your needs and best interest first. Schedule a 15-minute introductory call with a 360 financial advisor to see how we can help with your retirement, succession, tax, and estate planning.
This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
What Your Business Financial Advisor Will Do and How They Can Help
If you’re searching online for financial advisors for business owners, then you probably have specific tax and investment management needs that are more complex than the average professional. It’s important that you work with the right wealth management team. In this post, I’ll cover what financial advisor for business owners do and how they help.
As a CERTIFIED FINANCIAL PLANNER™ and Certified Private Wealth Advisor®, Will helps clients create their ideal life through values-based financial planning. His process is designed to pursue each client’s objective, whether it’s preparing for retirement, ensuring smooth business succession, funding for education, implementing wealth transfer strategies, or navigating other impactful financial events.
Do You Need a Financial Advisor that Specializes in Working with Small Business Owners?
It’s important to work with an experienced and credentialed team that can help you get you from where you are now to where you want to go.
If you’re planning the sale of a business, you need someone who can handle the complexities of that transition and guide you through it. Or you might want to ensure that you’re not overexposed and unprepared for retirement.
An advisor who understands investment management and complex financial planning for business owners can help. They can help you evaluate your options, discuss pros and cons, and build a customized strategy based on your specific goals.
Try to Find a Financial Advisor that Provides Holistic Wealth Management for Business Owners
As a business owner, you’re busy running your business.
Maybe you have a family or other loved ones that you’re responsible for and life can hectic. If you’re like many of the busy business owners we work with, you’re looking for a team that can take care of every single aspect of wealth management for you. So you don’t have to worry about it.
Your time is valuable, and it’s critical that you’re able to focus on what matters most to you, rather than worrying about your portfolio or future retirement income streams.
There are advisory firms that are great at handling the basics.
However, as a business owner, your needs may be more complex. You may require more than the basics. And you would likely benefit from having seamless tax planning capabilities. In this post, I’ll go over the main aspects of wealth management for business owners.
At 360 Financial, we work with many business owners within our home state of Minnesota. We also work with business owners across the US. To learn more about our financial advisory services for business owners, please schedule a 15-min introduction call.
How Does a Business Financial Advisor Help?
Your personal and business finances may be connected when you’re a small business owner. Below, I’ll cover some of the areas where a good financial advisor for business owners will be invaluable.
Comprehensive Financial Planning
An experienced advisor will provide business owners and their families with personalized plans based on their situation, goals, risk tolerance and unique challenges. You advisor should address all aspects of your financial life.
The should help you with the following key elements of wealth management:
retirement planning
investment management
succession planning
risk management
tax optimization
estate planning
legacy planning
A comprehensive approach is instrumental to make smart, informed financial decisions.
Tax Planning and Strategies
Your financial advisor should support you as a business owners with tax planning by staying up-to-date with ever-changing tax laws. Whether you’re considering business entity structures, retirement plans, or succession planning, your advisor should offer valuable insights.
At 360 we have a partnership with a CPA firm which enables clients to access tax planning services alongside a tax advisor and wealth manager, streamlining your financial strategies. While you’re not at all required to work with our CPA firm, it can be helpful to have it all under one roof.
Your financial advisor should work together with your accounting firm to ensure you get the best possible tax planning strategy to minimize your taxes each year.
Insurance Planning
Your financial advisor should play a key role in helping you as a business owner assess risks within your financial life and discuss options to protect your business and family. Overall, your advisor should strive for well-rounded insurance coverage that is customized to your goals, provides risk management and provides financial security for those you care about.
Retirement Planning
At 360 Financial, we start by conducting a comprehensive analysis of your current financial savings and retirement goals to determine if we are on track. Then we can create a customized retirement strategy which uses the appropriate retirement plan based on your situation and employees.
We can assist with the initial retirement plan set-up, monitoring and maximizing your contributions to help build a work-optional lifestyle.
401(k) Plans for Employees
Your financial advisor should guide you through the different types of retirement plans that are available to business owners and help you decide which is best. Navigating whether you should get a Solo 40(k), SEP IRA, SIMPLE IRA, Profit Sharing Plan, Cash Balance Plan, etc can get confusing. Your advisor should help you decide which will align best with your employees and financial goals. At 360 Financial, we assist our business owner clients through the whole process from set-up to monitoring. If the plan needs to be terminated in the future, we’re able to help with that as well.
Help with Succession Planning
For some business owners a succession plan is a once in a lifetime event that you want to make sure is done correctly. From maximizing the value of your business to facilitating a successful transition, you want to make sure there are no mistakes and everything is seamless.
At 360, we can help explore a range of options from Mergers and Acquisitions (M&A) strategies to Family Limited Partnerships (FLP) and Employee Stock Ownership Plans (ESOPs). Whether you’re considering a sale to an external buyer, passing the business to family members, or employees, we can provide a customized strategy based on your vision.
What Kinds of Business Owners We Help at 360 Financial
Local Brick-and-Mortar Small Business Owners
From sole proprietors to business owners with hundreds or thousands of employees, our team is experienced in a wide range of situations, dedicated to serving your business and family. Our partnership with CPA firm Rapacki + Co. allows us to offer you the option of working with a comprehensive team to help implement tax-efficient strategies through our LifeWealth Process.
Business Owners Planning for Retirement
As a business owners, you’ve worked hard and deserve to have a relaxing retirement. We help you get there by developing a customized LifeWealth Plan based on your financial goals, risk tolerance and vision.
Our financial plans for business owners approaching retirement involves review of their current financial landscape, optimizing retirement savings while working, developing a tax-efficient withdrawal strategy during retirement and assisting with succession planning. Our team of CFP professionals provide experienced knowledge that will access estate and tax considerations as well.
Independent Financial Advisory Firms Ready for Succession
At 360 Financial, we also specialize assisting financial advisors with books of business monetize their business and transition to retirement. It’s important to know that your clients are in good hands with a team of dedicated professionals held under the fiduciary standard with excellent client service for the coming decades.
Business Owners Planning for a Sale or Liquidation Event
If you’re preparing for the sale of a business, you’re probably spinning a lot of plates. And you might be worried about the tax consequences. Everyone has to pay tax. But you shouldn’t have to pay more than is required due to an error in tax planning.
Our team of Wealth Managers assist business owners to prepare for a sale or liquidation event for their business. We do this with a professional team of advisors ranging from tax, insurance and legal to help navigate the complexities of a transaction.
Benefits of Working with a Fee-Only Fiduciary Financial Advisor
There are several key benefits working with a fee-only fiduciary advisorsuch as our experienced, CFP professional team. First, there is trust that your advisor is held under the fiduciary standard which means to always act in client’s best interests. Not every advisor is held to that standard so it’s important to ask. We also provide our transparent fee structure during our first discussions which is a pillar to building trust with our clients.
This promotes clarity on the benefits we can provide your family through our LifeWealth process and investment committee.
Connect with a Financial Advisor Online or In Person
If you need a wealth management team to help you achieve your big-picture goals, we recommend scheduling a call with a financial advisor at 360 Financial.
360 Financial is one of Minnesota’s best independent wealth management firms. We work with clients in Minnesota and across the US. If you’d like to work with a team that always puts your best interests first and is committed to helping you create a lasting legacy, please get in touch.
Will Grant enjoys empowering people to make informed decisions and seeing the positive impact his guidance can have on their lives.
Prior to joining 360, he spent seven years serving hundreds of clients at a boutique RIA focused on healthcare executives with equity compensation and then at a large, independent RIA. He earned a Bachelor of Science degree in Finance from Miami University and holds his Series 7 and 63 licenses through LPL Financial and his 65 license through 360 Financial.
Will lives in Minneapolis with his fiancée, Melissa. In his free time, he enjoys competing in triathlons, golfing and is an active member of the Minnesota Leadership Council for the Chick Evans Scholarship Foundation, which he was a recipient of.
At 360 Financial, our clients come first. You deserve personalized attention. You’ll be happier and more confident in your financial future when you have an advisor who always puts your needs and best interest first. Schedule a 15-minute introductory call with a 360 financial advisor to see how we can help with your retirement, succession, tax, and estate planning.
This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
Family Trusts During Impending Divorce in Minnesota
If you’re dealing with family trusts during an impending divorce, it’s important to understand the basics of how Minnesota law treats these trusts in divorce scenarios. Being well informed will help you to protect your assets and ensure a fair division. Please note that this article is general in nature, and it’s important to seek professional financial and legal advice when going through a divorce.
Mike Rogers is a fiduciary financial advisor with over 30 years of experience in the financial services industry as an investment advisor, wealth manager, and financial planner. He founded 360 Financial in 1995 and holds series 7 and 63 security registrations with LPL Financial.
How does a divorce affect a family trust in Minnesota?
Navigating the complexities of a divorce can be challenging, and understanding the interplay between family trusts and divorce proceedings in Minnesota can add another layer of intricacy.
Before we dig into the details, please note that this post isn’t a substitute for professional advice. We recommend you speak with an attorney about your trust. In addition, please make sure you have a financial advisor who can help you through this difficult financial transition.
Navigating the Complexities of a Divorce Can Be Challenging
Marital or Non-marital Property
In Minnesota, a family trust’s susceptibility to divorce proceedings largely hinges on whether the trust’s assets are categorized as marital or non-marital property. Generally speaking, family trusts that were established before marriage and funded with assets owned before the marriage (or with gifts and inheritances received individually during the marriage) are typically considered non-marital. This means they often remain untouched during a divorce.
However, if marital funds or assets were contributed to a trust during the marriage, then those contributions and any growth associated with them might be considered marital property. In such cases, they could be subject to division during the divorce process.
Who Controlled the Trust May Matter
Another crucial factor is the discretion and control over the trust. If one spouse has significant control or discretion over the trust’s distributions or operations, a court might look more closely at its assets, even if it was originally intended as a separate property trust.
It’s also worth noting that, in some situations, the income generated by a trust (even if the trust itself is considered non-marital) could be considered when calculating spousal maintenance or child support obligations.
Given these complexities, it’s essential for individuals in Minnesota facing a divorce to consult with an attorney well-versed in both family law and trusts. They can provide guidance tailored to one’s unique situation, ensuring the most equitable and fair outcome.
How do I protect myself in the division of assets in a Minnesota divorce?
Protecting your interests during the division of assets in a Minnesota divorce involves both understanding the state’s laws and adopting proactive strategies.
Here are 7 ways you can safeguard your assets before you get divorced:
1. Understand Marital vs. Non-Marital Assets
In Minnesota, assets acquired during the marriage are generally considered marital property and are subject to division. However, assets acquired before marriage or received as gifts or inheritances during the marriage are usually deemed non-marital and typically remain with the original owner. Familiarizing yourself with these definitions can help you identify which of your assets may be at risk.
2. Maintain Clear Documentation
Keeping clear and thorough records of your assets is vital. This includes documentation that proves when and how you acquired an asset, especially for those you consider non-marital. Bank statements, purchase receipts, or inheritance documents can serve as valuable evidence.
3. Avoid Commingling of Assets
If you have non-marital assets, try to keep them separate from marital assets. For instance, if you inherit money, avoid depositing it into a joint bank account. Once non-marital assets are mixed or “commingled” with marital assets, distinguishing them can become challenging, and they may become subject to division.
4. Prenuptial and Postnuptial Agreements
If you’re already married and didn’t sign a prenuptial agreement, it’s not too late to consider a postnuptial agreement. These legally binding documents can specify how assets will be divided in the event of a divorce and can offer significant protection.
5. Engage a Knowledgeable Attorney
A seasoned family law attorney, particularly one familiar with Minnesota’s specific regulations, can be your most valuable asset. They can offer tailored advice, ensure you don’t overlook any critical details, and represent your interests during negotiations or court proceedings.
6. Stay Transparent and Honest
While it’s natural to want to protect your assets, attempting to hide or undervalue them can backfire significantly. Courts do not look favorably upon dishonesty, and you could end up in a worse position if caught.
7. Consider Mediation
Mediation, where a neutral third-party assists the couple in reaching a mutually satisfactory agreement, can be a constructive way to address asset division. It often results in more personalized solutions and can be less adversarial than traditional court proceedings.
Is my spouse entitled to my inheritance in Minnesota?
In Minnesota, inheritances are generally viewed through the lens of marital and non-marital property distinctions.
Typically, an inheritance received by one spouse, whether before or during the marriage, is considered non-marital property. This means that it is usually not subject to division during a divorce and remains the sole property of the spouse who received it.
However, there are situations where this clarity can blur:
1) Commingling of Assets: If the inheritance is mixed or “commingled” with marital assets, its designation as non-marital can be jeopardized. For instance, if you deposit your inheritance into a joint bank account or use it to purchase joint property, it might become difficult to distinguish it from marital assets, and it could then be subject to division.
2) Contribution to the Marital Estate: If your inheritance was used in a manner that benefits both spouses or the marital estate such as renovating a jointly-owned home, it might be argued that at least a portion of the inheritance has become marital property.
3) Growth and Income from the Inheritance: While the principal amount of the inheritance (the initial amount) might remain as non-marital property, any income or growth generated from it during the marriage might be viewed as marital, depending on how it’s managed or invested.
To ensure your inheritance remains protected in a divorce:
Keep thorough and clear documentation of the inheritance’s source and any related transactions.
Consider keeping the inheritance separate from marital assets.
If you wish to use the inheritance for joint purposes, consider discussing it with an attorney to understand potential implications.
Regularly consult with a knowledgeable family law attorney in Minnesota, especially if you foresee potential disagreements or complications regarding the inheritance during divorce proceedings.
What are non-marital assets in a divorce in Minnesota?
In Minnesota, as in many states, the distinction between marital and non-marital assets plays a pivotal role during divorce proceedings, determining how property is divided between the spouses. Here’s a breakdown of what constitutes non-marital assets in the context of a Minnesota divorce:
1 – Pre-Marital Ownership Any asset that a spouse owned before entering the marriage typically remains that spouse’s non-marital property. For example, if you had a savings account or a piece of real estate before marrying, those would be considered non-marital assets.
2 – Inheritances Assets that one spouse inherits, whether before or during the marriage, are generally considered non-marital property. This remains true as long as the inherited assets are kept separate from marital assets.
3 – Gifts Gifts given to one spouse, excluding gifts between spouses, usually fall under non-marital assets. For instance, if a friend or a family member gifted you a piece of jewelry or a sum of money, it’s typically considered your non-marital property.
4 – Exclusions Defined by Agreements Prenuptial and postnuptial agreements can specifically define certain assets as non-marital. These agreements, when legally sound and valid, can be powerful tools in keeping specified assets outside the marital pool.
5 – Certain Personal Injury Settlements If one spouse receives a settlement for personal injuries, the portion meant to compensate for pain, suffering, or personal losses (rather than lost wages or medical expenses) may be considered non-marital property.
6 – Property Acquired After a Legal Separation If assets are acquired after a couple legally separates (but before the divorce is finalized), those assets might be deemed non-marital, depending on the specifics of the legal separation agreement.
A significant point to remember is the potential for non-marital assets to become “commingled” with marital assets, making them difficult to distinguish and potentially transforming them into marital property. For instance, if you deposit an inheritance (a non-marital asset) into a joint bank account, it can become commingled with marital funds.
To protect the status of non-marital assets during a divorce in Minnesota, it’s crucial to maintain clear documentation and separation of these assets from the marital pool. Consulting with a Minnesota family law attorney can provide insights tailored to your situation, ensuring a fair and clear division of assets.
Navigating Family Trusts and Assets During Divorce in Minnesota
Protecting yourself and ensuring a fair division of assets during a Minnesota divorce might seem overwhelming.
The key is understanding your rights and being well-prepared. One approach is to maintain clear records of your financial assets and contributions. Legal counsel is invaluable in these circumstances, providing insight into the state-specific nuances of asset division. It’s beneficial to be proactive and consult an attorney early on to avoid potential pitfalls.
In the realm of divorces in Minnesota, the term “non-marital assets” carries significant weight. These assets, in general, remain with the original owner after the divorce is finalized. However, it’s vital to maintain documentation proving the origin of these assets, as challenges can arise. Instances where non-marital assets get mixed with marital ones can complicate matters, making their clear distinction all the more crucial.
Remember, every situation is unique, and having expert guidance can be invaluable in navigating the complexities of inheritance during a divorce.
Connect with a Financial Advisor
If you need a wealth management team to help you achieve your big-picture goals, we recommend scheduling a call with a financial advisor at 360 Financial.
360 Financial is one of Minnesota’s best independent wealth management firms. We work with clients in Minnesota and across the US. If you’d like to work with a team that always puts your best interests first and is committed to helping you create a lasting legacy, please get in touch.
Mike Rogers is the founder and president of Minnesota-based financial advisory firm 360 Financial. As the founder, Mike’s priority is that 360 Financial always serves the clients with empathy, integrity, and honesty. This customized, client-centric approach allows the firm to help clients decipher between the things they can control and what truly matters.
In other words, Mike understands that money is not the end-all-be-all; instead, it’s the “how” that fuels the “why” to the question: “What’s important to you?”
At 360 Financial, our clients come first. You deserve personalized attention. You’ll be happier and more confident in your financial future when you have an advisor who always puts your needs and best interest first. Schedule a 15-minute introductory call with a 360 financial advisor to see how we can help with your retirement, succession, tax, and estate planning.
This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
Wealth management advisors help you follow your dreams—whether that be retirement, a college fund for your child, or traveling the world. If you want to pursue your dreams, you’re probably wondering how to find a wealth management advisor. We’ll be diving into your questions about wealth management today.
How to Find a Wealth Management Advisor You Can Trust
Before you look for a wealth management advisor, you have to know what it really is. The definition of “wealth management” varies from company to company, and from advisor to advisor. No matter what advisory firm you turn to, make sure you understand what their definition of wealth management is—and if it will truly help you manage your wealth.
How To Choose a Wealth Advisor
Finding the right wealth advisor helps you shift your mindset toward finances.
You’ll look toward the future with confidence and optimism, knowing you’re breathing your dreams to life. Choosing the right wealth advisor is essential.
Here are the steps to help you choose the best wealth advisor:
Step 1: What does wealth management mean to you? Find an advisory firm that agrees with your definition.
Step 2: What do you want in a wealth advisor? Find one who offers those services.
Step 3: What wealth management services are most important to you? Look for an advisor with related experience.
Step 4: Think about how you would like your relationship with your wealth advisor to be structured—then ask potential advisors questions, to see if their vision aligns with yours.
Step 5: Look for an advisor who listens to you and is empathetic to your needs. Ask wealth advisors personal questions, such as, “What do you like to do for fun?” or “What do you enjoy most about managing wealth?” These questions can help you see if you mesh well.
Step 6: Consider the advisor’s client testimonials, or ask family and friends for their recommendations.
While finding a wealth manager can take time, you’ll be glad you looked for the right one you can trust down the line. After all, managing your wealth is an important task, and you need someone who can help you reach your goals—without stress.
At 360 Financial, we pledge to serve your needs with the utmost respect, earn your trust, and uphold your best interest. Here, we build intentional relationships, and many of our clients become lifelong friends.
Common Questions about Working with a Wealth Management Team
What Is the Typical Fee for a Wealth Manager?
Many wealth managementfirms have sliding scale fees. Typically, the more assets you have with the advisory firm, the lower the fee. You can expect to pay a certain percentage of the money you have with the firm—for example, maybe 1% or 2%. These fees will vary greatly, depending on which firm you choose.
Are Wealth Management Advisors Worth It?
Wealth management advisors are worth it, because with their help, you can pursue your goals confidently. Great wealth advisors simplify, clarify, and customize your investment approach. Ideally, their plans will be easy to understand, answering all your questions and providing a roadmap.
The fees are increasingly worth it the more wealth you have. However, wealth management benefits everyone, in all walks of life. You’ve worked hard to become successful, and you deserve the right guidance in seeking to ensure your assets are protected.
How Much Money Should You Have to Hire a Financial Advisor?
If you have over $750,000 in investable assets, then you should definitely consider hiring a financial advisor. However, anyone can hire one, no matter what your financial situation is. If you have less investable assets, you may have to pay higher percentages.
What Is Wealth Management and How Does It Work?
360 Financial’s Wealth Management Services
At 360 Financial, our wealth management advisorslook at you and your family’s finances holistically. Our goal is to help our clients get their finances in order—ultimately helping them feel more confident and happy.
360’s wealth management services include:
Meaning-of-life questions on life goals, money, and values alignment
Comprehensive and long-range wealth management and financial planning
Education planning and funding (college planning)
Estate planning and estate tax planning
Generational wealth
Investment advice and management
Philanthropic planning and charitable giving
Retirement goals and planning
Risk management
Specialist referrals
Tax planning & strategies
Key Takeaways:
Focus on finding a like-minded financial advisor in terms of:
Wealth management
What a wealth advisor offers
Relevant experience
Client relationship
Interests outside of work
Consider client testimonials, or ask family and friends for advisor recommendations
At 360 Financial, your needs come first, and we create a customized, financial plan for you. Your financial well-being and needs always come first.
Next Steps
At 360 Financial, we build relationships based on trust, communication, and chemistry. We want to get to know you, your financial goals and dreams, and any frustrations you’re facing. When you work with us, we mutually decide if there’s a comfortable fit—after all, we just want what’s best for you.
Book a 15-minute introductory call with 360 today.
About the Author
Mike Rogers
Mike Rogers, President, is the founder of Wayzata-based 360 Financial. As the founder, Mike’s priority is that 360 Financial always serves the client with empathy, integrity, and honesty. This unique, client-centric approach allows the firm to help clients decipher between the things they can control and what truly matters.
In other words, Mike understands that money is not the end all be all, instead it’s the “how” that fuels the “why” to the question: “What’s important to you?”
Schedule a Call
At 360 Financial, our clients come first. You deserve personalized attention from an advisor at our firm. You’ll be happier and more confident to know that your needs always come first. Book a 15-minute introductory call with us today.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
In a time where financial instability is a huge concern, you may be wondering, “How does wealth management work?” This is a great question. When you start building wealth, the last thing you want to do is put it in a savings account that doesn’t make any interest.
In contrast, wealth managers make your assets and wealth work for you.
Sounds too good to be true? Keep reading while we explain wealth management and how it can benefit your finances.
Wealth managers help you not only save your wealth but also build upon it. They look at your financial goals and help you pursue financial freedom and security. Wealth managers help you manage your assets, invest wealth, and preserve wealth for future generations.
A wealth managerwill help you set up an investment plan that suits your goals and risk tolerance. They can advise you on how to achieve your goals by providing specific investment recommendations. They’ll help you make informed decisions about how your money is being invested.
Wealth Management Process
If you want to understand how wealth management works, here are the steps that a wealth manager will take:
Meet with you to understand your goals, needs, and financial situation.
Research investment options to find those that align with your goals and needs.
Create an investment plan based on your preferences, goals, and risk tolerance.
Collaborate with you and make sure you’re comfortable with your plan.
Manage your investments over time.
Monitor your financial progress and make changes as needed.
You’ll be in communication with your wealth manager throughout the whole process to ensure your needs are met.
How Is a Wealth Manager Different from a Financial Planner?
While financial planners consider a broader vision of your finances—from insurance to everyday expenses—wealth managers might only focus on assets, investments, will and trust services, and estate planning.
At What Point Do You Need a Wealth Manager?
The higher your assets are, the less you’ll have to pay a wealth manager. That’s why typically only affluent people invest in wealth management. Wealth managers typically only serve high-net-worth individuals (HNWI), which is those with over $750,000 in assets. (+) (+)
Are Wealth Management Fees Worth it?
The truth is: It’s impossible to be an expert in everything. Wealth managers take the financial stress off your shoulders by giving you the knowledge and advice you need to continue building your wealth responsibly.
However, if you’re not a high-net-worth individual, wealth management fees are probably not worth it. In those cases, you can seek a financial planner.
What Are the 4 Pillars of Wealth Management?
Key Takeaways:
Wealth management is for affluent people who need comprehensive wealth management services.
Your wealth management plan will be specific to your financial goals and needs.
Wealth managers help you invest and build your wealth.
Next Steps
At 360 Financial, we take the time to get to know you and your goals. We create a customized financial strategy to help you reach those goals. We’ll work with you every step of the way.
About the Author
Mike Rogers
Mike Rogers is the founder and president of Minnesota-based financial advisory firm 360 Financial. As the founder, Mike’s priority is that 360 Financial always serves the clients with empathy, integrity, and honesty. This unique, client-centric approach allows the firm to help clients decipher between the things they can control and what truly matters.
In other words, Mike understands that money is not the end-all-be-all; instead, it’s the “how” that fuels the “why” to the question: “What’s important to you?”
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At 360 Financial, we believe that every client deserves personalized attention from our team of experts. You can be confident in knowing that your financial needs are our first priority.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
All investing involves risk including loss of principal. No strategy assures success or protects against loss.
Those who receive an inheritance with the passing of a loved one are potentially given the gift of financial freedom if they choose to manage the wealth carefully.
Did you know that only about one-third of adults have a prepared will, and about 40% with investable assets of $1 million or more never discuss their estate plans with their children? The reality, however, is that the percentage of squandered inheritances is troubling. Studies indicate that 70% of inheritances are exhausted by the second generation, and a whopping 90% is gone by the third.
There are a variety of causes for the money to deplete so quickly, including spending sprees on unnecessary expenses (fancy toys, expensive clothes, jewelry, and lavish vacations), poor financial decision-making, taxes, and a lack of communication between parents and children.
While family conversations about legacy and inheritance are important first steps in estate planning, discussing money matters can be stressful and emotional, so it’s common for parents to avoid the topic instead. Other reasons that may make parents hesitant to talk to their children about passing down their wealth include:
Entitlement – Children may feel as if they are better than everyone else because they are receiving a significant amount of money.
Motivation – Knowing that one day they will have money passed to them will affect their motivation to pursue their own financial journey.
Wealth management – Parents want children to understand how to manage money and if they know money will be given to them one day, they may be inclined to consider what material things they will buy instead of understanding the value of managing their finances.
Understanding the value of a dollar – Having to work for your own money forces you to understand the value of a dollar and that money isn’t made easily.
At what age should parents and children discuss estate planning and inheritance?
Children can benefit from understanding the emotionally and financially complex world of financial planning as early as their 20s. They can learn the structure, details, and management of an estate plan and the importance of wealth preservation when it is passed down in the future. Being prepared can help to mitigate problems, challenges, and risks that could appear later on.
Beneficiaries that are intent on making their inheritances work for them can take steps toward financial independence by considering the following:
Resist the urge to spend the money and continue living as you were before.
Consider safe investment opportunities based on your risk tolerance.
Consult a financial professional.
How can parents get started talking to their children about their wealth?
Transparent communication
Parents should be open and honest with their children about their finances. This can open the door for questions and essential conversations on what the parents expect and hope for when it comes to the financial management of their assets.
Share values
Both parents and children can share their values and work to align expectations. Once children understand their parent’s wishes, parents may be more open to discussing inheritance regardless of the children’s age.
Schedule an appointment with a financial professional
Consider scheduling an appointment with a financial professional who can help you manage your inheritance by creating investment and savings strategies and long-term goals.
Create a plan
Preparation is critical when it comes to pursuing any long-term goal or strategy. A financial professional has the skills and experience to help both parents and children understand how to manage their finances now, and design a plan for the future with the knowledge that estate and tax law and the market may be completely different than it is today.
Schedule that appointment today and get a head start on working to preserve your hard-earned wealth for generations.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
This script was prepared by LPL Marketing Solutions
After spending so much of your life saving for retirement, it may be challenging to transition from depositing funds to withdrawing them.
You may wonder whether there is any way to maintain your lifestyle and preserve your wealth to pass down to your loved ones. It might be worthwhile to do some careful planning and ongoing maintenance. Here are three tips that may help you preserve wealth after retirement.
Make a Health Care Plan
Unless you are one of the few lucky enough to retire from a job that provides health care to retirees until Medicare eligibility, you need to have a plan for accessing and paying for health care during early retirement. Paying out of pocket for a high-dollar plan might significantly dip into your retirement savings at a time when you need these funds to keep growing.
You might purchase health care on the market through the Affordable Care Act, get added to your spouse’s plan, or choose a part-time job that might help provide health care coverage. Having a plan and some alternatives for retirement health care might be one of the keys to preserving your assets until you access Medicare.
Test Your Retirement Strategy
Although you may be unable to predict what happens in retirement, here are some steps to consider before retirement to help test your strategy and make any necessary adjustments. Some of the unknown factors include:
Living longer than expected
Requiring long-term care
Having a spouse who needs long-term care
Undergoing a market downturn during the first few years of retirement
Having to provide financial support to an adult child
Your financial professional may help you map out the likelihood of these options and some strategies you may use to deal with them, such as having an emergency fund, long-term care insurance, or a revised withdrawal strategy.
Consolidate and Balance Your Portfolio
If, like many, you opened multiple retirement accounts over the years, now might be the time to consolidate these assets into a single account with one provider. For example, you might convert multiple employers’ 401(k) accounts into one 401(k). Additionally, if you hold several IRAs at different providers, you may convert them into a single IRA. However, there are often important tax considerations when managing retirement accounts, so it is a good idea to discuss your specific tax issues with a qualified tax advisor before making any major moves.
You may need to reevaluate your asset allocation as you enter retirement. Suppose you have had an aggressive, growth-focused portfolio for a long time; you may want to consider shifting into income-producing dividend stocks or other assets like CDs and money market accounts.
Generally, a mix of asset types is desirable, some assets with slow growth that may have the possibility of less risk, some that may grow more quickly (albeit with more risk), and some that provide a steady income. Again, your financial professional may work with you to develop a strategy to help manage your needs.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult your financial professional prior to investing.
Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments.
The payment of dividends is not guaranteed. Companies may reduce or eliminate the payment of dividends at any given time.
Asset allocation does not ensure a profit or protect against a loss.
This article was prepared by WriterAccess.
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