Wealth enhances your retirement experience—it’s the freedom to live life on your terms. This is why incorporating wealth management into your retirement planning is vital.

Wealth management represents the pinnacle of financial planning services, encompassing comprehensive investment oversight, financial counseling, tax strategy, and estate planning. It’s important to recognize that not all advisors in wealth management are on equal footing.

Even with a well-conceived retirement strategy, your finances should not be relegated to a “set and forget” status upon retirement. Active management of income, investments, and expenditures is necessary. Adjustments, whether minor or significant due to major life changes, may be required. Here’s how you can infuse wealth management into your retirement planning.

Managing Your Investments in Retirement

A proficient financial advisor who excels in wealth management should provide comprehensive assistance, addressing all facets of financial planning, including complex aspects such as managing tax implications of business revenues and establishing donor-advised funds for philanthropic endeavors. Monitoring and adjusting your investment strategies with your advisor is critical.

Retirees with substantial assets often gravitate towards more conservative, lower-risk investment strategies as they age, focusing on wealth preservation over growth. Yet, is this the right path for you? Our clients at CKS Summit Group frequently inquire about investment inclusion, mutual funds, target-date funds, risk consideration, and tax implications. Our advisors employ a variety of investment strategies tailored to individual financial circumstances.

Wealth Management Vs. Portfolio Management

Determining whether you require a wealth manager or a portfolio manager—or possibly both—is essential.

Wealth management delivers a more holistic approach to financial planning than portfolio management. It offers wide-ranging advice on a client’s financial situation, which includes investment management, estate and tax planning, accounting, retirement strategy, and sometimes legal advice. 

In contrast, portfolio management involves making decisions about investment mix and strategies specifically for asset growth and risk minimization and does not typically encompass other financial planning services.

Working with CKS Summit Group

At CKS Summit Group, we are a comprehensive financial planning team ready to guide you through all your financial decisions.

Over time, the needs of your retirement portfolio will evolve, and navigating the complex financial terminology, coupled with the critical nature of these investment decisions, can be daunting. We’re here to simplify this process. Consider our distinctive retirement portfolio options:

• The CKS Lifetime Portfolio focuses on delivering increased income, stability, and growth, with an emphasis on capital preservation.
• The CKS Strategic Insured Portfolio caters to those seeking a guarantee against downside risk.
• The CKS SMART Portfolio aims to optimize your retirement taxation, enhancing retirement income while maintaining liquidity.

We advocate for a blend of managed market accounts and non-stock market investments, which we believe can generate consistent income and stable growth, ensure the safety of principal, and maintain flexibility.

As Michigan’s dedicated retirement planning advisors, CKS Summit Group is committed to supporting your retirement savings and investment queries. Our experienced advisors will review your financial status and retirement income sources, advising on optimal savings practices aligned with your financial aspirations. We offer tailored advice on retirement plans such as 401(k)s, 403(b)s, and other savings options. Additionally, we provide insights into social security, tax deferrals, and retirement plan distributions.

Final Thoughts

Preparing for retirement early can only be beneficial, and with the right planning and advice, achieving your retirement goals is well within reach.

For further details on our financial advisory services, reach out to CKS Summit Group today.