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How Pre-Retirees Benefit From COI Mastermind Groups in Financial Planning

How Pre-Retirees Benefit From COI Mastermind Groups in Financial Planning

By Wealth Management Solutions

In our experience, financial planning is a multifaceted process, involving complex and interweaving areas of expertise. Done correctly, with the client’s interests and objectives front and center, a comprehensive and successful plan addresses as many areas of the client’s financial situation as possible, yet still flexible enough to evolve with life’s unexpected changes and future challenges.

One problem we often see in the financial planning world is the lack of communication between well-intentioned professionals working for a mutual client, while all trying to solve a client’s particular financial concern or problem. Oftentimes, different solutions from a tax, investment, or legal perspective create a potential issue in another area of the financial plan. As examples, a strategy to allow a family to qualify for college financial aid might create a tax issue for the parents or an investment recommendation may cause a beneficiary to potentially lose government disability benefits. 

Some of these side effects may be nuanced and not actively recognized by the recommending professional, despite their best intentions for the client. Others are in-depth issues, where the expertise of a professional steeped in a particular area might provide unique solutions particular to that client’s situation and objectives.

Where Collaboration Is Effective

Higher-net-worth families and individual celebrities often retain teams of experts to handle various aspects of the client’s financial life. Such individuals or families may have many businesses, income streams, investment portfolios, and properties in various states or countries along with competing financial interests of the client. Coordinating the various legal, tax, and investment aspects, along with the client’s own objectives, requires a great deal of communication and collaboration among the team’s professionals to facilitate strategies or changes that work smoothly together.

Even if you are not a billionaire or high-profile celebrity, you can benefit from having a team of experts working for you to apply their individual areas of skill to your financial situation. We call this team of professionals a Mastermind Collective. Since these professionals are usually familiar with each other (having worked together for mutual clients previously), their ability to communicate together about your concern or planning situation (and therefore make coordinated recommendations) could be both efficient and cost-effective.

As people transition from active careers, various questions usually arise, such as how to structure new income streams, reducing taxes in high-earning years, and preserving assets for future generations while maintaining a desired lifestyle and incorporating new risk management concerns. These life events present new challenges and require careful consideration. For pre-retirees, there may often be questions they don’t even know to ask, but could be brought up for consideration by one or a few of the planning team members. In addition, a group member may recognize that a recommendation from them could bring up new potential issues in another group member’s area and bring in that expert to weigh in on the implications from their perspective. 

As an example, a client may wish to move their residence to another state but retain their former primary residence as rental investment property for income, and later leave this property to their heirs. This situation brings up a host of questions involving tax issues, estate planning, income planning, and real estate or mortgage financing. A Mastermind Collective financial planner would recognize that more specialized expertise is needed to create the best-suited solution and strategies for the client’s goal.

The Power of the Collective

Another lesser-known benefit is the power of having these professionals working together to solve thorny planning issues, where technical and perhaps innovative solutions are discovered and created by the open discussion and brainstorming of the Mastermind Collective. With continual changes to estate law and tax law, as well as new and evolving investment, finance, and insurance solutions, harnessing the experience and skill of these professionals to the same discussion can bring about new perspectives, proposals, and ideas that might have been overlooked by having just one person’s viewpoint.

This happens often in science, academia, and government. History is filled with situations that brought together great minds of diverse disciplines who were focused on working collaboratively toward a common objective. Just look at various scientific breakthroughs or even the creation of the United States; most were achieved not by the insight of just one person but the combined efforts of many brilliant minds working together. Having such a team cooperating for your objectives could yield significant results as well.

Take the Next Step

Optimizing the potential of your money and making it work for you may feel overwhelming, but with Wealth Management Solutions by your side, we break it down into manageable steps to simplify the process. We empower you by constructing comprehensive financial models and forecasts. As life circumstances evolve, we assess and adapt your plan so you can confidently move toward your financial goals—even in the face of uncertainty.

Wealth accumulation requires dedication and time, but with perseverance and a strategic mindset, we can pave the way for a stable financial future. Take the first step today and schedule a complimentary consultation by contacting us at (949) 475-9700 or info@wms-llc.com

About Wealth Management Solutions

The story of origin: Wealth Management Solutions was created in 2003, following the personal family tragedy felt by the founding partner of the firm. Richard Riva lost his father unexpectedly and before any legacy planning was done that could have extended his family’s legacy beyond the fourth generation. Our partners and team members all share similar experiences due to a lack of planning for their families and are committed to preparing the next generation with the advice, planning, strategy, and governance to manage company assets, stocks, or inherited wealth. This is why we say: Our Planning; Your Future. 

All investing involves risk, including loss of principal. No strategy assures success or protects against loss.

The opinions voiced in this material are for general information only and are not intended to provide specific investment advice or recommendations for any individual. 


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