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A Holistic Approach to Your Wealth

THE VALUE OF A COMPREHENSIVE WEALTH ASSESSMENT

All aspects of a wealth plan should be viewed and assessed holistically as part of a comprehensive analysis that covers each component of your financial well-being.

 

Successful individuals and families tend to have an assortment of advisors and professionals addressing various components of their wealth. You likely have an accountant to help with income taxes and insurance professionals to assist with life, property, liability, and other insurance needs. You may also have an attorney to handle your estate, business, and legal concerns and various financial services professionals to assist with your cash and investment accounts. With so many advisors and professionals handling different areas of expertise, it can be difficult to employ a holistic perspective on your wealth. 

 

As wealth grows, needs become more diverse, complex, and interrelated. This can often lead to gaps you may not be aware of in your wealth plan. Whether you are planning for a future wealth transfer, inheritance, or other financial event, CNR and your financial advisor are here to help you effectively navigate the complexities of wealth planning. 

City National Rochdale’s Comprehensive Wealth Assessment is a complimentary, holistic service that focuses on identifying gaps and solutions. This in turn empowers you to make informed decisions that will serve to optimize your wealth throughout your lifetime.

Together, your financial advisor and CNR deliver a process designed to provide
you with intelligently personalized recommendations:

Crystalize your financial objectives

 

Review what you currently have in place to meet those objectives

 

Identify gaps in planning and opportunities for improvement

 

Educate you on the strategies that are best suited to meet your goals and objectives

Once the assessment is complete, you and your financial advisor are well positioned to work with your
attorneys and accountants, as appropriate, to implement the recommended strategies.

Clients who can benefit most from a Comprehensive Wealth Assessment are those with at least $10MM in investable assets.

STRATEGIC PILLARS OF WEALTH

CNR’s holistic approach to assessing your wealth encompasses what we refer to as the Strategic Pillars of Wealth. These pillars enable CNR and financial advisors to expand wealth analysis and recommendations into areas that are often ignored or forgotten. We review all facets of your wealth by gathering important information, asking key questions to better understand and clarify your individual goals and objectives, identifying issues in what you are trying to accomplish, and presenting a customized wealth assessment to help you meet your needs.

Customize Your Investment Approach

Implement portfolio strategies that address your unique risk tolerance, diversification, time horizon, cash flow, and retirement needs

Reduce Risk and Safeguard Your Wealth

Review asset titling to identify opportunities to further mitigate risk from creditors; assess life and other insurance policy enhancement opportunities

Understand Your Tax Exposure

Assess financial strategies to understand your tax liability and make informed decisions.

Make an Impact

Create your legacy through planned giving strategies

Protect Your Wealth and Legacy

Maximize net to heirs and charities, understand the tax impact, and maintain financial independence

BENEFITS OF A HOLISTIC APPROACH

A TRULY COMPREHENSIVE AND HOLISTIC APPROACH

Addresses investment & estate/legacy planning, asset protection, risk management, income tax considerations and philanthropy

INTELLIGENTLY PERSONALIZED® SOLUTIONS

Achieve goals and meet needs while maximizing wealth and asset protection, and make informed decisions

COLLABORATE WITH KNOWLEDGEABLE SPECIALISTS

Receive guidance in navigating the complexities of the legislative and economic environment with your trusted advisor

REAL LIFE EXAMPLES:

How your financial advisor and CNR’s Comprehensive Wealth Assessment Service
can help address gaps in planning

A client’s current portfolio has concentrated positions in transportation securities.

SOLUTION:

A strategic allocation framework personalized to the client’s goals and risk tolerance was leveraged to actively manage the portfolio and strategically rebalance assets and adjust allocations.

A client’s living trust called for mandatory distributions to heirs when they reach the ages of 25, 30, and 35.

SOLUTION:

A Comprehensive Wealth Assessment included recommendations to remove the mandatory distributions because they exposed the wealth to future divorcing spouses and/or judgment creditors. A client’s attorney amended the trust to eliminate the mandatory distributions, significantly enhancing protection from potential creditors.

A business owner contemplating the sale of their business is looking for strategies to mitigate the capital gains tax.

SOLUTION:

The Comprehensive Wealth Assessment educated the client on three strategies that could potentially reduce or delay the tax burden: Charitable Remainder Trust (CRT), Installment Sale, or Opportunity Zone, putting the client in a position to make a more fully informed decision.   

A wealthy real estate owner with no cash flow concerns wanted to maximize the amount of wealth transferred to his identified heirs in order to leave a specific amount to his favorite charities.

SOLUTION:

The Comprehensive Wealth Assessment compared and layered multiple strategies to facilitate the client’s decision making process.

A client is interested in taking estate tax mitigation steps but is concerned about the impact that a large gift might have on cash flow.

SOLUTION:

The Comprehensive Wealth Assessment included a cash flow analysis indicating that the client should dial back the gift to a slightly lower amount.

QUESTIONS TO CONSIDER:

  • Do you have a financial plan or estate plan?
  • When was the last time you re-assessed your financial goals or updated your estate plan?
  • Have you undergone any recent life changes (e.g., marriage, birth of a child, death of a loved one, sold a business, etc.)?
  • How do your existing documents distribute your assets upon your passing?
  • How well prepared are you to deal with changes to the estate planning landscape from a legal and tax perspective?

Important Information

 

This document is for general information and education only. It is not meant to provide specific tax guidance. The information in this document was compiled by the staff of City National Rochdale (CNR) from data and sources believed to be reliable, but CNR makes no representation as to the accuracy or completeness of the information. The opinions expressed, together with any estimates or projections given, constitute the judgment of the author as of the date of the presentation. CNR has no obligation to update, modify, or amend this document or otherwise notify you in the event any information stated, opinion expressed, matter discussed, estimate, or projection changes or is determined to be inaccurate.

 

City National, its managed affiliates and subsidiaries, as a matter of policy, do not give tax, accounting, regulatory, or legal advice. Rules in the areas of law, tax, and accounting are subject to change and open to varying interpretations. Any strategies discussed in this document were not intended to be used, and cannot be used for the purpose of avoiding any tax penalties that may be imposed. You should consult with your other advisors on the tax, accounting and legal implications of actions you may take based on any strategies or information presented taking into account your own particular circumstances.

 

This presentation (or any portion thereof) may not be reproduced, distributed, or further published by any person without the written consent of CNR.

 

City National Rochdale, LLC is an SEC-registered investment adviser and wholly-owned subsidiary of City National Bank. Registration as an investment adviser does not imply any level of skill or expertise. City National Bank is a subsidiary of the Royal Bank of Canada.

 

© 2024 City National Rochdale. All rights reserved. CAS00012423-11/24

 

CITY NATIONAL ROCHDALE, LLC NON-DEPOSIT INVESTMENT PRODUCTS ARE: • NOT FDIC INSURED • NOT BANK GUARANTEED • MAY LOSE VALUE
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