• Wealth Management Tips for Corporate Executives

Wealth Management for Corporate Executives: What You Need to Know

As a corporate executive, you operate in a world that’s largely unstable. One wrong decision and the board of directors can decide that they’d like to go in a different direction and terminate your contract. You need to be able to protect your wealth in a way that secures it for your future and helps you grow your assets. There are also unique financial considerations that corporate executives must think about. Here are some key wealth management tips for corporate executives.

Think Long Term

While it’s important that everyone plans for their financial future, it’s even more important for corporate executives. You may end up having an entire career in the C-suite, with one position leading to another. The problem is that when you’re at the top, there is only so far you can go. Eventually, you may be in the top spot in an organization. Plus, there are only a limited number of executive positions. If you lose yours, it may be difficult to find another in the same compensation range.

To combat this risk, it’s important to think long term when it comes to wealth management strategies. A good financial advisor will advise you invest as much money as possible during your time as a corporate executive to maximize your lifetime earning potential. Keeping some of this wealth in easily-accessed funds can protect your family in the event of an unexpected career turn.

Reduce Your Tax Liability

High earners, such as corporate executives, need to do what they can do reduce their overall tax liability. This can save you a tremendous amount of money and provide unique tax benefits. For instance, maxing out retirement, health savings, and education savings accounts can reduce what you pay in taxes while still saving the money for your family’s needs.

Plan for Early Retirement

Working as a corporate executive is a critical yet exhausting job filled with client meetings, travel, and work stresses. It’s possible that because of career shifts or simply deciding that you’ve had enough, you’ll end up with an early retirement. This is okay, as long as you’ve planned ahead for such a possible decision. To prepare, you should find a wealth management company that’s comfortable with pre-59 ½ distribution strategies just in case.

Work Only With Experienced Wealth Management Professionals

As a corporate executive, you have unique financial needs that can be difficult to manage on your own. This is why it’s important to only work with experienced wealth management professionals that have a background working with corporate leaders. There are strategies that have huge positive impacts for corporate executives that simply don’t apply to other clients. Having a wealth management advisor that knows the difference can help you make the most of the money you earn.

As a corporate executive, it’s imperative that you find a wealth management team that understands your unique needs and risks. To develop a successful wealth management strategy, contact Corda Management. We’re pleased to partner with you to grow your wealth.

2018-10-09T17:29:40+00:00By |0 Comments

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