Goals-Based Wealth Management: What Is It?

Do you have a clear picture of your financial future? Take guesswork out of the equation with a goals-based wealth management approach.

Financial planning can sometimes seem like an overwhelming process, but you can make it more straightforward, and effective, by taking a goals-based approach to wealth management, either on your own or with a financial advisor. Goals-based (or goals-driven) wealth management is a financial planning strategy that puts you in the driver’s seat to your future by defining your objectives, then crafting a plan tailored to help you reach those goals.

In this article, we’ll explore why goals-based wealth management is a smart approach to financial planning, explain how it works, and offer a few investment goal examples. We’ll also explore how we use a goals-based strategy at Curio Wealth.

Why choose goals-based wealth management?

Goals-based wealth management allows you to take control of your financial future, instead of simply saving your money and hoping you’ll have enough to cover your expenses. When you become clear on your financial objectives and create a specific plan to reach them, you’ll have a better chance of success. How else would you do it?

There are many different savings account and investment options on the market today, and some offerings may be better suited to your personal situation than others. Before you choose a particular financial account or product, you need to define your goals to ensure that where you put your money today will get you where you want to be tomorrow.

How does goals-based wealth management work?

Your financial plan should be tailored to your needs. If you work with a goals-based financial advisor, they will take the time to understand your goals and will recommend various strategies to help you achieve them. These objectives could include having enough money to cover your fixed expenses, at a minimum, or an option to allow you to spend on entertainment and other discretionary expenses.

At Curio Wealth, we also recommend that your wealth management strategy incorporate larger life goals, too. Some investment goal examples are:

  • Buying a home
  • Sending your children to college
  • Saving for retirement
  • Passing wealth on to younger generations
  • Starting or selling a business
  • Paying off debt

With a goals-based wealth management approach, the specifics of your financial plan depend on What’s most important to you. For example, if you’re saving for your children’s education, it’s wise to invest in a 529 account or Roth IRA, both of which allow your money to grow tax-free.

In contrast, if you’re focused on growing your wealth for retirement, you need to determine how much money you’ll have to save and what your growth rate will have to be to arrive at the best investment strategy for you. The more growth you require, the more risk you’ll need to take. A goals-driven wealth management plan will take all of these factors into account.

You may have multiple objectives, or your primary objective may change depending on your stage of life. A goals-based wealth management approach can help you balance your primary objective with your other priorities. For example, if you’re saving to buy a home, you may still be able to put some money into your retirement accounts to take advantage of an employer match, and to prepare for the future so that when your next goal takes center stage, you’ll have already begun to work toward it.

How Curio Wealth Can Help You Reach Your Goals

At Curio Wealth, we’re focused on you. When you work with us, we’ll start by asking What’s most important to you so we can fully understand your needs and craft a financial plan to help you achieve your objectives. In addition, your Curio Wealth advisor will always look at the big picture, which means we’ll integrate investment and tax planning into your portfolio. You can grow your wealth faster and hold onto more of it at tax time with our approach.

As a fee-only firm, we’re committed to putting your interests ahead of our own, and we don’t take commissions. You can trust that when we recommend financial products, it’s because they’re well-suited to your personal situation and your priorities.

Schedule a call with us today to get started on your goals-driven wealth management plan. We look forward to meeting you!

Important Disclosure: Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Curio Wealth, LLC [“Curio Wealth”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Curio Wealth. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Curio Wealth is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Curio Wealth’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at www.curiowealth.com. Please Note: Curio Wealth does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Curio Wealth’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. Please Remember: If you are a Curio Wealth client, please contact Curio Wealth, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently. Please Also Remember to advise us if you have not been receiving account statements (at least quarterly) from the account custodian.

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