In our most recent blog post, we covered the definition of Investment Management and Wealth Management. Wealth Management, which entails Investment Consulting (IM), Advanced Planning (AP) and Relationship Management (RM) is what Diversified Asset Management, Inc. offers to our clients.
In part two of the post, we wrote about the different definitions and explanations of the services that were mentioned to help give you a better understanding of what our firm handles under the umbrella of “Wealth Management”.
In this post we would like to introduce you to the different service packages that we offer to our various clients. It is our hope once you’ve read three articles, you will have a better understanding of exactly what we deliver in Wealth Management and if we are right for you.
Types of Service Packages:
Clients Preparing for Retirement & In Retirement
• Create a Financial Plan – This is used to determine the client’s retirement needs and if retirement is feasible.
• Consolidating 401K Accounts.
• Determine a Plan to Withdraw Assets - In conjunction with your accountant, we will determine the most tax efficient manner for creating the your “retirement paycheck” withdrawals.
• Maximize Social Security – We will determine the best method for maximizing the amount of social security received over your lifetime(s) .
• Required Minimum Distribution – We will calculate the amount required, handle the paperwork, transfer the money, and handle tax payment, if desired.
Small Business Owners with 1 to 25 employees:
• Setup Retirement Plans.
• Defined Benefit Plans.
• Help With Buy | Sell agreements.
• Determine Disability Insurance - We’ll determine the amount and a refer you to an Insurance professional.
• Life Insurance – We will determine if life insurance is needed and then a referral to an insurance professional.
• Business Overhead Insurance – We will determine if business overhead insurance is needed and then a refer you to an insurance professional.
• Retirement Plans for Large companies 3 - 25+ employees - Full scale 401k services.
• Planning For Capital Needs - setting up a larger than normal emergency fund or investment account in the event of capital needs. Recommend lines of credit where appropriate.
• Assist with Sale of Business - For a transition or sale of the business we will coordinate with your accountant for the best way to sell the business.
• Coordination with your accountant regarding all tax issues.
• Recommendations for investment options for the company 401k plan.
• Recommendations for investment options for the company deferred compensation plan.
• Guidance managing & liquidating non-qualified stock options, incentive stock options, restricted stock, company stock.
• Tax Planning – maximizing retirement plan contributions and the sale of company stock options to reduce the tax impact.
• Cost basis tracking for company stock.
• Stock Option Planning - We provide advice on how and when to exercise stock options. We coordinate with the client’s accountant about the tax implications of the exercise of options.
• Employee stock purchase planning - We discuss implications for purchase and sale of employee stock, including employee stock purchase programs and restricted stock units. We coordinate with the client’s accountant about the tax implications purchase and sale of company stock.
• Non-Qualified Deferred Compensation - We discuss the implications of deferring compensation and we give recommendations for the allocation of funds within a deferred compensation plan.
• Help clients with Estate Administration for a relative or a loved one.
• Help with transferring of accounts and splitting of accounts, if necessary.
• Cost basis tracking for inherited positions.
Estate Planning & Wealth Transfer
• Estate Planning – We will coordinate with your attorney to make sure your Will is updated, implement account and trust recommendations, update beneficiaries, changing account titles, help with charitable giving and wealth transfers.
Real Estate Planning
• Real Estate Analysis – We can advise you with buying and selling a home, refinancing and rental property. We can also coordinate the transaction(s) with your Real Estate Professional.
• College Planning - We set up 529 college savings plan when a new child or grandchild is born or for a current child and coordinate a withdraw strategy with your accountant.
We can coordinate with your Tax professional and attorney for the best strategy to help you maximize the impact of charitable gifts, pay less tax and leave more money to your heirs in various ways:
• Philanthropy – We can setup required minimum distribution (RMD) directly to the church or another charity, if possible.
• CLAT – Charitable Lead Annuity Trust - Determine the client’s charitable intent and set up a charitable lead annuity trust if applicable. Help client determine which assets are appropriate to transfer into the CLAT and then rebalance the CLAT on a periodic basis and create the cash flow need for the money to flow into a Donor Advised Fund. Coordinate with the client’s accountant and attorney for this process.
• CRAT – Charitable Remainder Annuity Trusts - Determine the client’s charitable intent and set up a charitable remainder annuity trust if applicable. Help determine which assets are appropriate to transfer into the CRAT and then rebalance the CRAT on a periodic basis and create the cash flow need for the money to flow into a Donor Advised Fund. Coordinate with the client’s accountant and attorney for this process.
• DAF – Donor Advised Funds – Set up Donor Advised Funds as needed. This vehicle can be used in conjunction with the CLAT & CRAT or alone. The assets flow out of the CLAT or CRAT on a predetermined basis and then can flow to the client’s charity of choice or the assets can be invested for longer time frames. We can involve the family in the determination of where the assets should be distributed if desired by the client.
• Set Up a Donor Advised funds independent of a CLAT or CRAT.
• Property Protection – Determine if the client needs to consolidate their property ownership into an LLC.
• Insurance – Coordinate and determine if client needs Life, Disability, Umbrella and Long Term Care Insurance. Will make recommendations for insurance agents and help with completing paperwork and follow-up until the process has been completed.
• Small Business Owners - Business Overhead Expense Insurance - Determine if the client has a need for Business Overhead Insurance and coordinate with the client and the agent for the proper amount.
• Small Business Owners - Key Man Insurance for small business owners - Determine if the client has a need for Key Man Insurance and coordinate with the client and the agent for the proper amount.
• Protecting Your Confidential Information - Making sure your digital assets are protected. We give you a checklist system to protect your digital assets.
• Protecting Your Property – Assist and coordinate the purchase of an alarm system for your home, business and rental properties.
Robert J. Pyle, CFP®, CFA is president of Diversified Asset Management, Inc. (DAMI). DAMI is licensed as an investment adviser with the State of Colorado Division of Securities, and its investment advisory representatives are licensed by the State of Colorado. DAMI will only transact business in other states to the extent DAMI has made the requisite notice filings or obtained the necessary licensing in such state. No follow up or individualized responses to persons in other jurisdictions that involve either rendering or attempting to render personalized investment advice for compensation will be made absent compliance with applicable legal requirements, or an applicable exemption or exclusion. It does not constitute investment or tax advice. To contact Robert, call 303-440-2906 or e-mail firstname.lastname@example.org.
The views, opinion, information and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc. The selection of any posts or articles should not be regarded as an explicit or implicit endorsement or recommendation of any such posts or articles, or services provided or referenced and statements made by the authors of such posts or articles. Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting or tax advice.