Working with Affluent Retirees
Affluent retirees make up a significant portion of our practice, encompassing a diverse range of backgrounds and net worth, including successful retired executives, professionals, and business owners. Despite their varied experiences, I find they all share a common concern: maintaining their financial independence and the lifestyle they envisioned.
Having spent their careers in leadership roles—managing companies and caring for families—these clients prefer not to rely on others as they age. With increasing life expectancies and rising divorce rates, many face the need for more complex family planning. Common concerns include providing for a surviving spouse, caring for loved ones, and managing relationships with children from multiple marriages.
Whether married or single, our clients seek a clear and organized plan. Complications can arise when clients worry about their children’s ability to manage inherited wealth, family tensions among siblings, or issues such as substance abuse or special needs. We collaborate closely with clients and their attorneys to ensure that their plans are updated, investments are appropriately titled, and documents align with their intentions. We also coordinate with professional trustees for asset management if clients become unable to handle their affairs or after their passing.
Tax reduction is often a priority for affluent retirees, as they seek to maximize their wealth for themselves and their heirs. We work alongside their tax professionals to develop and implement strategies that minimize tax liabilities. This collaborative approach helps clients navigate complex tax regulations while aligning their financial strategies with their long-term goals.
Often, when one spouse—typically the husband—has been the primary decision-maker in financial matters, the surviving spouse may feel overwhelmed or unprepared to take charge. To address this, we encourage both partners to participate in financial discussions and estate planning, ensuring that neither feels excluded or uninformed.
Many affluent retirees are passionate about supporting causes, charities, and community organizations during their lifetimes and beyond. They often wish for their children to continue these commitments after their passing. As a result, we offer to educate families on their parents' wishes and how their investments align with those goals.
If this sounds like a relationship you would like to explore, the Hoffman Private Wealth Group would like to talk with you. Please feel free to call me at 727-351-5323, or email me at todd.hoffman@stewardpartners.com.
Todd M. Hoffman CFP®, CPM®
Founding Partner
Executive Managing Director
Senior Portfolio Management Director
Wealth Manager
CONTACT:
Steward Partners Global Advisory
600 Cleveland Street, Suite 1150
Clearwater, FL 33755
Direct 727.351.5323 Fax 727.281.8115
Toll Free 844.367.1613
Email: todd.hoffman@stewardpartners.com
Website: www.todd-hoffman.stewardpartners.com
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Steward Partners Investment Solutions, LLC (“Steward Partners”), its affiliates and Steward Partners Wealth Managers do not provide tax or legal advice. You should consult with your tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
Securities are offered through Steward Partners Investment Solutions, LLC (“SPIS”), registered broker/dealer, member FINRA/SIPC. Investment advisory services are offered through Steward Partners Investment Advisory, LLC (“SPIA”), an SEC-registered investment adviser. SPIS, SPIA, and Steward Partners Global Advisory, LLC are affiliates and collectively referred to as Steward Partners.
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