Comprehensive Wealth Management for High-Income Earners in Paramus, NJ

Wealth management is a frequently used term that is frequently misunderstood by investors. For high-net-worth individuals in Paramus, NJ, true wealth management is not just about increasing balances in retirement and savings accounts. Instead, comprehensive wealth management encompasses all aspects of pursuing a more secure financial future: Planning, investing, risk management, and tax minimization strategies

As your wealth grows, so can the complexity of your financial situation. This is where many successful high-income earners decide to collaborate with an experienced wealth management team to help them pursue their financial goals. The turning point usually arrives when the complexity of your financial situation outweighs your available time or expertise to manage your financial future on your own. 

Choosing the right wealth management team is a crucial decision in your financial journey. Selecting a fiduciary, fee-based financial advisor, like a CERTIFIED FINANCIAL PLANNER™ professional in Paramus, New Jersey, is step one. It is important to select a team of professionals whose interests are aligned with yours. And they are experienced in working with clients like you. The ideal team of advisors will be compensated with a fee and not commissions by third parties. 

However, not all wealth managers are created equal. It’s essential to use an objective vetting process that will help you select the right wealth management firm. They should be fully transparent with you regarding their sources of expertise (education, certifications, relevant experience) and ethical histories. 

Selecting the right team of professionals can go a long way toward helping you pursue your short and long-term financial goals.

We will cover the following chapters in this article:

  • True wealth management: It’s not what you think it is!
  • At what point do you need a wealth manager?
  • Five Ways High-Income Earners in Paramus, NJ Can Reduce Taxable Incomes
  • What does financial independence mean to you?
  • How can a New Jersey Investment Advisor Help You Pursue Financial Independence?
  • How to screen and vet wealth managers in New Jersey
  • How are CERTIFIED FINANCIAL PLANNER™ professionals in Paramus, New Jersey, compensated?

Read our newest eBook: Investment Management Vs. Wealth Management: Yes, There is a Difference! 

Chapter 1

True Wealth Management Defined: It’s not what you think it is!

high net worth individuals

True wealth management is a holistic approach to understanding and advancing a person's financial health and well-being for the rest of their lives. Contrary to the common perception that it primarily revolves around investment strategies and portfolio management, true wealth management covers the pursuit of a lifetime of financial goals. 

True wealth management includes planning, investment, tax planning, estate and legacy planning strategies, risk management, and philanthropic services. 

Why is a lifetime of wealth management services so important? Because you, your spouse, or both may be retired for 30 or more years. This takes a lot more planning than was necessary for previous generations.

True wealth management seeks to create a strategic, holistic plan encompassing all facets of your wealth so that you can align your financial strategy with your values and beliefs.

Additionally, true wealth management requires a highly personalized approach. One size definitely does not fit all. Everyone has unique goals, values, timelines, and risk tolerances. Effective wealth management strategies are commonly aligned with all of these considerations. 

This is where a valued wealth manager firm comes into play. It has years of experience working with a diverse array of clients, helping them build financial independence that will last for the rest of their lives.

The wealth manager’s role is to use this understanding to create a customized financial plan and investment strategy that helps clients grow their wealth, address their lifestyle needs, and facilitate the pursuit of their lifelong aspirations. 

At Integra Wealth Management, we understand the significance of devising a holistic plan beyond mere investment management. After all, elements such as retirement, tax planning, estate planning strategies, and risk management must all be factored in when making prudent financial decisions. Collaborating with the Integra Wealth Management team in Paramus isn't just about outsourcing the work but about using the knowledge of experienced financial professionals to help you pursue a more confident financial future.

Chapter 2

At What Point Do You Need a Wealth Manager?

do you need a wealth manager

The sooner you select an experienced wealth management firm, the sooner you can pursue your financial goals.

There is no hard and fast rule for when to hire a wealth manager, but a helpful starting point is when the complexities of managing your wealth begin to consume an excessive amount of your time, produce excess stress, or keep you awake at night.

This could be the result of several overlapping factors:

  • Your portfolio has grown in value, and you are no longer comfortable managing it yourself. 
  • Your personal and financial life has gotten more complicated: Children off to college, a career change, the sale of a business, or approaching retirement.  
  • Increasing wealth and income can make your tax planning process more complex. Wealth managers can coordinate with CPAs to produce the best result. 
  • Another signal that it might be time to hire a wealth manager is how you allocate your time.  It is time to hire a professional when you no longer have the time to do it yourself. 
  • You may also benefit when your wealth manager acts as your financial quarterback.

Integra Wealth Management brings a comprehensive understanding of personal finance that can help you navigate these complex waters, offering personalized advice based on your unique circumstances and goals. 

After working hard to reach your current lifestyle and wealth, consider collaborating with the Integra Wealth Management team for professional financial guidance. Remember, partnering with a wealth manager can make your life easier while expanding your wealth and mitigating risks undermining the pursuit of a comfortable, confident lifestyle. 

Chapter 3

Five Ways High-Income Earners in Paramus, NJ Can Potentially Reduce Taxable Income

5 ways to reduce taxable income

For high-income earners in Paramus, NJ, tax planning can be crucial for pursuing your overall wealth management strategy. Think of it as a prudent way to assist in keeping more of what you’ve worked hard to accumulate.  

Minimizing taxes is the easiest way to improve your net returns.

In New Jersey, specific deductions and credits are available that you may qualify for, including deductions for property taxes and credits for education expenses. 

Consider charitable contributions, which can be itemized deductions on your tax return. This strategy allows you to support causes you care about while reducing your tax bill

Here are five other ways to help reduce your taxable income:

  1. Maximize Contributions to Retirement Accounts: Including Traditional IRA, 401(k), SEP IRA, or Solo 401(k) accounts, depending on your employment situation.
  2. Invest in State-Specific Municipal Bonds: These bonds generate interest, usually exempt from federal taxes.
  3. Tax-Efficient Investing: Consider investment strategies that may minimize taxable events.
  4. Make Charitable Contributions: Donating money, assets, or time can provide significant tax deductions.
  5. Ensure you leverage all applicable tax deductions and credits, such as those related to education, health care, and real estate.

Optimizing your investments with efficient tax planning is crucial for enhancing your financial wealth. With the help of Integra Wealth Management’s team of experienced tax planning professionals, we create tax planning strategies that focus on minimizing your tax obligations. It’s all about helping you keep more wealth for yourself and your family! 

Municipal bonds are subject to availability and change in price. They are subject to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise. Interest income may be subject to the alternative minimum tax. Municipal bonds are federally tax-free but other state and local taxes may apply.  If sold prior to maturity, capital gains tax could apply.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

Chapter 4

How a New Jersey Investment Advisor Can Help You Pursue Financial Independence

reduce taxable income

An investment advisor can play a crucial role in helping high-income earners and high-net-worth individuals pursue their financial independence. Leveraging their deep understanding of complex financial markets, an experienced fee-based, fiduciary investment manager can help you formulate an individualized investment strategy tailored to your specific goals and risk tolerance. 

These professionals help you optimize your portfolio by selecting the right balance of assets, including stocks, bonds, real estate, and other types of investments, potentially accumulating additional wealth and financial freedom. 

At Integra Wealth Management, part of our comprehensive wealth management service includes Personalized Investment Strategies. Our focus is always directed toward optimizing your returns while paying close attention to mitigating your risk and tax exposure. Our seasoned team of investment professionals will create a financial blueprint that matches your distinct goals and aspirations so you can pursue your vision for financial independence. 

Chapter 5

What does financial independence mean to you?

wealth manager

Doctors help you pursue physical well-being. Wealth managers help you pursue financial well-being. You need both to live a confident, secure lifestyle. 

Financial independence can mean many things to people. Here are some of the more common characteristics of financial independence that we have helped our clients pursue.

  1. Freedom from Debt: This form of financial independence is about eliminating all forms of debt, whether credit card debt, student loans, car loans, or a mortgage. People who pursue this level of financial independence have paid off all their debts and can allocate their income to accounts that benefit them in the future.
  2. Sufficient Emergency Savings: This refers to having enough money saved to cover unforeseen events or emergencies. It typically means a liquid account that will fund at least six months of living expenses. More is always better. This provides a financial safety net and reduces unexpected events and expenses stress.
  3. Income Independence: This means having sources of income that are not dependent on a traditional 8-to-5 job. This could be from investments, a side business, rental income, or other passive income sources. The key is that these income streams continue to provide income even if another source stops producing adequate income.
  4. Retirement Readiness: This version of financial independence is about maintaining one's current lifestyle without working during retirement. This typically involves having sufficient assets to cover your cost of living for the remainder of both spouses' lives. 
  5. Financial Abundance: The highest level of financial independence involves having enough wealth to support one's lifestyle and needs and live a life of abundance. This could involve being able to afford luxury goods, expensive travel, second homes, generous charitable donations, and leaving a significant inheritance to future generations. This level of financial independence provides the freedom to choose solely based on a desire with no limitations.
Chapter 6

How to screen and vet wealth managers in New Jersey

working with an investment advisor

Choosing a wealth manager will be one of the most important financial decisions ever for you and your family. Because they will influence your financial future, it is critical that you are knowledgeable, ethical, and experienced working with clients like you. 

The following are several important factors to consider when vetting wealth managers in New Jersey:

  1. Credentials: Check the wealth manager's educational background, certifications, and professional affiliations. They may hold respected credentials in the field, such as CERTIFIED FINANCIAL PLANNER®, Chartered Financial Consultant (ChFC), or Chartered Retirement Planning Consultant (CRPC).
  2. Experience: How long has the wealth manager been in the business? What types of clients do they typically work with? Are they experienced working with clients similar to you? Do they have specialized skills (tax planning strategies, estate planning strategies, or legacy planning)?
  3. Fiduciary Standard: In Advisory Relationships, wealth managers should adhere to a fiduciary standard that legally obligates them to act in their best interests. This is the highest ethical standard in the financial service industry.
  4. Services: Make sure their firm's services align with your needs. Some wealth managers focus more on investment management, while others offer various types of planning and risk management services. The reality is you need all of these services.
  5. Fee Structure: Understand how the wealth manager is compensated. Some charge a percentage of the assets they manage, others work on a sales commission basis, and some charge a flat or hourly fee. This information is important so you know what you are paying and what you are getting for your money.
  6. Investment Philosophy: The wealth manager's approach to investing your assets should align with your goals, tolerance for risk, and time horizon.
  7. Communication: Pay attention to how responsive and communicative the wealth managers are. High-quality wealth managers keep their clients fully informed about market conditions and how those conditions will impact them. 
  8. Background Check: Check to see if any regulatory agencies (SEC, FINRA, State Agencies) have ever disciplined the wealth managers or have had any client complaints lodged against them. You can use FINRA's BrokerCheck tool in the US for this purpose.
  9. Compatibility: Finally, you need to feel comfortable with the wealth manager. This could be a firm, a professional, or both.  You should be able to communicate openly with them and feel they understand and respect your input and concerns.

After more than three decades of hands-on experience in the finance industry, we founded Integra Wealth Management, fueled by the conviction that the market lacked advisory firms providing genuine, comprehensive wealth management services. Our carefully assembled team comprises advisors who share our core values and exhibit a fervent commitment to assisting our clients in the pursuit of their financial goals.

Chapter 7

How are CERTIFIED FINANCIAL PLANNER™ professionals in Paramus, New Jersey, compensated?

CERTIFIED FINANCIAL PLANNERS™ (CFPS®) in Paramus, NJ, can be compensated in several ways. However, the specific compensation structure can differ from one professional to another based on their specific business model and the types of services they provide. 

Before engaging a CFP®, it is recommended that you discuss their fee structure, understand how they are compensated, and make sure it aligns with your financial planning needs and comfort level. In fact, you may want to require full disclosure in writing for this all-important information.

In general, New Jersy CFPs® are compensated in one of the following ways:

  1. Fee-Only: This means they do not receive commissions of any type, but there is more than one type of fee: Asset-based, subscription, fixed, or hourly fees. 
  2. Commission-Based: In this case, financial professionals are compensated with commissions when they sell financial products such as life insurance, mutual funds, annuities, etc. Commissions are paid by third parties who own the products.
  3. Fee-Based: This is a combination of the two methods above. Fee-based advisors charge fees for providing financial advice but can also receive commissions from the sale of financial products, if appropriate for specific client situations.

At Integra Wealth Management, we hold a firm commitment to transparency, especially regarding our financial advisor fees, fiduciary standard, and services. For example, we have devised various compensation structures for diverse relationships and services. In every case possible, our financial interests are intrinsically linked with yours. We pledge to provide you with a clear, written breakdown of all expenses, ensuring a consistent and straightforward understanding of our charges. Above everything else, our focus is on fostering long-term relationships through frequent and ongoing communications. This way, we can ensure that our services are consistently meeting our client’s expectations for quality and results.

We’re redefining what true wealth management is. Connect with our team today to learn more about our financial blueprint services. 

Chapter 1

True Wealth Management Defined: It’s not what you think it is!

high net worth individuals

True wealth management is a holistic approach to understanding and advancing a person's financial health and well-being for the rest of their lives. Contrary to the common perception that it primarily revolves around investment strategies and portfolio management, true wealth management covers the pursuit of a lifetime of financial goals. 

True wealth management includes planning, investment, tax planning, estate and legacy planning strategies, risk management, and philanthropic services. 

Why is a lifetime of wealth management services so important? Because you, your spouse, or both may be retired for 30 or more years. This takes a lot more planning than was necessary for previous generations.

True wealth management seeks to create a strategic, holistic plan encompassing all facets of your wealth so that you can align your financial strategy with your values and beliefs.

Additionally, true wealth management requires a highly personalized approach. One size definitely does not fit all. Everyone has unique goals, values, timelines, and risk tolerances. Effective wealth management strategies are commonly aligned with all of these considerations. 

This is where a valued wealth manager firm comes into play. It has years of experience working with a diverse array of clients, helping them build financial independence that will last for the rest of their lives.

The wealth manager’s role is to use this understanding to create a customized financial plan and investment strategy that helps clients grow their wealth, address their lifestyle needs, and facilitate the pursuit of their lifelong aspirations. 

At Integra Wealth Management, we understand the significance of devising a holistic plan beyond mere investment management. After all, elements such as retirement, tax planning, estate planning strategies, and risk management must all be factored in when making prudent financial decisions. Collaborating with the Integra Wealth Management team in Paramus isn't just about outsourcing the work but about using the knowledge of experienced financial professionals to help you pursue a more confident financial future.

Chapter 2

At What Point Do You Need a Wealth Manager?

do you need a wealth manager

The sooner you select an experienced wealth management firm, the sooner you can pursue your financial goals.

There is no hard and fast rule for when to hire a wealth manager, but a helpful starting point is when the complexities of managing your wealth begin to consume an excessive amount of your time, produce excess stress, or keep you awake at night.

This could be the result of several overlapping factors:

  • Your portfolio has grown in value, and you are no longer comfortable managing it yourself. 
  • Your personal and financial life has gotten more complicated: Children off to college, a career change, the sale of a business, or approaching retirement.  
  • Increasing wealth and income can make your tax planning process more complex. Wealth managers can coordinate with CPAs to produce the best result. 
  • Another signal that it might be time to hire a wealth manager is how you allocate your time.  It is time to hire a professional when you no longer have the time to do it yourself. 
  • You may also benefit when your wealth manager acts as your financial quarterback.

Integra Wealth Management brings a comprehensive understanding of personal finance that can help you navigate these complex waters, offering personalized advice based on your unique circumstances and goals. 

After working hard to reach your current lifestyle and wealth, consider collaborating with the Integra Wealth Management team for professional financial guidance. Remember, partnering with a wealth manager can make your life easier while expanding your wealth and mitigating risks undermining the pursuit of a comfortable, confident lifestyle. 

Chapter 3

Five Ways High-Income Earners in Paramus, NJ Can Potentially Reduce Taxable Income

5 ways to reduce taxable income

For high-income earners in Paramus, NJ, tax planning can be crucial for pursuing your overall wealth management strategy. Think of it as a prudent way to assist in keeping more of what you’ve worked hard to accumulate.  

Minimizing taxes is the easiest way to improve your net returns.

In New Jersey, specific deductions and credits are available that you may qualify for, including deductions for property taxes and credits for education expenses. 

Consider charitable contributions, which can be itemized deductions on your tax return. This strategy allows you to support causes you care about while reducing your tax bill. 

Here are five other ways to help reduce your taxable income:

  1. Maximize Contributions to Retirement Accounts: Including Traditional IRA, 401(k), SEP IRA, or Solo 401(k) accounts, depending on your employment situation.
  2. Invest in State-Specific Municipal Bonds: These bonds generate interest, usually exempt from federal taxes.
  3. Tax-Efficient Investing: Consider investment strategies that may minimize taxable events.
  4. Make Charitable Contributions: Donating money, assets, or time can provide significant tax deductions.
  5. Ensure you leverage all applicable tax deductions and credits, such as those related to education, health care, and real estate.

Optimizing your investments with efficient tax planning is crucial for enhancing your financial wealth. With the help of Integra Wealth Management’s team of experienced tax planning professionals, we create tax planning strategies that focus on minimizing your tax obligations. It’s all about helping you keep more wealth for yourself and your family! 

Municipal bonds are subject to availability and change in price. They are subject to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise. Interest income may be subject to the alternative minimum tax. Municipal bonds are federally tax-free but other state and local taxes may apply.  If sold prior to maturity, capital gains tax could apply.

This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

Chapter 4

How a New Jersey Investment Advisor Can Help You Pursue Financial Independence

reduce taxable income

An investment advisor can play a crucial role in helping high-income earners and high-net-worth individuals pursue their financial independence. Leveraging their deep understanding of complex financial markets, an experienced fee-based, fiduciary investment manager can help you formulate an individualized investment strategy tailored to your specific goals and risk tolerance. 

These professionals help you optimize your portfolio by selecting the right balance of assets, including stocks, bonds, real estate, and other types of investments, potentially accumulating additional wealth and financial freedom. 

At Integra Wealth Management, part of our comprehensive wealth management service includes Personalized Investment Strategies. Our focus is always directed toward optimizing your returns while paying close attention to mitigating your risk and tax exposure. Our seasoned team of investment professionals will create a financial blueprint that matches your distinct goals and aspirations so you can pursue your vision for financial independence. 

Chapter 5

What does financial independence mean to you?

wealth manager

Doctors help you pursue physical well-being. Wealth managers help you pursue financial well-being. You need both to live a confident, secure lifestyle. 

Financial independence can mean many things to people. Here are some of the more common characteristics of financial independence that we have helped our clients pursue.

  1. Freedom from Debt: This form of financial independence is about eliminating all forms of debt, whether credit card debt, student loans, car loans, or a mortgage. People who pursue this level of financial independence have paid off all their debts and can allocate their income to accounts that benefit them in the future.
  2. Sufficient Emergency Savings: This refers to having enough money saved to cover unforeseen events or emergencies. It typically means a liquid account that will fund at least six months of living expenses. More is always better. This provides a financial safety net and reduces unexpected events and expenses stress.
  3. Income Independence: This means having sources of income that are not dependent on a traditional 8-to-5 job. This could be from investments, a side business, rental income, or other passive income sources. The key is that these income streams continue to provide income even if another source stops producing adequate income.
  4. Retirement Readiness: This version of financial independence is about maintaining one's current lifestyle without working during retirement. This typically involves having sufficient assets to cover your cost of living for the remainder of both spouses' lives. 
  5. Financial Abundance: The highest level of financial independence involves having enough wealth to support one's lifestyle and needs and live a life of abundance. This could involve being able to afford luxury goods, expensive travel, second homes, generous charitable donations, and leaving a significant inheritance to future generations. This level of financial independence provides the freedom to choose solely based on a desire with no limitations.
Chapter 6

How to screen and vet wealth managers in New Jersey

working with an investment advisor

Choosing a wealth manager will be one of the most important financial decisions ever for you and your family. Because they will influence your financial future, it is critical that you are knowledgeable, ethical, and experienced working with clients like you. 

The following are several important factors to consider when vetting wealth managers in New Jersey:

  1. Credentials: Check the wealth manager's educational background, certifications, and professional affiliations. They may hold respected credentials in the field, such as CERTIFIED FINANCIAL PLANNER®, Chartered Financial Consultant (ChFC), or Chartered Retirement Planning Consultant (CRPC).
  2. Experience: How long has the wealth manager been in the business? What types of clients do they typically work with? Are they experienced working with clients similar to you? Do they have specialized skills (tax planning strategies, estate planning strategies, or legacy planning)?
  3. Fiduciary Standard: In Advisory Relationships, wealth managers should adhere to a fiduciary standard that legally obligates them to act in their best interests. This is the highest ethical standard in the financial service industry.
  4. Services: Make sure their firm's services align with your needs. Some wealth managers focus more on investment management, while others offer various types of planning and risk management services. The reality is you need all of these services.
  5. Fee Structure: Understand how the wealth manager is compensated. Some charge a percentage of the assets they manage, others work on a sales commission basis, and some charge a flat or hourly fee. This information is important so you know what you are paying and what you are getting for your money.
  6. Investment Philosophy: The wealth manager's approach to investing your assets should align with your goals, tolerance for risk, and time horizon.
  7. Communication: Pay attention to how responsive and communicative the wealth managers are. High-quality wealth managers keep their clients fully informed about market conditions and how those conditions will impact them. 
  8. Background Check: Check to see if any regulatory agencies (SEC, FINRA, State Agencies) have ever disciplined the wealth managers or have had any client complaints lodged against them. You can use FINRA's BrokerCheck tool in the US for this purpose.
  9. Compatibility: Finally, you need to feel comfortable with the wealth manager. This could be a firm, a professional, or both.  You should be able to communicate openly with them and feel they understand and respect your input and concerns.

After more than three decades of hands-on experience in the finance industry, we founded Integra Wealth Management, fueled by the conviction that the market lacked advisory firms providing genuine, comprehensive wealth management services. Our carefully assembled team comprises advisors who share our core values and exhibit a fervent commitment to assisting our clients in the pursuit of their financial goals.

Chapter 7

How are CERTIFIED FINANCIAL PLANNER™ professionals in Paramus, New Jersey, compensated?

CERTIFIED FINANCIAL PLANNERS™ (CFPS®) in Paramus, NJ, can be compensated in several ways. However, the specific compensation structure can differ from one professional to another based on their specific business model and the types of services they provide. 

Before engaging a CFP®, it is recommended that you discuss their fee structure, understand how they are compensated, and make sure it aligns with your financial planning needs and comfort level. In fact, you may want to require full disclosure in writing for this all-important information.

In general, New Jersy CFPs® are compensated in one of the following ways:

  1. Fee-Only: This means they do not receive commissions of any type, but there is more than one type of fee: Asset-based, subscription, fixed, or hourly fees. 
  2. Commission-Based: In this case, financial professionals are compensated with commissions when they sell financial products such as life insurance, mutual funds, annuities, etc. Commissions are paid by third parties who own the products.
  3. Fee-Based: This is a combination of the two methods above. Fee-based advisors charge fees for providing financial advice but can also receive commissions from the sale of financial products, if appropriate for specific client situations.

At Integra Wealth Management, we hold a firm commitment to transparency, especially regarding our financial advisor fees, fiduciary standard, and services. For example, we have devised various compensation structures for diverse relationships and services. In every case possible, our financial interests are intrinsically linked with yours. We pledge to provide you with a clear, written breakdown of all expenses, ensuring a consistent and straightforward understanding of our charges. Above everything else, our focus is on fostering long-term relationships through frequent and ongoing communications. This way, we can ensure that our services are consistently meeting our client’s expectations for quality and results.

We’re redefining what true wealth management is. Connect with our team today to learn more about our financial blueprint services. 

Experience Integrated Wealth Management

Looking to take your legacy to the next level? Let us create a unique, sophisticated wealth management plan for you that includes tax planning, investment management, and risk management strategies.

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