High-net-worth wealth management in Minneapolis, MN. Be it winter vacations on a yacht, jetting off to Aspen, or you want to ensure your descendants and the philanthropic organizations you support are set up after you pass, managing significant wealth comes with unique challenges that demand tailored approaches and expertise. While the benefits of high wealth are great (there's a reason you worked so hard to get it), the extra wealth introduces its own set of risks and potential pitfalls. As wealth increases, so does the importance of managing that wealth with care. High-net-worth wealth management focuses on both the growth and preservation of wealth but also aligning financial decisions with personal values and goals. Successful high-net-worth wealth management helps set you up for long-term success and legacy building.
At Correct Capital Wealth Management, we partner with high- and ultra-high-net-worth individuals, families, and business owners in Minneapolis, [state to assist them in achieving their long-term financial goals with comprehensive financial planning services. For those interested in consulting with one of our Minneapolis, MN financial advisors, you can schedule a meeting with a member of our advisor team, contact us online, or give us a call at 877-930-401(k) to get started.
Still uncertain about working with a financial advisor? Check out our process to see how simple it is to get started, or read our FAQs about our services.
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Correct Capital Wealth Management's office is physically located in St. Louis, MO, but we serve clients throughout the United States in both personal financial planning and corporate retirement plans.
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What Is a (Ultra) High Net Work Individual?
A High-Net-Worth Individual (HNWI) refers to someone with a substantial amount of liquid assets, typically defined as at least $1 million in investable assets, excluding their primary residence. Due to the complexity and volume of their wealth, Minneapolis, MN financial services firms often use this category to identify clients needing specialized financial management, investment strategies, and estate planning.
There are also Ultra High-Net-Worth Individuals (UHNWIs), generally possessing at least $30 million in investable assets. The classification can vary slightly depending on the institution, but UHNWIs are generally recognized as individuals with significant financial resources that require even more advanced management strategies.
Typically, these individuals need tailored financial advice from Minneapolis, MN fiduciary advisors, such as Correct Capital, to optimize their wealth and its potential benefits for them and their families.
Key Components of High-Net-Worth Wealth Management in Minneapolis, MN
Successfully handling substantial wealth means navigating a intricate landscape that demands a well-rounded and strategic approach. High-net-worth individuals in Minneapolis, MN have specialized financial needs that extend beyond basic investment management, not only in protecting your assets but making sure your financial strategy is consistent with your personal goals.
Below are essential components of high-net-worth wealth management in Minneapolis, MN and why they are essential to protecting and expanding your wealth:
- Investment Strategies: Diversification across traditional assets like stocks and bonds, and alternative investments including private equity, private credit, and real estate. Traditional assets provide liquidity, security, and long-term growth, while alternative investments present opportunities for higher returns and demand strategic oversight to mitigate risks.
- Retirement Planning: Crafting a well-structured retirement plan is essential for sustaining or enhancing one's lifestyle in retirement years. High-net-worth individuals need to explore tax-efficient strategies, like Roth conversions and municipal bonds, and factor in their individual financial situation to secure a comfortable and satisfying retirement.
- Tax Planning: Applying strategies to lower tax liabilities is crucial. This can include tax-loss harvesting, maximizing deductions, and making use of charitable trusts. Effective tax planning helps high-net-worth individuals to reduce their overall tax burden while meeting complicated tax regulations.
- Estate Planning: Estate planning empowers individuals to make certain their wealth is distributed in line with their intentions while lowering the tax burden on their heirs. Trusts, wills, and charitable giving are crucial tools for organizing the distribution of assets, promoting philanthropic goals, preserving family harmony, and establishing a lasting legacy.
- Philanthropy: High-net-worth individuals often engage in meaningful charitable activities. Through donor-advised funds, private foundations, or charitable trusts, organized charitable giving facilitates meaningful impact while providing tax benefits. These vehicles help align philanthropic goals with broader wealth management strategies, ensuring that charitable giving is intentional and effective.
- Succession Planning: For high-net-worth business owners, ensuring the smooth transition of leadership readies the next generation to take over the business, preserving the legacy and securing continued success.
- Holistic Wealth Management: A all-encompassing approach to wealth management that harmonizes financial decisions with personal values, legacy goals, and overall wealth objectives. This guarantees that every aspect of wealth is managed in a way that upholds long-term financial health and personal fulfillment.
- Family Governance and Education: Educating family members on financial management is key to preserving wealth over generations. Providing heirs with the knowledge and tools they need to manage and expand their wealth ensures that the family’s financial legacy is protected.
Why Minneapolis, MN High-Net-Worth Individuals Need Specialized Advice
High-net-worth individuals face challenging financial landscapes that necessitate specialized expertise. Their wealth commonly covers multiple asset classes, including traditional and alternative investments, which necessitate strategic management to maximize returns and limit risks. Additionally, with detailed income streams and significant philanthropic goals, these individuals must navigate a network of tax implications and estate planning considerations.
Specialized high-net-worth financial advisors in Minneapolis, MN create tailored strategies that address these complexities. Our Minneapolis, MN financial advisors guide high-net-worth individuals not only grow their wealth but also ensure it aligns with their long-term goals and values. Risks like market volatility and legal issues that accompany substantial wealth further emphasize the necessity for expert advice. These specialized advisors bring the knowledge and experience required to effectively navigate these challenges, securing the client's financial future.
Correct Capital's Approach to High-Net-Worth Wealth Management in Minneapolis, MN
At Correct Capital, we prioritize a personalized, client-first approach to managing the wealth of high-net-worth individuals. We function with a fiduciary duty, meaning every recommendation and decision is made with your best interests at heart. As a Registered Investment Advisor (RIA), we utilize cutting-edge tools and deliver customized financial plans suited to the unique needs of Minneapolis, MN high-net-worth individuals. Our plans cover all aspects of wealth management, including investment strategies, tax planning, estate management, and philanthropic pursuits.
At Correct Capital, we offer a tailored wealth management experience that blends financial planning with the distinctive lifestyle needs of high-net-worth families. We specialize in ensuring that your wealth strategy aligns with your lifestyle and long-term goals, delivering expert guidance on navigating risks, family governance, and harmonizing your financial resources with your aspirations.
Here's how we approach high-net-worth wealth management in Minneapolis, MN:
- Fiduciary Duty and Client-First Approach: Correct Capital commits to that every recommendation and decision is made with your and only your interests at heart, prioritizing transparency and trust in all financial strategies.
- Customized Financial Plans: We utilize cutting-edge technology to craft personalized financial plans that cover investment strategies, tax planning, estate management, and philanthropic goals. These plans are customized to meet each client's unique needs, ensuring their financial future is secure.
- Boutique Experience: Correct Capital provides a comprehensive boutique experience that assists in managing your financial aspects through an individualized service model. This centralized approach simplifies the complexities of wealth management, guaranteeing that all aspects of a client’s wealth are handled in a cohesive manner.
- Collaborative Wealth Management: Correct Capital recognizes that effective wealth management is a team effort. We partner with your network of professionals, including attorneys, accountants, and estate planners. As the "quarterback" of the financial team, we make sure that all aspects of the client's wealth are aligned and managed cohesively, in alignment with their overarching financial goals.
This approach not only helps Minneapolis, MN high-net-worth clients grow and preserve their wealth, but also guarantees that their financial strategies are aligned with their personal values and long-term vision.
Call Correct Capital for High-Net-Worth Wealth Management in Minneapolis, MN Today
Handling substantial wealth is intricate and involves many layers, necessitating expert guidance and a personalized approach. High-net-worth individuals in Minneapolis, MN encounter unique challenges that require a wealth management firm with experience, comprehensive services, and a dedication to acting in their best interests. Correct Capital provides tailored strategies, a collaborative approach, and a fiduciary commitment to our clients. With the right wealth management partner, you can guarantee that your financial goals are met and aligned with your values and vision for the future.
If you're looking for high-net-worth wealth management in Minneapolis, MN, schedule a meeting with a member of our advisor team, contact us online, or give us a call at 877-930-401(k) today.
