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Category : Finance

4 Things You Must Do Before Selecting a Wealth Manager

  • admin
  • October 13, 2019

Selecting a wealth manager shouldn’t be a knee jerk reaction. Don’t select someone just because they come highly recommended by a friend or because they talk a big game. Make sure you find a wealth manager that fits your specific needs and creates an environment where you are able to preserve, protect, and build wealth year-after-year. At Metroplex Wealth in Southlake, Texas, here are 4 things we recommend you must do before selecting a wealth manager:

  1. Evaluate What You Need

Not all wealth managers are created equally and each specializes in something different. Some are heavy on stocks and bonds, while others offer tax preparation and estate planning. Others still, might focus on real estate. Know where the gaps in your long-term financial plan so that you can better assess which wealth manager is the best fit. At the very least, avoid wealth managers who produce cookie-cutter portfolios.

 

  1. Be Mindful of How the Fee Structure

Using a wealth management firm is a wise decision for gaining wealth, but also know that wealth managers do not work for free. Before choosing a wealth management firm, be sure you know how they are paid. Are they commission based? Do they offer a flat fee for their knowledge and expertise?

 

  1. Know Their Communication Style

If someone else is handling your investments, then it’s nice to know they are only a phone call or text away. Choose a wealth manager that is easy to contact, that returns calls promptly, and regularly meets with their clients to re-evaluate their portfolio for optimal production.

 

  1. Look into their Reputation

Checking references, the Better Business Bureau, and online reviews are very important when it comes to understanding how a wealth manager will deal with you and your money. Do not hesitate to do a thorough check before trusting someone with your long-term financial security.

 

Metroplex Wealth is a full-service wealth management firm in Southlake, Texas, specializing in estate planning, wealth management, asset protection, retirement savings, tax planning, and so much more. Give us a call today for a consultation to see if we are the right fit for you.

Budgeting Basics: How to Stay on Track

  • admin
  • September 11, 2019

Whether your income is big or small, a budget keeps you on track and allows you financial freedom to achieve goals in the long-term. One mistake we often see clients make as they build wealth, is to stop adhering to a budget, so here are 5 simple tips we recommend for helping you stay on track in managing a budget and building long-term wealth:

 

  1. Calculate your Income.

Budgeting all begins with knowing how much money you bring in from various revenue streams each month, so make sure to calculate your income to know how much money you are truly working with each month. If your income fluctuates, underestimate by a small percentage to give you a cushion.

 

  1. Review Receipts Regularly.

Make a habit of keeping your receipts and then taking time out of your month to review your spending habits. You might be surprised to know that you spend more on groceries or eating out than you expected! Being aware of your spending habits allows for adjustments to suit financial goals.

 

  1. Plan Ahead.

Are there larger expenses looming? Home maintenance, special occasions, and holiday spending are all areas we often see clients leave out of their budgets. Have a plan for these larger expenses so you aren’t caught off guard when they arrive.

 

  1. Loosen Up.

Don’t make your budget so rigid that you aren’t allowed to splurge here or there! Allow wiggle room for indulgences that allow you to enjoy the wealth you are building.

 

  1. Double-Check your Tax Withholdings.

When was the last time you evaluated your tax withholdings? It’s important to re-evaluate on a regular basis – especially as life changes occur – to make sure you are maximizing your monthly cash flow.

 

Need more wealth management advice? Our team at Metroplex Wealth in Southlake, Texas is here to help! We are a full range of financial services ready to assist you in achieving your financial goals.

4 Common Mistakes When Choosing a Financial Advisor

If you are seeking out sound financial advice and someone to keep your assets safe for generations to come, then choosing wisely is key. However, this decision can often be overwhelming, leading many to make a hasty decision with long-term ramifications. As you choose who to trust with your money, avoid these 4 common mistakes when choosing a financial advisor:

 

Mistake #1: Not Paying Attention to Someone’s Specialty

At Metroplex Wealth in Southlake, Texas, we offer a variety of specialized financial services including retirement planning, proactive tax planning, asset protection, social security management, and more. Depending on your goals, it would be unwise to choose someone who isn’t aligned with your needs. If you’re a small business owner just starting out, your needs likely vary from someone who is looking for ways to capitalize on growth as they near retirement. Likewise, strategies vary and you need to feel comfortable with the type of strategy your financial advisor feels is best for your money.

 

Mistake #2: Hasty Decision-making

Just because your close friend or colleague uses a certain financial advisor, does not mean that person is right for you. Before making a decision on wealth management, get to know the advisor. Call his or her references. When it comes to your money, do not make a decision lightly.

 

Mistake #3: Choosing Based on Brand

Many wealth management and financial advisors are affiliated with big name companies, but that doesn’t necessarily mean they are the right fit or the most well-educated on your specific needs. Choose the person who is right – not the company.

 

Mistake #4: Ignoring the Fee Structure

Before trusting someone to manage your wealth, be sure to understand the fee structure. Is there a flat fee? Are they commission based? Do they get a percentage based on assets under management? All of these questions are important to understand before signing on the dotted line.

 

At Metroplex Wealth in Southlake, Texas, we are more than a financial advisor. We are a full-service wealth management firm, excited to help you do the most with your money. Give us a call today to set up a consultation.

Asset Protection in Texas: 4 Ways to Minimize Your Risk

At Metroplex Wealth, one of the services we offer is Asset Protection in Texas. Asset Protection is a commonly misunderstood part of wealth management, so let us clear the air on what it is – and what it isn’t.

What is Asset Protection in Texas?

Asset Protection is simply a legal way to evaluate your assets and ensure that they get to the individuals or charities that you choose. In a society where litigation is more and more common, your personal and business wealth must be structured in a way that it’s protected. Asset Protection is not an illegal way of hiding money. At Metroplex Wealth, we work with an estate planning attorney that works with the law to legally diversify and protect your money.

Ways to Minimize Risk

So exactly how does Metroplex Wealth work to minimize risk? Here are 4 common Asset Protection methods we use often:

  1. Charitable Giving: Gifts to children, charities, or other family members are a great way to minimize risk and increase asset protection. This is one of the easiest strategies and one used often by our clients.
  2. Retirement Plans: Money held in many retirement plans is well protected from creditors until you begin distributions. 401(k) and 403(b) plans are some of the best for Asset Protection, but you’ll find that IRAs also offer some protections as well with generous caps.
  3. Trusts: Worried about creditors coming to your heirs and depleting assets? In that case, a trust may be a smart choice for Asset Protection, as the funds in a trust are protected.
  4. Family Limited Partnerships (FLPs): These partnerships among family are a legal way to provide a safe haven for your assets. You are your family will get limited partnership rights to the money while it’s kept in safekeeping.

Is Asset Protection Planning Right for Me?

If you’re concerned about litigation or your assets falling into the wrong hands in the future, then call us at Metroplex Wealth for a consultation. We have estate planning attorneys on staff to offer sound advice on what makes sense for you and your money.

Why Choose Metroplex Wealth?

  • admin
  • July 23, 2019

With so many wealth management professionals out there – what makes Metroplex Wealth different? Our business model has been tweaked and perfected through 34 years of experience in the financial industry. Read on to learn more about what sets us apart from the pack:

 

Well-Rounded Approach to Wealth Management

Prior to opening his own wealth management firm, our founder spent years working for prestigious companies like Merrill Lynch, Smith Barney, UBS, and the like. What he felt was missing was a well-rounded approach to his clients’ financial needs. Sure, he knew investments, but there seemed to be a better way to approach investments, tax planning, and estate planning all under one roof. From there, Metroplex Wealth was born. We work closely with the like-minded tax and estate planning professionals to give our clients a holistic approach to wealth management. This holistic approach helps your money work for you and identifies pitfalls and ways to save you money along the way.

 

Professional & Certified

When you meet with our team at Metroplex Wealth, you can expect professional, knowledgeable wealth management advisors who cater to your needs first and foremost. Our team has acquired many certifications and professional memberships after completing rigorous training courses to keep up-to-date on the latest investment strategies and products.

 

Many Financial Products Available

As we mentioned earlier, assessing and understanding your full range of financial needs is our goal here at Metroplex Wealth – the top wealth manager in Southlake, Texas. We offer many financial products, including estate planning and probate, wealth management, retirement planning, asset protection, social security planning, proactive tax planning, and holistic investment strategies to fit your needs.

 

If you’re looking for the best wealth manager in DFW, then give us a call at Metroplex Wealth and let’s talk about how we can help you achieve your financial goals.

5 Simple Ways to Increase Retirement Savings

  • admin
  • July 13, 2019

Whether you have been saving for retirement for years – or just getting started – Metroplex Wealth can help you achieve your financial goals and get you moving in the right direction. Our team offers a well-rounded approach to retirement savings, and here are a few simple ways we recommend you increase your retirement savings today with very little effort:

 

Increase Saving Today

 

As most people know, retirement savings – and the amount you end up keeping at the end – comes down to the magic of compound interest. That’s why it’s best to start saving as soon as possible so that time is on your side. If you’re already saving, boosting that amount by even $50/month will pay off in the long run.

 

Take Advantage of Employer Matching

 

Don’t leave money on the table. If you have an employer that matches 401K contributions, make sure you are maxing out that match in order to maximize your return. After all, it’s free money. If you can’t do it today, then wait until your next raise, and instead of pocketing the increase, put it toward retirement savings and maxing out the employer contribution.

 

Take Advantage of Higher Contribution Limits for 50+

 

If you are over the age of 50, then you have the opportunity to catch up on your retirement savings with higher yearly contribution limits. Catch up contribution limits vary for IRAs, Roth IRAs, and 401K plans, so give us a call at Metroplex Wealth to discuss your options and what makes the most sense for maximizing your money.

 

Schedule Automatic Withdrawals

 

It may hurt a little at first, but scheduling automatic retirement savings withdrawals ensures you are paying yourself first and working toward your retirement goals – without even lifting a finger. Soon, you won’t even notice the difference and the money will be working for you.

 

Delay Social Security Payments

 

Did you know that once you reach retirement age, every year that you delay your Social Security payments – up to age 70 – it increases your Social Security benefit? Even just pushing it back a year can make a difference in the amount of money you receive.

 

Not sure if your retirement savings in on track? Talk with a DFW financial advisor at Metroplex Wealth about simple solutions to growing your retirement savings and keeping you on track to financial freedom in the retirement years.

 

Why Do I Need a Wealth Manager?

  • admin
  • June 25, 2019

It’s a question we hear a lot, and frankly, it comes down to misconception. Wealth managers are highly trained individuals who know the ins and out of the financial industry – and how to make that work for you and your money. Here are 3 reasons that our team here at Metroplex Wealth recommends that you hire an experienced wealth manager to assist with your finances:

 

Future Financial Freedom

 

When you look into your future, what do you see? How does your financial situation look? The wealth managers at Metroplex Wealth can help you plan for your future financial goals and might even recommend products or strategies you had not previously considered based on our 20+ years of providing financial advice to our clients. Everything from retirement planning, estate planning, proactive tax planning, and even social security planning can be worked to your advantage and provide you with long-term financial freedom.

 

As Life Gets More Complicated – So Does your Money

 

As we age and acquire more wealth, the more complicated our finances become. Add a spouse and a family to the mix and the financial burden gets even more complicated. Metroplex Wealth offers another touchpoint for decision making; an outside perspective backed by 20+ years in the industry. And don’t forget that our proactive tax planning works those complicated tax assessments to your advantage.

 

Planning for the Unexpected

 

We can’t anticipate every curveball life gives us, but with the proper financial planning from a top wealth manager like Metroplex Wealth, we can ensure you have the financial stability to navigate that curveball with ease. Whether you need help with college planning, medical expenses, elderly care, and more – Metroplex Wealth’s team can help.

 

Ready to learn more about how our team of wealth managers can help you achieve your financial goals? Give us a call today to set up an introductory consultation.

3 Wealth Building Pitfalls – and How to Avoid Them

  • admin
  • June 10, 2019

They call it building wealth for a reason.

 

It takes time to achieve your financial goals, and at Metroplex Wealth in Southlake, Texas, our goal is to come along side you and offer guidance throughout the process. As you set forth toward your financial goals, be sure to avoid these 3 common mistakes when building wealth:

 

Removing Yourself from the Budgeting Process

 

Whether you are a small business owner or just managing your own personal finances, budgeting remains an important piece of the puzzle. At the end of the day, all wealth building comes down to income vs. expenses, and if you lose sight of the big picture and the budget, you’ll be led astray. Many people believe that as their wealth and income grows, a budget no longer matters. At Metroplex Wealth, we can say that the closer you stay to understanding your budget on a monthly basis, the closer you’ll come to achieve your greater financial goals.

 

Not Understanding Your Investment Strategy

 

At Metroplex Wealth, our goal is to educate you on products and investment that will grow your portfolio. We want you involved in the process. (It is your money, after all.) One of the worst mistakes you can make when building wealth is to get lazy in the process. Relying on others. Throwing money at things in hopes that it works out without doing your research. These are important mistakes to avoid.

 

Forgetting Where You Came From

 

As you build wealth, it’s important that you stay humble and grounded in order to achieve long-term financial success. A great way to do this is to give back to others. Donate and give to causes you want to support. Use your time to volunteer at a shelter or other charity.

 

Metroplex Wealth – the best financial advisor in Southlake, Texas – would love to help you achieve your financial goals and help you avoid these mishaps! Give us a call today to schedule a consultation.

Leveraging the Tax Code to Limit Your Liability

  • admin
  • May 31, 2019

Many of the clients we consult with are surprised to learn that their specific financial situation can lend to considerable tax savings. By effectively leveraging the IRS tax code and some of the lesser-known rules within it, our clients have had been enable to reap impactful tax benefits. Having an understanding of how to limit your tax liability has the potential to optimize your profits and create additional opportunities for wealth building.

Strategic Tax Planning

Whether you’re looking to lower your personal taxes or you own a business and are focused on limiting its tax liability, there are a wide range of nuanced rules within the IRS Tax Code that could be used to your advantage. Committing to strategic tax planning with intentionality also helps ensure you aren’t making costly mistakes or missing out on opportunities. Tax reduction strategies, especially when they’re stacked one on top of another, can result in savings of thousands upon thousands of dollars.

Tax Planning Expertise

We have a partnership with local company Financial Gravity to ensure that our clients have access to the expertise necessary to help our clients reduce their personal and business income taxes. While it might be tempting to wait for tax season to come around again, now is the time to initiate proactive planning for next year.

The most effective strategic tax planning will be customized to work with your specific circumstances. If you’re interested in learning more about how you can leverage the tax code to limit tax liability, reach out to the Metroplex Wealth team to determine what an appropriate next step would be. Our team can be reached via phone at 817-601-5272 or email at info@metroplexwealth.com.

Establishing A New Business? Don’t Make This Critical Mistake.

  • admin
  • May 5, 2019

While it may seem like a simple decision, selecting the right business entity at the outset of your business can have considerable short term and long term implications. Dedicating some time to researching what type of business entity is appropriate for your business will prove worth your while. This blog post is focused on considering whether a sole proprietorship or an LLC might be the best for your entity.

Sole Proprietorship

Though it’s the most common form of business organization in the United States, a sole proprietorship may not be the most appropriate decision for your particular business. When compared to other types of business organizations, sole proprietorships are the most simple to establish and operate. The only two facets you’ll need for establishment is a business checking account and a business name. Business owners should consult with their locality to determine any permitting and licensing requirements. Though you have full control of your sole proprietorship, business owners also open themselves up to considerable liability in this. Since your personal finances and business finances are intertwined, this could prove challenging under negative circumstances. The tax implications of a sole proprietorship include paying self-employment tax and income taxes. Generally speaking, a sole proprietorship is best suited to small businesses with no employees.

Limited Liability Company

Unlike a sole proprietorship, a limited liability company limits your personal liability and offers considerably more flexibility. Your personal liability as it relates to your business will not extend beyond what investment you’ve made in your business. Not as simple to establish, an LLC requires business owners to file Articles of Organization in the state you’ll be doing business in. Since it is not a tax classification, the tax decisions for an LLC are not as clearly outlined but offer flexibility and asset protection.

If you’re still unsure what business entity is right for you, contact Metroplex Wealth at 817-601-5272 or email at info@metroplexwealth.com.