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Asset Management

Work With The Experts When Devising a Financial Plan

Financial decisions are often difficult to make on our own. There are many variables that can affect our assets now and in the future. This is why it’s important to have a professional guide you in making the right choices.

RGW Wealth Management helps its clients do just that. With a long history of experience in the financial industry, its team can devise a plan that’s right for you and your lifestyle.

The company was created by the merger of Revier Financial Services, started by Ron Revier in 1995, and G&W Financial, founded by Lyle Gerhardson and Michael Warner. Ron will soon be retiring, and Lyle will be heading the firm.

Lyle has been in the finance business since 1994 and opened his own tax firm in 2001. In 2007, he received his securities license and started doing financial advising a short time later.

“Clients have worked with me since the 90s,” says Lyle.

RGW specializes in tax-smart financial planning and also offers a full range of services including investment management, retirement planning, insurance planning (including Life and Disability), long term care strategies,  tax planning, estate planning, debt and cash flow planning, business planning, education and other special situations.

“One of the main things that clients need to know is that working with a financial advisor takes the emotions out of the investing,” says Lyle. “What happens is clients can let their emotions dictate what they should and should not do.”

For example, he adds, a person might be told that buying a certain stock is the way to go or hear that the market is going to rally or crash, so he or she might make an uninformed and impulsive choice.

“Have someone in your corner for emotional support,” says Ben Beuning, a financial advisor with RGW. “You have to have someone there with you to take the correct actions.”

Ben joined RGW Wealth Management in 2017 while still in college.  He  currently divides his time between its three offices in Lake Elmo, Plymouth, and Spicer. He is also enrolled in a Graduate-level Certified Financial Planner program.

“Following a plan, during the ups and downs, is what clients need to do,” said Lyle. “With everything going on, make sure you have a financial plan and that you’re able to fall back on that when there are uncertainties and volatilities in the market.”

Especially now, with a pandemic creating downturns in the economy, people may tend to panic. But once again, it’s important to listen to the experts.

Each client, they explain, has their own unique financial goals, plan, and risk tolerance. RGW addresses their personal situation to come up with appropriate tax-smart strategies, which are constantly changing. Working with an advisor who understands taxes and your personal situation allows you to utilize strategies to increase after-tax wealth.  Being able to do ongoing tax planning throughout the year with their tax-smart advisor allows for the maximization of strategies available.  It’s too late when the year is over, so take a proactive approach.

“You have to have the proper tax knowledge in order to be an advisor to clients and that’s what we have,” says Lyle. “We want to make sure we maximize their after-tax wealth. A lot of advisors don’t do that.”

The firm, says Ben and Lyle, has years of experience in comprehensive financial planning with an emphasis on being tax-smart. Their CPAs have extensive tax and financial planning experience, helping to ensure your financial plan is truly tax-smart.    

Lyle says that they have a weekly online meeting with other advisors to discuss different strategies and different products and to find out what’s available and what’s right for clients, so they’re learning from each other.

“Understanding what’s out there is huge and not trying to do everything yourself is important,” says Lyle. “There are people out there who have good ideas.”

Keeping up with technology is also necessary in the financial business.

“The technology has improved tremendously,” says Lyle. “All the accounts get updated automatically, and clients have access to their plans whenever they want to look at them.”

Their broker dealer is Avantax Investment Services, which among other things, creates software to assist financial advisors with decision making for their clients. These products, which can actually tap into clients’ accounts, can also give recommendations for tax-smart investing.

When drawing up a financial plan, there is one key piece of advice Lyle and Ben would give their clients.

“The main thing is to put your plan together so you can make the right decisions as you go,” says Lyle. “Not knowing how those decisions affect your plan is huge. If you don’t have a plan in place, you really don’t have the information to make the right decision.”

“Start planning early and looking at financial goals,” says Ben. “If you wait, you may have been making the wrong decisions all along.”

To find out more about RGW Wealth Management, go to https://www.rgwwealth.com.    

"Securities offered through Avantax Investment ServicesSM, Member FINRA, SIPC. Investment advisory services offered through Avantax Advisory ServicesSM."

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