As tax season approaches, Henderson City Lifestyle asked Justin J. Long, CFP®, Lead Advisor, and Laura Long, CEO, of Diazo Wealth, to discuss financial spring-cleaning. With nearly two decades of financial experience, Justin is a CERTIFIED FINANCIAL PLANNER™ professional who has worked with a wide range of clients, from young professionals to high-net-worth individuals. Laura, with a background in psychology and experience in hospitality and financial services, is passionate about helping families navigate milestones. We asked them to share insights on how to use this season to tidy up finances and make smart investment choices.
Q: How can individuals leverage tax season to kickstart their financial spring-cleaning process?
A: Laura Long - During tax season, people often find themselves having to log in to all their financial accounts, even ones they don’t check regularly. It’s the perfect opportunity to handle some financial housekeeping:
1. Ensure all your accounts, real estate, and insurance policies have the correct beneficiaries to clarify your wishes and minimize the probate process.
2. Organize your income and expenses to update your savings and spending goals, as well as your long-term financial plan.
3. Reevaluate your tax burden and explore adjustments to improve tax efficiency for the next season.
Q: How can personalized wealth investment strategies help individuals better align their financial plans with their personal life goals and visions?
A: Justin Long - Investment strategies at Diazo are as unique as our clients. While much financial advice is generalized, the reality is that what works best varies greatly from person to person. The better we understand our clients and their "why," the better we can tailor their financial plans to meet their goals and adjust as needed. Flexibility allows for adaptability, ensuring that as your plans evolve, your financial strategy can efficiently align with them.
Q: What are some investment recommendations for diversifying and strengthening a wealth portfolio?
A: Justin Long - Every individual’s circumstances are unique. Two people may have similar ages, incomes, and goals, but different risk tolerances that dictate different investment approaches. With thousands of investment options available, stocks, bonds, ETFs, mutual funds, notes, alternative investments, etc., many firms create models and fit clients into them. At Diazo, we do the opposite. We build custom portfolios centered on the client’s needs. Our goal is for clients to SWAN—Sleep Well At Night—by ensuring their investments align with their comfort levels and financial aspirations.
Q: How does Diazo Wealth’s approach differ from traditional investment strategies?
A: Laura Long - We approach risk differently. Many firms assess risk based only on age, income, and expenses. We conduct a deeper analysis, balancing clients’ risk comfort levels with their financial goals.
Additionally, we focus on multi-generational planning. Some families we work with have assets spanning two, three, or even four generations. This creates tax optimization opportunities and ensures family members are aligned in their financial planning. It also allows older generations to see the impact of their financial legacy while they’re still alive. Personally, I received a small inheritance from my grandmother, which I used to build Diazo. While I believe her impact lives on through our work, I wish she had been here to see it. We want to help others create financial plans that allow them to enjoy their wealth with their loved ones in the present, not just as a legacy for when they are gone.
Q: What practical tips do you suggest for maintaining an optimized financial portfolio throughout the year?
A: Justin Long - Financial planning is an ongoing process. We encourage clients to meet with us at least three times per year:
1. Spring: Focus on taxes and financial housekeeping.
2. Mid-year: Review goals, achievements, and any necessary adjustments.
3. Fall: Ensure year-end planning is completed before deadlines.
Investing isn’t a set-it-and-forget-it task. The best financial plans evolve with changing circumstances.
Q: What’s the most important takeaway for individuals looking to take control of their financial future?
A: Laura Long - Every person’s situation is unique. Some are more complex, involving trusts, asset location, and tax-loss harvesting. At Diazo, we don’t require a minimum investment or specific financial situation to work with us. Seeking financial advice shouldn’t be dependent on wealth level, age, or complexity. What matters most is finding a trusted fiduciary, someone legally obligated to act in your best interest.
Diazo LLC is a registered investment advisor with the Securities and Exchange Commission (SEC), conducting business only in states where properly registered or exempt. Registration does not imply a certain level of skill or training. This content is for informational purposes only and has not been approved by the SEC or any state securities authority. Forward-looking statements reflect Diazo’s opinions at the time and do not guarantee future performance. Investments involve risks, including loss. Investors should assess their goals, risk tolerance, taxes, and liquidity needs before investing.