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Wealth Management Tips for Fall 2022, Aquila Legacy Group

As we near the end of the year, we want to remind you about some of the wealth management tips that can help you achieve your goals in the new year. Here are some of our favorite pieces of advice:

The Aquila Legacy Group is here to help you get started on the right track towards your long-term goals. We have compiled some of our favorite wealth management tips for the fall season:

1. Review your investment portfolio. In order to make sure that your portfolio is still aligned with your goals and risk tolerance, it is important to review it at least once per year. If you have made any significant changes, such as adding new accounts or changing advisors, then now is the time to reevaluate.

2. Make sure all of your accounts are properly diversified. This includes investments such as stocks, bonds and mutual funds that are held in different accounts with different custodial institutions and brokerages. If there are any gaps in this diversification, consider closing them by transferring assets from one account into another.

3. Update beneficiary designations on all accounts that allow you to name beneficiaries for death benefits or other distributions upon death (e.g., life insurance policies). Your beneficiary designations should match who will receive these assets if you pass away unexpectedly or become incapacitated due to an accident or illness.

4. Start investing early. The earlier you start saving and investing, the better off you’ll be in the long run. Investing early not only means that you have more time for compound interest to work its magic but also that your money will have a chance to grow before you need it.

5. Make sure your investments are diversified. You don’t want all of your eggs in one basket! Diversification helps protect against market volatility and reduces your risk exposure. When considering what types of assets to invest in, look at their correlation with each other—do they tend to move together or move opposite each other? If an investment moves opposite another investment, then they are negatively correlated; if two investments move together, then they are positively correlated; if two investments neither move together nor apart from each other, then they are uncorrelated.

If you have any additional question, or would like to get a personalized plan for you and your family, schedule a 15 min consultation with us here! We are happy to help.

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