At Black Harbor Wealth Management, we don’t cater to a certain kind of client. We’re here to help people, no matter what stage of life they’re in. You may be just beginning your career, starting a family, planning to open a business, considering the purchase of a vacation home, or thinking about retirement.
We get that, which is why when we meet with you to talk about a plan for private wealth management, together we’ll craft a strategy around your goals, hopes and dreams. But read on to keep an eye out for these 3 pitfalls.
- One of the biggest mistakes in planning is not having a plan in the first place. You may think you have too much debt, be too young, or simply not have enough money. The fact is, everyone should take the time to create financial goals, regardless of the place in life you’re currently in. By teaming up with a financial advisor, goals can be clarified and common mistakes can be avoided.
- Let’s say you’ve come up with a plan, done your research, listed your goals, and implemented your strategy. That’s great, but you’re not done yet! Financial planning is a highly fluid process, and it’s wise to update your goals at least on an annual basis. By regularly tweaking your plan, you can be sure you’re never caught by surprise.
- One thing that happens all too frequently is an investor makes a plan that’s correctly tailored to his risk tolerance, is well diversified, and properly allocated. The market gets into bad shape, and the investor abandons the plan, panics, and sells, thereby losing money. With a sound financial strategy, you’ll have enough knowledge and confidence to stay the course, even when things get rough.