More than ever, people are finding value in a financial advisor. Why? Because there are more people in the market than ever before, and many are taking on risks they don’t truly understand.
In the marketplace, there are wealth managers and insurance people. Wealth managers typically encourage you to put all of your money into investments, while the insurance people tell you to buy an insurance product.
“Both use these [strategies] as a silver bullet model, but there’s no silver bullet for accomplishing financial goals.”
What is important is how all these products work together. The goal is to pay less in taxes and never end up in a position where you have to sell good assets when any market is down.
That’s where integrated strategies come in.
The Benefits of Using Integrated Strategies
By integrating investments with insurance products, it allows you to have all the gains and minimize the losses. You can also have annuities (a guaranteed stream of income) in conjunction with a life insurance product that works similar to a Roth IRA from a tax perspective except that it is non-correlated to the stock market. Although life insurance is tax-efficient, it is treated as a non-qualified asset, so this means no limitations around the contribution amount or income.
To put it simply, combining insurance, annuities, and investments helps protect against market volatility, helps reduce taxes paid on retirement income, and provides greater flexibility.
There is money to access and withdraw and annuities payout no matter if the market is up or down, but you will have fluctuating investments. When taxes are high, you can be strategic. Generally, investments will always perform at a higher level and have higher gains over time than annuities. However, the best time to draw out of that bucket is when the market is up.
When you integrate all these strategies, you have more options, which provides financial security on the path to building wealth.
This system is what financial advisors like Tyrone Dinneen use to help clients build wealth. To learn more about integrated strategies, read EY America’s paper on How Life Insurers Can Provide Differentiated Retirement Benefits.
Tyron Dinneen Partnering Up With Northwestern Mutual
Tyrone Dinneen is a financial advisor located in Los Angeles, California. It was his own financial advisor at Northwestern Mutual who referred him to the company’s career development department. While going through the interview process, he came to deeper understand the firm’s methodology around financial planning. Connecting their values to his own experience with his advisor and the meaningful planning and financial education that could be done within his own circle, he decided to take on the role. He has been practicing now as a financial advisor for 6 years.
At Northwestern Mutual, expert financial advisors are dedicated to providing long-term value for their client’s financial health. They continuously earn high financial strength ratings and are in the top 5 leading independent broker-dealers in the United States. In 2021, for the 38th year, they were named one of FORTUNE® Magazine’s World’s Most Admired Companies. Through a holistic planning approach, Northwestern Mutual combines the expertise of its financial professionals with a personalized digital experience and industry-leading products to help its clients plan for what’s most important. With $290.3 billion in total assets, $29.9 billion in revenues, and $1.9 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than 4.6 million people with life, disability income, and long-term care insurance, annuities, and brokerage and advisory services. The company manages more than $161 billion of investments owned by its clients and held or managed through its wealth management and investment services businesses.
Tyrone continues to educate people on tax efficiency, wealth building, and preservation. He specializes in planning for small businesses, construction companies, executives, and pension holders.
In his own words, “Financial advisors are looking to work with people who are open to new ideas, progressive thinkers, see potential in themselves professionally and want to grow together.”
Whether you’re an executive, a promising entrepreneur, or someone working for a municipality, there is a financial advisor you can rely on for sound advice.
If you’re one of those people and you want to secure your future in retirement, contact Tyrone Dinneen at Northwestern Mutual for a free, no-obligation consultation.