This is where Wealth Compass Financial steps in.
Wealth Compass Financial is an independent registered investment advisor (RIA) that helps clients manage their investment portfolios and overall financial planning. The company's expertise lies in personal counseling about investments and comprehensive retirement planning.
"We primarily focus on retirement planning, helping people transition from the accumulation phase of their life to the distribution phase by managing their investments," says Steven Nuckols, president and founder, Wealth Compass Financial.
Wealth Compass Financial has created a trademark retirement planning process, the retirement navigator. It focuses on five key areas: income planning, investment planning, tax planning, healthcare planning, and legacy planning.
While engaging with clients, Wealth Compass Financial always strives to understand their objectives to ensure it addresses all the requirements. The company then makes the recommendations accordingly, utilizing its Riskalyze program. It gives the risk score based on someone's current risk points and helps build income-driven portfolios within the range of a client's comfort zone.
For example, one of Wealth Compass Financial's clients retired last year. Despite making significant investments, they were not able to correctly coordinate those to receive the best income and safety needed. The company took this client through the retirement navigator process and determined the amount of money that needed to be put in the safety bucket. The rest was put into the growth bucket following the client's risk tolerance.
We primarily focus on retirement planning, helping people transition from the accumulation phase of their life to the distribution phase
The client's account managers also plugged their separately managed accounts together, which created more taxable income every year. That's why when they started medicare after retirement, they had to pay more taxes and premiums. Wealth Compass Financial was able to reduce the amount of taxable income through efficient tax planning. The company also helped the client by creating a long-term care plan and comprehensive legacy planning.
In another instance, a client had a painful last year as inflation led to a rise in interest rates. Their bond and stock valuation went down significantly. Wealth Compass Financial helped the client make alternative investments that generated more income and dividends during the down-market scenario.
Wealth Compass Financial's experience, ability to utilize technology, and team of experts enable it to script these instances of client success. It has in-house CPAs who are able to answer clients' questions and conduct a comprehensive audit for tax planning. Also, Wealth Compass Financial maintains transparency with clients in each step of the process, which not only gives clients peace of mind but sets the company a notch ahead of the rest.