Choosing a financial advisor is a big decision. How can you find a trusted partner? Someone who’s independent and will work with you to help grow and manage your wealth?

Introducing the team at Bay Rivers Group Wealth Partners. We’re an independent financial advisory and wealth management practice dedicated to collaborating with individuals, business owners, families, and generations. We help you manage, grow, and transfer wealth.

Our planning process is cyclical and forward looking and focuses on the many areas of your financial health. We consult with our clients and gather information about goals and risk tolerance preferences. We then develop the investment strategies designed to help achieve your objectives and provide the advice and encouragement you need.

From portfolio management and tax planning, to retirement plans, social security strategies, and insurance reviews, we can help you navigate all your financial needs. Bay Rivers Group Wealth Partners acts as your partner, collaborating and communicating.

Learn more about Bay Rivers Group Wealth Partners at bayriversgroup.com or by calling our office today.

To keep your investment portfolio on target for financial goals, you want to balance risk and diversify your assets. That’s the purpose of asset allocation - the process of dividing your portfolio among major categories like cash, stocks and bonds. Historically, the returns of these three major asset categories have not moved up and down at the same time - so including a mix of these assets in your portfolio can protect against losses. There is no perfect formula for asset allocation - it differs with each individual depending on their risk tolerance and time horizon. Risk tolerance is the amount of your investment you’re willing, or able, to lose in exchange for greater possible returns.  Risk tolerance is closely tied to time horizon, or the amount of time you have to invest. An investor saving to make a down payment on a home in 5 years might choose less risky investments than someone saving for retirement in 20 years. A longer time horizon allows more time to recover from loss. Asset allocation may be one of the most important investment decisions you make with your portfolio - call us today to learn more.

With a traditional IRA, you may qualify for a tax deduction when you invest your money. But later, when you take the money out in retirement, all those distributions are taxed. The Roth IRA is the opposite. It has no deduction when you put the money in, but later, all distributions are tax-free when you take the money out during retirement.

By converting from a traditional IRA to a Roth IRA, future gains become tax-free. But when you convert funds from a traditional IRA to a Roth IRA, you must pay taxes on the converted amount that year. You can choose to convert all or just part of a traditional IRA to a Roth IRA. Timing should be based upon when you are in a lower tax bracket or have other offsetting deductions. We can help you gauge the costs and benefits of a Roth conversion in your situation. Beware of penalties if you may need to tap into your Roth IRA funds in the next five years and you are or will be younger than age 59.5 when you need these funds.

Give us a call today and we’ll help you evaluate your options. It’s important that all investment titling and beneficiary designations are working in concert with your will or other estate planning documents. Speak with your estate and tax planning professionals to evaluate any potential tax ramifications and call us today to learn more about strategies and resources that may help you preserve your nest egg.

As life expectancy has grown, your retirement now can last between 20 and 30 years. So Social Security planning is critical, no matter how much money you have. It can make a difference of hundreds of thousands of dollars. For example, if you retire at age 62 and pass away at age 86, you’ll receive at least 25% less for 24 years. But, if you wait to retire at age 70, you’ll receive 32% more for 16 years.

If your retirement income at age 66 was $2,000 per month, this could be a difference of over $200,000 during your lifetime. Arriving at a decision on when to retire is not easy. If you retire early, it could affect your spouse’s benefits. And wages and other taxable income could cause up to 85% of your Social Security benefits to be exposed to income taxes. Proper planning takes all of these factors into account to determine a Social Security strategy. For instance, a repositioning of assets could reduce taxable income and provide for more reliable monthly income. With over 500 different combinations of factors affecting benefits, it makes sense to talk to a financial advisor and get it right.

Written goals are your road map to financial success. Be specific, simple, and realistic and include time frames and dollar amounts. Have some big goals and some small ones. Include a savings plan and an emergency fund. Pay off high-interest debt and control the amount of your debt. Then, take action to achieve your goals. Review your goals often and remember it takes time to achieve goals so be patient. Without a plan, your path waivers and valuable time is lost. So, don't wait. Let us help you create an investment plan for your future today.