The Importance of Wealth Management

Nationally recognized investment advisor Nicholas Giacoumakis has been leading New England Investment and Retirement Group, Inc., a 14-member firm in Massachusetts, for over two decades. Together with his team, Nicholas Giacoumakis provides high-quality investment advisory and wealth management services to individuals and groups.

Although many people know about wealth management, roughly six out of 10 people still do not set up a will prior to their passing and even fewer fully create a wealth management plan. An important aspect of life, wealth management helps individuals not only maintain their lifestyles after retirement, but also transfer their wealth to loved ones and others. Retirement is the biggest reason for wealth management’s importance; failing to gauge accurately how much money they will need to survive during retirement, people may lose their houses and/or have to reenter the workforce. Effective wealth management plans can help protect against such eventualities.

In terms of transferring wealth, good wealth management ensures there is enough wealth left to provide some support to one’s heirs. When individuals retire, poor wealth management can lead to them using all of their accrued finances to fund their own survival, leaving no money for heirs or to cover unexpected medical or funeral costs, which can be a huge burden on surviving family members, possibly even putting their own finances at risk. Wealth management can prevent this and may even allow for some extra funds that heirs can put into their savings.