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DAYTON

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WEALTH MANAGEMENT GUIDE

A Balancing Act Financial planning is important to achieve goals and objectives in life BY BETH L ANGEFELS

DAYTON MAGAZINE . December 2019/January 2020

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Is it better to leave the kids everything— or nothing? Values. Work ethic. Responsibility. Some gifts our families pass on to us aren’t measured in dollars. The inheritance discussion can be complicated, but it’s needed to reduce conflict, resolve issues and prepare your heirs. Our team can help you begin a conversation about inheritance planning, family relationships and the responsibilities that come with family wealth. For some of life’s questions, you’re not alone. Together we can find an answer. David W. Ellis III Managing Director Private Wealth Advisor 513-792-2441 david.w.ellis@ubs.com The Ellis Group UBS Financial Services Inc. 8044 Montgomery Road Towers of Kenwood, Suite 200 Cincinnati, OH 45236 800-543-2884 toll free

ubs.com/team/ellisgroup

As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information, visit our website at ubs.com/workingwithus. © UBS 2019. All rights reserved. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC. CJ-UBS-798534255 Exp.: 10/31/2020


DAYTON

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WEALTH MANAGEMENT GUIDE

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he concept of financial planning is quite simply scary for most people, especially for those who are just starting out in their careers or living paycheck to paycheck without an end in sight. But Mike Wilhelm, vice president and senior investment officer at WesBanco Bank, says that people should seek professional advice early, even if they don’t feel they have any thing extra to put toward investing. “Even folks who are just starting to dip their toes in the water should start to build up their savings accounts,” Wilhelm says. “An adviser can help you set goals and objectives and talk to you about your fears when it comes to putting your money to work.” This puts Wilhelm and his counterparts in the wealth management industry often in the roles of counselors as well as researchers. And he says it’s extremely important to remember that one size does not fit all.

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DAYTON MAGAZINE . December 2019/January 2020

“We do see a lot of emotional biases related to investing,” Wilhelm says. “These may hinder people. We don’t want a person who is in their mid-30s who hasn’t gotten started saving to be intimidated.” Wilhelm recommends that people start by having candid conversations with family members about goals and objectives for investing. And he says the first building block of shoring up financial futures should be ensuring there is an emergency savings account in place with enough in it to cover three to six months of fixed expenses, such as monthly housing costs, utilities and credit payments. “I suggest keeping that money in something stable and safe, such as a checking or savings account,” Wilhelm says. “This way you will have your bases covered if something happens like a job loss.” A written formal budget can help determine exactly what a household is spending each month. Wilhelm says this process can be revealing, especially when it comes to

Mike Wilhelm

discretionary spending. Wilhelm helps people develop an investment strategy based on current age, income level and estimated retirement age. “No one really knows if Social Security


will be around in 30 years,” Wilhelm says. “And traditional pension plans are no longer prevalent so individuals will have to take charge of their own retirement fund.” Helping determine risk tolerance and advising people on what investment vehicles will realize more growth over time is also

part of the financial adviser’s job. Wilhelm admits it’s rather like a roller coaster ride but advises people not to let the day to day ups and downs in the market cause them to abandon their long-term strategies. “Retirement is one of the big concerns we see,” Wilhelm says. “Eventually pay-

checks will stop coming and people are living longer. If you have a solidly funded retirement account you can plan for those big ticket items, like a house. You can’t finance retirement and most people don’t want their kids to bear the burden of supporting them. It’s a balancing act.” n

DAYTON MAGAZINE . December 2019/January 2020

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Dayton Wealth Management Guide 2019  

A Balancing Act – Financial planning is important to achieve goals and objectives in life

Dayton Wealth Management Guide 2019  

A Balancing Act – Financial planning is important to achieve goals and objectives in life

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