#64: Maximizing Your Wealth-Management Relationship in Q1 2025

In this episode of Blue Chip NOW!, Daniel Dusina, CFA®, Matt Mondoux, CFA®, CMT, CFP®, and Dan Seder, CFA®, CMT, CFP® discuss how to make the most of your relationship with a wealth manager in the first quarter of 2025. The conversation dives into essential financial planning strategies, including portfolio rebalancing, key tax considerations like tax-loss harvesting, IRA contributions, and how year-round planning with your wealth management team impacts long-term financial goals. The hosts highlight how tax planning should be an ongoing process, not just a year-end exercise, with insights on deferring taxable distributions, optimizing Roth contributions, and managing charitable donations through Qualified Charitable Distributions (QCDs). They also explain how effective collaboration with your wealth manager can prevent mistakes when filing taxes and improve your financial outcome. The episode concludes with advice on the importance of keeping your wealth management team updated on life events such as bonuses, promotions, and major expenses to ensure your plan evolves with your needs. Whether you're preparing for a new financial year or refining your approach, this discussion provides actionable strategies to make 2025 a financial success. 

Key Points from This Episode: 

[00:00:00] Introduction to the episode and market update for Q1 2025, touching on the importance of collaboration with a wealth manager. 

[00:01:33] Explanation of the “good news is bad news” phenomenon in the market and its tax implications. 

[00:02:48] The Federal Reserve’s approach to interest rates and its impact on wealth management strategies. 

[00:05:30] The importance of tax-loss harvesting and how it helps minimize capital gains. 

[00:07:34] How year-end portfolio adjustments can set clients up for a strong new year with their wealth manager. 

[00:10:56] Discussion of deferring taxable distributions to the new tax year and how it benefits clients. 

[00:16:08] Overview of Qualified Charitable Distributions (QCDs) and their benefits for wealth management clients. 

[00:18:13] Estate planning essentials, including trusts, wills, and powers of attorney, as part of holistic wealth management. 

[00:19:29] The value of centralized wealth management services for handling taxes, estate planning, and investment portfolios. 

[00:21:02] The importance of active engagement with your wealth manager and updating plans based on life changes. 
 
[00:21:24] Communicating cash flow adjustments due to promotions, bonuses, or unexpected expenses. 
 
[00:22:09] Final advice on the importance of proactive communication and partnership with your wealth manager to achieve financial success. 

 

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