Millennial wealth manager JR Gondeck says he helps younger clients by delivering perspective on 'wealth returns,' not just investment performance.
in the US, which makes him one of the most acclaimed millennials in the business.
In other words, he's aiming to make sure they're getting as much as they can from their assets, even if that wouldn't show up in an investment return. "Many millennials are likely to inherit wealth from either their parents or grandparents, or there's already vehicles that have been set up for their benefit," he said.
Savers put after-tax dollars into typical 401s, which means that they have to pay taxes when they withdraw from that their retirement accounts. But the Roth version is funded with after-tax dollars, so withdrawals are tax-free for people who are older than 59 1/2 or meet certain other criteria. He adds that tax planning, including retirement and tax-related gifts, are also critical components of improving wealth. And anyone who's thinking about passing wealth to the next generation needs to make sure their assets are titled properly to avoid legal complications that can get costly.Another critical task for Gondeck is keeping his clients comfortable.
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