Category: Estate Planning
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Net Worth
The Federal Reserve collects information about family finances every three years, the last survey was completed in 2022. Median (midpoint, not average) net worth surged 37% to $192,900 and mean (average) net worth increased 23% to $1,063,700. Retirement accounts were held by 54.3% of families with a median value of $86,900 and a mean value…
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Wealth Management vs Financial Advisor
A wealth management team generally includes attorneys, CPAs, CFPs, and CFAs. The team provides legal services (trust and estate planning), accounting services (tax preparation and planning), and investment management, while financial advisors limit themselves to investment management services. Wealth management fees are typically higher than financial advisor fees because of the included legal and accounting…
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