Our take: End-of-year tips from the Truist team

Financial planning

Dec 13, 2021

The end of the year is a perfect time to assess the past 12 months and to plan ahead for what 2022 will bring.

Prepare for uncertainty

Hilary Kosloske, Senior Managing Director/Financial Advisor, Winston-Salem, NC

There is always uncertainty in the markets, even during bull market periods. Today, we feel uncertainty surrounding COVID-19, the threat of inflation, possible tax hikes, and the political landscape—domestic and worldwide. As we head into the new year, it is important to remind clients that the market will have continued volatility.  Each client has a unique comfort level; I  work with my clients to develop  a proactive instead of reactive investment strategy, openly discussing how much market exposure they are comfortable with during turbulent times in the market.

Do a year-end systems check

Erich Holmes, Senior Vice President/Business Transition Strategist, Business Transition Advisory Group, Cleveland, OH

I would encourage everyone to reflect on your core values and reevaluate what you truly want to accomplish this coming year for yourself, your business, your family, and your community. Engage stakeholders and trusted advisors in these discussions so they are aligned with your vision. In addition to assessing your current financial state (cash flow needs, estate planning documents, etc.), assess your nonfinancial state—health, education, happiness, relationships— to understand where you are currently as well as what barriers may be standing in the way of achieving your goals.

Consider life insurance

Rajeev Dhillon, Wealth Advisor, New York, NY

As we consider planning strategies, we cannot ignore the importance of asset protection. More clients who are seeking tax-efficient solutions are turning to life insurance because of the tax-deferred growth in a life insurance policy, and also for potential living benefits during the life of a policy. The cash value derived in a life insurance policy can be distributed during a lifetime, often tax-free, and used as an alternative to other retirement solutions. Speak to your wealth advisor for more information and to ensure it’s in line with your overall planning goals and objectives.

Hilary Kosloske, Registered Representative, Truist Investment Services, Inc.