OMNI FINANCIAL GROUP
A Wealth of Financial Services
In The Richmond Area
Safe Money Management + Lifetime Income
Omni Financial Group Difference
Our Services
Tax-Free Retirement
Wealth Management
Retirement Income Planning
Efficient Tax Planning
Long-Term Care
Life Insurance
Financial Services to Meet Your Long-Term Goals
Tax-Free Retirement
The words “tax-free” can be a tricky concept for Americans, particularly when tax codes can change on a dime. In Richmond, VA, conflicting interests can make it difficult for even accountants to predict what’s coming around the corner. But if you’re curious about how tax-free retirement works, the right financial advisor can apply the basic principles to your portfolio, so you aren’t paying more than you need to.
How Does a Tax-Free Retirement Work?
Tax-free retirements use the tax codes to your advantage, whether that means filing for a 1031 exchange, reducing your taxable income bracket, or setting up a charitable foundation. While a CPA can give you plenty of tips to avoid paying too much in taxes during your retirement, only a financial advisor will have access to the bigger picture. When you build a strong relationship with your advisor, you can tell them about everything from the causes you care about to the people you most want to protect.
If you’re not paying taxes on your income, you’re typically managing a portion of your wealth based on your priorities. For example, you might defer capital gains to continue investing in high-yield assets. Or you might set up a trust to fight childhood hunger or protect the environment. All of these financial moves take time to plan, and without the right support, you could end up with an audit you weren’t ready for.
At Omni Financial Group, you’ll meet a professional staff that understands how safe money management tenets translate to different people in Central Virginia. Whether you see yourself living on a very modest per diem or jet-setting in first class, there are ways to maximize your wealth that you may not have even considered.
If you’re wondering how to have a tax-free retirement, the best thing that you can do is speak to an expert. When you work with a boutique firm like Omni, you can expect to get the personalized treatment you need to drastically reduce or even eliminate your tax obligations.
Wealth Management
Wealth has always been a relative term, based on everything from where you live, who you support, and what health you’re in. Over casual conversations, wealth management could mean changing insurance providers or clipping coupons. In financial circles, wealth management refers to people who’ve reached critical mass with the portfolio.
There is no precise number that you need to achieve in order to be considered “wealthy,” but as a general rule, once you’re unable to track your assets on your own, this is when it’s time to bring in a professional. With the right financial advisor, you’ll get the advice you need to both optimize your holdings and prepare yourself for whatever’s ahead.
How Does Wealth Management Work?
Wealth management ultimately depends on your investment style. A serial real estate buyer will have very different needs than an investor who insists on playing the market. The best financial advisors work within their limits, finding solutions that ultimately deliver the most value for their clients. While an advisor might push you to step outside your comfort zone, whether that means diversifying or finally surrendering a perpetually low-yield asset, they’ll do so only to optimize your portfolio as the economy inevitably shifts and settles.
The vast majority of investors understand how to manage their wealth. After all, there’s a reason that they became wealthy in the first place! When you hire a financial advisor, it’s to take the burden off of you, so you have more time to focus on exploring new opportunities or pursuing your passions. At Omni Financial Group, James H. Cyriax has the experience to make recommendations based on his clients’ preferences, goals, and priorities.
Wealth management has helped clients expand their idea of what’s possible, making it possible for them to support the next generation without sacrificing their comfort during their golden years. An expert like Jamie integrates safe money management strategies, giving his clients peace of mind at every turn. At Omni, you’ll work with a boutique firm that provides personalized plans and perspectives when you need it most.
Retirement Income Planning
Your retirement income is the key to holding on to your savings, so you can either rely on your assets in the most dire emergencies or leave it to the people you care about. Whether you want to leave behind a trust for your grandchildren or avoid the worst of inflation, a good financial advisor can tell you how to leverage revenue streams and use them as stable building blocks for many years to come.
What Is Retirement Income?
Retirement income refers to money you “make” during your retirement. The income can refer to Social Security benefits, pensions, part-time jobs, stock dividends, rental checks, etc. The goal of retirement income is to diversify as much as possible, making it easier to pay your monthly expenses so you still have enough for the unexpected.
If you’re looking for an advisor to help you strategize your retirement income, particularly if you have big plans for your retirement, James H. Cyriax at Omni Financial Group has the answers you need. Long before you hit your retirement age, he can work with you to find avenues that you’re comfortable with.
How much do I need to retire? If you’re in Richmond, VA, there’s no set answer. You may have heard that you need around a million dollars to retire, but consider that this ballpark number doesn’t always account for inflationary swings, healthcare costs, etc. The more retirement income you have, whether it’s from owning several office buildings or maximizing your Social Security checks, the more insulated you are year after year.
Understanding how to plan your retirement income is more than assessing the current value of your portfolio. When wealth can change on a dime, you don’t want to leave your lifetime income to chance. Having the right professional at your side, one who takes the time to understand how you want to spend your golden years at a granular level, can do more to protect your assets than any steps you take on your own.
Efficient Tax Planning
There are numerous ways to pay taxes, whether you file on your own, with an accountant, or through a financial advisor. If you’re wondering why financial advisors may be more efficient than, say, a CPA, it’s because a financial advisor typically has a better understanding of your portfolio—especially if you’re a high-net worth individual. So, whether you plan to make major investments this year or take a step back, efficient tax planning ensures that you don’t leave the government anything extra.
How Does Efficient Tax Planning Work?
Efficient tax planning essentially takes a magnifying glass to tax laws and applies the applicable loopholes to your portfolio. For example, if you don’t want to pay capital gains this year, you may be able to invest in another property to defer these expenses. A financial advisor helps you put specific dollar amounts to the line items, giving you a better idea of what you can save as you file for local, state, and federal taxes. Whether you wait until April or dutifully file every quarter, he can help you refine your strategy.
At Omni Financial Group, Jamie gives clients in Central Virginia the confidence to tackle taxes through a very different lens. Instead of agonizing over whether you qualify for a new exemption or how the terminology applies to your holdings, you can use safe money management strategies to keep your money where it will do the most for your portfolio. With thousands of pages in the US tax code, Jamie zeroes in on the benefits for his clients, and he uses his many years of experience to find creative solutions.
There’s no need to short the government, particularly when taxes are a societal necessity. However, there’s also no need to overpay if there’s no reason to do so. At a boutique retirement firm, you can list both your reasonable goals and your pie-in-the-sky scenarios. You might just be surprised at how efficient planning can help you not only meet but, exceed, even your wildest expectations.
Long-Term Care
Healthcare costs have become more than just unpredictable in the US, they’ve become the very downfall for people with serious illnesses and injuries. Long-term care insurance is a policy that covers the costs of long-term care above and beyond what standard healthcare insurance, including Medicare, can cover. For people most at risk, it can be the coverage they need to protect themselves from bankruptcy.
What Is Long-Term Care Insurance?
Long-term care insurance pays for health-related costs that you’ll need while you recover, such as home health aides, cooks, cleaners, and nursing home stays. These expenses are more than just luxuries for wealthy people, they’re necessities for people who are incapacitated or otherwise unable to care for themselves. Some studies show that you can expect to spend six times less than a person with standard healthcare insurance alone. What’s more, if you don’t use your policy, you may be able to retain partial value.
If you’re wondering if long-term care insurance is right for you, though, the question isn’t as straightforward as signing up for a policy. Because these policies cover some of the more expensive line items, including 24/7 home aides, they can end up being some of the most expensive insurance policies on the market. Not only that, but plenty of insurance carriers have reassessed whether and how to pay for ongoing care during the longest periods of recovery.
When your retirement is too important to leave to chance, a financial advisor can tell you more about the insurance landscape as it pertains to you and your goals.
At Omni Financial Group, Jamie helps clients in Central Virginia navigate the confusing terms and loopholes, so you can make a decision that works with both your short-term expenses and long-term plans. For some clients, particularly those at high risk of serious illnesses, long-term care may be non-negotiable. At a boutique retirement firm, you can have the conversations that ultimately set you for whatever lies ahead.
Life Insurance
Life insurance is a topic that can be difficult to broach, let alone delve into. Not only do most people not have the time to comb through different policies, the very idea of deciphering the terms can be a nightmare unto itself. This is why having a financial advisor can help you integrate the decision into your larger retirement plans, so you don’t end up wasting money on zero returns.
Why Is Life Insurance So Important?
Life insurance is the single best way for you to protect your loved ones from having to shoulder burdens that you don’t think they should have to bear. Whether you get term life insurance until your youngest child turns 18 or you take out a permanent life insurance policy for your spouse and descendants, ignoring this matter can force those nearest and dearest to you to make difficult decisions during an already traumatic time.
But life insurance is more than just standard payouts after a death. It can also be a savings safety net that you can use if you need it. When every policy has its own restrictions and benefits, a financial advisor can recommend not just the general type of policy you need, but also recommend carriers who have a reputation for living up to their promises.
The global insurance market is valued at around $8 trillion, a staggering number that draws all kinds of players to the industry. If you want a chance of selecting the right one in Richmond, VA, Jamie at Omni Financial Group can help you understand the wall of choices. What’s more, he can help you run through the terms and conditions in relation to your portfolio and long-term goals. So, if you picture your estate paying for higher education for all your grandchildren, you can carefully select your policy to complement and ultimately augment your wishes.
Working out the best insurance policy for you is more than asking friends or family about their recommendations. At a boutique retirement firm, you’ll get the personalized advice and tips you need to make decisions that boost your portfolio to new realms.
Safe Money Management + Lifetime Income
Omni Financial Group, INC.
Lifetime income is the key to protecting your savings during your retirement. From pensions to properties, you can leverage the wealth you have to grow your retirement income for you and your family. At Omni Financial Group, Jamie can help you map out a strategy that fits your lifestyle. If you live in Central Virginia, his advice helps you keep up with an ever-changing economy so you’re always ahead of the curve.
