Managing your money in economic downturns: A financial planning guide for turbulent markets

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To help you navigate choppy economic cycles, have more productive discussions with advisors and bolster the effectiveness of your financial plans, we have curated a list of wealth management materials published by our team of professionals. We recommend using the selections below as a starting point when reexamining your financial goals during times of economic uncertainty.  

Are you and your partner prepared for a volatile market? 

Quickly understand how well you manage money as a couple.   

Studies have shown that financial disagreements can have a significant impact on the health of a marriage. However, money disputes seldom occur when funds are flowing. During times of economic instability and personal hardships, a strong relationship can help you weather financial storms. If you and your partner have conflicts regarding financial matters, completing the quiz below may help you avoid long-term difficulties. The three guidelines discussed in the article can also help you address common family financial issues.  

Discover your family’s financial savviness with this 5-minute quiz 

Should you move your primary residence to a tax-advantaged state? 

Ensure you fully understand the pertinent tax laws to determine if moving is financially advantageous. 

Tax laws enacted in 2017 have negatively impacted high-earners living in high-tax states. Given the fluid working environment brought on by Covid, moving to a tax-friendly state to save money has become more feasible. However, with the popularity of more complex compensation packages and an increasingly fickle economy, there are several factors to consider before setting your relocation plans in motion. 

See how tax laws may impact a move 

Are you familiar with all the factors that define residency? 

Get up to speed with residential tax strategies with our change of domicile checklist. 

Using the following checklist can help you make a more informed decision regarding a change in residency. Ensure that you assess the housing, personal, professional, financial and social factors, as well as the impact an economic downturn may have on your prospects. When considering changing your legal domicile, it’s important to understand that the criteria can vary significantly from state to state. 

Review the checklist for help planning a successful move 

Your portfolio: seven ways to think about inflation during turbulent times 

Faced with inflation worries, a longer-term strategy has been an effective choice for investors.  

Inflation continues to be a hot topic, and rightfully so. By examining inflation’s historical impact on the economy, we can reduce some of the strife caused by recent headlines and better understand inflation’s effect on your investment portfolios. 

Have you built a comprehensive wealth advisory team? 

Unify your advisory team to weather internal and external challenges and strengthen your family legacy.  

When the time comes to create a generational legacy, the families that have been most successful have incorporated an additional element into their advisor teams beyond wealth management and tax mitigation. Family governance advisors have been quite effective in facilitating the transfer of generational wealth during a wide range of economic climates. Tom Rogerson, President and CEO of GenLeg Consulting and SVB Private’s Jason Cain share the impact governance advisors can have on wealth preservation. 

Discover the impact family governance  can have on wealth 

Do you need to integrate prenuptial and postnuptial planning into your estate plan? 

Examining the essential components of nuptial agreements. 

Discussions relating to prenuptial and postnuptial planning for families can be challenging to navigate during any life stage or economic environment. To ensure that assets are distributed as intended and interested parties and their families are protected, pre and postnuptial agreements often become key components of estate plans. 

See how you can integrate pre and postnuptial plans into your estate plans 

How reliable is your document filing system? 

Meticulous recordkeeping has become an integral part of tax season and portfolio planning. 

As fluctuations in the economy have many revisiting their investment strategies, time organizing financial records is also time well spent. Ideally, keeping up with document filing should happen all year long, not just when we are getting ready to file our tax returns. Well-organized records make it easier to discuss wealth plans with your advisors and allows your team to be more effective. Here are some suggestions to help keep your records in great shape throughout the year. 

Ensure your financial records are in order this year 

What do wealth advisors bring to the table during a downturn? 

See how advisors can help bridge the gap between choppy market conditions and your long-term goals. 

In a turbulent market it’s important to keep a level head as you pursue your financial goals. Chief Investment Officer, SVB Private, Shannon Saccocia, and SVB Private Wealth Advisors Flavia Trento and Ryan Fox discuss the many benefits advisors offer clients that go well beyond investment strategy implementation. 

See how a wealth advisor can help keep your financial goals on track 

Are you using debt strategically? 

See how borrowing can offer increased flexibility and become an integral part of your wealth plan.  

Have you ever wondered how to use debt as a strategic tool to build wealth? SVB Private’s Gerald Baker sits down with Karen Roses to discuss how using debt and leverage can be a critical element in a holistic wealth plan during a wide range of economic environments.  

Learn how debt can become a useful part of your strategic wealth plan 

If you are interested in additional strategies for managing your money during economic downturns, we would be happy to be a trusted resource for you. As you consider how to safeguard your portfolio during times of volatility, our website offers additional wealth management insights and market commentary. For more information, reach out to an SVB Private Wealth Advisor or visit our online Insights today 

The views expressed in the article are those of the author and/or person interviewed and do not necessarily reflect the views of Silicon Valley Bank, a division of First-Citizens Bank and First Citizens BancShares, Inc. The materials on this website are for informational purposes only, are subject to change and do not take into account your particular investment objective, financial situation or need. Since each client’s situation is unique, you should consult your financial advisor and/or tax planning professional before acting on any information provided herein.