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How To Plan For Wealth: Individual And Succession Planning

Like most people, your goal is probably to accumulate wealth and use it to achieve your life goals, whatever they may be. While your definition of wealth and the strategies…

September 21, 2022

Written by Ty Bongiovanni

Like most people, your goal is probably to accumulate wealth and use it to achieve your life goals, whatever they may be. While your definition of wealth and the strategies you use to build it will vary depending on your age or circumstances, some principles of wealth management remain constant. One of these is the importance of planning, whether you’re a business owner, entrepreneur, or your family’s breadwinner.


To build and maintain wealth, you need to have a detailed plan. However, not everyone understands that different types of planning are available, including individual and succession planning. Each has unique benefits and procedures, so you should take the time to understand both. This way, you can create a wealth management strategy that meets your needs.


This blog post will cover individual and succession planning in detail. We’ll explain each type of planning, why it’s important, and how you can set it up yourself. We’ll also discuss updating your plans and why you should work with professionals when creating your wealth management strategy. If you’re serious about accumulating wealth, read on to learn more.

The Importance Of Planning In Wealth Management

Wise wealth management requires careful planning for the protection and growth of your assets. Without a plan, it’s easy to make impulsive decisions that could jeopardize your long-term financial security. Planning also gives you a clear roadmap to follow to stay on track even when life gets complicated. Most importantly, a plan helps to ease anxiety by providing a sense of control and certainty.


A good wealth management strategy will evaluate your assets, liabilities, and short-term and long-term goals. It will also consider the potential risks and opportunities associated with different investments. Creating a comprehensive plan helps ensure that your wealth works for you in the most efficient way possible.

Types Of Planning

Here are some of the most common types of planning used in wealth management:


  • Retirement Planning focuses on saving enough money to cover your expenses in retirement. Your expected retirement date, desired lifestyle, and sources of income are all critical parts of retirement planning.
  • Investment Management is a tool for protecting and growing your wealth. It involves deciding where to invest your money and how to manage your portfolio.
  • Tax Planning allows you to take advantage of all the tax breaks and incentives available. It can also help you stay compliant with the law and minimize your tax liability.
  • Estate Planning helps you prepare for the distribution of your assets after you die. If you want your loved ones to receive your wealth a certain way, you can make that happen through estate planning.


These are just a few examples of the different types of planning that you need to be aware of. You can learn more about them in our blog. For now, we’ll delve deeper into individual and succession planning.

Individual Planning

What Is Individual Planning?

Individual planning, also referred to as financial planning, is a tool for protecting and growing your wealth. It entails setting goals, assessing your current situation, and deciding how to best use your resources. Since individual planning is broad, it can encompass everything from retirement to estate planning. One thing to note is that there’s no one-size-fits-all approach to individual planning. What works for one person may not be the best solution for another.

Steps For Individual Planning

Here are the steps you need to take to do individual planning:


  • Set Your Goals: What do you want to achieve? Do you want to retire early? Send your kids to college? Travel the world? Be as specific as possible, but remember to keep it realistic.


  • Assess Your Current Situation: This step involves taking stock of your assets and liabilities and your income and expenses. This way, you can picture where you stand financially.


  • Make A Plan: Once you know your goals and where you’re starting, it’s time to make a plan. Your plan should detail how you’ll use your resources to work toward your goals. It should also include a timeline and contingency plans if something goes wrong.


  • Implement Your Plan: After designing your plan, you need to take action and put it into place. You may have to open new accounts, invest, or change your spending habits.


  • Monitor And Review Your Progress: Regularly check in on your progress to guarantee that you’re on track. If things have changed since you made your original plan, don’t be afraid to adjust accordingly.

The Benefits Of Individual Planning

Individual planning can benefit you in many ways. It can improve your financial security, give you confidence, and help you make better decisions with your money.


  • Financial Security: If you do it correctly, individual planning can provide financial security. For instance, planning can be useful for weathering unexpected challenges, such as job loss or medical bills. While you can’t predict what life will throw your way, a good plan will make staying afloat during tough times easier.


  • Confidence: As we mentioned, individual planning can help ease anxiety by providing a sense of control and confidence. When you have a plan, you know what steps you need to take in the short and long term; this can provide great comfort during times of uncertainty.


  • Improved Decision-Making: Individual planning can lead to better decision-making regarding your money. You’re less likely to make impulse purchases or take on unnecessary debt when you have a plan. You’re also more likely to stay disciplined with your spending and stick to your long-term goals.

Succession Planning

What Is Succession Planning?

Succession planning is identifying and developing individuals who have the potential to fill key leadership roles within a business. Its purpose is to have a talent pool to draw on when vacancies occur. Business owners can use it to ensure that the business will continue operating even if they retire or die.

Steps For Succession Planning

Here are the steps you need to take to do succession planning:


  • Identify Key Positions: The first step is to identify which roles in your company are key to its success. These are the positions that, if left vacant, would have a significant impact on the company’s ability to continue operating.


  • Analyze Job Descriptions: Once you’ve identified the key positions, you can now analyze the job descriptions for each one. This step will help you determine each role’s required skills and experience.


  • Identify Potential Successors: Next, you should try to identify individuals within your company who have the potential to fill these positions. To do this, you’ll want to look at their skills, experience, and training.


  • Develop A Plan: After you’ve identified the potential successors, you need to develop a plan for how you’ll train them for their new roles. Including a timeline and milestones for each successor is recommended.


  • Implement The Plan: The final step is to implement the succession plan. Start providing the training and development opportunities for each successor, and review the plan regularly to keep it updated.

The Importance Of Succession Planning

There are many benefits to succession planning, including:


Continuity: Succession planning allows your business to continue to run even if you retire or die. Since you’re the one who chooses who will fill critical positions, you can have confidence knowing that your business is in good hands.


Preparation: Succession planning is a great way to prepare for unexpected vacancies. If a team member unexpectedly resigns or passes away, you’ll already have someone in place who can fill the role; this can minimize the impact on your business.


Talent Attraction And Retention: By succession planning, you can attract and retain top talent. When potential hires see opportunities for advancement, working for your company becomes more appealing. You’re also motivating your current employees by providing them with opportunities for career advancement.

The Importance Of Keeping Your Plan Updated

Your wealth management strategy should be reviewed and updated regularly. Your circumstances are constantly changing, and your plan needs to reflect that. For example, you might get married, have children, start a business, or buy a new property. As your life changes, so should your wealth management strategy.


It’s also essential to keep your plan updated in case of any changes in the law. The tax code is constantly evolving, and there could be new opportunities or incentives that you’re not aware of. By staying on top of these changes, you can guarantee that your wealth management strategy is as effective as possible.

Nesso Wealth – Helping You And Your Business Plan For The Future

At Nesso Wealth, we have plenty of experience helping Connecticut residents with their planning requirements. We’ll work with you to develop a custom strategy based on your unique circumstances. Our comprehensive wealth management services can assist you in building and preserving your wealth to pursue your financial goals. From individual planning to succession planning, we have what it takes for you to take control of your finances.


We’re more than just financial advisors; we’re your coaches, accountability partners, and advocates. As your partner, we’re focused on making the complex simple. Our qualified team acts with the utmost integrity and will be pleased to answer any questions you have along the way. Whether you’re getting started, preparing for retirement, or well into your golden years, our objective at Nesso Wealth is to help you work toward your goal.



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