While many Connecticut residents love our state and wouldn’t live anywhere else, there’s no denying that life in the Constitution State is expensive. According to the Cost of Living Index, Connecticut residents pay 13 percent more than the national average for living expenses. Housing in Connecticut is 24 percent higher than the national average, and utilities clock in at 30 percent higher. For everyday living items such as food and clothing, groceries cost about nine percent more than the national average, and clothing is also nine percent more expensive.
The good news is that incomes are higher in Connecticut. Per capita personal income in Connecticut notched in at $52,034 in 2022, second only to Massachusetts. Median household income stands at $90,213.
Building wealth in a high-cost, high-income state looks a bit different than it does in other parts of the country. Higher taxes make tax abatement strategies more urgent, for starters. A high cost of living makes retirement more challenging. For this reason, it’s essential to engage in proactive wealth management.
What is Wealth Management?
Wealth management is an essential, multifaceted process designed to strategically plan and manage your assets, incorporating a range of activities from financial investments to tax planning, retirement planning, estate planning, and beyond. While it’s possible to undertake wealth management on your own, the complexity of the financial landscape often necessitates the expertise of a wealth management professional. The ultimate aim of wealth management is not just to maintain but to significantly enhance your financial security and grow your wealth over time, ensuring it is well-protected against potential uncertainties.
Navigating the intricacies of wealth management without professional guidance can be daunting and might lead to missed opportunities for enhancing and preserving your wealth. A private wealth advisor plays a critical role in your financial journey, leveraging expertise to potentially enhance the performance of your investments, minimize your tax liabilities, and tailor your financial plans to fit the unique contours of your life and family dynamics.
In a high-cost, high-income environment like Connecticut, the value of a local wealth manager becomes even more pronounced. Connecticut-based wealth managers possess a deep understanding of the state’s economic climate and are well-versed in navigating its specific challenges and opportunities. These professionals have a proven track record of helping clients develop and refine effective wealth management strategies, staying abreast of relevant state laws and regulations to ensure a seamless and efficient wealth-building process.
Why Choose a Private Wealth Advisor?
Choosing to work with a private wealth advisor means opting for a partner who can provide personalized, strategic guidance tailored to your financial landscape. This partnership is invaluable for those committed to achieving long-term financial goals and ensuring their wealth not only grows but thrives, in today’s ever-changing financial environment. With their expertise, private wealth advisors offer peace of mind and a path to financial confidence, making them an indispensable resource for anyone serious about securing and enhancing their financial future.
Toomey Investment Management, Inc. is a Wallingford, Connecticut-based financial advisory company that offers clients expertise in independent portfolio management. Toomey Investment Management’s independence enables a client-centric approach to wealth management, focusing on understanding individual financial goals and crafting personalized strategies to achieve them.
At TIMI, our business model is designed to treat all of our clients equally and fairly. We realized long ago that the financial industry dedicated many resources to capture money from prospective clients but much less on service and accountability for existing clients. At Wallingford, Connecticut-based TIMI, we listen carefully, keep in touch, and return your calls and communications quickly, so you can count on us. We will work effectively to optimize your financial situation and solve your problems. Call us at 203-949-1710 or visit our website for more information.