Craig Kirsner: Wealth Management Strategies To Help Preserve Your Wealth

Craig Kirsner’s journey into the wealth management industry is both personal and professional. His path was significantly influenced by his father, who established their business in 1972. Growing up surrounded by the principles of financial stewardship and client service, Craig developed an intrinsic understanding of the industry. With a license in the insurance industry since 1994 and an MBA in Finance, Craig possesses a blend of experience and academic excellence that shapes his approach to wealth management.

Craig’s investment philosophy is grounded in the needs and aspirations of his retired clients. He recognizes that his retired clients are primarily focused on preserving their wealth and leaving a legacy. Craig’s approach is to help them achieve a reasonable rate of return while maintaining a manageable level of risk. Craig emphasizes the importance of a balanced approach, blending conservative and growth-oriented investments to create a portfolio that meets both current and future financial goals. By doing so, he helps ensure that his clients can enjoy their retirement years without the constant worry of financial instability.

To stay updated on market trends and changes in the financial industry, Craig collaborates with leading market research groups. He relies on insights from Fidelity’s research group based in Boston, JP Morgan, and other reputable sources to gather comprehensive information on market, sector, and economic trends. This commitment to continuous learning helps ensure that he can provide informed and up-to-date advice to his clients. Craig’s dedication to staying current with market trends is also reflected in his proactive approach to client education. He believes that an informed client is a confident client, so he regularly shares insights and updates through newsletters, webinars, and one-on-one consultations. This transparency helps build trust and intends to ensure that clients understand the rationale behind their investment strategies.

One of the most common financial mistakes Craig observes among clients is the insistence on self-management without the requisite skills. This often leads to inefficiencies and inappropriate risk levels. He mentions that some clients are hesitant to consolidate their assets or implement a comprehensive financial plan, which can be detrimental to their retirement goals. Craig emphasizes the importance of a comprehensive approach to financial planning, ensuring all pieces are in place to help support their objectives.

Craig’s experience has shown that a lack of comprehensive planning can lead to missed opportunities and potentially increased risk. To address this, he works closely with clients to develop detailed, personalized financial plans that consider all aspects of their financial lives. This includes retirement planning, tax strategies, estate planning, and more. By taking a comprehensive approach, Craig helps clients avoid common pitfalls and achieve greater financial confidence.

When it comes to customizing financial advice, Craig understands that each client is unique, with distinct financial circumstances, family needs, and goals. He feels the key to effective wealth management is asking the right questions and deeply understanding what is important to each client. Craig’s personalized approach is rooted in empathy and active listening. He takes the time to get to know his clients on a personal level, understanding their values, fears, and aspirations. In any scenario, Craig’s advice is tailored to suit the specific needs of every client, from planning for a child’s education to providing a comfortable retirement. 

Craig’s approach to retirement planning is exemplified by his three-bucket strategy. The first bucket, Bank Savings, typically keeps six to twelve months of yearly expenses in the bank for emergencies, which is usually between $50,000 to $100,000 for his clients. This ensures that clients have immediate access to funds in case of unforeseen circumstances. The second bucket, Income and Preservation, focuses on income sources like Social Security, pensions, rental income and annuity income. These investments are more conservative than market-based ones and aim to preserve the principal while generating a steady income. This bucket is key for maintaining financial stability during retirement, allowing clients to cover their daily expenses without dipping into their growth investments. The third bucket, Growth Potential, includes professionally managed, diversified portfolios of Institutional Mutual Funds and ETFs. Craig collaborates with ETF fund managers such as Vanguard, Fidelity, and Schwab, adjusting these portfolios every four to six weeks or as needed. This strategy aims to help ensure that clients have a balanced approach to retirement, with growth opportunities managed professionally to help avoid common mistakes.

Managing risk in client portfolios is another important aspect of Craig’s strategy. He employs a mix of ETFs, Institutional mutual funds, bonds, preferred stocks, and defensive investments such as gold ETFs. Craig’s risk management strategies are designed to help protect clients from market volatility while still allowing for growth. By diversifying investments and incorporating a mix of conservative and growth-oriented assets, he helps clients achieve a balanced portfolio that can help withstand economic fluctuations. This approach helps mitigate risk and provides confidence for clients.

For young professionals, Craig advises disciplined investing, consistent saving, and a long-term investment horizon. He cautions against short-term trading and emphasizes the importance of staying invested through market fluctuations. This disciplined approach has historically proven more effective than trying to time the market. He encourages young investors to seek knowledge, ask questions, and work with financial advisors who can help guide them on their journey to financial independence.

During periods of market volatility and economic downturns, Craig reassures his clients by setting clear expectations and implementing risk-mitigating strategies upfront. He helps ensure that clients have the necessary income to weather downturns and can access funds from investments less affected by market fluctuations. He believes in being proactive rather than reactive, adjusting strategies as needed to help ensure clients remain on track to meet their goals.  

Kirsner Wealth Management is unique in its family office approach. Craig and his team provide comprehensive financial services, including financial planning, investment strategies, and working partnerships with estate planning attorneys and accountants. This one-stop-shop model help ensure that clients’ diverse financial needs are met efficiently and effectively.  

Craig measures the success of financial planning strategies beyond percentages, dollar amounts, and asset growth. Despite the importance of these metrics and benchmarks, the true measure of success is the extent to which clients understand their financial plans and feel confident about the future.

Craig identifies the retiring Baby Boomer population as both a significant challenge and opportunity in the wealth management industry. With over 14,000 people turning 65 every day in 2024, there is a growing demand for lower-risk retirement plans focused on principal preservation and income. The transfer of wealth from Baby Boomers to their children requires careful consideration and strategic planning. Craig sees this demographic shift as an opportunity to provide value-added services that address the unique needs of retirees and their families. By offering tailored retirement planning, legacy planning, and tax strategies, he helps clients navigate this transition smoothly.  

Craig also addresses the financial concerns of surviving spouses, noting the potential loss of Social Security benefits, pension adjustments, and increased income taxes due to changing to a single taxpayer status. He has developed strategies to support surviving spouses, particularly women who statistically live longer than men. His team provides guidance on updating financial strategies, legacy planning, and income tax matters, caring for the well-being of the surviving spouse. He and his team offer a steady hand, helping surviving spouses navigate the complexities of their new financial reality. 

Retirement is an opportunity for relaxation and fulfilling long-deferred dreams. Craig encourages clients to dive into their retirement bucket lists early, while they still have the money, health, and time to enjoy these activities. He encourages his clients to enjoy their early retirement years, by traveling, pursuing hobbies, or spending time with their families. By providing clients with the resources to help achieve their dreams, Craig assists them in making the most of their retirement years.

Tax planning is another important aspect of Craig’s approach. He emphasizes the importance of proactive tax strategies, particularly in light of the impending expiration of current tax cuts after December 31, 2025. Craig collaborates with tax professionals and utilizes tax planning software like Holistiplan to help clients develop tax-efficient retirement strategies. By helping to retain more of their money, clients can put their dollars to work more effectively. By staying ahead of tax changes and implementing effective strategies, Craig helps clients minimize their tax liabilities in conjunction with their accountants.

Craig’s commitment to continuous learning, proactive risk management, and comprehensive financial planning helps ensure that clients receive the highest level of service. By focusing on the unique needs of each client and building strong, personal relationships, Craig and his team provide a supportive environment where clients can work toward their financial goals and help enjoy a confident retirement.

Investment advisory products & services are made available through AE Wealth Management, LLC (AEWM), a registered investment advisor. Insurance products are offered through the insurance business Stuart Estate Planning. Kirsner Wealth Management is an Investment Advisory practice that offers products & services through AE Wealth Management, LLC (AEWM), a Registered Investment Advisor. AEWM does not offer insurance products. The insurance products offered by Stuart Estate Planning are not subject to Investment Advisor requirements. AEWM and Stuart Estate Planning are not affiliated companies. Investing involves risk, including the potential loss of principal. Any references to protection, safety, or lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims-paying abilities of the issuing carrier. Neither the firm nor its agents or representatives may give tax or legal advice. Kirsner Wealth Management has a strategic partnership with tax professionals & attorneys who can provide tax &/or legal advice. Individuals should consult with a qualified professional for guidance before making any purchasing decisions. This article is a paid placement. 2451818-6/24