#hackingwomenshistorymonth featuring: Myah Moore Irick
Myah Moore Irick
was first featured in #hacksthenewsletter two years ago as part of our first #womenshistorymonth round-up.
This time, we’re having her back to get her current perspective on trends in today’s finance world, and more.
#womenshistorymonth feature: Myah Moore Irick
AJR: As we are already racing through the first quarter of 2023 and tax season is upon us, what is the question from clients coming up most frequently this year?
In the past few months, I have received a lot of requests and questions about how to manage an influx of wealth or liquidity from inheritance or fast-tracked executives with increasing compensation packages. This is an area that my team is well known for called “sudden wealth.” Navigating newly created wealth is not simple. You need to build new skills and have the right team to appropriately navigate this change. What is different in this situation than with traditional wealth creation is that it happens quickly — sometimes through a significant promotion, a large contract, or an unexpected inheritance.
AJR: What type of planning do you typically recommend in anticipation of either of these types of life events?
MMI: Those with sudden wealth must quickly build out a full team of advisors from scratch spanning financial, legal and accounting, consider risk mitigation and asset protection, educate themselves and emotionally prepare their full family unit, and think about the impact they want to have with this new wealth and how to establish a plan to support it.
This can feel overwhelming, especially when it needs to be done in a short amount of time. It is about so much more than investments, as everyone’s path to wealth is unique.
I take a goals-based approach to all of my planning no matter where my clients are on their wealth journey. The first step of creating a wealth plan is to identify the goals that the client wants to achieve – buy a first or second home, save for retirement, join a venture fund, etc. In addition to pinpointing their goals, my team, The Irick Group, also discusses clients’ values and intentions. What do they want their legacy to be? How do they want to be of service to their family or community? I take that information, my client’s current financial situation and anticipated future financial situation and create a wealth plan.
This plan acts as the foundation, as we help guide them on other aspects of navigating new wealth. These additional steps include but are not limited to partnering with the estate planning attorney to ensure that all their assets are properly titled, partnering with their CPA to ensure that we are thinking tactically around reducing taxes and finally partnering with life insurance and property & casualty providers to ensure that we are mitigating risk. We act as the main point of contact to streamline the financial lives for our clients experiencing sudden wealth.
AJR: What do you do when a client comes to you and has not planned at all? How does your strategy change?
MMI: It is not uncommon for me to work with individuals who have a sudden influx of cash and who lack a plan. There are a lot of opportunities to invest in the new talked-about stock or to get financial “tips” from your brother’s best friend. However, it is important to know what the end goal is, to develop a strategy to achieve that goal and then to stick with the plan.
I will also note that oftentimes those that are new to wealth may lack some basic financial literacy. I am always eager to get a client up to speed. Depending on the client and their foundational financial knowledge, this can be a large part of our preliminary work together. With executives, this is ensuring that they understand all the ways that they are compensated or should be compensated. I want my clients to understand the variables and components of wealth planning and investing and I want them to feel like a partner in the process.
AJR: Any other financial health advice for readers of #hacksthenewsletter you can share in the current inflationary/choppy market environment?
MMI: I am convinced by the power of long-term investing. Therefore, in times of market volatility, stay calm. The markets will go up and down but the best way to grow your wealth in the market… is to stay invested. Meet with your advisor regularly. Review your wealth plan and make sure your goals are current.
To learn more about Myah and her financial philosophies, go to: www.pwa.ml.com/The-Irick-Group
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