Charles Kenahan | Managing Director/Financial Advisor | Newport, Rhode Island

Wealth management is not just for the wealthy—it’s a critical strategy for anyone looking to grow, protect, and preserve their financial resources over time. Effective wealth management aims to ensure that your financial assets are working for you in the most efficient way possible. Whether you’re just beginning to accumulate wealth or investing for years, understanding key wealth management strategies is crucial for achieving long-term financial stability. Set Clear and Realistic Financial Goals The foundation of any wealth management strategy begins with clear, well-defined financial goals. It’s developing your needs without understanding what is challenging for you to work toward. Your financial goals will shape your investment strategy, help you determine your risk tolerance, and establish how you will allocate your assets. Start by identifying your short-term and long-term goals. Short-term goals might include buying a car, paying off debt, or building an emergency fund, while lo...

Building and preserving wealth requires more than smart investments —it demands a thoughtful approach to managing taxes. By employing tax-smart strategies, individuals can reduce their tax burden, boost investment returns, and secure a more prosperous financial future. This article explores actionable techniques for integrating tax planning into wealth management. Structuring Investments for Tax Efficiency A key step in tax-smart wealth management is structuring investments to minimize tax liabilities. Tax-advantaged accounts, such as 401(k)s, IRAs, and Health Savings Accounts (HSAs), are powerful tools for achieving this goal. Contributions to traditional 401(k)s and IRAs reduce taxable income, while earnings grow tax-deferred, allowing more funds to compound over time. Meanwhile, Roth accounts offer an alternative strategy, especially for those who anticipate higher tax rates in the future. Contributions are made with after-tax dollars, but withdrawals in retirement are entirely tax-...

 Sailing is a sport that demands a balanced mix of preparation, skill, teamwork, and adaptability. Whether you're a seasoned sailor or a newcomer to the world of yacht racing, success on the water depends on meticulous attention to detail and a willingness to learn and improve. From the initial stages of planning and strategizing to the execution of flawless maneuvers during the race, each step plays a vital role. Equally important are elements like maintaining the vessel, fostering strong teamwork, staying updated on race tactics, and leveraging modern technology. Together, these factors form the foundation for achieving competitive excellence in yacht racing. By focusing on continuous improvement and embracing both traditional sailing techniques and innovative tools, participants can navigate challenges and maximize their potential on the racecourse.  Preparation and Strategy for Success   Winning a yacht race starts well before the starting gun. Thoroughly studyin...

Wealth management is more than just managing money—it’s about building, protecting, and distributing wealth in a way that meets your personal goals and secures your financial future. Whether you're just beginning your wealth-building journey or already well on your way, mastering wealth management strategies is crucial for economic success. This article will explore key wealth management strategies to help you manage your finances effectively and create a prosperous future. The Role of Wealth Management: A Comprehensive Approach Wealth management is a multifaceted process that integrates various financial planning and strategy aspects. It involves managing assets and ensuring that your wealth works to achieve your personal and family goals. A successful wealth management strategy includes budgeting, investing, retirement planning, tax strategies, insurance, and estate planning. Wealth management's primary goal is financial stability and security, ensuring that wealth grows ste...

Yacht racing is an exhilarating sport that combines skill, strategy, and the spirit of adventure . Whether you're a seasoned sailor or a newcomer eager to explore the thrill of competitive sailing, this guide will help you understand the basics of yacht racing and set you on a course to participate confidently. Understanding the Basics of Yacht Racing Yacht racing can initially seem complex, with its own rules, techniques, and jargon. The sport involves navigating a course marked by buoys or other marks, which must be rounded in a specific sequence. Races can vary significantly, from short inshore races lasting a couple of hours to offshore races spanning several days or weeks. The first step for any aspiring yacht racer is to familiarize yourself with the basic rules and classifications of yacht racing. The Racing Rules of Sailing, governed by the World Sailing Association, provide a framework that ensures safety and fair competition. It's also essential to understand the diff...

Estate planning is more than just creating a will; it’s about ensuring that your hard-earned wealth is managed and distributed according to your wishes. A well-thought-out estate plan provides financial security for your loved ones while reducing stress during difficult times. By understanding and implementing key elements of estate planning, you can take control of your financial legacy and create peace of mind for the future. Why Estate Planning Matters Estate planning ensures that your assets are distributed according to your wishes, but its importance extends beyond that. It allows you to manage your wealth efficiently, minimize taxes, and reduce potential conflicts among your heirs. Without an estate plan, your assets could be tied up in probate, leading to delays, legal fees, and uncertainty for your family. Moreover, estate planning isn’t just for the wealthy. Whether you own a small home, significant investments, or cherished personal possessions, planning allows you to design...