HOLYOKE, Mass. (WWLP) – The Wealth Transition Collective held its formal ribbon ceremony in Holyoke Tuesday morning.
The Wealth Transition Collective moved to Holyoke from its previous location in Northampton in the summer of 2020. Due to COVID restrictions, they have not had a formal opening until Tuesday. The City of Holyoke recognized the company for its community contributions such as raising funds for the Cooley Dickinson Hospital and hosting a food drive.
The financial planning firm intends to continue making donations and providing financial support, along with clients learning about financial solutions. The Wealth Transition Collective provides a range of services from financial planning, to investment management and legacy planning.
CEO of the Wealth Transition Collective, Greg Sheehan on what financial plans can help people save money during this time of inflation.
“If you have access to a qualified plan through your employer like a 401K or 403B, and if there is a match, even if there isn’t I highly suggest you participate in that. A lot of these plans now have a raw feature and I’d suggest a lot of people look into that as well, but if you’re in a plan that has a match at least do what the employer is willing to match you with, it’s free money,”
When it comes to investment during inflation Sheehan suggests it isn’t a good idea. “If you have a slow down in spending, you know people aren’t buying goods so you know somewhere typically between 2 and 6 percent, we see the markets still do fairly well, but once you get above that you see some of the pain we are having now.”
The Wealth Transition Collective continues to grow by expanding its footprint and staff. He said, “this is a start, investing in the community we believe in, feel very strongly about Mayor Garcia and the Chamber and resources that Holyoke has to offer. Always looking for opportunity, whether that is an acquisition or just adding staff as we grow.”