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Tackle Your Tax Burden with a Well-Designed Life Insurance Policy

Gary Richardson

Tuesday, April 30, 2024

For many high-net-worth (HNW) individuals, managing finances and minimizing their tax burden are top priorities. One strategy that often gets overlooked in the pursuit of reducing taxes is life insurance.

Why High Earners Need Life Insurance Too: Helping Your Family and Preserving Your Finances

Gary Richardson

Tuesday, April 30, 2024

There are several ways high-net-worth individuals can benefit from life insurance. It is a vehicle that could provide loved ones with an income stream, it can be used as an investment strategy, it may help to lower your estate tax burden.

What to Do on the Receiving End of a Life Insurance Policy

Gary Richardson

Tuesday, April 30, 2024

Dealing with the death of a loved one is not easy. With it comes many decisions, including how to handle the funds from their life insurance policy.

Asking for Help Is a Strength, Not a Weakness. Here Are 10 Ways a Financial Professional Can Assist

Gary Richardson

Monday, April 1, 2024

Often, there is a misconception that seeking financial help indicates incompetence or lack of financial self-sufficiency. However, seeking help is the exact opposite.

How to Help Your Children with Their Debt

Gary Richardson

Monday, April 1, 2024

Parenthood is full of highs and lows. If you have children, you probably know firsthand what it feels like to be in debt. Because you know how debt feels and you love your children, you probably want to step in and help.

How to Spring Clean Your Finances with a Financial Review

Gary Richardson

Friday, March 1, 2024

Spring cleaning presents a great opportunity to clear out any items you no longer need— the same goes for your finances. Below, we discuss what's included in a financial review and how such a review can help you spring clean your finances.

Worried About the March Madness Productivity Drop? 5 Tips to Help Your Business Thrive

Gary Richardson

Friday, March 1, 2024

Analysts claim that businesses risk losing $1.2 billion for every hour of lost productivity during the first week of March Madness. Check out these five tips to help your business thrive during March Madness.

Life Insurance Options for Older Adults

Gary Richardson

Thursday, February 1, 2024

Many people assume that life insurance is available only to younger adults. There may be terms of 10-20 years available, even for those in their seventies. Here's what older adults should consider before purchasing a life insurance policy.

Caring For Your Family Members While Preparing For Retirement

Gary Richardson

Thursday, February 1, 2024

The newest generation of upcoming retirees is facing a more unique and prominent dilemma: caring for family members as they are preparing for retirement. Caring for family members may make planning for retirement a little challenging.

4 Ways to Be Your Own Financial Valentine

Gary Richardson

Thursday, February 1, 2024

Whether you're single, paired, or somewhere in between, Valentine's Day may present the perfect opportunity to show your bank account some love. Here are four tips and tricks to set you on the path to becoming your own financial valentine.

How Portfolio Diversification Can Be Sweet Like a Box of Chocolates

Gary Richardson

Thursday, February 1, 2024

Portfolio diversification mitigates the potential for unsavory pitfalls while offering a variety of suitable outcomes. In this article, we explore portfolio diversification by using concepts related to chocolate.

Reality Check On Your Retirement

Gary Richardson

Monday, January 1, 2024

Whether you’re 23 or 35, it’s important to know whether you are saving enough for your retirement. There is no time like the present to ensure you are allocating enough funds to your retirement account.

5 Financial Habits To Cutout

Gary Richardson

Monday, January 1, 2024

When it comes to financial bad habits, most are well known- don’t spend too much, don’t take on unsustainable debt, avoid living paycheck to paycheck. Here are five overlooked financial bad habits that could be draining your bank account.

Time to Consider Your New Year Resolutions

Gary Richardson

Monday, January 1, 2024

For many, the New Year is a time for personal reflection on commitments and resolutions for the coming year. With proper planning and appropriate guidance, you can begin to build confidence and prepare for the uncertainties of tomorrow.

IRS Announces New 2024 Income Tax

Gary Richardson

Monday, January 1, 2024

The Internal Revenue Service has elevated the thresholds for its seven tax brackets by 5.4% in 2024. Understanding and leveraging these changes in strategic tax planning with a financial advisor can significantly impact one's tax liability.

Simplifying Dollar Cost Averaging

Gary Richardson

Sunday, December 24, 2023

Investing has long been a strategy for wealth accumulation, yet knowing when and how to invest may discourage potential investors. One investment strategy aimed at making investing more consistent and manageable is Dollar Cost Averaging.

Spreading Holiday Cheer with Year-End Giving

Gary Richardson

Sunday, December 17, 2023

The holidays are nearly upon us – a time of giving, goodwill to others, and embracing traditions. Here are six year-end giving strategies to spread holiday cheer with the additional gift of potential tax benefits.

401(k) Year-End Review Checklist

Gary Richardson

Sunday, December 10, 2023

A 401(k) plan is one of the most popular and effective techniques for saving for your retirement. Here is a 401(k) end-of-the-year checklist you may find beneficial in keeping up with your retirement strategy.

A 12 Days of Christmas Financial Planning Checklist

Gary Richardson

Sunday, December 3, 2023

The Christmas season is an excellent time to review your financial planning strategy. Our finances are top of mind as we are monitoring our spending during the holidays. Here is a 12 days of Christmas financial planning checklist.

4 Thanksgiving Lessons for a Feast-Worthy Financial Plan

Gary Richardson

Wednesday, October 18, 2023

Thanksgiving is a holiday for spending time with loved ones, being grateful, and perhaps enjoying a bit of overindulgence. There are many financial lessons to be had in planning, preparing, and celebrating this annual feast.1 Here are...

Things You Can Do for Your Future as the Year Unfolds

Karl Roelofs, ChFEBC

Wednesday, October 18, 2023

What financial, business, or life priorities do you need to address for the coming year? Now is an excellent time to think about the investing, saving, or budgeting methods you could employ toward specific objectives, from building...

Talking To Your Children About Inheritance

Karl Roelofs, ChFEBC

Wednesday, October 18, 2023

Generational wealth involves financial planning, where parents or grandparents pass wealth to loved ones after they die. Entrusting family members with receiving an inheritance is more than just getting a hold of assets or a check in...

Creating Your Perfect Retirement Recipe

Gary Richardson

Wednesday, October 18, 2023

Although achieving your financial goals is more challenging than following a step-by-step recipe, a few common ingredients and preparation methods may help improve your ability to manage financial resources. Here is one recipe for a...

Assessing Potential Market Impact of Israel-Hamas War

Gary Richardson

Tuesday, October 10, 2023

On Saturday, Hamas, a Palestinian militant group designated as a terrorist organization by the U.S. government, launched an attack on Israel, killing hundreds of civilians and taking dozens more hostage. In response to the attack,...

October Client Letter

Karl Roelofs, ChFEBC

Friday, October 6, 2023

Dear Friends and Family, The S&P 500 lost 3.3% in the third quarter after sliding nearly 5% in September. Putting this into perspective, nothing really qualifies as out of the ordinary. Since 1950, the S&P 500 has historically declined...

How to Make Keeping Track of Your Finances Easy

Karl Roelofs, ChFEBC

Thursday, September 14, 2023

Now is an excellent time to start evaluating your current financial situation, determining your future goals and expectations, and working toward pursuing them. If you need help pulling together a plan for your finances, a financial...

Everything You Need To Know About the FedNow App

Gary Richardson

Thursday, September 14, 2023

You may have heard people in the office talking about FedNow. FedNow is an instant payment service that the Federal Reserve will offer businesses and individuals to send and receive money within seconds on a 24-hour, 365-days-a-year...

Bouncing Back from Vacation Spending

Karl Roelofs, ChFEBC

Thursday, September 14, 2023

It can be easy to get swept up in the vacation whirlwind and lose track of how much money you’re spending. From airfare and accommodations to frequent dining out and shopping, the cost of a memorable getaway can quickly skyrocket...

College Costs Are Rising 5X Faster Than Inflation

Gary Richardson

Thursday, September 14, 2023

The vital role of inflation in planning for children’s college expenses In today's rapidly changing economic landscape, proper planning has become more critical than ever. When it comes to saving for children's college expenses,...

September Client Letter

Gary Richardson

Thursday, September 7, 2023

Dear Friends and Family,   Financial markets lived up to their reputation during the month of August, which has a record for being difficult. On the first day of August, markets had to contend with a downgrade of U.S. long-term...

Got Investophobia? Here are 6 Steps to Overcome Your Investing Fears

Karl Roelofs, ChFEBC

Friday, July 28, 2023

Investing your money for the future might be one of the quickest ways to grow your wealth, whether saving for retirement or making a large purchase. While most people know investing is a potential way toward a more manageable...

Investing vs. Saving: Key Differences and Why Your Money Mindset Matters

Gary Richardson

Friday, July 28, 2023

You often hear people discuss "saving for retirement,” but in many cases, they're actually referring to their investing. The adage "you can't save your way to wealth" is simplistic, but has a kernel of truth; putting your money...

Retirement Security Starts With Visualizing Your Future

Karl Roelofs, ChFEBC

Friday, July 28, 2023

Planning for your financial future and retirement looks much different now than in previous years. Some people must supplement their Social Security to have enough to maintain their desired lifestyle. This means financial planning is...

The Scary Truth About Loss Aversion and Fear of Investing

Gary Richardson

Friday, July 28, 2023

Loss aversion, or the phenomenon of experiencing losses much more severely than gains, can lead to unwise investment decisions. Whether you're hanging on to a loser of a stock for longer than you should or are afraid to invest at all...

Is This Bull Timid or Ready to Charge?

Karl Roelofs, ChFEBC

Monday, July 17, 2023

On June 8, 2023, the S&P 500 index closed at 4,293.93, just over 20% higher than its lowest recent closing value of 3,577.03 reached on October 12, 2022.1 According to a common definition of market cycles, this indicated that the...

A Guide to Student Loan Repayment Plans: 9 Options for Consideration

Gary Richardson

Monday, July 17, 2023

In a 6 to 3 vote, the Supreme Court struck down the Biden administration’s student loan forgiveness plan denying a chance for at least 43 million eligible participants to eliminate up to $20,000 of their debt. Despite new...

Three Massive and Often Hidden Costs of Divorce

Karl Roelofs, ChFEBC

Monday, July 17, 2023

Navigating health insurance, retirement accounts and real estate Divorce, while an emotionally taxing experience, also comes with several financial implications that, if not properly managed, could result in long-lasting financial...

6 Ways Parents Can Help Their Kids Pay Off Their Student Loans

Gary Richardson

Monday, July 17, 2023

Most of us who have experienced college are all too familiar with that intimidating mountain you have to climb upon graduation: repaying your student debt. Seeing our children struggle financially is heart-wrenching, and though we want...

Generational Wealth and the Gift of Financial Freedom

Gary Richardson

Thursday, June 22, 2023

Those who receive an inheritance with the passing of a loved one are potentially given the gift of financial freedom if they choose to manage the wealth carefully. Did you know that only about one-third of adults have a prepared will,...

A 529 Plan is a Powerful Tool to Save for College

Gary Richardson

Thursday, June 22, 2023

Tax benefits, flexible contribution options and potential investment growth For many families, there’s a sense of excitement and anticipation that fills the air as high school seniors prepare to embark on their next journey:...

Might the Debt Ceiling Aftermath Push Up Rates?

Gary Richardson

Thursday, June 22, 2023

An investor’s perspective now that the threat of a default has receded The debt ceiling and its implications have long been a topic of discussion amongst market watchers, and new developments have reignited these debates....

A Financial Checklist for Life-Changing Events

Gary Richardson

Thursday, June 22, 2023

When it comes to financial planning, people often think of financial professionals as people who assist with strategies for retirement planning. That is one aspect of their job; however, financial planning and working with a financial...

For kids, teens, and college students, summer break often represents freedom from schedules, responsibilities, and all those other drains on your time. Retirement actually can provide a similar level of freedom, but only if you've...

In an era characterized by high job turnover, it is more important than ever for employees to carefully manage their retirement savings. With a significant portion of Americans withdrawing money from their 401(k)s when they change...

Having enough retirement income is a top concern for many Americans nearing or in retirement. Even though they may have saved consistently throughout the working years, they may be concerned that their retirement plans will succeed. A...

For many, the expenses of college or technical school can be overwhelming. But, with financial aid programs, tuition, room and board, books, and other college-related costs can become more affordable. To determine if your student...

Overview: In the language of life insurance, a beneficiary is the recipient of the policy’s proceeds when the named insured dies. The owner of a life insurance policy has a great deal of flexibility in naming beneficiaries and,...

Small businesses may often find themselves struggling, and there are many situations in which business owners may find themselves weathering a storm and hoping to make it through. While the strength and fortitude of those who run small...

The thought of retiring may be intimidating for anyone—but if you own your own business, handing your "baby" to new owners might be enough to stop you in your tracks. What might you do to set your successor up for success? What...

A will is an important document most people don’t want to think about, but it’s crucial to have in place to protect your assets and ensure your loved ones receive what you want them to.It can be wise to have a lawyer write...

When discussing multigenerational wealth it is common to come across proverbs that acknowledge the fact that generational wealth typically won’t make it past the third generation. In the United States the saying goes, “from...

Your Social Security retirement benefit may be taxableDid you know that you might have to pay federal income tax on your Social Security retirement benefit? If the only income you had during the year was Social Security income, then...

There are out-of-pockets, limitations and gaps that Medicare doesn’t coverMedicare is a federal health insurance program for individuals aged 65 or older and certain younger people with disabilities.And despite being a widely...

Running a business requires gaining expertise in many things over a short period—especially financial matters. If finances do not come naturally to you, you may quickly feel like you are in over your head. Fortunately, mastering...

The Old Age and Survivors Insurance (OASI) benefits, known as Social Security, pay retirement and survivors benefits through The Social Security Trust Fund. The U.S. Social Security Administration oversees this fund. Social Security...

Could you be losing money because of simple monetary mistakes? Avoid these money-wasting habits in 2023 to have more cash when you need it—or save it for a rainy day. Failing to budgetConventional wisdom says to follow the...

What is it?IntroductionIf you're the beneficiary of a large inheritance, you may find yourself suddenly wealthy. Even if you expected the inheritance, you may be surprised by the size of the bequest or the diverse assets you've...

When you start to consider if investing is an appropriate option for you, you may have questions. You might want to ask:How do I invest money, and where?How much money will I need?What are some common strategies for someone that has...

What is a spending plan?Your spending plan is your active strategy for getting where you want to go. Think of your spending plan as a road map that helps you reach your goals, as well as give you a sense of direction. Your spending...

What is it?A trust is a legal entity that you can set up and use to hold property for the benefit of one or more individuals (the trust beneficiaries). Every trust has one or more trustees charged with the responsibility of (1)...

As an investor, you may be impacted by capital gains if you sell your investment – whether at a gain or loss. Understanding capital gains may help with your overall investment strategy and the potential to preserve your wealth....

What would you do if you didn't have a single monthly payment each month on debt? No car, credit card bills, student loans, or even a house payment! Living a debt-free life with no monthly payments is possible for everyone, regardless...

Each year, some of the biggest companies in the world fall victim to data breaches—in 2020, this list included Microsoft, Facebook, and Instagram. But just because small businesses aren't dealing with billions of electronic...

When you own a business, you get to deduct business expenses from your business income. This general rule applies, subject to certain limitations, whether you are a sole proprietor with employees or a self-employed freelancer...

You don't need to wait until the end of the year to look for ways to minimize your tax liability. Tax planning should take place throughout the year to have you prepared well ahead of tax season. Here are six ways to minimize your tax...

For many of us, a new year is an opportunity for fresh starts and discovering the best versions of ourselves, but some things—like tax contributions and retirement deadlines—don't change much, if at all. And with that shiny...

On October 21st, the Internal Revenue Service (IRS) announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS today also issued technical guidance...

The fourth quarter holidays are often seen as one of the prime times to take out your checkbook — not only do many charities put in extra efforts helping others this time of year, but donating is also a smart financial move....

As we approach the end of the year, you may want to review areas that may impact your wealth and estate planning next year. In this year-end planning guide, we examine four critical areas to consider that may affect your finances:...

The past two years presented many small-business owners with unprecedented challenges. This year’s tax planning preparations include necessary measures for small-business owners to satisfy existing, new and modified tax laws that...

No matter how successful your family business is today, at some point in the future, its ownership may need to change hands. Without a business succession plan, this transition can be fraught with hurt feelings, internal strife and...

A list of things to consider as you think about year-end charitable donations With its family traditions and festive celebrations, the holiday season is the most wonderful time of the year. And according to GivingTuesday.org, the...

For many, autumn is the best time of year. The return of cool breezes, comforting foods, and pumpkins can be invigorating. It’s also a bookmark of sorts, especially for your finances—a perfect time to take stock of your...

In golf, as in finances, there are a few rules of thumb that may improve your game: keep a level head, avoid traps, practice before trying something new and stay the course. Applying lessons from the golf course to your financial life...

Are you leaving your job and considering whether to take a distribution from your 401(k), 403(b), or governmental 457(b) plan? if so, make sure you've considered all your options.In general, you have the following four options when...

The way Americans shop and travel has dramatically changed over the past few years due to COVID-19. The idea of supporting ‘mom and pop shops’ has re-ignited as people realize they want a robust local economy that supports...