Category: Financial Advisor

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Retirement Planning Essentials, Part 1 with Thomas Wyatt, JD, CFP® (Ep. 28)

Retirement Planning Essentials, Part 1 with Thomas Wyatt, JD, CFP® (Ep. 28)

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In this two-part series, we’ll be covering qualified retirement plans in Part 1 and non-qualified retirement plans in Part 2. If you’re a business owner, these episodes are a must-listen, as they provide valuable insights into retirement income planning, plan designs, limitations, and how to administer them for maximum tax savings.

In part 1, we provide you with important information for navigating qualified retirement plans. Thomas Wyatt JD, CFP® and President of our Columbus office, will guide you through the complexities and help you make informed financial decisions for your business.

Here’s what you’ll learn in Part 1:

  • Understanding the intricacies of pre-tax IRAs and Roth IRAs, including income limitations and contribution rates
  • Exploring the benefits and limitations of SEP IRAs for small business owners and how they differ from traditional IRAs
  • What Simple Roth IRAs are, and how they compare to a 401k
  • Strategies for business owners on how they can design their 401k plans based on their business goals
  • What the 412(e)(3) plan is, and how it differentiates from other retirement plans
  • And a whole lot more!

Connect with McGovern Wealth Group:

Connect with Thomas Wyatt:

About our guest:

Thomas Wyatt, JD, CFP® is a highly skilled Certified Financial Planner based in Columbus, OH. With a strong focus on assisting businesses, business owners, and individual clients, Thomas has dedicated his career to helping them achieve their financial goals through effective and efficient tax-favored strategies.

Throughout his professional journey, Thomas has specialized in various areas, including Profit Sharing, 401(k) plans, Defined Benefit plans, Non-Qualified Deferred Compensation Plans, and essential employee benefits. By implementing these strategies, he empowers his clients to attract and retain talented individuals while maximizing tax advantages.

Recognizing the significance of individual financial aspirations, Thomas also works closely with individuals to help them shape the future they desire. Through comprehensive planning and personalized strategies, he assists clients in realizing their dreams and securing their financial well-being. With his extensive knowledge and unwavering dedication, Thomas Wyatt, JD, CFP® is a trusted financial partner committed to empowering businesses and individuals alike on their journey toward financial success.

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Unlocking Retirement Security: How Annuities Can Help Protect Assets and Guarantee¹ Lifetime Income, Part 2 (Ep. 27)

Unlocking Retirement Security: How Annuities Can Help Protect Assets and Guarantee¹ Lifetime Income, Part 2 (Ep. 27)

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In the second part of this two-part series, Jim McGovern discusses how annuities can help provide a secure “retirement salary” that cannot be outlived¹ and how to help position other assets to serve as a “bonus” component for retirement spending. Jim discusses some of the challenges retirees face when relying solely on market-based investments, limitations of the popular “4% Withdrawal Rate” concept, and different ways annuities can be structured to meet income, investment, risk, and protection objectives in retirement.

Jim discusses:

  • Why it is important to have a reliable source of guaranteed¹ lifelong income in retirement
  • The potential consequences of relying solely on market-based investments
  • The different types of annuities that provide guaranteed¹ lifetime income and some of their key features
  • Addressing the worry of retirement savings earning a poor return (and how to mitigate this risk!)
  • Other uses for annuities besides investing and retirement income
  • The fees and penalty withdrawals considerations for annuities
  • How to know which income strategy you should use in retirement according to your unique goals and objectives.
  • And more

 

1All guarantees including the death benefit payments are dependent upon the claims paying ability of the issuing company.

Resources:

Connect with McGovern Wealth Group:

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Unlocking Retirement Security: How Annuities Can Help Protect Assets and Guarantee¹ Lifetime Income, Part 1 (Ep. 26)

Unlocking Retirement Security: How Annuities Can Help Protect Assets and Guarantee¹ Lifetime Income, Part 1 (Ep. 26)

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Whether you’re new to annuities or seeking to enhance your retirement income strategy, this episode offers valuable insights to support your financial journey.

In this episode, Jim McGovern uncovers the potential advantages of annuities. Join us as we explore annuities and understand the need for retirement protected asset growth and protected lifetime income.

Jim covers the following topics:

  • What annuities are and some of the key advantages of using annuities as a means of growing retirement assets compared to other investment options
  • How index-linked annuities offer some protection against market fluctuations compared to variable annuities or traditional Mutual Fund Investments
  • How index-linked annuities help address market fluctuations and may provide a hedge against inflation
  • Breaking down annuities into two different phases
  • The limitations including loss of access to principal and other factors that individuals should consider before deciding to invest in annuities to help with retirement asset growth and protection
  • And much more!

Resources:

Connect with McGovern Wealth Group:

1All guarantees including the death benefit payments are dependent upon the claims paying ability of the issuing company and do not apply to the investment performance of the underlying funds in a variable annuity contract. 2023-156764

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Alternative Investments for a Diversified Portfolio with James Costabile, CAIA (Ep. 25)

Alternative Investments for a Diversified Portfolio with James Costabile, CAIA (Ep. 25)

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Alternative investments can be a very attractive option, but it’s critical to consider the requirements each individual should meet and the risks involved before entering the space.

In this episode, Jim McGovern speaks with James Costabile, Managing Director and Head of Alternatives Distribution on iCapital’s Private Wealth Solutions team. James gives a broad overview of the alternative investing space. He details the pros and cons of private equity, private credits, real estate, infrastructure, and hedge funds as options for investors.

James discusses:

  • The background and mission of iCapital and their focus on teaching clients and advisors about alternative investments
  • An overview of the private equity space, its importance in iCapital, and a comparison with the public sector
  • Different options available for investors in private equity 
  • Benefits and risks to consider before entering private equity space
  • The differences in liquidity between open-ended mutual funds, closed-end registered funds, and unregistered private funds
  • Private credit investments, with an emphasis on careful credit analysis and selectivity in lending
  • Why companies prefer getting funds via private credit rather than the traditional bonds
  • How real estate fits into a portfolio, which offers diversification and durable yield
  • The different types of hedge funds and how they can fit into a portfolio
  • And more!

Resources:

Connect with James Costabile:

Connect with McGovern Wealth Group:

About our Guest:

James Costabile is a Managing Director and Head of Alternatives Distribution on iCapital’s Private Wealth Solutions team. He oversees a team of regional sales and national accounts professionals that work with top registered investment advisors, financial advisors, and financial intermediaries. He and his team deliver industry-leading alternative investment education, research viewpoints, and investment capabilities across hedge funds, private equity, private credit, and real estate strategies. 

James brings more than 25 years of financial services experience and began working with alternative investment strategies in 1997. Over this time, he has held roles across sales, marketing, and product management at Citi / Smith Barney, Merrill Lynch and most recently, Morgan Stanley Investment Management. He graduated from Fordham University with a Bachelor of Science, holds FINRA Series 7, 24, and 66 licenses, and is a CAIA charter holder.

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Financing Your Small Business with David Miller of Enterprise Bank (Ep. 24)

Financing Your Small Business with David Miller of Enterprise Bank (Ep. 24)

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Are you a small business owner? Get ready for a deep dive into the world of financing for small business owners with Senior Vice President of Enterprise Bank, David Miller.

If you’re interested in learning more about what it takes to secure loans and grow your small business, then join us as we chat with David Miller about the numerous financial options and selling opportunities for your small business.

David shares his insights on the tools and resources available to small business owners, including the SBA loan program, the five Cs of credit (character, capacity, capital, conditions, and collateral impact), the options available for selling your business and what it takes for entrepreneurs and small businesses owners to secure financing. 

David discusses:

  • What is considered a small business according to Enterprise Bank
  • The unique lending needs of small business owners
  • The SBA loan program, what it is, and how it can benefit your business
  • The five C’s of credit and how they are used to determine the financing for a small business owner
  • What you can do to ensure you can secure financing 
  • Various options one can take when buying/selling companies. 
  • And more

Resources:

Connect with David Miller:

Connect with McGovern Wealth Group:

About our Guest:

In September of 2003, David Miller assumed a position with Enterprise Bank in Allison Park, PA (north suburban Pittsburgh) as a Senior Vice President & Relationship Manager. His responsibilities at Enterprise Bank Presently include: Providing complete business banking services to small business clients across Western Pennsylvania. Underwriting conventional and SBA guaranteed commercial loan transactions. Managing the Bank’s business development efforts thru networking with existing Bank Customers, professionals, economic development agencies, and small business resources. Consulting with small business owners and principals on their financial needs and providing tailored and complete financial solutions for growing businesses. Providing referrals to small business technical assistance resources to help client businesses in implementing their growth strategies. Utilizing economic development, governmental and gap financing programs to supplement bank financing to provide overall lower costs of borrowing and more favorable loan structures to client businesses. Cross-selling of deposit and fee for service lines of business including bookkeeping, marketing, title insurance, online banking, and real estate services.

Presently, David Miller co-manages a Bank staff of seven commercial lenders/relationship managers and serves as the lead Business Development Officer for the Bank.

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Using Life Insurance as an Asset in Your Portfolio (Ep. 23)

Using Life Insurance as an Asset in Your Portfolio (Ep. 23)

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In this episode, Bobby Samuelson, President and CEO of Life Innovators, breaks down the complexities of traditional fixed income investing options, and explores how life insurance can be used as an asset in your overall portfolio.

He breaks down how whole life insurance can be a versatile financial instrument, used for the protection of families and businesses, while helping build and enhance wealth. Bobby covers the unique benefits that differentiate whole life insurance from other financial instruments, how it works, its uses, and flexibility.

Bobby discusses:

  • His journey: Past work and what he’s currently doing as the president of Life Innovators
  • Why demand is on the rise for whole life insurance and annuities
  • The stability and returns trade-off of an insurance policy vs. a fixed-income portfolio
  • The complexities associated with investing in bonds
  • The benefits of whole life insurance
  • And so much more!

Resources:

Connect with Bobby Samuelson:

Connect with McGovern Wealth Group:

About Our Guest:

Bobby Samuelson co-founded Life Innovators in 2018 and has been President and CEO since its inception. 

Bobby was formerly Senior Vice President and Head of Life Insurance and Annuity Product Development and Pricing at Brighthouse Financial and Vice President of Life Product Development at MetLife. 

Prior to joining MetLife in 2013, Bobby was a consultant to life insurers, distributors and high-end agents. He is the third generation of his family to work in life insurance. He is also the Executive Editor of The Life Product Review since 2012. 

Bobby is a regular keynote speaker at corporate and industry events.

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How Much Life Insurance Can You Own? (Ep. 22)

How Much Life Insurance Can You Own? (Ep. 22)

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It’s impossible to measure the value of a human life. Who you are as a person, and what you mean to your family, friends, and your community, cannot be measured or a dollar value placed upon it. If you suddenly died, such a loss would be permanent, profound, and irreplaceable. Your future earnings potential is about the only thing that is replaceable through proper life insurance protection.

In this episode, we discuss the different mindset people tend to have when insuring material possessions vs. their own life. We also discuss how much life insurance you may be able to acquire based on your age and income, and why trying to figure out coverage amounts based on a needs analysis is the opposite of what most people truly want.

By the end of this episode, you’ll gain a deeper understanding of how life insurance companies can determine the amount of coverage you’re eligible for, and what you can do to help protect the lifestyle you and your family worked so hard to create.

Jim discusses:

  • The importance of life insurance to help ensure that your family can maintain their lifestyle and financial security in the event of your death
  • Why insurance companies won’t allow someone to over-insure their property, income, or life
  • How trying to take a needs approach to determining your life insurance coverage is the opposite of how you treat your career
  • Life Insurance coverage amounts for business owners vs non-business owners
  • And a lot more!

Resources:

Connect with McGovern Wealth Group:

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The Benefits of Employee Stock Ownership Plans for Business Owners with Ken Alter (Ep. 21)

The Benefits of Employee Stock Ownership Plans for Business Owners with Ken Alter (Ep. 21)

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With years of experience in helping businesses plan their exit strategies, Ken Alter, Managing Director at Planning Alliance, shares his insights on the mechanics of ESOPs(Employee Stock Ownership Plans), their benefits for both employers and employees and how they can be used as an effective tool for selling a business while maintaining control and achieving tax savings. 

If you’re a business owner looking to plan your exit strategy, this episode is a must-listen!

Ken discusses:

  • What an Employee Stock Ownership Plan (ESOP) is, and how it differs from other qualified plans
  • How ESOPs can be used as a tool for business owners to sell their businesses while maintaining control and achieving tax savings
  • Why ESOPs are attractive from a tax standpoint
  • The benefits of ESOPs for employees 
  • What employees can do to contribute to this plan
  • And so much more!

Resources:

Connect with Ken Alter:

Connect with McGovern Wealth Group:

About Our Guest:

Kenneth L. Alter is a Managing Director with and Board Member of Planning Alliance. He provides financial, business, estate planning, and investment management solutions for entrepreneurs, their businesses, entrepreneurial families, and family (and multi-family) offices nationwide.

Since joining Planning Alliance in 2011, Kenneth has been a noteworthy leader in the wealth management space. In 2022, Forbes* ranked Kenneth as one of the Top 100 financial security professionals in the United States and as Top 5 in the state of New Jersey. He is active in various industry organizations, including Finseca, which represents the financial services industry on various legislative and regulatory issues that come before Congress and various federal agencies.  He also speaks at financial industry conferences nationwide and serves on the Living Balance Sheet faculty. He holds his Life, Accident and Health Insurance licenses along with FINRA Series 6, 7, 63, and 65. 

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Retirement Accounts, Are They Worth the Investment? (Ep. 20)

Retirement Accounts, Are They Worth the Investment? (Ep. 20)

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While retirement accounts have powerful tax advantages, they might also have significant disadvantages if we don’t understand the rules. 

In this episode, Jim McGovern discusses retirement accounts and how individuals need to think critically about how these accounts work, know the rules of the game as they stand today, and consider their circumstances before deciding to invest in them. 

Jim also warns against the misconception that investing in retirement accounts saves tax money.

Jim discusses:

  • The advantages and disadvantages of retirement accounts 
  • Understanding the impact of changing tax rates
  • Factors to consider when deciding to invest in retirement accounts
  • Additional insights and tips on retirement account planning
  • And more

Resources:

Connect with McGovern Wealth Group:

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Protecting Against Risks of Lawsuits, Accidents, and Property Loss with Mike Moore (Ep. 19)

Protecting Against Risks of Lawsuits, Accidents, and Property Loss with Mike Moore (Ep. 19)

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Insurance is often marketed based on finding lower prices, but it’s time to take a closer look at the quality of the coverage you’re purchasing.

In this episode, Michael Moore, CAPI, CPRM, PLCS, of Marsh McLennan Agency joins the show to discuss how accidents and other risks can lead to multi-million dollar lawsuits, and how to improve the way you protect your property, assets, and future income with higher quality insurance.

Mike discusses:

  • Umbrella insurance – what it covers and why you should own it
  • Liability exposures you may not be protected against
  • Common deficiencies in auto and home insurance coverage
  • The rising threat of cyber attacks and identity theft
  • How to use your annual income and assets to estimate available coverage amounts 
  • And more

Resources:

Connect with Mike Moore:

Connect with McGovern Wealth Group:

About Mike Moore: 

Mike Moore is responsible for marketing and sales at Marsh McLennan Agency. He assists successful families with their property and casualty insurance needs. Mike uses a variety of risk management techniques including risk avoidance and risk transfer to tailor a plan specific to your family. He represents the best carriers that specifically serve the high net worth families.

Mike has expertise in helping families with their high-valued custom homes, vehicles, liability, and valuable article coverage. His goal is to develop a comprehensive risk management plan to ensure that you and your family are prepared for the unexpected and your assets aren’t vulnerable to litigation or loss.

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