Tag: Maximizing Outcomes

DNU
Retaining Key Employees with Non-Qualified Retirement Plans, Part 2 with Thomas Wyatt, JD, CFP® (Ep. 29)

Retaining Key Employees with Non-Qualified Retirement Plans, Part 2 with Thomas Wyatt, JD, CFP® (Ep. 29)

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For any business owner, losing key employees can be costly and disruptive. Retaining top-performing employees is crucial not only for growing your bottom line, but also for maximizing your enterprise value when it’s time to exit the business.

In the previous episode, we talked about qualified retirement plans. Today, we will discuss non-qualified retirement plans, which serve as an effective incentive to retain talent while simultaneously enabling your business to realize tax savings!

Join Jim McGovern and Thomas Wyatt, JD, CFP® and President of our Columbus office, in this two-part series as they share meaningful insights into various non-qualified deferred compensation plans, and their benefits for both the employer and employee.

Jim and Thomas discuss:

  • How non-qualified retirement plans differ from qualified plans
  • How Section 162 Executive Bonus Plans help retain employees for over a decade (and why they are easy to set up) 
  • A simplified explanation of split-dollar life insurance plans
  • Understanding Supplemental Executive Retirement Programs, which serve as “golden handcuffs”
  • How to reward employees without diluting your ownership using phantom stock plans
  • And more!

Resources:

Connect with McGovern Wealth Group:

Connect with Thomas Wyatt:

About our guest:

Thomas Wyatt, JD, CFP® is a highly skilled Certified Financial Planner, Professional 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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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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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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All The Ins And Outs of Student Loans With Mackensie Ellis (Ep.17)

All The Ins And Outs of Student Loans With Mackensie Ellis (Ep.17)

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If you’re feeling stressed about your student loans, we hope this episode can provide relief and support to help you clear your debts.

With the latest announced student loan forgiveness program, there have been many prompting questions about ways to control student loan debt. 

In this episode, Jim McGovern talks with Mackensie Ellis, manager of Business Development at GradFin, to discuss ways you can create a great action plan for your student loan debt. Mackensie will walk you through the loan forgiveness program, who qualifies, the go-to resources.

Mackensie discusses:

  • The repayment options that are available for student loans
  • The details regarding the student loan forgiveness program and who qualifies for it
  • How to strategically lower interest rates and free up cash flow while paying your student loans
  • Why now is the best time to be a public service worker if you have student loan debts
  • And more

Resources:

Connect With McGovern Wealth Group:

Connect With Mackensie Ellis:

About Our Guest:

Mackensie started as a Business Development Associate at GradFin in November 0f 2019. Prior to GradFin, she attended the University of Pittsburgh and received her degree in psychology. Mackensie has always had a love for sales which is what drew her to GradFin. She is originally from Pittsburgh and now lives in Philadelphia!

 

Please note that the information on this podcast are for reference only. Although accurate when originally released, they may now contain out-of-date information. They remain solely for historical purposes and are not considered current guidance. Always consult a professional regarding your individual situation.

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How To Create A Buy-Sell Agreement (Ep.16)

How To Create A Buy-Sell Agreement (Ep.16)

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One of the most important documents that a business owner should have is a buy-sell agreement which doesn’t seem to get a whole lot of attention.

In this episode, Jim McGovern shares a step-by-step process for creating a buy-sell agreement without losing out on the value of your business. He will give you tips on how to get started and keep your business protected.

Jim discusses:

  • What a buy-sell agreement is and why it is important
  • The basics of how a buy-sell agreement works
  • Why this agreement is better off being a standalone document
  • Four topics commonly addressed in a buy-sell agreement 
  • Five tips for creating a buy-sell agreement
  • And more

Resources:

Connect With McGovern Wealth Group:

 

Please note that the information on this podcast are for reference only. Although accurate when originally released, they may now contain out-of-date information. They remain solely for historical purposes and are not considered current guidance. Always consult a professional regarding your individual situation.

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Knowing The Value of Your Business With Jason Early (Ep.15)

Knowing The Value of Your Business With Jason Early (Ep.15)

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98% of business owners don’t know the value of their business. Yet, most business owners are banking on the sale of their company someday to fund their retirement. 

In this episode, Jim McGovern talks with Jason Early, president of BizEquity, to discuss why you deserve to know the value of your business and what you can do with this information.

Jason discusses:

  • The importance of a business valuation
  • How often your business should have a valuation and how you can benefit from it
  • How inflation and interest rates are putting pressure on the value of a business
  • The time commitment and preparation needed for a business valuation
  • And more

Resources:

Connect With McGovern Wealth Group:

Connect With Jason Early:

About Our Guest:

After nearly a decade in financial services and technology/consulting, Jason joined BizEquity as CRO leading the sales, marketing, and customer success teams. As President, Jason partners with the leadership team to shape the vision and serve the team to deliver on BizEquity’s mission. Jason is the co-chair of Pavilion Philadelphia, and former board member of the American Ireland Fund, American College Alumni Board, and the Brian H. Early Foundation.

 

Please note that the information on this podcast are for reference only. Although accurate when originally released, they may now contain out-of-date information. They remain solely for historical purposes and are not considered current guidance. Always consult a professional regarding your individual situation.

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Defined Outcome Investing By Using Structured Notes With Jason Barsema (Ep.14)

Defined Outcome Investing By Using Structured Notes With Jason Barsema (Ep.14)

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Structured notes have sometimes been perceived as investments for only the rich and wealthy. 

Now with the competitive marketplace, financial advisors have access to low-cost, accessible structured notes that offer investment solutions any individual investor can access.

In the episode, Jason Barsema, CEO of Halo Investing, discusses the details of structured notes, when to use structured notes and how using a platform like Halo investing for structured notes is a great option for investors seeking alternative solutions.

Jason discusses:

  • How Halo Investing helps advisors with structured notes
  • Ways advisors can use the Halo platform
  • The pros and cons of using structured products
  • The basics of understanding structured notes
  • How structured notes fit into a modern portfolio
  • And more

Resources:

Connect with McGovern Wealth Group:

Connect with Jason Barsema:

About Our Guest:

Jason Barsema is the Co-Founder and President of Halo Investing where he leads the team and product vision. With over a decade of experience managing Structured Notes, he built the Halo platform to provide all investors access to this incredible investment product. Jason previously was a Partner on a large Private Banking team at Credit Suisse, where he managed portfolios for Ultra High Net Worth Individuals and Institutions. Jason has his B.A. in Economics from Northern Illinois University and his M.B.A. from the Kellogg School of Management at Northwestern University.

 

Please note that the information on this podcast are for reference only. Although accurate when originally released, they may now contain out-of-date information. They remain solely for historical purposes and are not considered current guidance. Always consult a professional regarding your individual situation.

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Are You Successful, But Not Fulfilled? With Emily Melious (Ep.13)

Are You Successful, But Not Fulfilled? With Emily Melious (Ep.13)

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1 in 3 workers are willing to consider a lower paying job if it was a more fulfilling job. It can be nearly impossible to be fulfilled in your life if you are not fulfilled at work. 

In this episode, Emily Melious, CEO and fulfillment coach at Launch Consulting, discusses why fulfillment equals the alignment of your unique skills, passions, and talents. She shares how The Career Navigator Program helps mid-career professionals and high achievers make a job transition to find fulfillment in their work.

 Emily discusses:

  • Why success doesn’t always equal fulfillment
  • The three part proven fulfillment formula™️
  • Why traditional career advice leaves you unfulfilled
  • Why it’s almost impossible to be fulfilled in life if you are not fulfilled at work
  • And more

Resources:

Connect With McGovern Wealth Group:

Connect With Emily Melious:

About Our Guest:

Emily Melious is the CEO and fulfillment coach at Launch Consulting. Emily helps high achieving mid-career professionals create energizing, satisfying, and fulfilling careers. She’s a certified Kolby consultant at SHRM-SCP and she’s the creator of the 3 part proven fulfillment formula™️.

 

Please note that the information on this podcast are for reference only. Although accurate when originally released, they may now contain out-of-date information. They remain solely for historical purposes and are not considered current guidance. Always consult a professional regarding your individual situation.

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