Monthly Archives: November 2023

Episode 193 – The Costly Consequences of Blank Beneficiary Forms with Chris Price

Advisorpedia, Finance, Industry Innovators, Power Your Advice, Uncategorized, , , , , , , , , , ,

Chris Price is the Assistant Vice President of Advanced Sales at Lincoln Financial Group, a firm that has been helping millions of people plan, protect, and retire for over a century.

In this episode, Chris introduces and breaks down an overlooked aspect of financial planning, beneficiary designations: the strategy that influences virtually everything a client owns.

They also discussed:

  • The importance of beneficiary designations in showcasing a financial professional’s attention to detail and care for their clients.
  • The consequences of not filling out a beneficiary designation, defaulting to government rules, and the need for periodic reviews due to changing goals and circumstances.
  • Timeliness of discussing beneficiary designations during annual benefit enrollments and the potential permanent problems if not addressed in a timely manner.
  • The role of a will as a cleanup document and its limitations compared to beneficiary designations.
  • Misunderstood or overlooked aspects of beneficiary designations, such as tax implications, auto revoke statutes, and conflicts within families.
  • Customization and planning solutions based on client needs, with a mention of Lincoln’s advanced sales team for additional support.
  • The potential for financial professionals to add value to clients by addressing beneficiary designations and seeking help from experienced teams like Lincoln’s advanced sales team.

 

Resources: 

Lincoln Financial Group

 

Lincoln Financial Group® affiliates, their distributors, and their respective employees, representatives, and/or insurance agents do not provide tax, accounting, or legal advice. Please consult an independent professional as to any tax, accounting, or legal statements made herein.

Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Affiliates are separately responsible for their own financial and contractual obligations. Affiliates include broker-dealer/distributor Lincoln Financial Distributors, Inc., Radnor, PA, and insurance company affiliates The Lincoln National Life Insurance Company, Fort Wayne, IN, and Lincoln Life & Annuity Company of New York, Syracuse, NY.

The views expressed are those of the speaker and not necessarily of any Lincoln Financial Group affiliate or the broker-dealer, or any affiliates. These views are not based on any particularized financial situation, or need, and are not intended to be, and should not be construed as, a forecast, research, investment advice or a recommendation for any specific strategy, product or service. Investing involves risk including the risk of loss of principal.

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Episode 192 – The Cornerstone of Communication and Holistic Planning with Mike Harris & Todd Zeidenberg

Advisorpedia, Finance, Industry Innovators, Power Your Advice, Uncategorized, , , , , , , , ,

Mike Harris, Senior Advisor Consultant with the Alliance for Lifetime Income, hosts an episode in conversation with Todd Zeidenberg, a Senior Financial Advisor affiliated with Allied Wealth Partners and Sutera Wealth Management. With over 30 years of experience in financial services, Todd specializes in holistic planning as well as accumulation, preservation, and income distribution, all through comprehensive investment, retirement estate, and business planning, as well as life health and disability insurance programs.

 

In this podcast, Mike and Todd explore the dynamic world of financial advisory, tackling communication gaps, holistic planning, and the keys to fostering trust for meaningful client interactions.

 

They also discussed:

  • Communication challenges in financial services, highlighting gaps between advisor discussions on protection and client perceptions.
  • Todd’s practice evolution, transitioning from a focus on protection to a holistic approach covering accumulation, preservation, and distribution.
  • Todd’s communication process, emphasizing the Four F’s (Family, Fun, Fitness, Finances) and the importance of trust in building client relationships.
  • Introduction to The Family Meeting Tree concept, encouraging discussions on wills, family agendas, and future scenarios for enhanced communication.
  • Four Transitions of Aging discussed: financial management, healthcare, living arrangements, and transportation.
  • The ethical will as a tool for clients to communicate values, wisdom, and legacy to their loved ones.
  • Clients seeking both financial and psychological balance in retirement, incorporating lifestyle aspects into financial planning.

 

Click here to view The Family Meeting Tree

 

Resources: 

Alliance for Lifetime Income

Allied Wealth Partners

 

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Episode 191 – Your Guide to Year-End Philanthropy & Charitable Giving with Fred Kaynor

Advisorpedia, Finance, Industry Innovators, Power Your Advice, Uncategorized, , , , , , , ,

Fred Kaynor is the Managing Director of Relationship Management, Marketing & Partnerships at Schwab Charitable. Schwab Charitable is an independent 501(c)(3) with a mission to increase charitable giving in the U.S. by providing a tax-smart and simple giving solution to donors and their investment advisors.

In this episode, Fred walks us through how you can maximize your philanthropic impact, all guided by financial advisors, to empower your charitable planning decisions, especially as we near year-end.

They also discussed:

  • Year-end charitable giving, featuring Fred Kaynor from Schwab Charitable.
  • The simplicity and efficiency of donor-advised funds for charitable giving, emphasizing their flexibility and tax benefits.
  • Financial advisors crucial role in helping clients incorporate charitable planning into their overall financial strategy.
  • The impact of market conditions on charitable giving and highlights the resilience of donor-advised fund solutions.
  • Year-end considerations for tax strategies include encouraging early giving, utilizing non-cash assets, and prioritizing donations based on taxable events.
  • The resources Schwab Charitable offers, such as the Giving Guide and online tools, to help donors and advisors maximize the impact of their philanthropy.

 

Resources: Schwab Charitable

 

A donor’s ability to claim itemized deductions is subject to a variety of limitations depending on the donor’s specific tax situation. Consult your tax advisor for more information. 

Schwab Charitable FundTM is recognized as a tax-exempt public charity as described in Sections 501(c)(3), 509(a)(1), and 170(b)(1)(A)(vi) of the Internal Revenue Code. Contributions made to Schwab Charitable Fund are considered an irrevocable gift and are not refundable. Please be aware that Schwab CharitableTM has exclusive legal control over the assets you have contributed. Although every effort has been made to ensure that the information provided is correct, Schwab Charitable cannot guarantee its accuracy. This information is not provided to the IRS. 

Schwab Charitable is the name used for the combined programs and services of Schwab Charitable Fund™, an independent nonprofit organization. 

©2023 Schwab Charitable Fund. All rights reserved. (1123-3E4E)

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Episode 190 – Transforming Lives Through Accessible Genetic Testing with Dahlia Attia-King

Advisorpedia, Finance, Industry Innovators, Power Your Advice, Uncategorized, , , , , , , ,

Join us as Panacea Founder and CEO, Dahlia Attia-King, explores the transformative potential of clinical genetic testing, and how Panacea is breaking down barriers and revolutionizing healthcare accessibility to empower individuals in taking control of their health with disease prevention.

They also discussed:

  • The technology of next-gen sequencing, its power in identifying hereditary disease risks, and the value of genetic information.
  • Challenges in genetic testing adoption: Lack of insurance coverage and doctors’ reluctance.
  • Panacea’s approach to bypass barriers by working with specialized physicians, genetic counselors, and certified genetic laboratories.
  • Comparison between Panacea and companies like 23andMe, emphasizing the focus on clinical genetic testing for life-saving information.
  • Process after purchasing a test from Panacea.
  • Challenges with obtaining genetic testing from traditional healthcare providers.
  • Addressing data privacy concerns in genetic testing and Panacea’s commitment to respecting users’ data.

 

Resources: 

Panacea

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Episode 189 – Financial Literacy Amongst an Information Overload with Grace Salvino

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In this episode, we are joined by Grace Salvino, a Wealth Manager at the multi-generational independent RIA firm, Performance Wealth. Grace brings her insights into the misinformation the next generation of clients receives daily, working to promote accurate financial literacy and informed investment decisions.

They also discussed:

  • The misconception of becoming experts in finance through social media exposure.
  • Performance Wealth and its emphasis on transparency and hands-on involvement in investment decisions.
  • Compounding interest and the significance of starting investments early.
  • Grace’s personal motivation to see clients reach their financial goals at a younger age.
  • The importance of proactive financial planning, living within one’s means, and investing early.
  • Communication with next-gen and the need for open dialogues, face-to-face interactions, and personal contact over technology.

 

Resources: 

Performance Wealth

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