Advance Your Wealth With Homer Smith

The Founder's Exit Paradox (Feat: Jerome Myers)

Homer Smith — Mon, 12 May 2025 09:00:00 -0400

Exiting a business is often seen as the ultimate milestone — but for many founders, it’s just the beginning of a more complex, emotional journey.

In this episode of Advance Your Wealth, I sit down with Jerome Myers, one of the country’s leading experts on business exits and the psychology behind them. After building a $20M division of a Fortune 550 company, Jerome walked away to help high-achieving entrepreneurs confront what he calls the Founder’s Exit Paradox — the unexpected void that can follow even the most successful exits.

We discuss the emotional challenges leaders face when stepping away, his N.E.X.T. framework for navigating life after business, and how to move from success to true significance. Whether you're nearing your exit or simply contemplating what comes after the grind, this episode offers a rare look at how to plan not just financially, but personally, for what's next.

Chapters:

0:00 - Introduction

2:14 - The Founder's Exit Paradox

9:45 - Planning for your business, but not your life

17:00 - A portal to personal evolution

22:53 - Closing remarks

Don't Have a Vision for Retirement? It's Time to Fix That!

Homer Smith — Thu, 01 May 2025 09:00:00 -0400

Planning your retirement from a financial perspective is probably one of your most important goals. After all, you want to have enough money to live a good life. But what does that good life look like? If you’re like many people, you may not have defined clearly what your retirement years are going to be all about.

On the latest installment of Advance Your Wealth, we’re examining how you can craft and refine a compelling vision for your retirement.

Chapters:

0:00 - Introduction

2:01 - This doesn't get enough attention

6:20 - Actionable steps for envisioning ideal retirement

13:53 - Key takeways

17:23 - Closing remarks

Are Big Estate Tax Changes Coming?

Homer Smith — Tue, 01 Apr 2025 09:00:00 -0400

As we step into 2025, wealthy families and their advisors are already looking ahead to major potential changes in estate and gift tax laws. With key provisions of the 2017 Tax Cuts and Jobs Act set to expire at the end of this year, many are wondering: What does this mean for estate planning?

In this episode, we break down the possible changes that could take effect on January 1, 2026, and explore strategies to prepare for an uncertain tax landscape. Should you accelerate your gifting? Are certain trusts a smart move? How can stress testing your estate plan help mitigate risk?

Join us as we navigate these questions and provide insights to help you protect and optimize your wealth transfer strategy—no matter what lies ahead.

Chapters:

0:00 - Introduction

1:40 - Are tax changes coming?

8:06 - How trusts can be leveraged here

13:33 - Key takeaways

16:21 - Closing remarks

Preparing for Your Exit: Key Things to Review Before Going to Market

Homer Smith — Tue, 04 Mar 2025 09:00:00 -0400

As more baby boomer business owners reach the age of selling and many entrepreneurs recover from pandemic setbacks, the urgency to execute business transactions has never been greater. However, only a small percentage of owners achieve a truly successful exit.

In this episode of Advance Your Wealth, we explore the three critical factors that determine whether a sale will meet expectations: Is the Business Ready? Is the Market Ready? Is the Owner Ready?

Homer delves into financial readiness, market conditions, and the often-overlooked mental and emotional preparation required to transition smoothly. If you’re a business owner contemplating an exit, this episode is packed with actionable insights to help you optimize your strategy and secure the best outcome.

Should You Do An Earn-Out When Selling Your Business?

Homer Smith — Tue, 18 Feb 2025 09:00:00 -0400

In the latest episode of Advance Your Wealth, Homer Smith explores the complexities of using an earn-out when selling a business. He breaks down how this strategy works, the key benefits—such as maximizing sale value and easing the transition for both buyer and seller—as well as the potential risks, including delayed payments and unforeseen challenges.

Whether you're a business owner preparing for an exit or simply looking to better understand this financial tool, Homer provides expert insights to help you make an informed decision. Tune in for a deep dive into the pros and cons of earn-outs and how they might fit into your business transition strategy.

Chapters:

0:00 - Introduction

1:30 - What is an Earn-Out?

4:58 - Is an Earn-Out a good fit for you and your business?

11:22 - The level of complexity with Earn-Outs

14:01 - Key takeaways

17:05 - Closing remarks

Leverage a Tax-Aware Investment Strategy in Your Long-Term Planning

Homer Smith — Mon, 03 Feb 2025 09:00:00 -0400

In the latest episode of Advance Your Wealth, we explore how tax-aware investment strategies can enhance your long-term wealth planning. While we've previously covered preparing for a business exit and transitioning wealth to heirs and charitable causes, today’s focus is on Private Placement Life Insurance (PPLI)—a powerful tool long utilized by billionaire families and Single Family Offices to mitigate taxes on investment portfolios.

The exciting news? Thanks to advancements in technology and expert guidance, PPLI is now more accessible than ever. Join Homer as he breaks down how this strategy works and how it could be a valuable addition to your financial plan.

Chapters:

0:00 - Introduction

1:49 - What is Private Placement Life Insurance?

6:55 - The industry issues surrounding life insurance

12:22 - The disadvantages of PPLI

19:54 - How to get in touch with Homer's team

22:18 - Closing remarks

The Biggest Scale Traps for Business Owners

Homer Smith — Wed, 04 Dec 2024 09:00:00 -0400

In this episode of Advance Your Wealth, we dive deep into the challenges of scaling a business and how to navigate the common pitfalls entrepreneurs face. Joining us is Joe Shrutz, Chief Operating Officer of the PSBLTY Company, who brings a wealth of experience and actionable insights.

Joe shares his expertise on the biggest mistakes business owners make when attempting to scale, from operational inefficiencies to misaligned growth strategies. Together, we explore how to balance ambitious goals with sustainable practices, the importance of building the right team, and the critical role of clear communication during periods of rapid change.

Whether you’re preparing to scale your business or currently navigating the growth phase, this episode is packed with practical advice to help you avoid costly missteps and achieve long-term success.

Chapters:

0:00 - Introduction

1:41 - Growth vs. Scale

9:07 - Distractions

17:47 - Employees thinking like owners

22:20 - Scaling successfully

26:24 - Complimentary Growth Session

28:04 - Closing remarks

How the 2024 Election Results Will Impact Your Financial World

Homer Smith — Mon, 25 Nov 2024 09:00:00 -0400

On the latest episode of Advance Your Wealth, we dive into the market’s reaction to the recent election results, exploring whether the response was in line with expectations or presented surprises. We discuss the reduced pre-election volatility, the modest post-election market increases, and what this might signal for future trends.

Our conversation delves into the anticipated economic and policy changes under a Trump administration with a Republican-controlled Congress. Key topics include:

Extensions to Trump-era tax reforms, including the 199A Qualified Business Income Deduction and corporate tax rates.
Potential adjustments to estate tax exemptions and their implications for wealth management.
The future of Opportunity Zones and how they might evolve.
The administration’s strategy for funding tax cuts, including proposed tariffs and their potential economic impacts.

We close by addressing how to navigate these complex changes. Our guest, Homer, shares strategies for cutting through the noise and helping clients make informed decisions during major transitions.

Chapters:

0:00 - Introduction

1:53 - The stock market's response

4:11 - Notable tax law changes

9:21 - Estate tax exemptions

11:50 - Trump's plan to pay for tax cuts

15:21 - Dealing with uncertainty

18:00 - How to contact Homer and his team

18:54 - Closing remarks

Here's How the Ultra-Wealthy Set Their Heirs Up for Success

Homer Smith — Mon, 04 Nov 2024 09:00:00 -0400

Many families have plans to pass along some of their wealth to children and grandchildren. But what about passing on financial values, a sense of purpose and possibility, and other family legacy concerns?

On the latest episode of Advance Your Wealth, we’re taking a look at how legacy planning can potentially help both the people transferring their wealth and the people receiving it.

Chapters:

0:00 - Introduction and overview on the topic of the day

1:06 - Estate planning and wealth planning conversations don't go far enough

2:56 - What can we learn from the ultra-wealthy families out there?

4:15 - Addressing the tension created in these moments

5:52 - Steps to instill values before transferring wealth

7:09 - The importance of discussing wealth a lot over time

9:11 - Advice on getting these important conversations started

11:29 - Steps you can take to begin discussing values and living them

14:17 - What if you have a very large family?

17:41 - How to get in touch with Homer's team

18:37 - Closing remarks

The Costly Threats and Untapped Opportunities of Managing Your Company's 401k with Guy Ridout

Homer Smith — Mon, 07 Oct 2024 09:00:00 -0400

In this episode of Advance Your Wealth, Homer Smith sits down with financial expert Guy Ridout to discuss "The Costly Threats and Untapped Opportunities of Managing Your Company's 401k." Together, they explore the often-overlooked challenges and risks businesses face when managing 401k plans, including hidden fees, regulatory pitfalls, and fiduciary responsibilities. But it’s not all about the threats—Guy also shares valuable insights into the untapped opportunities that can benefit both employers and employees, from improving plan performance to boosting employee retention.

Whether you're a business owner, executive, or plan administrator, this episode provides essential knowledge on how to protect your company's 401k from costly mistakes and maximize its potential for long-term success. Tune in to learn how proactive 401k management can be a powerful tool for your business and your employees' financial futures.

Chapters:

0:00 - Introduction and overview on the topic of the day

2:59 - Identifying Threats in 401K Planning

5:48 - Compliance Challenges in 401K Plans

8:50 - Employee Perception and Engagement with 401K Plans

11:57 - Unlocking Opportunities

15:00 - The Role of Financial Advisors in 401K Management

17:50 - Real World Applications and Success Stories

21:05 - Closing remarks

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The Key Differences Between A Single Family Office and A Multi-Family Office

Homer Smith — Tue, 10 Sep 2024 09:00:00 -0400

Today Homer breaks down the differences and benefits of Single Family and MultiFamily Offices. Both have their strengths and depending on your families circumstances, one may behoove you more than the other. No one family is the same. To figure out which category yours may fit in best, join us on today's episode of "Advance Your Wealth."

Chapters:

0:00 - Introduction and overview on the topic of the day

1:55 - The Single Family Office

3:10 - The Multi-Family Office

7:00 - Key Differences

9:00 - Multi-Generational Planning

10:10 - Virtual Family Office

12:10 - Common Needs of Family Office Clients

13:00 - Benefits of Multi-Family Offices

14:00 - How to Connect with Homer Smith

14:35 - Closing remarks

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What Does Your Best Life Look Like?

Homer Smith — Tue, 20 Aug 2024 09:00:00 -0400

Today Homer examines the fundamental aspects that may make up your best financial life. The qualities you can develop in order to best live a life of significance and happiness. Easier said than done, that's clear. However, knowing where these aspects show up in your life will lead to better being able to act in accordance with your best life and the values that make it possible.

This and more on today's episode of "Advance Your Wealth."

Chapters:

0:00 - Introduction and overview on the topic of the day

3:22 - Success vs. Significance

4:20 - What's Your Number? Why?

5:10 - Significance Based on Generation

6:40 - The Millennial Generation

7:00 - Wealth Thresholds and Value Creep

8:50 - Transitioning Values

10:30 - Getting Clarity on Success

12:00 - Recognize Where You Are

14:20 - Discovery and Rediscovery to Significance

17:25 - How to Connect with Homer Smith

18:25 - Closing remarks

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Legacy Talks: How Family and Business Correlate

Homer Smith — Tue, 30 Jul 2024 09:00:00 -0400

Today we are joined by Melissa Smith, CEO and founder of Family Brand Podcast. Melissa works with parent's on how to transform their family cultures, create relationships that last, and intentionally grow their families together. How does the family correlate with business success?

This and more on today's episode of "Advance Your Wealth."

Chapters:

0:00 - Introduction and overview on the topic of the day

2:12 - What is a Family Brand?

3:30 - Family Doesn't Happen By Default.

5:50 - How Melissa Works With Family.

8:40 - The Idea of And.

13:15 - Family Brand Across Time.

15:10 - Melissa's Personal Examples In The Process

17:30 - Empty Nester's Experience with Family Branding

20:40 - How to Connect with Melissa Smith

21:45 - Closing remarks

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Remove the Film and Create Exponential Growth

Homer Smith — Wed, 19 Jun 2024 09:00:00 -0400

Today we are joined by Chad Jenkins, CEO and founder of SeedSpark. Seeking exponential growth is difficult for most entrepreneurs. Many times, business owners may get laser focused on the wrong areas which could lead to missing out on great opportunities. Chad and Homer break down ways to remove the film over your eyes and see opportunities clearly.

This and more on today's episode of "Advance Your Wealth."

Chapters:

0:00 - Introduction and overview on the topic of the day

2:10 - Collaboration vs. Competition

5:40 - Chad's Hero Target and Creating Value

9:20 - The Benefit of Outside Perspective

12:50 - Levels of Friction

17:15 - New Rate Plans Example and Innovation Solutions

20:00 - Leveraging The Market

25:30 - Common Components Business are Missing

34:10 - How to Connect with Chad Jenkins

35:15 - How to Connect with Homer Smith

35:30 - Closing remarks

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Is it Time to Stress Test Your Business Planning

Homer Smith — Tue, 28 May 2024 09:00:00 -0400

Often times, preparation and thorough planning is seen as the safeguard to a successful business. However, there comes a point where the plan can become stale and out-of-date. Many business owners and entrepreneurs may want to update their business plan but don't know what to look for in terms of weak points. That's where Homer comes in with this episode of Advance Your Wealth.

Join us today to learn how to stress test your business plan and better prepare for the unknown future.

Chapters:

0:00 - Introduction and overview on the topic of the day

1:40 - Homer Smith on Stress Testing

2:50 - What Does a Good Stress Test Look Like

4:40 - Who is Qualified for Stress Testing

6:30 - Areas to Focus on in Your Planning Check-up

10:05 - Selling Your Business and Exit Planning

17:05 - When to Go Through a Stress Testing Process

19:10 - Getting the Outcome That You Want

19:45 - How to connect with Homer Smith

20:00 - Closing remarks

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The Power of Possibility

Homer Smith — Tue, 14 May 2024 09:00:00 -0400

In a world often dominated by limitations and barriers, it's time to shift our focus towards what's possible. Join us in this illuminating episode as we delve into the realm of possibility with our esteemed guest, Chris Smith, Founder of The PSBLTY Co. Chris brings a wealth of experience working with successful entrepreneurs and business owners, helping them navigate through challenges and unlock the full potential of their lives.

In this conversation, we'll explore why it's crucial to prioritize possibility over limitations and how this mindset can revolutionize our approach to life and business. From reframing setbacks as opportunities to embracing uncertainty with open arms, Chris shares invaluable insights and strategies to inspire listeners to dream bigger and reach higher.

Chapters:

0:00 - Introduction and overview on the topic of the day

1:23 - Homer working closely with Chris and his team over the years

3:18 - Possibility versus limitation

6:50 - Over-focusing on what's not working in your life and business

10:49 - "I don't matter. I'm not enough. I'm not worthy."

15:09 - A story from Chris helping to coach a high school basketball team

18:39 - Recognizing the importance of positive reinforcement and speaking possibility into people

24:35 - You matter, you're worthy, and you belong!

27:24 - How to connect with Chris Smith online

27:53 - Closing remarks

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Valuing Your Business: An Entrepreneurial Best Practice

Homer Smith — Mon, 06 May 2024 09:00:00 -0400

If you’re an entrepreneur, do you know what your business is really worth? It turns out, you might be surprised to discover its true value.

On the latest episode of Advance Your Wealth, we examine the importance of valuing a business, why it makes sense (even if you’re not planning to sell), and how you might set out to get a proper valuation done.

Chapters:

0:00 - Introduction and overview on the topic of the day

1:30 - Very few business owners are ultimately satisfied following the sale of their business

4:40 - Entrepreneurs should be aware of their business' value over the course of time

6:06 - Business owners are often surprised by the results of a true valuation process

8:36 - Advice for getting this process started

11:10 - The key issues that arise when a business valuation process is conducted

15:41 - What business owners should be considering today

17:39 - Business owners need to take time to work on the business, rather than in the business

19:03 - How to get in touch with Homer and his team

21:09 - Closing remarks

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Diving Deep into Human Longevity

Homer Smith — Mon, 22 Apr 2024 09:00:00 -0400

In this illuminating episode, we delve into the fascinating realm of human longevity with our esteemed guest, David Karow, President & CIO of Human Longevity, Inc. As our lifespans extend, we are faced with profound questions about how to optimize both our health and our financial well-being.

Join us as we explore the latest advancements in longevity science and how they are reshaping our understanding of aging. From cutting-edge genetic research to innovative health interventions, we uncover the keys to living longer, healthier lives.

But longevity isn't just about adding years to our lives—it's also about ensuring those years are filled with vitality and quality. We discuss the importance of proactive health management, personalized medicine, and preventive strategies to ward off age-related diseases and maximize wellness in our later years.

Chapters:

0:00 - Introduction and overview on the topic of the day

1:39 - Conversations surrounding human longevity are becoming more popular

3:24 - Welcoming David to the show and an overview on longevity planning

7:15 - The benefits of taking a more proactive approach to your health

10:53 - Leveraging data to make very informed health and wealth decisions

15:38 - Longevity planning goes way beyond pills and treatment procedures

18:22 - Areas where we need to improve our current health care system

21:23 - How to get in touch with David and his team at Human Longevity, Inc.

23:25 - Closing remarks

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Three Key Elements of Smart Estate Planning

Homer Smith — Mon, 01 Apr 2024 09:00:00 -0400

How confident are you about what will happen to your assets—and your loved ones—after you’re gone?

On the latest installment of Advance Your Wealth, we’re looking at a truly important topic: your estate plan and whether it’s set up to get the results you want. In particular, we’ll be focusing on three main components of an estate plan that can potentially position most families for success.

Chapters:

0:00 - Introduction and overview on the topic of the day

1:37 - Why this topic is becoming so important among investors and families

3:05 - The delicacy involved in estate planning efforts

4:24 - The three key areas of estate planning

5:23 - What makes a will a foundational piece of estate planning

6:51 - Navigating trusts and how they can impact a family's estate planning

9:52 - How to decide if a trust makes the most sense for you and your family

12:36 - The fiduciary you choose to work with on your estate plan

15:37 - Your estate plan can get out-of-date rather quickly

17:20 - How to get in touch with Homer and his team

19:20 - Closing remarks

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Five Things the Super Rich Probably Do Better Than You

Homer Smith — Thu, 21 Mar 2024 09:00:00 -0400

When it comes to building, preserving and transferring wealth, it’s natural to look to the wealthiest among us for insights and actions we might adopt in our own efforts.

On the latest installment of Advance Your Wealth, we’re examining five personal finance lessons from the so-called Super Rich, those with a net worth of at least $500 million. The steps they take, and don’t take, may prove illuminating as you journey down the path toward your most important financial goals.

Chapters:

0:00 - Introduction and overview on the topic of the day

1:29 - Homer's big-picture takeaway on how the Super Rich build their wealth

2:50 - Working with the best experts you can find

4:24 - How to identify top-tier professionals to work with

6:05 - Going beyond the numbers

7:58 - Recognizing the importance of negotiation

9:37 - Trust, but verify

11:17 - The importance of keeping your emotions in check

12:28 - Tips for staying logical during emotionally tough circumstances

13:54 - How to get in touch with Homer and his team

14:48 - Closing remarks

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What Type of Buyer Should You Sell Your Company To?

Homer Smith — Thu, 22 Feb 2024 09:00:00 -0400

If you’re an entrepreneur, the idea of selling your business may have crossed your mind more than once. If you ultimately decide to sell your business, you’ll likely encounter two main types of buyers: financial and strategic. It’s a good idea to consider which type of buyer is the right one for you and your company.

On the latest episode of Advance Your Wealth, we’re exploring how these two categories of buyers could play an important part in how much you get for your company

Chapters:

0:00 - Introduction and overview on today's topic

1:18 - Understanding your options as a business owner

2:07 - An overview on financial buyers

3:12 - How the seller fits into the financial buyer's vision for the company

4:16 - How entrepreneurs typically encounter financial buyers

6:02 - The differences between a financial buyer and a strategic buyer

7:11 - How strategic buyers approach the buying process

9:24 - The different types of strategic buyers

10:31 - How to decide which type of buyer makes the most sense for your company

13:08 - Why would a strategic buyer make sense for you and your business?

15:21 - How to get in touch with Homer and his team for more information

16:40 - Closing remarks

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Navigating Life's Transitions as a Business Owner

Homer Smith — Mon, 05 Feb 2024 09:00:00 -0400

Life is full of transitions. Plain and simple.

However, one of the biggest transitions a business owner can make in their lifetime is the transition out of their business. In many instances, they've worked decades to build up this business and there are a variety of personal, financial, and emotional considerations at play.

In the latest episode of Advance Your Wealth, Homer explores the key decisions a business owner is faced with during this major milestone in their life.

Chapters:

0:00 - Introduction and overview on the topic of the day

1:01 - The major events in a business owner's life

3:55 - Transitioning to sell the business internally or externally

5:56 - I've sold my business. Now what?

8:57 - Transitioning family wealth to your heirs in a positive and strategic manner

12:17 - How to get in touch with Homer to discuss this topic individually

14:30 - Closing remarks

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Analyzing the Tax Benefits of an ESOP

Homer Smith — Wed, 31 Jan 2024 09:00:00 -0400

Many business owners are always looking to motivate their employees, generate better results and save themselves some taxes. On a prior episode, we discussed a retirement plan and succession tool called an employee stock ownership plan, or ESOP.

In today's discussion, we're diving deep into the tax considerations for business owners when utilizing an ESOP, and what you should be thinking about before initiating a program like this.

Chapters:

0:00 - Introduction and overview on the topic of the day

1:50 - How an ESOP works and who it works best for

3:52 - Why an ESOP would be beneficial for a business from a tax perspective

6:47 - How an ESOP can benefit the business owner from a tax perspective

8:52 - A story covering a client that leveraged an ESOP for his business

12:58 - How to get in touch with Homer and his team

16:15 - Closing remarks

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Advance Your Wealth - Five Ways to Ease the Tax Bite When Selling Your Business

Homer Smith — Wed, 03 Jan 2024 09:00:00 -0400

Selling a business that you’ve worked to build for years or decades comes with an enormous number of considerations—not the least of which is easing the tax burden that accompanies a big sale.

On the latest installment of Advance Your Wealth, we’re looking at five ways business owners who sell their companies might mitigate taxes.

Let’s dive in!

Chapters:

0:00 - Introduction and overview on the topic of the day

1:35 - The top-of-mind concerns for entrepreneurs selling their business

3:31 - Transferring assets regularly over time

5:20 - Section 1202 and the benefits of leveraging this approach

7:11 - How trust planning and charitable planning factors into the sale of a business

10:35 - Navigating gifting strategies prior to the sale of a business

12:56 - A big conversation with business owners after the business has been sold

16:54 - How life insurance solutions can add value

21:18 - Homer's one big takeaway!

23:31 - How to get in touch with Homer and his team

24:32 - Closing remarks

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Advance Your Wealth - The 7 Self-Development Lessons You Never Learned in School

Homer Smith — Tue, 05 Dec 2023 09:00:00 -0400

Growing up is hard, especially in today's day and age. But when you add financial challenges, like the transfer of significant wealth from an older generation to their heirs, life can become overwhelming for today's youth.

On the latest episode of Advance Your Wealth, we sit down with Barry Garapedian, the visionary Founder & CEO of Mag 7 Consulting, a boutique coaching, mentoring, and advisory firm tailored specifically for high-school and college-aged students. In this conversation, Barry shares the remarkable journey of MAG 7 and how it has become a beacon for young individuals seeking to unlock their full potential.

Barry sheds light on the importance of mentorship and coaching during the crucial formative years. Gain insights into the methodologies employed by MAG 7 Consulting to nurture skills, foster resilience, and instill a mindset of success in the next generation.

Enjoy!

Timecodes:

0:06 - Introduction and overview on the topic of the episode

1:03 - The importance of long-term wealth planning within families

3:05 - Welcoming Barry Garapedian to the show!

3:55 - Barry's career pivot from wealth management to Mag 7 Consulting

6:41 - The greatest challenges facing today's youth

9:22 - Kids growing up in a wealth environment and the importance of instilling financial wisdom

12:37 - How Mag 7 actually works with today's youth

16:00 - Teaching clients the power of a handwritten note

17:45 - The responses Barry receives from parents of his clients

19:52 - The difference between an expectation and an agreement

23:50 - The 7 self-development lessons you never learned in school

26:48 - How to learn more about the work Barry does for clients through Mag 7 Consulting

28:02 - How to connect with Homer and his team

28:51 - Closing remarks

Connect with Homer Smith:

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Advance Your Wealth - Market Update: Monitoring Earnings and Interest Rates

Homer Smith — Tue, 07 Nov 2023 09:00:00 -0400

On the latest installment of Advance Your Wealth, we're joined once again by Joseph Sykora, Equity Analyst and Portfolio Reviews at Aptus Capital Advisors, for a deep analysis into the market's current affairs.

As Joseph and his team monitor the market's performance, there have been two noteworthy categories of discussion to consider: Earnings and Interest Rates.

Join us for another enlightening conversation, where we unpack some of the key considerations for your financial portfolio given some of the top trends unfolding in the markets.

Timecodes:

0:06 - Introduction and overview on the topic of the show

1:16 - An overview on the most notable topics from Q3

6:03 - How rising interest rates are impacting the market and government

10:17 - The cycle surrounding the government addressing a deficit

11:49 - How to get in touch with Homer and the team for additional discussion

12:20 - Closing remarks

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Advance Your Wealth - Addressing the Challenges of Giving and Receiving Family Wealth

Homer Smith — Tue, 24 Oct 2023 08:30:00 -0400

Simply having significant wealth doesn’t guarantee a great life. For example, inheritors often face a number of significant challenges at various points in their lives, including the years before they receive their inheritance as well as after wealth is transferred to them.

On the latest episode of Advance Your Wealth, we’re looking at some of the issues and hurdles that inheritors of significant wealth may need to overcome—along with strategies aimed at addressing them successfully.

Timecodes:

0:06 - Introduction and overview on the topic of the day

1:23 - What Homer's team is known for

2:29 - There are challenges associated with giving and receiving wealth

5:13 - Where families can begin to effectively navigate these challenges

7:00 - The red flags to be on the lookout for

8:58 - Steps your family can be taking to avoid these mistakes overall

10:20 - Advice on dealing with the emotional challenges of inheriting wealth

13:02 - Smart ways we can be good stewards of our wealth

15:21 - The bottomline: Addressing the challenges of giving and receiving wealth

17:30 - How you can get in touch with Homer's team and learn more about a VFO

18:25 - Closing remarks

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Advance Your Wealth - 3rd Quarter Updates: What You Need To Know

Homer Smith — Tue, 10 Oct 2023 02:30:00 -0400

The market year-to-date has brought along some major changes worth reflecting on. Rising interest rates, inflation, a bolstered tech sector and an uncertain path forward into 2024.

On the latest episode of Advance Your Wealth, we’re looking back at Q3 and forward to Q4 and beyond. We discuss market trends, Mega Cap Tech, how Konvergent Wealth Partners defends its clients portfolios, and where the market appears to be heading in 2024.

Timecodes:

0:06 - Introduction and overview on the topic of the show

1:19 - What are some high level year-to-date trends the Konvergent team is noticing?

2:28 - What's moving the S&P...the Magnificent Seven?

3:15 - What caused the major market moves in August?

4:36 - Mega Cap Tech and Impact on the Market as a whole.

6:23 - The Search for Safe Staple Stocks May Surprise You.

7:19 - 3rd Quarter Earnings vs. Expectations for the Future.

9:45 - Q4 and Excess Savings...What to Expect.

11:05 - How Well Do Valuations Predict Market Prices?

12:07 - Earnings Yields vs. Real Inflation Adjusted Interest Rates

13:25 - How Portfolios Stay Ahead of the Curve.

15:05 - Closing Remarks and How to Connect with Konvergent Wealth Partners.

16:05 - Disclosures.

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Advance Your Wealth - Should You Have a Family Bank?

Homer Smith — Tue, 26 Sep 2023 09:00:00 -0400

Family banks are a tool that some very wealthy families use for a number of reasons, and they’re increasingly being adopted by more and more families across the net worth spectrum.

On the latest episode of Advance Your Wealth, we’re looking at whether family banks could be a smart move for you!

Timecodes:

0:06 - Introduction and overview on the topic of the show

1:15 - What is a Family Bank?

2:28 - What is a Family Bank ultimately used for?

3:39 - How a Family Bank supports a family and fosters financial intelligence

5:04 - A Family Bank can help people with their business-building desires

6:33 - Family Banks are meant to be a formal solution within your estate

7:50 - Family Banks can offer custom solutions to help address family needs overall

9:17 - Who can leverage a Family Bank?

10:42 - How a family sets up and utilizes their Family Bank over time

12:46 - How to get in touch with Homer and his team to discuss Family Banks

14:20 - Closing remarks

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Advance Your Wealth - Three Fears That Keep the Super Rich Up at Night

Homer Smith — Fri, 01 Sep 2023 09:00:00 -0400

Like many of us, the wealthiest people often worry about their health, their families and their finances. On the latest episode of Advance Your Wealth, we’re looking at how you can adopt some of the Super Rich’s strategies for addressing their fears and staying on the right track.

This episode is packed with helpful considerations for your own financial world. Let's get started!

Timecodes:

0:06 - Introduction and overview on the topic of the day

1:01 - Even significant wealth doesn't eliminate fundamental challenges

3:24 - How wealth plays a role with health for many of us

4:45 - An overview on concierge medicine

7:18 - Navigating dysfunctional family dynamics and how they threaten wealth

11:57 - We all fear losing our wealth

13:27 - Recommendations on fighting the fear of losing your wealth

15:15 - Taking the best ideas from the billionaires and implementing them for everyone

16:50 - How to get in touch with Homer and his team

18:20 - Closing remarks

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Advance Your Wealth - Market Update: What to Expect in the Remainder of 2023

Homer Smith — Wed, 09 Aug 2023 07:30:00 -0400

As the year progresses, investors and analysts alike have been on the edge of their seats, closely observing the ebb and flow of various markets.

On the latest episode of Advance Your Wealth, Homer welcomed Joseph Sykora, Equity Analyst and Portfolio Reviewer with Aptus Capital Advisors, to review the market's performance over the last few months and discuss what the remainder of the year has in store for investors of all types.

This episode is bound to leave you with some helpful strategies that you can consider for your own financial world. Enjoy!

Timecodes:

0:06 - Introduction and overview on the topic of the day

1:00 - How the market has been performing thus far in 2023

2:50 - Interest rates being raised by 25 basis points

5:02 - Is inflation largely behind us?

7:45 - The bear vs. bull market cases

10:29 - What we can expect throughout the remainder of 2023

12:25 - Closing remarks

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Advance Your Wealth - Homer Featured on the Middle Market Moment

Homer Smith — Mon, 24 Jul 2023 08:45:00 -0400

Today's episode features a slightly different format than what our audience is accustomed to!

In order for a business owner to have their "dream exit," many boxes need to be checked in advance of the date of sale. Fortunately, Homer and his team at Konvergent Wealth Partners works diligently with their business owner clients to prepare their business for its sale and ensure they're maximizing the value of their clients' life work.

Recently, Homer was invited to be a guest on the Middle Market Moment podcast, featuring Craig Dickens, CEO of JD Merit, for a deep dive into this conversation.

There's a lot to unpack here, so let's get right into it!

Timecodes:

0:06 - Introduction and overview on the topic of the day

1:16 - Welcoming Homer to the show

1:53 - The personal readiness, the business readiness and the market aligning

4:08 - The business owner's transition out of the business' day-to-day

9:12 - The intangible benefits of being prepared when selling your business

11:54 - How much business owners leave on the table when they aren't adequately prepared

18:15 - The value of doing tax planning up front

22:15 - The commonly used vehicles to help business owners from an estate planning perspective

28:18 - There's a difference between planning and implementing your plan

33:16 - What a business owner can be doing right now to kick off their planning process

36:50 - How to get in touch with Homer and his team

37:54 - Closing remarks

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Advance Your Wealth - Market Update: Where Do We Stand?

Homer Smith — Wed, 12 Jul 2023 09:00:00 -0400

The first half of 2023 has been a successful time for investors. Plain and simple. But will it continue? That's the big question at hand!

This episode is bound to leave you with some helpful strategies that you can consider for your own financial world. Enjoy!

Timecodes:

0:06 - Introduction and overview on the topic of the day

1:45 - Bringing Aptus Capital Advisors onto the show to analyze a successful 2023 thus far

3:18 - Joseph Sykora's thoughts on where the market stands today

4:49 - What drove this unexpected positive trajectory within the market

6:54 - "Don't fight the FED"

9:50 - Has the market moved ahead of itself?

13:25 - The risks existing within the market

18:16 - General concerns regarding debt, student loans, etc in the future

21:57 - We need a combination of offense and defense in your portfolio

23:34 - How you can get in touch with Homer and his team

24:58 - Closing remarks

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Advance Your Wealth - Sudden Wealth: What Should You Do if You Strike it Rich?

Homer Smith — Mon, 03 Jul 2023 08:00:00 -0400

Sometimes, wealth occurs very suddenly. And along with the perks of new wealth, comes many challenges and issues to address.

On the latest episode of Advance Your Wealth, Homer examines some ideas and action steps to consider if you or someone in your life becomes very wealthy, very rapidly.

Timecodes:

0:06 - Introduction and overview on the topic of the day

1:30 - Significant wealth is typically created over a long period of time

3:10 - Sudden wealth comes with serious risk

4:20 - How should you navigate sudden wealth and begin healthy financial planning efforts?

7:04 - Mistakes you should avoid in the event you become suddenly wealthy

9:20 - The biggest challenges of managing sudden wealth

11:50 - How asset protection planning efforts come into play

13:37 - The big picture on managing sudden wealth for you and your family

15:45 - How you can get in touch with Homer and his team

17:52 - Closing remarks

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Advance Your Wealth - The Impacts of Artificial Intelligence

Homer Smith — Wed, 14 Jun 2023 09:00:00 -0400

Artificial Intelligence. It's one of the hottest topics of conversation among business leaders and organizations at large...and for good reason!

On the latest episode of Advance Your Wealth, Homer is joined by Adam Butler, Chief Intelligence Officer at ReSolve Asset Management, for a deep dive into the innovations that AI has brought upon the business world.

By leveraging Chat GPT, among an array of other AI tools, business leaders are able to transform the very definition of productivity and allow their organizations to accomplish more with less.

Timecodes:

0:06 - Introduction and overview on the topic of the show

1:40 - Why business owners should be thinking about the implications of AI

2:53 - Welcoming Adam Butler to the show

4:05 - How AI tools are generally impacting the realm of business

8:30 - The most common AI tools that people should be considering in their day-to-day lives

12:58 - How you can leverage AI to benefit your life today

19:06 - Leveraging Chat GPT to develop email copy

27:25 - The concerns among Chat GPT and other AI tools available to the masses

36:15 - Who do you sue when AI messes up?

43:13 - How AI has impacted education at large

50:23 - Adam's recommended AI tools and plugins you should utilize

55:10 - How to get in touch with Homer's team

56:30 - Closing remarks

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Advance Your Wealth - Analyzing Key Investment Themes

Homer Smith — Mon, 15 May 2023 09:00:00 -0400

The market fluctuates. Plain and simple. But it's how we plan and react to these changes that makes all the difference!

On the latest episode of Advance Your Wealth, Homer welcomed Dave Wagner, Equity Analyst and Portfolio Manager with Aptus Capital Advisors, and John Luke Tyner, Portfolio Manager and Fixed Income at Aptus Capital Advisors, for a deep dive into some of the key investment themes that we should be observing these days.

Dave and John Luke share their insights on the current market situation, as well as their expectations on the future. This episode should leave you with some helpful takeaways for your own financial world!

Timecodes:

0:06 - Introduction and overview on the topic of the day

1:15 - We're not trying to predict the future, but we want to be prepared

3:40 - Bringing the right research group to the table and optimize our work for clients

4:40 - Dave Wagner and John Luke Tyner share how Aptus Capital Advisors work with clients

6:36 - Why the market still remains up despite bigger concerns

8:57 - What led to the banking crisis?

12:20 - How the Feds are navigating this banking crisis and financial challenges

15:41 - Issues that could come to fruition

19:41 - How Aptus is approaching the near future and looking at portfolio construction

21:37 - We're a team that coordinates expertise for our clients

22:50 - How you can get in touch with Homer's team

23:20 - Closing remarks

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Advance Your Wealth - Do You Need a Personal Umbrella Policy?

Homer Smith — Mon, 24 Apr 2023 09:00:00 -0400

We all have the standard insurance that helps protect us and our finances, such as auto insurance and homeowners insurance. But are those policies enough to safeguard your assets if you’re faced with an extremely big claim against you?

On the latest episode of Advance Your Wealth, we’re joined by Jennifer Alimonda, Director of Private Client Solutions at Sterling Risk, and taking a closer look at personal umbrella insurance. Primarily, we're pinpointing just how important it can be if you have significant assets!

Timecodes:

0:06 - Introduction and overview on the topic of the day

1:21 - Who is Jennifer Alimonda?

2:48 - Jennifer's background with Sterling Risk and her experience with insurance policies

4:05 - What is personal umbrella insurance?

5:37 - Where an umbrella policy comes into play

8:10 - Are you covered in the event of a tragic incident with many lawsuits?

11:15 - The risks associated with having significant assets

15:55 - The amount of umbrella policy protection you should consider

17:57 - The factors that influence insurance premiums

20:42 - Personal umbrella policies are very broad

23:22 - Reach out to your broker and discuss the need for an umbrella policy

26:09 - How you can get in touch with Homer and his team

27:18 - Closing remarks

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Advance Your Wealth - Seven Steps to Powerful Professional Relationships

Homer Smith — Tue, 28 Mar 2023 09:00:00 -0400

The people you know can play a vital role in the level of success you achieve, both in business and your personal life. However, for contacts to be important and valuable to that success, you need to develop powerful relationships with them that get results for all involved.

On the latest episode of Advance of Your Wealth, we’re exploring some particular strategies you can leverage to enhance the professional relationships you'll make throughout your career.

Timecodes:

0:06 - Introduction and overview on the topic of the day

1:11 - "It's not what you know, it's who you know!"

2:20 - How to connect and motivate other people

5:27 - Find a way to help them accomplish their most important goals

6:53 - Provide economic glue within your relationship

8:47 - The softer, and more nuanced, elements within building relationships

10:15 - How to build trust more quickly

12:11 - The bottomline

14:05 - How you can get in touch with Homer and his team

15:13 - Closing remarks

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Advance Your Wealth - Leveraging Storytelling to Grow Your Business

Homer Smith — Thu, 09 Mar 2023 09:00:00 -0400

Storytelling connects us all and a good story causes us to lean in and connect with the storyteller themself.

On the latest episode of Advance Your Wealth, we welcome Nick Nanton, 22-time Emmy® Award Winning Director/Producer, to discuss the power of storytelling and how it can be leveraged to enhance your brand and business.

Regarded as "America's biographer" and the "voice of a new generation" by Larry King, Nick has developed numerous award-winning documentaries and shared stories that have touched millions of people across the globe.

We sat down to discuss how to connect with your intended audience through a great story!

Timecodes:

0:06 - Introduction and overview on the topic of the day

2:14 - Welcoming Nick Nanton to the show

2:45 - Nick's background and how he became a filmmaker and songwriter

12:30 - How storytelling can be leveraged to grow your business and build a team

17:44 - The guilt complex we all experience when telling our own stories

19:20 - Telling a story in a documentary format

23:50 - Stories can be utilized to convey difficult or complex topics

25:38 - "The best story always win" and Mission Driven Celebrity Experts

30:05 - Any business owner can strive to become a Mission Driven Celebrity Expert

31:50 - Exciting projects Nick is working on these days

33:00 - How you can get in touch with Nick

34:50 - Closing remarks

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Advance Your Wealth - Can Your Company Survive if You're Unable to Run it?

Homer Smith — Tue, 31 Jan 2023 09:00:00 -0400

If you’re a business owner, do you have key person insurance or a buy-sell agreement in place? If so, when was the last time you updated it? If your solutions are more than a few years old, you could be setting yourself up for financial disaster.

On the latest episode of Advance Your Wealth, we’re examining why these questions are so critical to be asking yourself and what entrepreneurs can do about it right now!

Tune in and discover some steps you can be taking to avoid the major financial hardship that accompanies these types of issues.

Timecodes:

0:06 - Introduction and overview on the topic of today's show

1:14 - Business owners are analyzing today's landscape to avoid future issues

2:40 - Unexpected events can jeopardize the success of a business

3:30 - Most business owners have a solution in place, but it's outdated

4:25 - The advantages associated with a buy-sell agreement or a key person insurance policy

6:03 - 40% of business owners don't have key person insurance in place

7:16 - The appeal of a buy-sell agreement

9:28 - The value of buy-sell agreements is widely recognized

10:42 - How big of a deal is an outdated agreement?

12:38 - Advice for business owners to stay on top of these solutions

14:45 - How to get in touch with Homer and his team

15:30 - Closing remarks

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Advance Your Wealth - Becoming Preeminent: How Business Owners Can Stand Out in Their Industry

Homer Smith — Tue, 27 Dec 2022 09:00:00 -0400

With so many industries flooded with competition, it can be difficult for business owners to stand out among the competition!

On the latest installment of Advance Your Wealth, we're pleased to welcome Chris Smith, Founder of Campfire Effect, for a great conversation surrounding differentiation through the power of storytelling.

At Campfire Effect, Chris and his team believe that your story and your message are the most powerful things you have to grow and scale your business. In this episode, Chris will walk through some of his teachings and explain how this can be leveraged to enhance your business' future efforts.

Timecodes:

0:06 - Introduction and overview on the topic of the day

1:50 - Do you feel like you're the best kept secret in your industry?

2:30 - Welcoming Chris onto the show

3:00 - Chris' background and cowboy storytelling

4:50 - What does it mean to be preeminent?

7:30 - What changes for your business when you begin focusing on being preeminent?

10:30 - How Chris's work impacts business owners specifically

13:29 - Important questions business owners should be asking themselves

17:35 - How to reshape your identity

21:00 - How this new identity trickles down through your organization

25:00 - How to measure the ROI of Chris's work within your business

29:29 - Chris's work with successful families in "Family Brand"

34:55 - Chris looking like Ryan Reynolds

36:20 - Where to find Chris and his organizations online

38:00 - Closing remarks

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Advance Your Wealth - Cyber Threats Against Individuals and Businesses

Homer Smith — Thu, 01 Dec 2022 08:30:00 -0400

On the latest episode of Advance Your Wealth, we're pleased to welcome Tommy Ragsdale, Vice President of Strategic Development for 360 Privacy, for a great conversation on the various cyber threats that individuals and businesses are exposed to in today's day and age.

360 Privacy, a veteran founded, owned, and operated LLC based out of Nashville, TN, is comprised of members from the Special Operation Forces, Intelligence Community, and technology experts whose mission is to protect the digital identity, reputation, and security of high-profile executives, athletes, and high net worth families.

By removing personally identifiable information from data brokers websites on the open web, conducting daily monitoring to prevent data repopulation, and securing personal technology infrastructure (routers, iPads, iPhones, smart thermostats, etc.), 360 Privacy keeps their clients' information out of the hands of sophisticated threat actors and fraudsters.

Timecodes:

0:06 - Introduction and overview on the topic of the day

1:19 - The cyber risks we're exposed to are now at the forefront of conversation

2:15 - Background on 360 Privacy and how Tommy landed in cybersecurity

3:50 - An overview on digital privacy and the main threats you need protection from

8:23 - How 360 Privacy reduces your digital information that's out there

9:50 - The Dark Web and how it functions

14:15 - The level of protection and service you get from 360 Privacy versus Lifelock

17:23 - There is no "easy button" for cybersecurity

19:29 - Cybersecurity packages included within insurance policies

22:05 - Stories of 360 Privacy helping some high-profile clients, like Ronnie Dunn

26:55 - Easy tips you can begin implementing to strengthen your cybersecurity efforts

29:39 - How you can get in touch with Tommy and 360 Privacy

31:32 - Closing remarks

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Advance Your Wealth - How an ESOP Can Benefit Your Business, Your Employees and Your Net Worth

Homer Smith — Mon, 24 Oct 2022 09:00:00 -0400

Many business owners are always looking to motivate their employees, generate better results and save themselves some money in taxes.

On the latest installment of Advance Your Wealth, we're examining a tool that can potentially do that and more for your business. It's a retirement plan and succession tool called an Employee Stock Option Plan, or ESOP.

Sit back, relax, and enjoy another enlightening conversation surrounding a strategy that is bound to leave you with some considerations for your own business.

Timecodes:

0:06 - Introduction and overview on the topic of the day

2:00 - Why this type of retirement plan is one that business owners should be considering

3:42 - How an ESOP functions for a business and its employees

5:12 - The key differentiating factors within ESOPs

6:40 - The advantages business owners see when using ESOPs

8:55 - How an ESOP can benefit a business as an entity

10:38 - How an ESOP can assist within the succession planning efforts for business owners

12:36 - Questions that business owners should be asking themselves

14:35 - The first step you should be taking if you're interested in implementing an ESOP

16:33 - How you can get in touch with Homer and his team

17:30 - Closing remarks

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Advance Your Wealth - Family Business Succession: An Overview for Owners and Heirs

Homer Smith — Fri, 30 Sep 2022 09:00:00 -0400

If you’ve built and grown a family business over time, there’s a very good chance that you’d like to have your heirs take over the company at some point down the road—or maybe more like around the corner, if you’re ready to move on.

But are you and your business’s potential future owners prepared for that transition and set up for success?

In the latest episode of Advance Your Wealth, we discuss the importance of the communication in the family business transition planning process and some of the issues that need to be addressed to increase the likelihood of a successful transition.

Timecodes:

0:06 - Introduction and overview on the topic of the day

2:38 - The overall importance of business transition planning

4:37 - The family planning element is extremely important within this conversation

6:19 - Where a plan can fall apart along the way

8:03 - The family relationships are at the crux of a proper plan

10:00 - How a family business should approach developing a thorough succession plan

11:27 - Generational family wealth and keeping businesses in the family

13:12 - What's the first step in getting this process off the ground?

16:41 - How to get in touch with Homer's team for future discussions

19:01 - Closing remarks

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Advance Your Wealth - Health and Wealth: How Concierge Medicine Can Impact Your Longevity

Homer Smith — Fri, 09 Sep 2022 09:00:00 -0400

People are living longer these days, which means that our retirement planning has to adapt accordingly to meet those needs. While living longer gives you more time to do the things you really love, it also means you have to financially plan for that longer lifetime.

In the latest installment of Advance Your Wealth, we're excited to explore the topic of concierge medicine and longevity planning with Dr. Daniel Carlin, Founder & CEO of WorldClinic.

This episode is packed with beneficial information for your wealth and your health!

Timecodes:

0:06 - Introduction and overview on the topic of the day

1:40 - Welcoming Dr. Dan to the show

3:00 - Overview on Dr. Dan's background and approach to concierge medicine

6:40 - How affluent families are using concierge medicine

11:06 - You can't make presumptive diagnosis

15:48 - Example of a wealthy couple utilizing concierge medicine

21:08 - The access to your health professional is second to none

26:00 - Longevity planning and what this means for your wealth

31:47 - The traditional healthcare system

35:00 - How you can get in touch with Dr. Dan and WorldClinic

41:33 - Managing injured workers

45:00 - How you can contact Homer's team for wealth management concerns

47:00 - Closing remarks

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Advance Your Wealth - The Virtuous Cycle

Homer Smith — Tue, 05 Jul 2022 09:00:00 -0400

When it comes to managing wealth, it’s pretty rare to just stumble into success. We find the most successful individuals and families employ a specific process that is designed to anticipate the challenges they’ll face and achieve the outcomes they most want.

On the latest installment of Advance Your Wealth, we’re exploring what some advisors call the virtuous cycle and how you can use it to power the pursuit of better results in your own financial life.

Timecodes:

0:06 - Introduction and overview on the topic of the day

1:56 - Why investors should be implementing a process

3:23 - The particular approach utilized at Konvergent Wealth Partners

4:56 - What the discovery process should entail

6:30 - A deep dive on the total client profile

7:45 - Developing a professional network

9:21 - Scenario thinking and where this comes into play

11:10 - Finding the right path for each client

13:01 - The client's experience in working with you

16:00 - How to get in touch with Homer and his team

17:00 - Closing remarks

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Advance Your Wealth - Getting Heirs Ready for Wealth

Homer Smith — Fri, 27 May 2022 09:00:00 -0400

When family wealth gets passed on to the next generation, too often that wealth tends to shrink instead of grow.

On the latest installment of Advance Your Wealth, Homer examines how you can help your loved ones prepare to become good financial stewards of family wealth before the day comes when their bottom line suddenly gets a lot bigger!

Join us for another enlightening conversation that features strategies and solutions that Homer is utilizing with his clients at Konvergent Wealth Partners. Enjoy!

Timecodes:

0:06 - Introduction and overview on the topic of the day

1:47 - Should parents be worried about their heirs handling their money?

3:00 - Homer's advice to clients who wish to avoid becoming another bad statistic

7:25 - How you should be evaluating your wealth manager's skillset

9:00 - Today's heirs have many goals and it's important to consider them

10:30 - Educating heirs that are planning to take on the family business

14:08 - You don't have to be passing down significant wealth for these efforts to take place

15:36 - The best way to get in touch with Homer's team to discuss you're unique situation

16:50 - Closing remarks

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Advance Your Wealth - Financial Planning for a Special Needs Child

Homer Smith — Tue, 22 Mar 2022 09:00:00 -0400

On the latest installment of Advance Your Wealth, we’re going to examine a challenge that many parents face: raising a child with special needs.

There are a number of financial planning strategies and solutions that can help parents navigate a path through the financial uncertainty that comes with raising a child with special needs. Listen as Homer shares his own personal experiences with this topic and the various solutions available to help parents along the way.

Timecodes:

0:06 - Introduction and overview on the topic of the day

2:32 - The challenges that arise for parents who have a special needs child

4:19 - The various expenses that arise

5:30 - The need for long-term financial planning is paramount

7:56 - Government assistance that is available for these cases

9:00 - The ABLE account and its value

12:50 - There are a number of options available

14:25 - How you can get in touch with Homer and his team to discuss this topic further

15:31 - Closing remarks

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Advance Your Wealth - It's Time to Review That Trust!

Homer Smith — Tue, 01 Mar 2022 09:00:00 -0400

With so many changes in the world, and perhaps in your own family, a trust you’ve set up to achieve your financial goals could be out of date even if it’s just a few years old.

On the latest episode of Advance Your Wealth, we’re examining how to size up the current status of a trust to see whether it’s still on track, so you can decide if any changes are appropriate.

Sit back, relax, and enjoy another thought-provoking conversation that Homer routinely discusses with his clients at Konvergent Wealth Partners.

Timecodes:

0:06 - Introduction and overview on the topic of the day

1:34 - Setting up your trust is only the first step

2:32 - Why might someone need to examine their trust?

5:20 - Secondary issues to consider when it comes to reviewing your trust

6:38 - Mistakes that people typically make when it comes to trusts

7:52 - The next steps once a trust has been set up

10:00 - What a stress test could uncover when examining a trust

11:57 - The importance of working with a network of professionals when reviewing a trust

13:50 - How you can get in touch with Homer and his team

15:03 - Closing remarks

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Advance Your Wealth - Entrepreneurs: Here's Why You Need an Estate Plan!

Homer Smith — Thu, 27 Jan 2022 09:00:00 -0400

If you are like many business owners, you’re looking out for more than just the financial health of your company. You also want to take care of your family and loved ones by providing for them and setting them up for rewarding lives of their own.

In the latest installment of Advance Your Wealth, Homer and Ryan are exploring how proactive estate planning can help you pursue these goals and build an amazing life of significance.

Too often estate plans can become outdated. Listen as we showcase the steps you can take to ensure your plan is current and capable of supporting you and your goals.

Timecodes:

0:07 - Introduction and overview on the topic of the day

2:15 - A high-level overview on estate plans and their role with entrepreneurs

4:05 - Most people have a plan in place, but they are often very outdated

6:50 - How effective an outdated plan can be

7:49 - Examples of how an outdated plan caused issues and financial hardship for an entrepreneur

9:07 - The first steps you should be taking to update your estate plan

11:00 - The inner-workings your estate plan should function and assist you

12:56 - Tips or warnings for someone going through the estate planning process

14:30 - How you can get in touch with the team at Konvergent Wealth Partners

17:03 - Closing remarks

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Advance Your Wealth - Finding the Right Wealth Manager For You

Homer Smith — Tue, 04 Jan 2022 09:00:00 -0400

In the latest installment of Advance Your Wealth, Homer and Ryan explore the three key characteristics of a desirable wealth manager and the importance of identifying the right wealth manager given your personal needs and goals.

Finding the right wealth manager for you can be a difficult process. It can be challenging to evaluate various wealth managers and pinpoint the specific issues you need their assistance with. This episode peels back the curtain on this very topic and provides a few schools of thought that could change how you approach the wealth manager search.

As Homer and Ryan discuss, it all starts with integrity, competence, and experience. So sit back, relax, and enjoy another enlightening conversation!

Timecodes:

0:07 - Overview on the topic of the day

1:55 - The challenges associated with finding the right wealth manager for you

3:27 - Issues that can often go unnoticed

4:20 - The key characteristics of an elite wealth manager

5:35 - How to assess a wealth manager's integrity

8:03 - How competence comes into play when searching for the right wealth manager

9:28 - How Homer would assess an advisor's competence level

12:19 - Looking at the wealth manager's team and the relationships they forge there

14:24 - How vital a wealth manager's experience is in this conversation

17:02 - How to best reach out to Homer and the team at Konvergent Wealth Partners

18:40 - Homer's final thoughts to leave us with

20:13 - Closing remarks

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Advance Your Wealth - Succession Planning for Family Businesses

Homer Smith — Tue, 23 Nov 2021 09:00:00 -0400

Family conflicts can wreak havoc on a family-run business, especially when it comes time to transfer ownership of the company from one generation to the next.

In the latest installment of Advance Your Wealth, Homer and Ryan examine how a well-designed succession plan can reduce risk and help facilitate a transfer that leaves everyone in the family satisfied.

Homer conducts regular succession planning meetings with his clients at Konvergent Wealth Partners, so this episode is bound to leave you with some insights to consider for your own family business!

Timecodes:

0:06 - Overview on the topic of the day

2:00 - Why the need for succession planning exists for family businesses

3:05 - How a family can assess their need for succession planning in the first place

4:52 - Where to begin the succession planning process

6:45 - Where transparency comes into play during this process

8:31 - How a well-crafted succession plan addresses the technical issues with a family business

10:20 - Getting the plan onto paper

11:30 - How to ensure the plan is adhered to over time

12:47 - Once the plan is in place, what families should do to ensure their plan works

14:00 - How to get in touch with Homer's team to discuss this topic further

15:34 - Closing remarks

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Advance Your Wealth - A Charitable Planning Primer

Homer Smith — Tue, 26 Oct 2021 09:00:00 -0400

Planned giving can help you do well financially, while also doing good for others. When you provide meaningful financial support to causes that you care about, you have the potential for tax breaks.

In the latest installment of Advance Your Wealth, Homer provides us with a charitable planning primer. Listen as he outlines the charitable giving strategies and vehicles to help get you started - or make your existing philanthropy even more impactful.

Since this is such an important topic that Homer weaves into regular discussions with clients, this episode is bound to leave you with some insight to consider with your own financial portfolio.

Timecodes:

0:05 - Overview on the topic of the show

1:55 - Charitable giving is a massive topic within wealth management overall

3:05 - How wealth planning fits into the desire to give back

4:15 - The first step in utilizing charitable giving in a wealth plan

5:33 - Discussing the various elements of charitable giving with clients

6:40 - Moderate strategies for clients looking for a deeper charitable giving experience

8:04 - The advanced options surrounding charitable giving

10:00 - Who someone should turn to for conversations surrounding charitable giving

11:05 - The most important aspect of charitable planning

12:15 - The client's feeling of satisfaction of giving back, while also enhancing a wealth plan

14:14 - How someone could pursue a conversation with Homer about charitable giving strategies

15:20 - Closing remarks

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Advance Your Wealth - Quarterly Themes (Q4 - 2021)

Homer Smith — Wed, 06 Oct 2021 08:30:00 -0400

In this installment of our Quarterly Themes, Homer highlights several key investment themes Konvergent Wealth Partners are exploring in the final quarter of 2021. Listen as he reviews not only the Q3 market and economic performances, but also their outlooks for Q4 and beyond.

Throughout the episode, Homer monitors various wealth planning strategies to help keep your portfolio on track. Additionally, he provides an update on the proposed tax law changes that could be entering the fold soon.

Timecodes:

0:06 - Welcome to the show and an overview on today's episode

0:43 - Q3 market review of performance

1:45 - Bond market remained volatile throughout Q3

3:19 - Emerging markets struggled throughout Q3

4:20 - Full review of Q3 and the lessons we learned from it

6:40 - Unemployment and GDP throughout Q3

8:19 - The investment themes for Q4

10:56 - An update on proposed tax law changes

14:12 - Closing remarks

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Advance Your Wealth - Do You Have What it Takes to Create Significant Wealth?

Homer Smith — Tue, 28 Sep 2021 09:00:00 -0400

In the latest installment of Advance Your Wealth, Homer steps outside of the typical wealth management conversation to address how wealth is ultimately generated in the first place.

Listen as Homer and Ryan discuss the benefits, as well as challenges, associated with entrepreneurship. Despite being the single fastest and most effective means of generating significant wealth, there are plenty of strategies and essential best practices to consider before attaining significant wealth.

So sit back, relax, and enjoy this unique conversation featuring the other side of the wealth management equation.

Timecodes:

0:05 - Overview on the topic of the show

2:00 - Homer himself is an entrepreneur!

2:57 - Why entrepreneurship is the most likely path to generate significant wealth

3:56 - The best practices of successful entrepreneurs

5:18 - What a commitment to success truly looks like

6:46 - Despite the commitment to success, one ultimately must take action

7:38 - How vitally important the business model is to wealth creation

9:00 - The importance of establishing powerful relationships

10:20 - Building and maintaining a high-quality team over time

11:39 - Working with the right professionals

14:55 - Homer's unique experience as an entrepreneur

17:20 - Closing remarks

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Advance Your Wealth - From Savers to Investors

Homer Smith — Tue, 14 Sep 2021 09:00:00 -0400

In this special installment of Advance Your Wealth, Homer dives into the investment philosophy at Konvergent Wealth Partners, which focuses on allowing clients to construct portfolios that can weather all seasons.

Listen as Homer explains the value behind diversifying your portfolio to ensure a smooth performance across all times of the year.

Sit back, relax, and enjoy this special edition of Advance Your Wealth!

Timecodes:

0:05 - Overview on the Konvergent Wealth Partners investment philosophy

0:44 - The origin of this philosophy

2:07 - The problem is we've had to turn from savers to investors

3:25 - Various estimates of what investors needed to earn 7.5%

4:45 - Closing remarks

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Advance Your Wealth - What is a Private Trust Company?

Homer Smith — Fri, 20 Aug 2021 09:00:00 -0400

Welcome back to the latest installment of Advance Your Wealth, where Homer and Ryan explore the inner workings of a private trust company.

Some wealthy families that have assets in trusts want more than what they can get from many professional or corporate trust companies. For these people, setting up their own private trust company could be a viable alternative that adds value to their situation.

Listen as Homer examines some key features of private trust companies and how families can decide if they should establish one for themselves.

So sit back, relax, and enjoy another enlightening financial conversation!

Timecodes:

0:06 - Welcome to the show and overview on today's topic

1:37 - A high-level overview on the different trust companies that exist today

2:48 - The appeal of going with a private trust company

4:14 - The secondary benefits of utilizing a private trust company

5:23 - Private trust companies can work with families on the estate planning side as well

6:08 - How heirs can benefit from a private trust company

7:53 - How privacy comes into play with private trust company

9:11 - What the financial commitment looks like when opting for a private trust company

10:14 - The next steps forward if someone is interested in proceeding with using this option

11:25 - Closing remarks

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Advance Your Wealth - Interview Series (Frank Seneco: Part 3)

Homer Smith — Thu, 19 Aug 2021 09:00:00 -0400

In the third and final installment of our interview series with Frank Seneco, President of Seneco & Associates, Inc., the discussion is centered around premium finance life insurance and the different types of benefit plans for private business owners.

Despite being a strategy that's been around since the 1990's, there is still a tremendous level of value associated with premium financed life insurance. Listen as Homer and Frank dive deep into this strategy and who it makes the most sense for.

Sit back, relax, and enjoy the finale of a great interview series featuring Frank Seneco!

Timecodes:

0:06 - Overview on the topic of this conversation

1:15 - The idea behind a premium finance life insurance

3:33 - The benefits of this strategy over a 5-10 year period of time

6:16 - Mistakes to avoid when it comes to this strategy

11:00 - What split-dollar means from a life insurance standpoint

12:21 - How else is life insurance utilized in succession plans for business owners

14:40 - Overview on the variety of strategies discussed throughout the interview series with Frank

15:57 - Closing remarks and disclosures

Advance Your Wealth - Interview Series (Frank Seneco: Part 2)

Homer Smith — Mon, 09 Aug 2021 09:00:00 -0400

In the second installment of our interview series, on Advance Your Wealth, Homer is joined by Frank Seneco, President of Seneco & Associates, Inc., to discuss advanced insurance planning strategies and how they relate to wealth management as a whole.

Listen as Homer and Frank discuss the strategies behind private placement life insurance, as well as the value they creates. PPLI is a version of a life insurance contract that is used frequently by high net worth individuals because of the various benefits it possess.

So sit back, relax, and enjoy the second part in our three-part interview series with Frank!

Timecodes:

0:15 - The idea behind Private Placement Life Insurance policies

3:25 - There are some rules that need to be followed in this space

5:20 - The ideal candidate or someone who qualifies for this type of insurance

7:27 - How to take advantage of the tax mitigation strategies within this policy

11:20 - This is almost a tax-free solution

13:04 - The mistakes investors make when considering these private placement plans

15:30 - Closing remarks and key takeaways from today's conversation

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Advance Your Wealth - Stress Testing for Successful Business Owners

Homer Smith — Tue, 27 Jul 2021 09:00:00 -0400

In the latest installment of Advance Your Wealth, Homer and Ryan circle back to the stress testing process and the countless benefits it provides for businesses.

As discussed in prior episodes, there are a wide-variety of challenges facing business today. But through regularly stress testing the business's portfolio, you can mitigate any unfavorable circumstances and ensure the business is on track to achieve desired goals.

So sit back, relax, and enjoy another thought provoking conversation that is sure to leave you considering the stress testing process for your own business!

Timecodes:

0:07 - Overview on today's topic

1:50 - What a stress test entails for a business owner

3:50 - The importance of stress testing on a periodic basis

5:00 - Where the human element comes into play during the stress testing process

6:15 - Stress testing can help fine tune general, but also specific issues within the business

7:52 - How stress testing can be utilized within exit planning

9:30 - How stress testing can play a role within asset protection planning

10:30 - Stress testing's role within retirement planning for business owners

12:00 - How a business owner can decide whether or not stress testing is worth pursuing

13:25 - Final remarks and how stress tests can address our ever-changing financial landscape

15:08 - Closing remarks

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Advance Your Wealth - Interview Series (Frank Seneco: Part 1)

Homer Smith — Thu, 15 Jul 2021 09:00:00 -0400

In the first installment of our interview series, on Advance Your Wealth, Homer is joined by Frank Seneco, President of Seneco & Associates, Inc., to discuss advanced insurance planning strategies and how they relate to wealth management as a whole.

Bringing over three decades worth of experience in the financial services sector, Frank is no stranger to this subject and provides services across the nation, as well as internationally. Frank believes in services that best meets the clients needs!

So sit back, relax, and enjoy the first part in our three-part interview series with Frank!

Timecodes:

0:20 - Background information on Frank Seneco and his experience in the financial services sector

1:40 - An overview on the Benefit-Focused Defined Benefit Plan and how its value can be maximized

3:17 - Why so few people have heard of this particular plan

4:20 - The type of business owner or business structure this plan makes sense for

6:32 - The biggest opportunities Frank sees when reviewing retirement plans for clients

8:40 - This is a plan that focuses benefits towards the owner

9:58 - How life insurance fits into this type of plan

11:25 - Summarizing this plan once more and who it truly applies to

12:30 - Closing remarks

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Advance Your Wealth - Should You Be An Executor?

Homer Smith — Tue, 13 Jul 2021 09:00:00 -0400

In the newest installment of Advance Your Wealth, Homer and Ryan explore the inner-workings of what it means to be an executor. When asked by a family member or close friend, it may be difficult to say no to this role. However, it's crucially important that you understand the role itself, and the responsibilities it comes with, before accepting the position.

When an individual becomes an executor for a given estate, they are tasked with numerous things. Not only do they need to track down the assets linked to the estate, but they also need to ensure any outstanding debts or liabilities are paid off. Not doing so, presents an element of personal risk for the executor themselves.

So sit back, relax, and enjoy yet another provoking conversation surrounding the duties of an executor, which will have you considering if you're fit for the job.

Timecodes:

0:07 - Overview on the topic of the day

1:51 - What is an executor and what does their position entail?

3:00 - Why someone shouldn't accept this responsibility immediately

4:16 - The initial steps an executor needs to take

5:35 - The challenge of finding all of the estate's assets

6:40 - Advice for executors searching for all the assets

8:45 - Advice for executors when dealing with debts and taxes

11:30 - What the level of risk looks like personally for the executor

14:14 - When approached by someone and asked to be an executor, how to handle that conversation

15:43 - Closing remarks

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Advance Your Wealth - Quarterly Themes (Q3 - 2021)

Homer Smith — Tue, 06 Jul 2021 09:00:00 -0400

In this installment of our Quarterly Themes, Homer highlights several key investment themes Konvergent Wealth Partners are exploring of late. Listen as he reviews not only the Q2 market and economic performances, but also their outlooks for Q3 and beyond.

Despite some bouts of volatility, the market performed well throughout Q2 and even reached a new all-time high!

Finally, Homer showcases some wealth planning strategies to help manage your wealth throughout all seasons and their various circumstances.

Timecodes:

0:07 - Introduction and the agenda for this episode

1:20 - Beginning full review on Q2's investment themes

6:00 - What we learned throughout Q2

10:34 - Despite concerns of slowing growth, the economy begins Q3 in Quad 2

13:10 - GDP & Inflation expected in Q3

15:22 - How we are planning to invest in Q3

16:03 - Overview on the importance of managing your wealth for all seasons

21:26 - An offense only strategy when it comes to diversification

25:15 - Summary on wealth strategies for all seasons

26:15 - Closing remarks

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Monthly Market Update - May 2021

Homer Smith — Wed, 23 Jun 2021 09:00:00 -0400

In this installment of our Monthly Market Update, Homer examines the market’s performance throughout May 2021, the economic data behind the market’s performance, and the death of the 60/40 Portfolio.

Overall, the S&P 500 remained a relatively flat month, showing some fluctuation as the month progressed. Also, as expected, Homer noticed Industrials and Financials outperformed the Broader Market, showing slight growth.

So sit back, relax, and enjoy Homer’s insights on last month’s market trends and what we can expect as we move throughout the summer as a whole!

Timecodes:

0:07 - Overview on today's Market Update and topics of discussion

0:58 - May's market performance overview, beginning with S&P 500

1:52 - Industrials and Financials outperformed the Broader Market

3:07 - The economic indicators Homer's team is analyzing regularly

4:50 - Analyzing GDP and inflation throughout recent history

6:15 - The Death of the 60/40 Portfolio

8:28 - True diversification requires four macro quadrants

10:40 - Asset correlation pertaining to the 60/40 Portfolio

11:50 - Summary of the Market Update

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Advance Your Wealth - The Five Mistakes of Successful Family Businesses

Homer Smith — Fri, 04 Jun 2021 09:00:00 -0400

In the most recent installment of Advance Your Wealth, Homer explores the five key mistakes being made by successful family businesses today.

Running a successful family business takes a tremendous amount of both working hard and working smart, all while navigating family dynamics. These dynamics can be ever-changing and require ongoing efforts to address them. Throughout Homer's time at Konvergent Wealth Partners, he's worked with countless family businesses to help them avoid these critical wealth planning mistakes and wants to share the tips with you.

So sit back, relax, and enjoy another thought-provoking conversation that could help with the wealth planning strategies of your own family business!

Timecodes:

00:08 - Overview on the topic of the day

02:17 - Why wealth planning overall needs to be at the forefront of a family business

04:38 - Family businesses working with the wrong wealth management professional

06:35 - What type of wealth planner should a family business be looking for

07:30 - The importance of having an over-emphasis on tax planning

09:30 - The issues occurring when a matriarch or patriarch are secretive with family business information

11:15 - You must continue to update your wealth plan over time

13:45 - It's okay to sell to an outside party or someone outside of the family

15:50 - Final pieces of advice for family business owners to address these issues

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Advance Your Wealth - Three Reasons Life Insurance Should Be Part of Your Wealth Plan

Homer Smith — Tue, 04 May 2021 09:00:00 -0400

In this installment of Advance Your Wealth, Homer and Ryan dive into the topic of life insurance, which is a topic that doesn't often get people excited in the same way other financial solutions like stocks do.

However, life insurance is actually one of the most flexible and versatile tools that you can use in your overall wealth planning toolkit.

So sit back, relax, and enjoy another enlightening conversation surrounding how these policies can be harnessed and utilized to better position your financial portfolio.

Timecodes:

00:50 - Why life insurance should be a key component within wealth planning

02:00 - Everyone should be developing a wealth plan overall

03:00 - The focus with life insurance is more geared towards the person, not the product

03:50 - Are there signs people should be looking out for when it comes to this?

05:50 - The specific role live insurance can play within financial planning processes

06:05 - What makes life insurance policies so versatile

07:23 - There are multiple goals that life insurance can help people strive towards

11:08 - How these policies can help address a future need

12:30 - How life insurance can help entrepreneurs of today

14:10 - How this life insurance conversation plays a role within the stress testing process

15:00 - Closing remarks

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Advance Your Wealth - A Family Constitution

Homer Smith — Tue, 23 Mar 2021 09:00:00 -0400

One of the biggest concerns facing affluent families today is how to manage their wealth so that it achieves many goals. Their focus could be continuing to grow their wealth as it is transferred to younger generations, or aligning the use of that wealth with the values and ideals the family holds dear, or even protecting that wealth from creditors and others who might seek to take it unjustly.

Often the best place to start, is to ensure that your family members are aligned and “on the same page” when it comes to key issues. A family constitution can be a great way to get that process going.

In this episode, Homer and Ryan explore the inter-workings of a family constitution and how it can play such a vital role in a family's financial planning. Perhaps it's something you should consider?

So sit back, relax, and enjoy another insightful conversation surrounding family asset management.

Timecodes:

00:37 - Overview on the episode's topic

02:00 - Unique challenges that arise when families work together to manage their assets

03:20 - The biggest wealth-related issue that pops up for affluent families

04:25 - What families can do to ensure all are aligned when it comes to their finances?

05:03 - How a family constitution can promote better family relationships

07:15 - The process of drafting a family constitution

09:15 - How many people from a given family should be involved in the financial discussions?

10:50 - Additional advice to ensure the family constitution remains relevant over time

11:40 - Who can families turn to in order to ensure the family constitution is adhered to

13:12 - Summary of reasons why an affluent family should consider a family constitution

14:53 - Closing remarks

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Advance Your Wealth - Key Issues Facing Successful Families and Business Owners

Homer Smith — Thu, 18 Feb 2021 09:00:00 -0400

Over the last year in particular, private business owners have faced significant challenges from the pandemic and resulting lockdowns with many businesses unlikely to open again. Even without pandemics and lockdowns, business owners face all sorts of challenges that may not seem obvious to the naked eye. Many businesses fail under normal economic conditions and those that do make it require significant time and sacrifice by the owner and their family with only a small percentage truly creating significant family wealth.

In the fourth episode of Advance Your Wealth, Homer and Ryan explore the key issues that successful families and business owners are facing in today's climate. Through collaboration and efficient planning, Homer and his team at Konvergent Wealth Partners are offering solutions to help this small group who have enduring success.

Sit back, relax, and enjoy another great episode that provides clear guidance on how to navigate these complex financial issues.

Timecodes:

01:00 - Businesses of all sorts have faced countless challenges during the pandemic

02:20 - Implementing a three-step process to ensure your business thrives

04:00 - The challenges impacting business owners face on an everyday basis

05:13 - What are the drivers that lead a business to become difficult to run

06:40 - The missing link for businesses lacking consistent growth

08:55 - For the businesses that grow to the next level, what are the next challenges?

11:04 - How Homer's team is addressing the needs of the business owner

13:55 - How often the personal goals conversation comes into play

18:08 - The Konvergent Virtual Family Office

21:00 - Closing remarks

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Advance Your Wealth - What Makes Good Wealth Managers Great

Homer Smith — Wed, 17 Feb 2021 09:00:00 -0400

Wealth managers are usually focused on the cold, hard numbers of your estate. They want the best for your dollars and cents because they think that will keep you happy. However, it's this mindset that keeps them from ascending to the next level of wealth management.

In the third installment of Advance Your Wealth, Homer and Ryan investigate the key ingredient that makes good wealth managers great. It all comes down to the human element! If your advisor effectively understands your personal and professional goals for the future, they can cultivate a better strategy and ultimately preserve your wealth for generations to come.

So sit back, relax, and enjoy Homer's discussion surrounding his practices at Konvergent Wealth Partners and why your personal goals are just as important as the numbers on your spreadsheet.

Timecodes:

02:28 - Why you should be demanding more from your financial advisor

03:50 - What is the missing link in the advising process?

04:45 - What the human element entails

06:08 - Why is the human element so important on the wealth management side

08:27 - Why Homer believes the human element plays a role during stress testing

10:40 - Instances where the stress testing process reveals no issues with the estate

12:30 - How Homer would select his personal financial advisor

15:00 - The importance of listening to the needs and concerns of the client

16:59 - The steps you should take today to get a great financial advisor

18:50 - Closing remarks

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Advance Your Wealth - Five Mistakes Affluent Families Make

Homer Smith — Mon, 21 Dec 2020 09:00:00 -0400

Typically, years of hard work and dedication to a job allows individuals to cultivate wealth for their family. Once they have it, the number one concern shifts to keeping it and establishing a lasting legacy for generations to come.

In the second installment of Advance Your Wealth, Homer and Ryan investigate strategies to protect and secure wealth. With over 18 years of industry experience, Homer is accustomed to having these conversations with clients and can identify the five major mistakes made by affluent families today.

Sit back, relax, and allow Homer to share what these mistakes are and which steps you should take now to avoid making them yourself!

Timecodes:

00:51 - Overview on the episode

01:50 - Why it's so important to thoroughly analyze your homeowners insurance

03:25 - The five big mistakes affluent families make

05:32 - An example of conversations Homer has surrounding liability insurance

06:43 - What are some signs of simple or adequate coverage, not complete coverage?

08:03 - What are some insurance pitfalls to avoid for those owning multiple homes?

09:30 - How failing to list a trust or LLC on a homeowner's policy could lead to issues

10:33 - Where do intricate home constructions or amenities fall in the coverage conversation

12:44 - Mistakes families are making when it comes to insuring their collections and valuables

15:02 - The next steps you should be taking to protect yourself and your wealth

17:50 - Homer and his team at Konvergent Wealth Partners can help you take the next step

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Advance Your Wealth - Stress Testing

Homer Smith — Thu, 03 Dec 2020 09:00:00 -0400

In the inaugural episode of Advance Your Wealth With Homer Smith, Host Ryan Ruff is joined by the man-of-the-hour, private wealth advisor with Konvergent Wealth Partners, Homer Smith. Homer brings over 18 years of industry experience to the show and strives to help clients achieve their goals.

Listen as Homer and Ryan dive into the vitally important process of stress testing your personal or business finances. In order to assess the risks facing your estate or business, Homer and his team break down all of the elements contributing to your personal wealth, including saving plans, financial goals, and even retirement strategies.

Sit back, relax, and allow Homer to shed light on the importance of performing regular stress tests on your finances to mitigate potential issues and surprises!

Timecodes:

00:15 - What listeners can expect on the show moving forward

01:09 - Homer's 18 years worth of experience in the financial sector

04:10 - What is a stress test and how it can be applied to one's financial situation?

06:20 - Why is stress testing a necessary process?

07:30 - What are the three main ways a stress test can be utilized

08:21 - What prompts someone to come in and meet with Homer for a stress test

09:30 - An example of how a stress test saved Homer's client from making a mistake

11:58 - What are the keys to making sure a stress test is done well?

13:45 - The human element at play during stress tests

16:00 - The four step process conducted during Homer's stress testing efforts

19:50 - What does a stress testing appointment with Homer looks and feels like

24:00 - Where you can go to get a stress test performed on your finances

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