Succession Planning: 7 Critical Steps

Succession planning is a critical process that impacts both investors and their investment advisors. Understanding this process ensures that clients' financial interests are protected and that advisors can smoothly transition their businesses when necessary. Here’s a guide to help you and your investment advisor navigate this important journey together.

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For Women of Wealth, Business Leaders, and Financial Planning Professionals 

Purpose-Centered Financial Planning: Aligning Your Financial Goals with Your Values

In today's complex financial landscape, many individuals and business owners struggle to find financial advice that truly aligns with their values and long-term goals. Purpose-Centered Financial Planning aims to bridge this gap by focusing on What Matters Most to clients, offering a holistic approach that integrates their personal and professional aspirations.

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The Salty Advisor Podcast May 10, 2024

Season 3

Episode 1

•Introducing The Doug Carter Library

•The Brazos River Update 

•Happy Mother’s Day

•What’s Next

Executive Life Coaching for Women of Wealth, Business Leaders, and Financial Planning Professionals

Episode Page

Watch on YouTube - Click Here

In this season of The Salty Advisor Podcast, we pay tribute to the life-changing principles imparted by our mentor and Executive Life Coach, Doug Carter. For almost 20 years, I have been a part of the Doug Carter Summit along with a beautiful community of Financial Planning Professionals. We’ve all had the privilege of one-on-one executive coaching sessions with Doug throughout our careers.

Welcome to Day 7 of "30 Days to Make Your Money Count." Today, we embark on a journey of self-discovery and clarity as we explore the importance of defining what matters most to you.

Click Here to Download Chapter 3 Powered by Purpose

The Millionaire Next Door was written by Thomas J. Stanley and William D. Danko. The Millionaire Next Door was originally published in 1996.

The book explores the concept of wealth accumulation and challenges common misconceptions about millionaires.

The authors conducted extensive research to understand the characteristics, habits, and lifestyles of millionaires in the United States.

The main premise of the book is that many millionaires are not the flashy, extravagant individuals often portrayed in the media.

Instead, the millionaires next door tend to live modest and unassuming lives. The authors identify seven key characteristics of these “millionaires next door”:

1. Frugality: Many millionaires are diligent about controlling their expenses and living within their means.
2. Savings and Investing: Millionaires focus on saving a significant portion of their income and investing wisely. They prioritize long-term financial goals over short-term consumption.
3. Education: Education is highly valued among millionaires. They tend to be lifelong learners and invest in their own knowledge and skills.
4. Entrepreneurship: A significant portion of millionaires are self-employed or own small businesses. Entrepreneurial ventures have contributed to their financial success.
5. Avoiding Debt: Millionaires tend to avoid excessive debt and are cautious about taking on financial liabilities.
6. Ownership of Appreciating Assets: Millionaires often invest in assets that appreciate over time, such as real estate, stocks, and businesses.
7. Discipline and Persistence: Achieving millionaire status requires discipline, hard work, and perseverance over the long term.

Watch the Video - Click Here!

Over the last decade a small, secret group of Jesus Followers have been working to raise up a new breed of wealth managers. 

This special group of wealth managers is focused on helping people create a better plan for using their money, to make a difference. To make a difference in their communities. To make a difference in culture. To make a difference, in the world. And, as always, to make a difference in the lives of the people they love. 

We all know, that true wealth, is not about having more toys and trinkets. True wealth is about influence, and impact. 

Money is tangible, but money is also emotional in nature. It's necessary for the exchange of goods and services, but money is also, often, what divides spouses and families. Money is a primary source of permanent scars among loved ones. It's used to rebuild entire nations and their infrastructure, but money is equally vitalto support the poorest among us, for food and shelter.

If you're a Financial Advisor, and if you want to learn more about our special group of financial influencers, join me, on The Salty Advisor Podcast. 

In each episode, we take a fresh dive into the principles, and the process, of building wealth. If you're ready to take your Financial Planning Process to the next level, Join Us Today.

Watch this Video - click here!

Hey Amazon employees, welcome to an enlightening episode of The Missional Money Podcast. Today, we're exploring Amazon 401k Optimization Strategies with an eye on maximizing returns and minimizing risk. Back in 2019, Nick had $100,000 invested solely in the VANGUARD TARGET 2040 Blended Fund. However, after meeting with me (Jim Munchbach, CFP® Professional, for a quick Financial Planning Review, I suggested that Nick consider putting a couple of my favorite investment strategies to work in his Amazon 401k plan. I wanted to test my marketing team with our new army of AI soldiers (too many to list here in this post, much more to come in future posts about AI and the AI Tools we use at BayRock Financial). 

Watch this Video in YouTube!

Welcome to BayRock! Our Client Onboarding Process is designed to set the stage for your financial success. 

Our Mission

At BayRock, we’re dedicated to helping individual investors, families, and business owners manage the risk and opportunity of everyday life, recover from the unexpected, and realize their highest purpose. We’ll be here every step of the Financial Planning Process, including the client onboarding process. Let’s take a few minutes to highlight the first steps we employ to ensure a smooth and seamless transition to help you get started as a new BayRock Client.

Step 1: Quick Call To Kick Things

Once you’ve decided that you’re ready to start working with us, we’ll schedule a quick call to go over the next steps and review all the information that’s already been gathered. This helps us to know if we’re missing anything so we can start preparing your paperwork to get the ball rolling.

Step 2: Get Your Risk Number

To initiate the Financial Planning Process, you will complete a quick risk questionnaire. This questionnairecomprises a series of targeted questions designed to evaluate your financial goals, investment knowledge, time horizon, and risk preferences. By analyzing your responses, RiskAlyze generates valuable insights into your risk tolerance and creates Your Risk Number. Click here to Get Your Risk Number.

Watch the Video - Click Here!

• What is Fiduciary Advice by Investopedia
• What is Fiduciary? Let's Ask Clark
• Independent Fiduciary Advice vs. Financial Advisor
• Fiduciary Advice vs. Financial Planning Education
• Fiduciary Advice vs. Financial Coaching 
• Independent Fiduciary Advice Fee Structure
• Hidden Fees and Conflicts of Interest
• Fiduciary Advisory Client Onboarding
• Client Onboarding Risk Tolerance
• Client Intake Forms
• Client Onboarding Legal Documents
• Client Onboarding Agreements
• Fiduciary Advice and Advisor Coordination
• The Financial Planning Gap Analysis

Watch the Video - Click Here!

Missional Money Membership for Financial Advisors. Get full access to our RightCapital Planning Portal, all Premium Courses, What Matters Most, The Blueprint, and much more. Lock in our introductory price of $24.95 per month.

INFORMAL noun

a number of experiences or achievements that a person hopes to have or accomplish during their lifetime.

"making this trip is the first thing on my bucket list"

What's On Your Bucket List?

• Do you have a Bucket List? 
• Do you have a plan for your Bucket List?
• 3 things I have on my Bucket List

Click here to watch this episode on YouTube!

In today’s episode, I'll be talking with my friend Mark Pace about The Referral Multiplier. Over the years, we've been blessed to get a steady stream of referrals from clients, friends, and associates. But "Asking for Referrals" is honestly something I've been hesitant to do for most of my career. In this interview, I learned a lot about myself and some of the reasons I am hesitant when it comes to Asking for Referrals.

Asking for Donations requires skill, in this episode we'll share some tips, tools, and strategies for Christian Missionaries who need a better approach to Asking for Donations.

Does your Christian Missionary friend need a better approach when Asking for Donations? For anyone who wants to overcome your fear of asking for donations, or just become far more successful in asking for donations, here are a few tools, tips and strategies from my own experience and a couple of experts. Asking for donations is an essential skill for anyone trying to build support for a ministry. In this episode you will discover the power of community, alternative routes to reach a larger audience, and creative approaches to fundraising success.

Click here to get resources mentioned in this episode.

At BayRock, we’re committed to helping you protect your assets. One way we do that is by raising awareness of the increase in fraudulent investment schemes (“scams”) involving cryptocurrencies and digital assets. While investing involves taking some risks, being scammed shouldn’t be one of them. 

What do Investment Scams look like? 

Investment scams target investors by promising quick, guaranteed returns. Although “investment sales pitches” vary, using fraudulent cryptocurrency investment opportunities to entice targets is a common approach. 

Once targeted investors indicate interest, they are often instructed to wire funds abroad or to a third party’s personal account, or to transfer cryptocurrency. Fake websites and/or applications often create the illusion of a legitimate trading or investment platform and gain trust. However, once funds have been transferred, they are difficult to trace and retrieve. 

Investment Scams 5 Red Flags 

• “Guaranteed” high investment returns, supposedly with little or no risk, and sounding too good to be true.
• Unlicensed or unregistered sellers. Use Investor.gov to check out the background of anyone offering you an investment in securities.
• Skyrocketing account values. Investments that appear to rapidly increase in value are often fake.
• Fake testimonials. Investment Scams or Scammers often pay people to provide fake reviews, so never rely solely on testimonials in making an investment decision.
• Fake contacts. Take caution if someone approaches you through social media with an investment opportunity. Pretending to be a friend or to have a mutual acquaintance is a common tactic used to gain trust. 

Schwab Investor Resources

Set up your account alerts to always get notified when activity occurs in your account.

For more security tools and steps you can take, visit our SchwabSafe® to view our latest resources and learn more about how you can safeguard your personal information and assets. And while you’re at it, check out Schwab's Security Knowledge Center.

QuickStart is to BayRock what Gmail is to Google. It’s FREE and loaded with value. Gmail began by Invitation Only. If you received a link to one of our QuickStart videos, YOU’RE INVITED to Subscribe to BayRock's FREE QuickStart Planning Group. Upgrade to Fee Based Financial Planning whenever you're ready!

Gmail QuickStart Story

QuickStart is to BayRock what Gmail is to Google. When did you first hear about Gmail?

Back in 2005, I had a friend (Toby Wise) who sent me an email to let me know that he had discovered this really helpful resource called Gmail. After he opened his Gmail account, he was invited (by Google) to send out 25 email invitations to his friends. I received one of those Gmail invitations and it could not have come at a more perfect time. I just posted this video with my Hurricane Katrina story and how Gmail gave me the ability to make over $100,000 and pay off my house in about 6 months.

SMARTER Strategies and Better Results

Fee Based Financial Planning by BayRock delivers Smarter Strategies and Better Results because our planning process is simply SMARTER:

• S - SignUp To Begin
• M - Meeting Your CFP® Professional
• A - Analysis
• R - Recommendations
• T - Teamwork
• E - Evaluation
• R - Reevaluate and Revise

S - SignUp To Begin

Schedule Introductory Meeting Anytime

• Meet Your CFP® Professional
• Learn more about Fee Based Financial Planning at BayRock
• Booking Link: CFPConsult.com

M - Meeting Your CFP® Professional

Schedule Discovery Meeting (typically 60 – 90 minutes)

During this 90 minute Discovery Meeting, our Certified Financial Planner™ professional will get crystal clear on your financial goals, needs, and concerns.

Before the Discovery Meeting, we will ask you to complete our “Client Intake Form” and we will set up your secure document vault.

• Complete Client Intake Form
• (click here to download PDF)
• QuickStart Financial Planning by BayRock

  QuickStart is to BayRock what Gmail is to Google. It’s FREE and loaded with value. Gmail began by Invitation Only. If you received a link to one of our QuickStart videos, YOU’RE INVITED to Subscribe to BayRock's FREE QuickStart Planning Group. Upgrade to Fee Based Financial Planning whenever you're ready!

  Gmail QuickStart Story

  QuickStart is to BayRock what Gmail is to Google. When did you first hear about Gmail?

  Back in 2005, I had a friend (Toby Wise) who sent me an email to let me know that he had discovered this really helpful resource called Gmail. After he opened his Gmail account, he was invited (by Google) to send out 25 email invitations to his friends. I received one of those Gmail invitations and it could not have come at a more perfect time. I just posted this video with my Hurricane Katrina story and how Gmail gave me the ability to make over $100,000 and pay off my house in about 6 months.

  SMARTER Strategies and Better Results

  Fee Based Financial Planning by BayRock delivers Smarter Strategies and Better Results because our planning process is simply SMARTER:

  • S - SignUp To Begin
  • M - Meeting Your CFP® Professional
  • A - Analysis
  • R - Recommendations
  • T - Teamwork
  • E - Evaluation
  • R - Reevaluate and Revise
  
  

  S - SignUp To Begin

  Schedule Introductory Meeting Anytime

  • Meet Your CFP® Professional
  • Learn more about Fee Based Financial Planning at BayRock
  • Booking Link: CFPConsult.com
  
  

  M - Meeting Your CFP® Professional

  Schedule Discovery Meeting (typically 60 – 90 minutes)

  During this 90 minute Discovery Meeting, our Certified Financial Planner™ professional will get crystal clear on your financial goals, needs, and concerns.

  Before the Discovery Meeting, we will ask you to complete our “Client Intake Form” and we will set up your secure document vault.

  • Complete Client Intake Form
  • (click here to download PDF)
  • (click here to download Excel)
  • Set up your Client Document Vault
  • Review BayRock Privacy Policy and other Legal Documents (click here to download now)
  
  

  In your Financial Planning Course, we will provide instructions for using your secure document vault to securely upoad any financial documents you want to be a part of your “Gap Analysis”:

  • Tax Returns
  • Investment Statements
  • Estate Planning Docs
  • Insurance Policies
  
  

  The information you provide will allow our team to prepare for a productive Discovery Meeting.

  If BayRock isn’t the best choice for your family or business, we’ll gladly point you to another professional who can better serve your needs.

  A - Analysis

  Our Gap Analysis includes 20+ years of financial expertise, thousands of hours of research and training, and a focus on 7 Essential Elements of your Personal Financial Life:

  • Retirement Income and Expenses
  • Risk Management and Insurance Review
  • Estate Planning
  • Education Funding for Children and Grand Children
  • Tax Planning Strategies
  • Investment Strategies
  • Cash Flow Before, During, and After Retirement
  
  

  R - Recommendations

  With your Retirement Income Gap Analysis complete, your Certified Financial Planner™ professional will offer a second meeting (in person or virtually via Zoom) to review our findings and recommendations.

  In plain English, we’ll explain exactly what you can do to improve your retirement income plan.

  We will also answer any questions you have related to any of the items we identified as *Gaps* in your plan.

  At the end of this meeting, we’ll provide a proposal, including a menu of services with the associated costs so that you can decide if working with BayRock Financial is the best move for you and your family.

  If you need more time to think about it — no worries. We’re ready when you’re ready.

  T - Teamwork

  Like any doctor, it’s important to diagnose before creating a treatment plan or writing a prescription. After our Discovery Meeting, our team coordinates with your advisory team (in our office or via Zoom).

  • Your CPA
  • Your Family or Business Attorney
  • Your Insurance Agent(s)
  • Your Stock Broker (if needed)
  
  

  E - Evaluation

  We often need to evaluate more than one possible course of action, taking into consideration your life situation, personal values, and current economic conditions. Evaluation is an important part of any successful plan.

  Plan evaluation includes all of the major strategies that have been put in place for the purpose of achieving your goals.

  R - Reevaluate and Revise

  Your BayRock CFP® Professional will help you Review, Reevaluate, and Revise Your Plan as needed.

  Financial planning is a dynamic process and that doesn’t end after each step. We’re here to help you regularly assess your financial decisions. Changing personal, social, and economic factors may require more frequent assessments.

  If life events affect your financial needs, our Fee Based Financial Planning process can provide an easy way to adapt to those changes. A regular review of your financial plan (typically on an quarterly basis) helps us help you make any needed adjustments to bring your financial goals and activities in alignment with your vision, values, and purpose.

   Andy Panko on LinkedIn

  Andy Panko, CFP®, RICP®, EA. Flat-fee practitioner and educator of tax-efficient retirement planning and investment management. 

  About Andy Panko on LinkedIn

  Retirement planner & investment manager | Creator of YouTube channel, "Retirement Planning Demystified" | Moderator of Facebook group, "Taxes in Retirement" | Author of monthly newsletter, "Retirement Planning Insights" | Host of podcast, “Retirement Planning Education” | Originator of the acronym TERP...Tax-Efficient Retirement Planning.

  Owner & Financial Planner 

  ]]>19f43a15-c972-4779-8218-c421ce517748Fri, 12 Aug 2022 09:00:00 -050026:20falsefull11111Jim MunchbachSALTY Advisor Podcast LaunchSALTY Advisor Podcast Launching Soon!

  SALTY Advisor Podcast will launch later this summer but first we have to get the show published in iTunes, Stitcher, Amazon Music, Spotify, and everywhere podcasts are played. 

  Watch Video

  For Financial Advisors Only

  Maybe you've heard of the Missional Money Podcast where we help individual investors, families, and business owners manage the risk and opportunity of everyday life, recover from the unexpected, and realize their highest purpose. At Missional Money we focus on financial planning issues and we offer a wide range of resources for students of personal finance at the Bauer College of Business at University of Houston. SALTY Advisor Podcast will focus on Financial Advisors, specifically young Financial Advisors.

  What if I'm an old, salty advisor?

  It's okay! As long as you identify as a "young Financial Advisor" you can be a part of the new community!

  Much more is coming your way very soon. For now, thanks for listening to our Launching Soon Episode.

  ]]>SALTY Advisor Podcast Launching Soon!

  SALTY Advisor Podcast will launch later this summer but first we have to get the show published in iTunes, Stitcher, Amazon Music, Spotify, and everywhere podcasts are played. 

  Watch Video

  For Financial Advisors Only

  Maybe you've heard of the Missional Money Podcast where we help individual investors, families, and business owners manage the risk and opportunity of everyday life, recover from the unexpected, and realize their highest purpose. At Missional Money we focus on financial planning issues and we offer a wide range of resources for students of personal finance at the Bauer College of Business at University of Houston. SALTY Advisor Podcast will focus on Financial Advisors, specifically young Financial Advisors.

  What if I'm an old, salty advisor?

  It's okay! As long as you identify as a "young Financial Advisor" you can be a part of the new community!

  Much more is coming your way very soon. For now, thanks for listening to our Launching Soon Episode.

  ]]>04542b57-5ce1-48cb-a5ac-c66e5ed1511aWed, 20 Jul 2022 09:00:00 -050003:11falsebonusJim Munchbach