Author: Zachary Morris, CFP®

Having traveled to over 35 countries, Zach is a believer in Ralph Waldo Emerson’s statement that Life is about the journey, not the destination. Being a CERTIFIED FINANCIAL PLANNER™ provides Zach the opportunity to help clients define and realize their journey, and co-founding Paces Ferry Wealth Advisors, an independent firm, allows the freedom to define the client experience along the way.

Financial Literacy Month, Coronavirus and Financial Resilience

Written by Zachary Morris, CFP® on April 16, 2020.

How to Focus on Your Finances in the Month of April

Beginning 16 years ago, April was declared Financial Literacy Month as part of a strategy to enhance and increase nationwide financial literacy. It was implemented with the hope that it would lead to increased government advocacy of financial literacy programs, as well as spark more interest in programming already offered through schools, non-profit organizations, and businesses.

The creation of a month-long focus on financial literacy was a pointed acknowledgment of its importance in helping Americans gain necessary financial knowledge – knowledge that proves integral during a time of crisis like we are facing now with the COVID-19 (coronavirus) pandemic.

Though prevention is always preferable over a cure, it’s never too late to learn more and change your financial behaviors. Doing so can help you become more resilient in the face of financial adversity during times of personal or worldwide crisis. So, here are three ways you can personally celebrate Financial Literacy Month this year:

Tax News: IRS Announces Extended Deadline for 2019 Tax Returns

Written by Zachary Morris, CFP® on March 25, 2020.

As we continue to face uncertain times, the IRS has made a welcome announcement.

Treasury Secretary Steven Mnuchin has announced that the IRS has decided to extend the filing and payment deadline for 2019 tax returns, allowing taxpayers to defer until July 15. Mnuchin indicated this move will put $300 billion into the economy during a time of great economic concern over the consequences of the COVID-19 pandemic.

The payment deferment is subject to certain caps, however. Individuals may defer tax payments of up to $1 million, while corporations may defer up to $10 million. The limits were purposefully selected to benefit small businesses that report income through S corporations, partnerships or other pass-through entities.

Coronavirus: What the Viral Epidemic Means for Investors

Written by Zachary Morris, CFP® on March 4, 2020.

Last week saw the worst week on Wall Street since 2008, as the Dow fell into correction likely due to the outbreak and spread of COVID-19, commonly called novel coronavirus. A market correction is a nerve-wracking event for investors, but the current uneasiness in the markets is no cause for panic.

Market Impact

While the spread of COVID-19 is atypical, market correction is not. In fact, it’s an entirely normal process, and not altogether unexpected after experiencing the longest-running bull market on record. There have been 22 market corrections since 1974, and they are aptly named because the market usually “corrects” itself and returns prices to their longer-term trends. While the coronavirus is likely to cause economic impact into at least the second quarter of 2020, historically, Wall Street’s reaction to these types of epidemics has been short-lived, including in the recent past.

The Cash Balance Plan: A Pension Plan for High Earners

Written by Zachary Morris, CFP® on February 10, 2020.

If you’re a business owner, physician or self-employed individual, you likely face higher taxes than the majority of Americans. However, there are strategies you can use to keep more of your hard-earned money by reducing your tax liability and increasing your asset protection. One of these strategies is through a particular type of Defined Benefit Plan called the Cash Balance Plan.

Understanding the SECURE Act and How it Could Affect Your Retirement

Written by Zachary Morris, CFP® on January 8, 2020.

Learn more about the sweeping legislation designed to fight America’s retirement savings crisis

In May 2019, the U.S. House of Representatives passed the Setting Every Community Up for Retirement Enhancement Act, commonly called the SECURE Act. Designed to help tackle our country’s growing retirement savings crisis, the far-reaching legislation spent months tied up in the Senate. On December 19, 2019, it passed the Senate with a 71 to 23 majority.

Let’s take a look at a few standout provisions of the legislation and discuss what they could mean for you.

When Spouses Aren’t on the Same Spending Page

Written by Zachary Morris, CFP® on December 26, 2019.

Tips for Aligning Your Marital Money Attitude

Many married couples split household tasks and responsibilities, choosing to divide and conquer in an age of unprecedented busyness. For example, one spouse might handle grocery shopping while the other does all the yard work. One spouse might do daycare drop-off while the other handles the kiddos’ bedtime routine. It’s an effective and efficient way to run a household, especially if both spouses work. When it comes to money issues, however, these topics are best tackled as a team.

Spending, budgeting, and other financial issues can cause stress and anxiety, so many couples avoid these topics. However, since money issues are one of the leading causes of divorce, it’s important to work through the uncomfortable topics and get on the same spending page.

Here are five tactics for making sure you and your spouse agree on household spending and avoid money conflicts:

How Can Entrepreneurs and Executives Prioritize Their Financial Objectives?

Written by Zachary Morris, CFP® on November 27, 2019.

Everyone strives to be successful in their careers. You may spend long hours working hard to ensure the success of the company you work for or the one you’ve created. Success, however, is not only about what you produce at work and what you earn from that. Giving time to establish goals for your financial future will help you maintain financial security for the long-term.

Have You Written Your ‘Legacy Letter’ Yet?

Written by Zachary Morris, CFP® on November 1, 2019.

When you think about leaving a legacy for future generations, does your mind automatically associate this idea with financial assets? It’s normal to want to put an estate plan in place that will benefit your heirs, but you may want to think outside the box, too.

Why? Well, there are some things that money just can’t buy.

In truth, your legacy is about much more than just your hard-earned assets. You have a wealth of life experience and wisdom to share, too. A great vehicle for preserving this intangible type of asset is a Legacy Letter.

Was It Worth It? Advisors Reflect on Joys and Pains of Moving

Written by Zachary Morris, CFP® on October 14, 2019.

by: John Kimelman

Reading the trade press and the almost daily deluge of advisors jumping from firm to firm, you might think switching firms is a quick and easy task.

But regardless of whether you’re going independent, joining another wirehouse or shifting to a regional firm, moving presents enormous risks to advisors who want to preserve their book of business and transition assets while also avoiding legal trouble from their former firm or ending up at the wrong place.

Three advisors who moved since last summer and agreed to speak to AdvisorHub about their move generally report that the process has gone smoothly thanks to careful planning, patience in dealing with unexpected surprises and a loyal client base who was willing to follow.

Author: Zachary Morris, CFP®

How to Focus on Your Finances in the Month of April

Social Media and Viral Laughs are Important for Self-Care, Doctors Say

Market Impact

Learn more about the sweeping legislation designed to fight America’s retirement savings crisis

Tips for Aligning Your Marital Money Attitude