Paces Ferry Wealth Advisors | Financial Planning Blog

Choosing the Best Retirement Plan for Your Employees

Written by Zachary Morris, CFP® on December 6, 2021.

Review the Options to Determine the Best Employer-Sponsored Plan for Your Company

As a small business owner, you understand all the complexities that come with being responsible for not only yourself, your company, and your family – but for your employees, as well. While it’s easy to get bogged down in the day-to-day details of running your business, periodically taking stock of your company’s overall financial health is a great way to ensure that your business is in a position to thrive now – and for years to come. Consider the options, pros, and cons when trying to choose the best retirement plan for your employees.

Each day, you make decisions that affect your business. How can you be sure that you’re keeping the big picture in mind and that each decision you make is a sound choice for your bottom line and long-term business goals? Below we’ll share a simple but effective financial health checklist for your small business.

Small Business Financial Health Checklist

Written by Jeff Diamond, AIF® on November 15, 2021.

How to ensure your business remains strong now and into the future

Five Financial Tips for Small Business Owners

Written by Zachary Morris, CFP® on October 28, 2021.

Having a Firm Hold on Your Finances is Crucial to Your Company’s Success

Small businesses are vital to the U.S. economy, employing half of the private-sector workers in our country. They also create 1.6 million net new jobs annually, according to federal data. As of 2020, there are 31.7 million small businesses in America, which accounts for 99.9% of U.S. businesses.

Despite an integral part they play in the economy, small businesses often struggle to find success. In fact, the U.S. Bureau of Labor Statistics has reported that 20% of small businesses fail within the first year of opening and only one-third of businesses are able to survive the 10-year mark. The leading cause small businesses cite as the reason they were forced to shut their doors is – you guessed it – cash flow problems.

When it comes to the success of your small business, having a strong wealth management strategy in place and practicing smart money habits can play a significant role in your long-term success. Follow these five tips to help keep your business on track.

Planned Upcoming Tax Changes for 2021

Written by Zachary Morris, CFP® on October 15, 2021.

The 2021 Tax Year Is Bringing Some Surprises With It, but Here’s What We Do Know

Recently, there has been a lot of discussion about the tax plan put forth by the Democrats and the corresponding changes it may bring. While there is still a lot that is unknown, some of the upcoming tax changes are certain and can begin being planned for. Below is a summary of some of the items that will change in the 2021 tax season.

Financial planning provides a plethora of benefits; however, it also comes with many challenges considering it’s impossible to completely prepare for an unpredictable future. Despite the impossibility of being able to fully prepare for what the future holds, a smart financial plan can still provide you with the flexibility and strong financial foundation you need to respond to whatever it may bring.

Understanding the Most Common Types of Employee Equity Compensation Plans

Written by Jeff Diamond, AIF® on October 11, 2021.

What You Need to Know About These Valuable, Complex Benefits

Equity compensation can be an incredibly valuable employee benefit, but it can also be a complex subject matter to get your arms around. Not only are there multiple types of equity compensation, but each has unique characteristics you should keep in mind in order to maximize its value.

Below, we’ll discuss the most common types of equity compensation and dig into the potential challenges and unique benefits of each one so that you can make smart decisions for your financial situation – and avoid costly mistakes, too.

7 Steps to Building Your Family Financial Plan

Written by Zachary Morris, CFP® on September 27, 2021.

How to Develop a Comprehensive Financial Strategy to Set Your Family Up for Success

Every family will experience various stages of life and unexpected events as the members of that family grow. Having a strong family financial plan in place can help ensure that, no matter what your family encounters, you’ll remain on firm financial footing. Developing a comprehensive strategy for managing your money requires that you start with the basics – that means setting up a budget, paying down your debts, and building a solid safety net for emergencies. Depending on the family, it may also mean investing for retirement and starting a special savings account dedicated to future college costs.

Personal financial planning can be complicated enough, so financial planning for your entire family can be especially challenging. However, it’s not impossible. With dedication and deliberate care, you can make a family financial plan that works for everyone. No matter your family’s situation, there are key elements that should be included in any family financial plan. As you get started with yours, here are seven key steps to consider.

Small Business Employee Compensation Packages: Choosing What’s Right for You

Written by Zachary Morris, CFP® on September 13, 2021.

A Written Compensation Plan is Vital to Your Company’s Success

If you’re a successful small business owner, you likely have a solid business plan in place. However, if you’re like many entrepreneurs, you aren’t as adept when it comes to devising employee compensation packages. It can feel a bit like an afterthought when you’re focused on launching or growing your business, but determining the right compensation package may be critical to your long-term success. After all, the right compensation can assist you in recruiting top talent and in retaining your top performers.

As you consider your options, do so with your company’s overall strategy and values in mind. You want to be able to compete for the best talent, but without overextending your resources. Below we’ll discuss a few ways you can get started.

Emergency Funds: Why Everyone – Even High-Income Earners – Should Have One

Written by Zachary Morris, CFP® on August 23, 2021.

There’s a Reason so Many Experts Recommend this Safety Net

We’ve all heard the prevailing wisdom that everyone should have an emergency fund, but is it necessary for physicians, lawyers, and other high-income earners? This is a bit of a divisive question, with some financial experts continuing to push the dogma of having a cash reserve of at least three months’ salary set aside somewhere, and others making a sophisticated argument that an emergency fund doesn’t truly serve high-income earners.

It’s true that not every person’s financial needs are the same, but it’s still important for everyone to build and maintain an emergency fund regardless of income or assets.

Wherever you are in your career and financial journey, having a cash reserve set aside for a rainy day serves three important purposes.

Legacy Planning: Five Ways to Help Your Heirs Preserve and Grow their Inheritance

Written by Jeff Diamond, AIF® on July 12, 2021.

Don’t Skip this Often-Overlooked Step as You Plan the Disposition of Your Estate

Legacy planning, also called estate planning, is a long-term process. In fact, you’ve probably been engaged in it for much of your adult life, even if you didn’t realize it in the moment. Things like taking out a life insurance policy and naming beneficiaries on your retirement accounts are important steps in planning the eventual disposition of your estate and ensuring those you care about will be financially secure.

On the formal side of things, it’s important that you meet with an estate planning attorney, write a legal will, draft a durable power of attorney, and execute an advanced health care directive. In this article, however, we will examine an important legacy planning step that is too often overlooked: preparing your heirs to receive their inheritance – and helping them to preserve and grow it, as well.