Financial Planning Archives

Should Your Children Play a Part in Your Business Succession Plan?

Written by Jeff Diamond, AIF® on January 26, 2022.

Familial Considerations for the Next Generation of Your Business

When you view your business succession plan from a strictly financial standpoint, you’ll cover a lot of ground. You’re likely to think through things like market valuations, trust strategies, taxes, and more. What you might fail to put enough thought into, however, is the more personal aspect of business succession. Specifically, you’ll need to decide whether to include your children in your plans for maintaining the infrastructure of your business after your eventual retirement or death.

If you have adult children with an interest in taking over your company, you’ll need to plan for efficiently transferring both equity and control – as well as how to do so fairly. Below, we’ll talk through four considerations to keep in mind as you explore the more personal and familial aspects of your business succession planning.

Ask These Five Questions When Selecting a Retirement Plan Consultant

Written by Zachary Morris, CFP® on January 12, 2022.

Ensure You’re Getting the Right Professional Assistance in this Complex Area of Your Business

As a business owner, you have enough on your plate without tackling all that’s required of you as a retirement plan sponsor. It’s complex, to say the least, and the growing number of court cases around mismanagement of retirement plans means the stakes are high to get it right. That’s why so many businesses rely on a trusted retirement plan consultant to help them navigate plan governance, design, oversight, fiduciary responsibilities, and more.

If you have determined that you need a skilled assist in this area, it’s critical to select the retirement plan consultant that’s best for you. While every company’s needs are unique, there are a few baseline questions you should ask any consultant you’re considering, and we recommend starting with the five questions below.

Four High-Impact Financial Resolutions for the New Year

Written by Jeff Diamond, AIF® on December 19, 2021.

How to achieve a more prosperous 2022

Reflecting on the ups and downs of the current year and setting financial resolutions for future goals is a longstanding tradition to usher in the new year. What better area for focused, deliberate improvement than your finances? If you want to turn your finances around or simply experience more prosperity in 2022, you need to keep three key factors in mind: earnings, expenses, and savings.

If you’d like to improve your finances in the new year, consider the four financial resolutions below.

Zach Morris is Interviewed for Remarkable! Radio Show | Financial Advisors around the Country

Written by admin on December 17, 2021.

Mark Imperial, host of the Remarkable! Radio Show, sits down with Zach Morris, as part of a series spotlighting remarkable financial advisors from around the country. Zach shares why he founded Paces Ferry Wealth Advisors, the importance of the client experience, setting clients up for retirement success, and whether the pandemic has changed financial planning. Zach and Mark discuss why steady hands prevail in any type of environment, and why a full financial plan is more important to clients than simply focusing on a particular level of risk.

Zach Morris | Remarkable! - Hosted by Mark Imperial

Host of the Remarkable! Radio Show and marketing and client acquisition specialist, Mark Imperial sits down with Zach Morris, Wealth Advisor and Founder of P...

Remarkable! Radio Show | People, Places And Things You Should Know

Learn More about Mark Imperial On LinkedIn.

Radio Show Host Spotlights Brands, Business, Professionals, and Experts On Real Radio ✪ Digital Marketing Consultant

OTHER PACES FERRY NEWS

Zach Morris Provides Perspective on How to Talk to Your Parents about Estate Planning in a Recent Article for The Balance

In an article published by thebalance.com, Co-Founder Zach Morris offered his insight and expertise on how you can best talk to your parents about estate planning, and why it’s so important to start the discussion now. Here’s a snip of the article: Discussing estate planning with your parents is a conversation that can be difficult […]

Paces Ferry Wealth Advisors, LLC is a registered investment advisor with the U.S. Securities and Exchange Commission (“SEC”). This material is intended for informational purposes only. It should not be construed as legal or tax advice and is not intended to replace the advice of a qualified attorney or tax advisor.

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.

Should Your Children Play a Part in Your Business Succession Plan?

Familial Considerations for the Next Generation of Your Business

Ask These Five Questions When Selecting a Retirement Plan Consultant

Ensure You’re Getting the Right Professional Assistance in this Complex Area of Your Business

Four High-Impact Financial Resolutions for the New Year

How to achieve a more prosperous 2022

Zach Morris is Interviewed for Remarkable! Radio Show | Financial Advisors around the Country

Planned Upcoming Tax Changes for 2021

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

Understanding the Most Common Types of Employee Equity Compensation Plans

What You Need to Know About These Valuable, Complex Benefits

7 Steps to Building Your Family Financial Plan

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

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

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

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

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

THE BIRTH OF A GRANDCHILD

THE BIRTH OF A GRANDCHILD

Familial Considerations for the Next Generation of Your Business

Ensure You’re Getting the Right Professional Assistance in this Complex Area of Your Business

How to achieve a more prosperous 2022

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

What You Need to Know About These Valuable, Complex Benefits

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

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

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

Experts Offer Key Assistance in this Complex Landscape

THE BIRTH OF A GRANDCHILD