Explore TAG Advisory Services’s latest blog posts, expert advice, news, and commentary. Learn more about the features of our innovative blog here.
How One Advisor Is Ahead of the Game After Retiring with TAG 2.0
We invite you to watch a video interview featuring Larry Faretta and Eric Majka, the latest successful TAG TEAM at TAG 2.0, moderated by TAG 2.0 National Sales Manager John Cadigan. Here are the highlights:
Successful longtime financial advisor Larry Faretta recently began thinking about transitioning his practice into retirement. As he said, “Age was probably the most dominant factor and motivator — the inescapable movement of the clock. It was time to start looking out for my clients and developing a succession plan that made sense.” When clients began asking “What happens to me if something happens to you,” Larry knew he had to have a good answer.
One of Larry’s most important priorities when thinking about transitioning his practice was finding someone to take over who would really take the time to get to know his clients and their dreams, goals and preferences, before he might have to leave his practice, either by choice or emergency. Fortunately, he...
What Will it Take to Finally Create a Succession Plan?
It is often not the lack of will, but the lack of impetus that prevents advisors from their own succession planning. Sometimes all you need is a compelling enough reason to start! Financial advisors spend their careers assisting clients and helping create plans to drive and maintain financial wellness. But just like the proverbial shoemaker, they’re not planning for their own future unknowns.
From developing financial plans, to estate planning and risk management, financial planners play...
Surviving Spouse Financial Checklist: Preparing For The Road Ahead
While no one wants to think about their spouse passing away, a simple guide to what needs to be done immediately following a death can be helpful in reducing some of the confusion and uncertainty a life partner often experiences following a devastating loss. As this article points out, there are important financial decisions to be made to prepare the surviving spouse for their future, including sorting through all pertinent legal and financial documents. Your team of trusted advisors can play an important role during this difficult time, helping to facilitate prudent decisions, and shouldering some of the responsibility your spouse shared while they were alive.
No Succession Plan? You Could Be Flirting with Disaster
Too many financial advisors are playing a dangerous game of “kick the can” with their business continuity or succession plans, whether through procrastination or a genuine fear of what that plan might look like. According to Cerulli Associates, 38% of advisors will age out of the industry over the next decade—that’s 110,000 advisors— and the Financial Planning Association finds that only around 11% of them have a comprehensive succession plan in place. And that’s a problem.
How to Prepare for Transgenerational Wealth Transfer
Cerulli Associates anticipates a migration of $68 trillion to the next generation over the next 20 years. There are a number of things both parents and children should do to prepare if they expect to be part of this historic transgenerational wealth transfer.
Steps for Parents
1. Ensure Your Estate Plan Is Up To Date
Planning for what happens to your estate after you die should be an integral aspect of your overall financial management strategy that can:
What Do We Tell the Children? Intergenerational Talks About the Family Business and Wealth
Because money is often a touchy subject, families who’ve accumulated wealth and built enterprises likely don’t spend enough time considering how to discuss money with their children. To further complicate the situation, older and younger generations often have different questions and concerns about their own financial futures. This disparity—and the challenge of clear communication between generations and each side seeing the other’s concerns, needs, and perspectives—often causes issues during the transition of a family business.
This article discusses when and how to have these conversations, recommending planning a series of conversations, each with a different focus, in an environment where all parties feel comfortable sharing their perceptions and questions.
Transferring Wealth to Your Grandchildren
At TAG, we are often asked to advise on Transgenerational Wealth™ management, including Trust and Estate Planning and other wealth transfer strategies to directly benefit their grandchildren. Some clients are looking for ways...
Strategies for Talking About Money with Your Children
Empower Them to Adopt a Healthy Philosophy About Wealth
Paul Getty once said, “My wealth is not a subject I relish discussing.” He’s likely not the only one! Talking about money is a conversation that requires a delicate balance and some strategy. Affluent parents, leery of creating entitled children, may hesitate to talk about the details and nuances of their wealth. But keeping too many secrets can cause...
Q&A: Why Investors Should Consider Infrastructure
To improve America’s poor Infrastructure score, the current administration’s proposed infrastructure bill has garnered support. It recommends committing and investing over $2 trillion to improve the country’s infrastructure—like roadways, bridges, and public transportation—through the next eight years. Some experts suggest investors would also benefit from investing in the infrastructure. First, the plan will expand well beyond the initial infrastructure components to include other elements like potable water, education, broadband, and communication networks. Second, infrastructure asset owners/operators have offered reasonable yields some investors may like, considering 10-year U.S. Treasury bonds currently generate a paltry 2%. Learn more by reading the article.
America’s Infrastructure Scores a C-
The US loses about 6 billion gallons of treated water a day—enough to fill more than 9,000 swimming pools. And somewhere nationwide, a water main break occurs every two minutes—that’s 770 breaks per day. The country’s infrastructure—from aviation and bridges to broadband and energy to hazardous waste and levees and more—needs serious attention. The American Society of Civil Engineers’ Report Card for America’s Infrastructure, published every four years, details the condition of America’s infrastructure based on physical conditions of each category, and required investments for improvement. Let’s take a look at just one state, Massachusetts: of its 5,233 bridges, 9% were deemed structurally deficient just two years ago; the state will accrue $12.2 billion in drinking water infrastructure needs over the next 20 years, and the average motorist pays about $640 extra per year due to the effects of driving on bad roads, 25% of which are in need of repair. Read the report to learn more.