Tag: Heller Wealth Management

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From Planning to Investments: A Deep Dive Into Our Services (Ep. 154)

From Planning to Investments: A Deep Dive Into Our Services (Ep. 154)

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Beyond managing your investments and portfolio, have you ever wondered what else financial advisors do?

Understanding the full scope of financial advisory services is essential to maximizing the benefits of your financial plan.

In this enlightening episode of Life Unlimited, host Larry Heller, CFP®, CDFA® explores the multifaceted role of financial advisors. He addresses common misconceptions and emphasizes that effective financial advising extends well beyond investment decisions.This episode provides a deep dive into how we create personalized financial plans for clients, addressing all aspects of their financial lives to ensure future preparedness. Tune in to learn how we can help you achieve financial security and peace of mind through our comprehensive financial planning and detailed strategies.

Key Points Covered:

  • Larry’s dedication to educating clients and alleviating financial anxieties
  • Clarifying the comprehensive role of financial advisors beyond just investments
  • The critical importance of financial planning before making investment decisions
  • Detailed financial planning processes: goals, time horizons, and financial needs
  • Components of financial planning: cash flow analysis, risk management, tax planning, investment management, estate planning, and retirement planning
  • Differentiating traditional investments (stocks, bonds, mutual funds) from alternative investments (private equity, private credit)
  • The importance of regular financial monitoring to adapt to life changes
  • Addressing client concerns: inheritances, safe retirement strategies, and account consolidation
  • Highlighting the transparency of fee structures and the importance of fiduciary duty
  • And More!

 

Resources:

► Services Triangle: https://acrobat.adobe.com/id/urn:aaid:sc:VA6C2:cfe5a4d5-2384-4a62-b76a-2921735e4cbf

► Our Approach: https://docs.google.com/document/d/1Qp3B-6EQsTptfRZT5792CIVvvo9yrXKrwBVLFZvJBj8/edit?usp=sharing

►  Is Your Portfolio Missing Out? With Alona Gornick [Ep. 143]: https://hellerwealthmanagement.com/is-your-portfolio-missing-out-the-rise-of-private-credit-with-alona-gornick-ep-143/

Connect with Larry Heller: 

00:00 Introduction to Life Unlimited Podcast

00:20 Reflecting on 150 Episodes

00:33 Understanding Financial Advisory Services

01:59 The Importance of Financial Planning

03:18 Diving into Investment Strategies

13:13 Exploring Alternative Investments

16:23 Who We Work With and Our Fee Structure

20:35 The Fiduciary Standard Explained

22:06 Conclusion and Contact Information

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Financial Health for Your Business: Top Mistakes to Steer Clear Of with Tricia M. Taitt (Ep. 153)

Financial Health for Your Business: Top Mistakes to Steer Clear Of with Tricia M. Taitt (Ep. 153)

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Financial missteps can derail even the most promising businesses. 

In this impactful episode of Life Unlimited, host Larry Heller, CFP®, CDFA®, is joined by Tricia M. Taitt, CEO of Fincore and skilled fractional CFO. They dive into the top five financial mistakes that businesses often make and offer practical advice on how to avoid them. Focused on strategic financial management, this episode is especially beneficial for women entrepreneurs seeking to strengthen their cash flow management and overall business performance.

Key Points Covered:

  • Understanding the distinct roles of fractional CFOs, CPAs, and bookkeepers
  • The critical importance of strategic financial management in fostering business growth
  • A deep dive into essential financial ratios and metrics for maintaining healthy business growth
  • Case study: How suboptimal product performance can overshadow substantial sales
  • Effective cash flow management strategies and the risks of inadequate financial policies
  • The importance of budgeting and forecasting in strategic business planning
  • Strategies to prevent fraud through effective separation of duties
  • Insights from Tricia’s book, “Dancing with Numbers,” making financial management approachable through dance
  • Plus, plenty more tips for smart financial decisions!

 

Connect with Tricia M. Taitt:

Connect with Larry Heller: 

 

About Our Guest:

Tricia M. Taitt has been an impactful figure in financial management, particularly for women-led businesses, leveraging her expertise as a fractional CFO to guide companies through growth and transitions. Her book “Dancing with Numbers” creatively blends her finance expertise with her passion for dance, making financial concepts accessible and engaging.

 

00:00 Introduction to Life Unlimited Podcast

00:37 Meet Tricia Tate: Empowering Small Business Financial Health

01:32 Understanding the Role of a Fractional CFO

07:13 Top Five Financial Mistakes Businesses Make

07:29 Deep Dive into Cash Flow Management

10:49 The Importance of Tracking Business Performance

15:45 Systems, Policies, and Procedures for Business Success

20:17 Planning for the Future: Budgets and Forecasts

24:15 Leveraging Financial Expertise for Business Growth

26:00 Tricia Tate’s Book: Dancing with Numbers

30:57 Closing Thoughts and Contact Information

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Unlocking Tax Strategies to Optimize Your Retirement (Ep. 152)

Unlocking Tax Strategies to Optimize Your Retirement (Ep. 152)

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Are you effectively using tax strategies to boost your retirement investments?

Explore this insightful episode of the Life Unlimited Podcast featuring Larry Heller, CFP®, CDFA®. Larry delves into strategic tax planning and investment strategies designed to optimize retirement savings both during your working years and in retirement. Drawing from his experience as a former CPA, he underscores the significance of not only what you earn but also what you retain after taxes. Tune in as Larry highlights key strategies like capital gains management, tax loss harvesting, and the advantages of ETFs over mutual funds for tax efficiency. The episode emphasizes the importance of proactive tax planning for a secure and financially efficient retirement.

Larry Discusses:

  • The importance of understanding the advantages of ETFs for minimizing capital gains taxes
  • How and when to implement this strategy to reduce taxes by offsetting gains with losses
  • Insights on deciding which retirement account fits best depending on your current and future tax brackets
  • Maximizing tax benefits by converting during lower-income years, benefiting both the account holder and heirs
  • The necessity for a coordinated approach between financial advisors and tax professionals to optimize retirement strategies
  • And more!

 

Resources: 

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Navigating the Medicare Maze with Craig Smith (Ep. 151)

Navigating the Medicare Maze with Craig Smith (Ep. 151)

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There is no secret to Medicare, you just need the proper guidance.

In this insightful episode of Life Unlimited, host Larry Heller, CFP®, CDFA®, welcomes Craig Smith, Medicare professional. With a focus on senior healthcare since 2013, Craig has become a go-to advisor for baby boomers managing healthcare and insurance financials, especially Medicare. The episode delves deeply into the layers of Medicare, shedding light on its various sections, eligibility nuances, and pivotal decisions for those approaching their golden years.

Key Points Covered:

  • Exploring Medicare Parts A and B, along with drug plan details
  • Clarity on Medicare eligibility starting at age 65 and special condition considerations
  • Insights on how employer healthcare plans interact with Medicare choices at 65, including spousal coverage implications
  • Highlighting Medicare’s automatic enrollment, penalties, and drug plan selection
  • Differentiating between Medicare Advantage and Medicare Supplement Plans
  • Guidance on Medicare’s annual enrollment and state-specific plan variations
  • Plus, more tips for making well-informed Medicare decisions!

 

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About Craig Smith:

Craig Smith has been an instrumental figure in the senior healthcare market since becoming an insurance agent in 2013. His expertise in Medicare and commitment to offering unbiased, affordable healthcare plans have significantly impacted retirees and those nearing retirement age. With a deep understanding of the intricacies of Medicare, Craig provides tailored advice to his clients, helping them make informed decisions about their healthcare and financial security.

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An Employer’s Guide to 401(k) Plans: A Four-Part Series (Part IV) (Ep. 150)

An Employer’s Guide to 401(k) Plans: A Four-Part Series (Part IV) (Ep. 150)

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Are your 401(k) offerings impacting employee wellness and engagement?

Join Larry Heller, CFP®, CDFA®, in the concluding episode of our four-part series, “An Employer’s Guide to 401k Plans.” This final segment focuses on the broader impact of 401(k) plans in terms of employee well-being and corporate culture. Larry explores how these plans transcend traditional retirement savings and play a pivotal role in fostering financial literacy, engagement, and loyalty among employees.

Larry Discusses:

  • The vital role of 401(k) plans in attracting and retaining talent and the extensive benefits for employers
  • Clarifying contributions, fund choices, and Roth options in 401(k) plans to support informed decision-making
  • Providing easily accessible resources and dedicated support for navigating 401(k) plans effectively
  • The importance of comparing model portfolios with target date funds for diverse financial needs and personalized investment approaches
  • The need for showcasing an employer’s commitment to employee well-being through comprehensive financial wellness programs
  • The necessity of continuous communication and regular educational meetings to engage employees in their 401(k) plans
  • And much more!

 

Resources: 

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An Employer’s Guide to 401k Plans: A Four-Part Series (Part III) (Ep. 148)

An Employer’s Guide to 401k Plans: A Four-Part Series (Part III) (Ep. 148)

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Are you managing your 401(k) effectively?

Dive into the intricate world of 401(k) investment strategies with Larry Heller, CFP®, CDFA®, in this informative third installment of the “Employer’s Guide to 401k Plans“ series. This episode delves into crucial aspects such as fiduciary duties, investment selection, and fund diversity, offering valuable insights for trustees and plan participants alike.

Larry Discusses:

  • Emphasis on the vital role of fiduciary duties within 401(k) plans, spotlighting the frequently neglected responsibilities that plan participants hold as trustees
  • Detailed exploration of various investment types in 401(k) plans, including mutual funds and ETFs, highlighting those with clear objectives and transparency
  • The superior benefits of model portfolios compared to target date funds, tailored to diverse risk tolerances and investment goals
  • Introducing features like automatic rebalancing to aid participants in maintaining their desired asset allocation over time
  • The critical practice of regular benchmarking in 401k plans to ensure fee competitiveness and to raise awareness of hidden costs
  • And much more!

 

Resources: 

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How High Deductible Plans Can Save Your Business Money (Ep. 147)

How High Deductible Plans Can Save Your Business Money (Ep. 147)

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Is opting for high-deductible health insurance plans a smart financial move for businesses?

Larry Heller’s latest episode of the Life Unlimited Podcast features Jeff Weiner, CEO of HKM Associates, who brings his extensive experience spanning over four decades in life, health insurance, and financial services. Throughout the episode, Jeff offers invaluable insights into working with businesses to maximize savings through high-deductible plans. He provides comprehensive explanations on the mechanics of these plans and showcases their efficacy in saving costs, employing real-world examples to illustrate their practical application.

Key points covered:

  • Exploring New York’s distinct health insurance market for small and medium-sized businesses and its unique challenges
  • Unveiling the significant savings companies can achieve with high deductible plans through real-life comparisons with traditional plans
  • Emphasizing the importance of understanding the financial implications behind health insurance plans and the role of third-party administrators in managing high deductible plans
  • Plus more insights on transforming your business’s health insurance strategy!

Resources:

Connect with Jeff Weiner:

Connect with Larry Heller: 

About Jeff Weiner: Jeff Weiner, the CEO of HKM Associates has named his company after his wife, Helene and his daughters, Kelsey and Megan. HKM Associates strives to provide excellent service in the areas of Life Insurance, Health Insurance and Financial Services both in the personal and corporate marketplace. Jeff brings extensive knowledge to these areas and has been the recipient of many industry awards in his 40 years in the field.

Nothing makes Jeff happier than supporting organizations which are doing good things in our communities and benefiting the causes closest to his heart. Jeff started his charitable initiatives with the SUNY Albany 24-hour telethon during his college days. Since then, he has made leaps and bounds, held many key positions and raised millions of dollars for over a dozen organizations locally and nationwide.

Jeff’s pay-it-forward attitude has transferred to his daughters who are proud to involve themselves in the causes that speak to them the most. When his daughter, Megan, fell ill with Hodgkin’s Lymphoma in 2011, the family did what they do best, support and get involved. With initiatives like “Like the Night”, “5 and Alive” and participating in organization events through Stupid Cancer and the Leukemia and Lymphoma Society, Jeff and his family were able to help many other struggling families receive benefits through fundraising.

Jeff’s business goal is to be able to sustain himself to focus on his passion of working within the charity world, organizing, and coordinating fundraising events through his networks and providing the benefit to those who need them the most.

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An Employer’s Guide to 401k Plans: A Four-Part Series (Part II)

An Employer’s Guide to 401k Plans: A Four-Part Series (Part II)

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Are you confident in your mastery of 401k fiduciary responsibilities?

Continuing the engaging “Employer’s Guide to 401k Plans“ series with Larry Heller, CFP®, CDFA®, this second installment dives deeper into the crucial topic of 401(k) fiduciary governance. Building on the foundational knowledge from Part I, Larry guides listeners through the intricate responsibilities and best practices essential for effectively managing a 401(k) plan.

Larry Discusses:

  • The broad scope of fiduciary responsibility, extending beyond plan sponsors to key employees involved in plan management
  • The crucial role of adhering to the plan document as the governing ‘bible’ of the plan
  • Common pitfalls in 401(k) management, such as failing to timely notify eligible employees, and the significant consequences of these oversights
  • The pivotal role of 401(k) plans in employee retention and attraction, highlighting their importance as a core employee benefit
  • Investment oversight essentials, including the need for diversification, low costs, regular reviews, and the advantages of model portfolios
  • The necessity of regular benchmarking and impartiality in selecting service providers
  • The importance of education and effective communication about the plan to employees
  • And much more!

 

Resources: 

Connect with Larry Heller: 

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Decoding Legal Changes: Unpacking the 2024 Corporate Transparency Act and Proposed Non-Compete Agreement Changes with Yogi Patel (Ep. 145)

Decoding Legal Changes: Unpacking the 2024 Corporate Transparency Act and Proposed Non-Compete Agreement Changes with Yogi Patel (Ep. 145)

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A new year has begun, and with it comes significant legal changes for corporations and small businesses. How should you prepare?

In this episode of the Life Unlimited podcast, host Larry Heller, CFP®, CDFA®, talks to Yogi Patel, managing partner at Outside Legal Counsel, LLP, in a revealing discussion about the details of the Corporate Transparency Act and the potential changes with non-compete agreements in New York State. This discussion is critical for anyone wanting to keep abreast of these legal developments and their potential impacts on business operations.

Larry & Yogi discuss:

  • The 2024 Corporate Transparency Act that becomes effective in January and the new requirements and exemptions imposed under this law
  • The proposed changes concerning non-competition agreements in New York State Labor Law*
  • Strategic Insights for business such as navigating the implications, recommended changes and other crucial aspects like enforcement, exceptions and penalties within these laws
  • And much more!

*Update: On December 22, 2023, New York State Governor Kathy Hochul vetoed the bill that would ban all new non-competition agreements for workers in New York. Lawmakers have indicated they expect to submit a revised bill with a salary threshold.

 

About Yogi Patel:

Yogi Patel, Managing Partner at Outside Legal Counsel LLP, is a versatile legal expert serving a wide array of privately held businesses and professionals. He specializes in commercial transactions, compliance, labor law, and both sides of commercial litigation. Yogi’s expertise extends to advising executives in technology, finance, and medicine on contract, equity, and severance matters, as well as representing parties in restrictive covenant litigations. An Adjunct Professor at CUNY School of Law since 2016, he imparts knowledge in commercial law and mentors law graduates for the New York Bar Exam. Yogi’s background includes roles as in-house counsel in construction and at a boutique law firm, handling diverse legal challenges.

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An Employer’s Guide to 401k Plans: A Four-Part Series (Part I)

An Employer’s Guide to 401k Plans: A Four-Part Series (Part I)

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Is it possible for 401(k) plans to work harder for you?

Join Larry Heller, CFP®, CDFA®, in this essential mini-series where Larry unravels the intricacies of 401(k)’s. This episode covers crucial topics such as the significance of proper plan design, the diverse types of 401k plans, and the advantages of offering these plans for business owners. From perspectives on contributions and matching to navigating investments and educational aspects, this podcast equips you with the knowledge to navigate the complexities of 401(k) plans.

Larry Discusses:

  • Various 401(k) plan types like Regular, Safe Harbor, and Matching Contribution plans
  • The substantial tax benefits for business owners and grasping the real value of comprehensive 401(k) plans, transcending mere costs
  • How adaptable 401(k) plan designs cater to evolving company needs
  • The significance of early involvement in plans and the critical choice between Roth and traditional contributions
  • Emphasizing the necessity of specialized education and tools like retirement calculators for making well-informed decisions
  • Heller Wealth Management’s benchmarking service to compare 401(k) plans against industry norms
  • And much more!

 

Resources: 

Connect with Larry Heller: