The Wealth Stream Podcast: Recent Episodes
Tim Scannell
The team at HighTower Great Lakes share their insights and passions for empowering their clients to live their best life. In this energetic podcast, we will take you on a journey to help you navigate your financial future, overcome life’s challenges, and find the financial clarity you’ve been searching for.
Join Synergy Capital Solutions advisors Eric Nahat and Alex Burns, CFP® as they discuss investing through election years.
Topics of discussion include:
- Why its important to stay invested during election years
- Historical data which shows that it is much more impactful to stay invested than to try and time the markets
- How we approach election years in our plans looking at the long-term solutions
The Synergy Capital Solutions team provides a full suite of wealth management solutions that can help individuals and families reach their financial goals. Call us today at 888-363-4546 or email us at hello@synergycapitalsolutions.com. We’re ready to get started.
Tim introduces Michael Shea, the Managing Director of the Investment Solutions Group at Hightower. Michael shares his investment style focused on value and capturing dividend flow, the importance of managing against benchmarks, and staying current with market information.
Hightower Advisors, LLC is an SEC registered investment advisor. Securities are offered through Hightower Securities, LLC, Member FINRA/SPIC.
In a world plagued by rising prices, inflation, and interest rates, you can’t help but wonder: How will these factors impact the stock market and our financial stability?
In this episode, Tim Scannell introduces Michael Shea, the Managing Director of the Investment Solutions Group at Hightower. Michael shares his investment style focused on value and capturing dividend flow, the importance of managing against benchmarks, and staying current with market information.
Learn about Michael’s views on inflation and its impact on financial markets and how he advises clients while considering the impact of inflation and interest rates on their finances.
Michael discusses:
- His unique stance on the impact of inflation and the current state of the markets
- The Federal Reserve’s response to the pandemic and why he entirely disagrees with it
- The impact of the Fed overstimulating the economy and how it contributed to the inflation we are seeing now
- The impact of reshoring and what you can expect from this change in the future
- And more
Connect With Tim Scannell:
- tscannell@scannellwealth.com
- Hightower Great Lakes
- LinkedIn: Tim Scannell
- Twitter: Tim Scannell
- (219) 531-4941
Connect With Michael Shea:
- LinkedIn: Michael Shea
About Our Guest:
Michael Shea is a financial advisor who works out of Park City, Utah. Shea is an employee of Hightower Advisors, LLC. Shea has gained experience at Hightower and Prudential Equity Group, LLC. Shea maintains Series 63 and Series 65 licenses, qualifying them as both a securities agent and an investment advisor representative, and is able to work in Illinois, New York and Utah.
What’s your take on the importance of infrastructure investment and onshoring for supporting the economy? In this episode, Tim Scannell invites Stephanie Link, Chief Investment Strategist and Head of Investment Solutions for Hightower, to delve into the services provided by Hightower’s asset management business, the importance of research and staying informed about global markets, and … Continue reading Exploring the Current State of the Economy and the Impact of Inflation with Stephanie Link (Ep. 113) →
Successfully exiting your business isn’t easily done without the help of other professionals, credible resources, and other business owners who have “been there, done that!” In this episode, Tim Scannell discusses the value of strategic business planning for business owners. They outline the steps involved in valuing and preparing a business for exit, including estimating … Continue reading A Comprehensive Guide to Business Exit Preparation: A Recipe for Business Success (Ep. 112) →
Understanding the complexities of Social Security and effectively planning for taxes can significantly impact your finances during retirement. What factors should we consider and know before that phase? In this episode, Tim Scannell explores tax planning related to Social Security and when to elect it. He delves into the complexity of Social Security, the many … Continue reading Maximizing Social Security Benefits: A Tax Planning Guide (Ep. 111) →
How do you measure success in your business? There isn’t one definitive way of measuring the success of your business, however, there are strategies and benchmarks you can use to get an accurate idea of how it is performing. In this episode, Tim Scannell discusses some of the most reliable metrics you can use as … Continue reading The Success Metrics Every Business Owner Should Use (Ep. 110) →
Many financial advisors express great admiration for fiduciaries, while some undermine their significance in the financial industry and argue against their necessity. However, by the conclusion of this episode, you will attain a thorough comprehension of fiduciaries and gain the ability to appreciate the immense value they bring to your financial planning endeavors. In this … Continue reading A Conversation About Fiduciaries With Don Stellin (Ep. 109) →
When someone mentions “taxes” or “tax season”, it may cause you to tense up and feel a wave of stress.
This usually happens when people aren’t confident in their tax strategies and worry they may be losing more money than they have to.
In this episode, Tim Scannell delves into the world of tax strategies and explores some practical tips and tricks for individuals and businesses to maximize their tax savings.
Tim discusses:
- The difference between tax deferral and permanent tax savings
- The pros and cons of tax deferral and how to know if it’s the right choice for you
- Tax strategies for business owners and how to maximize the amount of hard-earned money you keep and reinvest in your business
- Some recent tax policy changes and how to find out if they affect you or your business
- And more
Resources:
- The Wealth Stream Podcast: Finding Your Lifelong Accountability Partner (Ep. 107)
Connect With Tim Scannell:
- tscannell@scannellwealth.com
- Hightower Great Lakes
- LinkedIn: Tim Scannell
- Twitter: Tim Scannell
- (219) 531-4941
Lifelong relationships aren’t just created outside the workplace.
These types of relationships are created with colleagues and clients all the time!
In this episode, Tim Scannell discusses how he curates his professional relationships as well as how he helps others find and maintain meaningful relationships, including accountability partners, both in and out of the financial world.
Tim discusses:
- The relationship he has had with a client since 1990 and how he maintains it
- Financial accountability partners and how he helps people find theirs
- How he helps families curate realistic college education plans
- Tips on how to achieve those specific retirement goals you may have (like retiring on the beach!)
- And more
Resources:
- The Wealth Stream Podcast: Creating A Successful Exit Plan As A CEO With Scott Bening Ep. 106
Connect With Tim Scannell:
- tscannell@scannellwealth.com
- Hightower Great Lakes
- LinkedIn: Tim Scannell
- Twitter: Tim Scannell
- (219) 531-4941
Step into the shoes of a CEO turned retiree who has made the most of his golden years!
Join Tim Scannell as he welcomes Scott Bening, the retired CEO of Monosol, LLC and Amazon Best Selling Author, to the show. Discover how Scott expertly navigated his retirement journey and transitioned into a productive and satisfying next chapter in life. Don’t miss out on valuable insights and inspiration to plan your own successful exit strategy.
Scott discusses:
- How he, as a retired CEO, curated his personalized exit plan
- How to keep yourself busy in retirement
- Why even CEOs can worry about their finances during retirement
- The process of writing his book “Formulating Solutions”
- How the online platform “Scribe” can help you write a book too
- And more
Resources:
- Wealth Stream Podcast: Navigating The Dreaded Tax Season Ep. 105
- Monosol, A Kuraray Company Website
- LinkedIn: Monosol, A Kuraray Company
- “Formulating Solutions: Lessons from an Unexpected Entrepreneurial Journey” by P. Scott Bening
- ScribeHow.com
- https://scribemedia.com/
Connect with Tim Scannell:
- tscannell@hightoweradvisors.com
- Hightower Great Lakes
- LinkedIn: Tim Scannell
- Twitter: Tim Scannell
- (219) 246-5370
Connect with Scott Bening:
- LinkedIn: P. Scott Bening
About Our Guest:
Scott Bening is the recently retired CEO of Monosol, LLC. He is an Amazon Best Selling Author, President of MBS2 Advisors, LLC, and the Senior Executive Advisor at Kuraray Innovation Network Center (INC).
Scott attended St. Lawrence University and received his Bachelor of Science there in Chemistry. Later down the road he attended the University of Illinois Chicago and received his Executive MBA.
His business, MonoSol Division of Kuraray, is a global Lean Manufacturing technology group with proven research and development capabilities and an unparalleled value proposition. They have the ability to develop new products or improve upon existing ones based on our expertise in all materials. Their team has extensive experience in working through problems that arise in business processes, material science, product design, manufacturing, and supply chain.
There’s no escaping the dreaded tax season, so you might as well learn how to navigate it efficiently!
In this episode, Tim Scannell discusses some of the ways he helps people minimize their taxes during tax season. This includes tax loss harvesting, staying up to date with tax law changes, and so many more of Hightower’s wealth enhancement strategies!
Tim discusses:
- How you can apply our wealth enhancement strategies during tax season
- How to enhance your tax loss harvesting strategies
- Transferring funds, real estate, and investments down to the next generation using current gift tax laws
- Tax law changes coming or already in place for 2023
- And more
Resources:
- Wealth Stream Podcast: 5 Strategies for Identifying Replacements for Business Owners Ep. 104
Connect With Tim Scannell:
- tscannell@scannellwealth.com
- Hightower Great Lakes
- LinkedIn: Tim Scannell
- Twitter: Tim Scannell
- (219) 531-4941
In this episode, Tim covers the steps business owners can take to ensure a smooth transition into retirement by identifying and selecting the right candidate to take over their role. He shares his personal experience and insights on how to interview and evaluate potential candidates, and how to determine if they are a good fit for the business.
Hightower Advisors, LLC is an SEC registered investment adviser. Securities are offered through Hightower Securities, LLC, Member FINRA/SIPC.
As a business owner, there may come a time when you start to think about who will replace you and when they will replace you.
Whether you have thought about this before or this is the first time you are thinking about it, this episode can help make your transition into retirement much smoother!
In this episode, Tim Scannell covers the steps business owners can take to ensure a smooth transition into retirement by identifying and selecting the right candidate to take over their role. He shares his personal experience and insights on how to interview and evaluate potential candidates, and how to determine if they are a good fit for the business.
Tim discusses:
- How to not limit your business’s dependence on you, the business owner
- How to recruit and mentor suitable candidates who can replace you when you retire, go on vacation, or just need a day off!
- What you should look for in candidates for maximum employee retention
- How to measure a candidate’s “learning agility” during the interview process
- And more
Resources:
- Wealth Stream Podcast Tackling Your Family’s Year-End Financial Plan Part 2 – Ep. 103
Connect With Tim Scannell:
- tscannell@scannellwealth.com
- Hightower Great Lakes
- LinkedIn: Tim Scannell
- Twitter: Tim Scannell
- (219) 531-4941
Are you looking for ways to ensure financial stability for yourself and your family in the upcoming year?
Now that we have discussed how to create a year-end financial plan for your business, it’s time to discuss how to make a plan for you as an individual!
In this episode, Tim Scannell highlights practical strategies for setting you and your family up for success as you enter into the new year. He covers the latest developments in the financial industry and their potential effects on decision-making, offers insight into current trends, and shares news updates to help you stay informed and make strategic financial decisions.
Tim discusses:
- What to financially consider before switching your job position
- How to get a better grasp on if you are in a good financial position for your age
- What you should be looking for in an employer as a new graduate
- Why the IRS makes most charitable contributions not deductible
- And more
Resources:
- Wealth Stream Podcast: Tackling Your Year-End Financial Plan Part 1 – Ep. 102
Connect With Tim Scannell:
- tscannell@scannellwealth.com
- Hightower Great Lakes
- LinkedIn: Tim Scannell
- Twitter: Tim Scannell
- (219) 531-4941
2022 has come to a close, meaning Hightower Great Lakes has received many calls about end-of-the-year financial planning.
So what is a year-end plan and how can you create one for your business?
In this episode, Tim Scannell discusses some financial tips you should use at the end of each year and how they can help you make more informed decisions for your retirement.
Tim discusses:
- Some of the key features of the SECURE Act
- Law changes that can impact business owners
- Why 401K auto-enrollment was eliminated for many employees
- What some employers are doing to help their employees help pay off their student loan debt
- And more
Connect With Tim Scannell:
- tscannell@scannellwealth.com
- Hightower Great Lakes
- LinkedIn: Tim Scannell
- Twitter: Tim Scannell
- (219) 531-4941
COVID made a mark on just about everything, even business owners. It’s time to get your quality of life back.
In this episode, Tim Scannell talks about helping business owners plan for 2023 and set a new years resolution to get their lives back. He dips into why money is important for different people, and the change of business owners’ workloads from the pandemic, and then shares three steps business owners can take to reshape their company and finances so they can get their exit plan rolling.
Tim discusses:
- What’s important about money for Independents, Moguls, and Accumulators
- How COVID has affected business owners’ workloads
- 3 steps to retool your company and finances so your business can start running without you again
- And more
Connect With Tim Scannell:
- tscannell@scannellwealth.com
- Hightower Great Lakes
- LinkedIn: Tim Scannell
- Twitter: Tim Scannell
- (219) 531-4941
COVID made a mark on just about everything, even business owners. It’s time to get your quality of life back. In this episode, Tim talks about helping business owners plan for 2023 and set a new years resolution to get their lives back.
Hightower Advisors, LLC is an SEC registered investment adviser. Securities are offered through Hightower Securities, LLC, Member FINRA/SIPC.
We’ve hit our 100th episode of The Wealth Stream! In this episode, Tim talks about how to avoid costly mistakes that impact and delay business owners’ ability to become financially independent and make work optional. He focuses on ways to help business owners exit into financial independence and enhance their wealth to live a full life.
Hightower Advisors, LLC is an SEC registered investment adviser. Securities are offered through Hightower Securities, LLC, Member FINRA/SIPC.
Inflation is a topic that you can’t seem to escape nowadays. Everyone has an opinion on the topic, whether it’s the news, your relatives, or someone else. In this episode, Stephanie Link, Chief Investment Strategist and Portfolio Manager at Hightower, joins us to help break down inflation and interest rates.
Hightower Advisors, LLC is an SEC registered investment adviser. Securities are offered through Hightower Securities, LLC, Member FINRA/SIPC.
This is part two of our two-part episode with Samantha Pietruszynski! Samantha discusses the importance of reallocating your money once you receive a raise so you can look forward to a fulfilling retirement experience.
Hightower Advisors, LLC is an SEC registered investment adviser. Securities are offered through Hightower Securities, LLC, Member FINRA/SIPC.
Salary increases are great, but not increasing your savings after one could be hurting you. So what are some of the steps you should take after receiving a raise? This is part two of our two-part episode with Samantha Pietruszynski! Samantha discusses the importance of reallocating your money once you receive a raise so you … Continue reading Avoiding The Common Mistakes People Make After Receiving A Raise With Samantha Pietruszynski PT. 2 (Ep. 98) →
You’ve worked hard to create the retirement of your dreams, but if you don’t know the right strategies to minimize your taxes in retirement, you might not be as well-off as you think. So, how can you maximize the amount of money you keep in retirement? In this episode, fellow Financial Advisor at Hightower, Samantha … Continue reading How to Minimize Taxes In Your Retirement With Samantha Pietruszynski Part 1 (Ep. 97) →
Being empowered as a woman in the male dominated financial industry is easier said than done. In this episode Tim Scannell chats with coaching leader Dawn Rowley, CoFounder of BenchStrength Coaching and Women Rising. They discuss “Women Rising ” a program created to help women recognize and achieve their highest potential and pursue higher levels … Continue reading Episode 96 – Women Rising: A Chat with Dawn Rowley about Women Empowerment →
Business owners like you should always be looking for ways to enhance and modernize their skills. But if you don’t want to go back to school, how can you do that? In this episode, Tim Scannell is excited to introduce the upcoming launch of his new business owner program and workshop! He then goes on … Continue reading Hightower Great Lakes’ New Business Owner Workshop (Ep. 95) →
In this episode, Marketing & Communications Manager Gina Stahl discusses the journey that shaped her and her skills into the professional that she is today and how you can strengthen your abilities in your profession as well. Hightower Advisors, LLC is an SEC registered investment advisor. Securities are offered through Hightower Securities, LLC, Member FINRA/SPIC.
Everyone handles their money differently and has different priorities with their money. These are called “money personalities”. In this episode, Tim discusses how to discover and focus on what is important to you with your money by highlighting the different money personalities he has worked with in his career. Hightower Advisors, LLC is an SEC registered investment advisor. Securities are offered through Hightower Securities, LLC, Member FINRA/SPIC.
Consulting is a path you may consider when you retire or exit your business. So what should you take into consideration before committing to the role? In this episode, Tim discusses what you need to know prior to becoming a consultant post-exit of your business and describes both the pros and cons of the role. Hightower Advisors, LLC is an SEC registered investment advisor. Securities are offered through Hightower Securities, LLC, Member FINRA/SPIC.
Learn additional tips and tricks about how you can adopt the subscription-based business model! Tim highlights some well-known companies who have adopted the subscription model and how it changed the landscape of their business. Hightower Advisors, LLC is an SEC registered investment advisor. Securities are offered through Hightower Securities, LLC, Member FINRA/SPIC.
In this episode, Tim provides information about how you can enhance your business' services to your customers. In Part 1 of this series, he discusses the business models companies are adopting to eliminate seasonality and increase customer engagement. Hightower Advisors, LLC is an SEC registered investment advisor. Securities are offered through Hightower Securities, LLC, Member FINRA/SPIC.
Continuing his Passion Series, Tim speaks with returning guest Stewart McMillan. Stewart talks about his journey of selling his business and following his passion, and what the process of exiting a business looks like. Hightower Advisors, LLC is an SEC registered investment advisor. Securities are offered through Hightower Securities, LLC, Member FINRA/SPIC.
A lot of business owners feel like their business is their biggest passion, and they will lose purpose after exiting the business. However, exiting a business can be the perfect opportunity to explore your next big passion! In part one of the Passion Series, Tim Scannell speaks with returning guest Stewart McMillan. Stewart talks about … Continue reading Leaping From Your Business to Your Next Passion, Part 1 with Stewart McMillan (Ep. 88) →
Sometimes, it is hard to find your passion after you have exited your business and retired. Our guest, Rocky Schiralli, discusses how you can maintain purpose and find your new passion once your working days are over. In this episode, Rocky describes his experience of leaving one workplace and pursuing another business passion. He then … Continue reading The Must-Knows When Starting a Passion Project (Ep. 87) →
Eventually, everyone exits their business. When that time comes, how can you ensure you’re getting the best price possible? What are buyers looking for? In this episode, Tim Scannell runs through the six power ratios that most buyers are going to want to know before they purchase your business. Tim discusses why it’s important to … Continue reading The Six Power Ratios for Selling Your Business (Ep. 86) →
People don’t like to talk about death and people don’t like to talk about money—and people really don’t like to talk about these things with their parents. However, sometimes the most important conversations are the ones that are the hardest to have. In this episode, Samantha Pietruszynski discusses how to approach having “the talk” with … Continue reading Having the “Parent Talk” (Ep. 85) →
Parenthood is a huge step filled with many unknowns. And if you start to consider the financial uncertainty that comes with parenthood, it can start to feel extremely overwhelming. Luckily, it doesn’t have to be! In this episode, Justin McCurdy, co-worker of Tim Scannell, walks through four key areas where you can plan for parenthood … Continue reading Four Ways to Plan for Parenthood (Ep. 84) →
As a business owner, there are plenty of things you need to keep in mind to run your business smoothly. As a result, your exit plan can often go untouched. However, it is important to think about your exit strategy well before you plan to leave. In this episode, Tim Scannell lists 10 things that … Continue reading 10 Questions Every Business Owner Should Think About (Ep. 83) →
We all have a freedom point, and for each of us, that point is different. The freedom point of one person is completely different from the freedom point of another. In this episode, Tim Scannell speaks about what he means when he says ‘freedom point’ and why it is important in retirement. Tim helps you … Continue reading What To Do When You Hit Your Freedom Point (Ep.82) →
Have you ever thought about nurturing your business like a child, so that when it comes time for you to exit the business, it can be independent and stand on its own? In this episode, Tim Scannell discusses how raising your business as if it were your own child can maximize your value for your … Continue reading Raising Your Business Like Your Child (Ep. 81) →
As a business owner, there are three things you don’t want to be overly reliant on when setting up and structuring your business. In this episode, Tim Scannell introduces us to the Switzerland discount, explaining why you want to avoid being Switzerland when it comes to your business. Tim details three things business owners should … Continue reading 80. The Switzerland Discount →
During the pandemic, business owners had to adapt their products and services. What if you could create a product out of your service? In this episode, Tim Scannell shares eight things you can do to create a product out of your services. Many people are shopping online and prefer not to go in-store, creating a … Continue reading 79. Eight Things You Can Do To Turn Your Service Into A Product →
Tim looks at reasons for why business owners choose to exit, their personal motivations, whether there’s an event that inspires it, or it’s just their time to leave. Tim looks at how these choices affect the sale price. Hightower Advisors, LLC is an SEC registered investment advisor. Securities are offered through Hightower Securities, LLC, Member FINRA/SPIC.
There are plenty of non-business related things business owners think about when planning their exit. Numbers are critical, but they’re not everything. Valuing your business is not rocket science, it’s more personal. In this episode, Tim Scannell looks at reasons for why business owners choose to exit, their personal motivations, whether there’s an event that … Continue reading 78. Valuing Your Business Is Not Rocket Science →
If you own a piece of art or an art collection, you don’t want to make the mistake of not properly protecting and insuring your art. There are several measures you should take to protect your art to avoid costly losses and mistakes. In this episode, Tim Scannell outlines five key mistakes people make trying … Continue reading 77. How You Can Protect Your Art For Future Generations →
The sandwich generation are those adults who are raising their kids while also caring for their aging parents. Naturally, this time period comes with a lot of financial responsibility, among other things. In this episode, Tim Scannell aims to help the sandwich generation manage the financial situations of both their family and their parents. Tim … Continue reading 76. Five Key Areas to Consider For the Sandwich Generation →
As a business owner, exit planning is something that you only get one shot at. Have you considered growth through acquisitions as an exit plan? In this episode, Tim Scannell is joined by Laurie Barkman, founder of SmallDotBig to discuss growth through acquisitions as a means of succession and exit planning for business owners. Laurie … Continue reading 75. Learn How to Grow to Exit With Laurie Barkman →
Tim and guest, Keith Wolak, CPA at Hoeppner Wagner & Evans LLP have a conversation around special needs trusts. Keith speaks about both trusts and special needs trusts, and examines the risks and benefits of each and how they work. Hightower Advisors, LLC is an SEC registered Investment advisor. Securities are offered through Hightower Securities, LLC, Member FINRA/SPIC.
Setting up a special needs trust for your child with special needs is always a tough conversation to have. But having that conversation in the first place goes a long way in easing stress about the future. In this episode, Tim Scannell is joined by Keith Wolak, an attorney and Certified Public Accountant at Hoeppner … Continue reading 74. How to Secure a Future For Your Special Needs Child With Keith Wolak →
Many people share similar concerns about their finances, like ensuring you have enough money to meet all your monthly needs, and ensuring you have enough money to retire comfortably. But what about the wealthy? Are there specific financial concerns that only pertain to them? In this episode, Tim Scannell looks at five financial concerns he … Continue reading 73. Five Key Financial Concerns for The Wealthy →
Are you busy serving clients, managing operations, and growing your business? It’s time for you to take a step back and think about your exit strategy—even if it’s still years away. In this episode, Tim Scannell discusses why it is never too early to start your succession planning. Using a detailed client example, Tim explains … Continue reading 72. It’s Never Too Early To Build Your Business’s Succession Plan →
When experiencing economic downturns or just shifts in the market, it’s important to not allow emotions to run your decision making. In this episode, Tim Scannell introduces listeners to Donald Stellin, a financial advisor for Hightower Great Lakes. Don shares his love for not only helping his clients achieve their financial goals, but also his … Continue reading 71. Meet Donald Stellin of Hightower Great Lakes →
Running a family business is complex—it’s easy to overlook simple things and then find your business in a complicated scenario. In this episode, Tim Scannell shares three critical wealth planning mistakes he sees family business owners make. Tim walks you through each mistake and provides an example that showcases the types of issues that may … Continue reading 70. 3 Critical Wealth Planning Mistakes Family Business Owners Make →
Samantha Pietruszynski is in the hot seat today, she’s kicked Tim out of the interview chair! She is an associate wealth advisor for Hightower Great Lakes and she has brought along Wesley Barnes, Chief Operating Officer of Hightower Great Lakes. In this episode, Samantha introduces us to Wes, we learn about his journey to becoming … Continue reading 69. Meet Wesley Barnes of Hightower Great Lakes – With Wesley Barnes →
Policy changes can affect numerous things, and for Blair Anderson, knowing everything there is to know is something he strives to be on top of when those changes happen. In this episode, Tim Scannell introduces listeners to Blair Anderson, CEO and partner at Hightower Great Lakes. Blair shares a bit about his history as an … Continue reading 68. Meet Blair Anderson of Hightower Great Lakes – With Blair Anderson →
Being a business owner can get lonely. When you want to talk about ideas, it’s better to discuss with your peers. In this episode, Tim Scannell talks all about mastermind groups, shares details about a group he is running, and how mastermind groups come to fruition. Tim explains the process of forming a mastermind group … Continue reading Episode 67 – Why Mastermind Groups are Great for Business Owners →
Financial planning is important, no matter what stage of life you are in. So as a youth who has just begun accumulating wealth, what are some key financial decisions you need to think about? In this episode, Tim Scannell and Justin McCurdy, associate wealth advisor at Hightower Great Lakes, answer this question. Going through the … Continue reading Episode 66 – How To Secure Your Financial Future as a Young Person – With Justin McCurdy →
At a year under lockdown, new and innovative virtual platforms have now made several opportunities accessible from the comfort of your home. We believe that this virtual trend is here to stay. In this episode, Tim Scannell takes a break from the financial planning side of things. Instead, he shares exciting virtual opportunities that he … Continue reading Episode 65 – Explore, Learn, and Interact From the Comfort of Your Home →
Have you heard of the “pandemic puppy?” The pet adoption rates saw a sharp spike during COVID-19. After all, a furry friend would make the lockdown less lonely, right? But – owning a pet comes with several financial responsibilities! In this episode, Samantha Pietruszynski, an associate wealth advisor at Hightower Great Lakes, helps you navigate … Continue reading Episode 64 – Can You Afford a Pet? – With Samantha Pietruszynski →
We want to be able to serve our clients not just now, but for countless generations that follow. That’s why we focus on preparing a technology-embracing, communication-focused, next-gen team at Hightower Great Lakes. In this episode, Tim Scannell is joined by Justin McCurdy, associate wealth advisor at Hightower Great Lakes. Justin is a critical part … Continue reading Episode 63 – The Next-Gen Team at Hightower Great Lakes – With Justin McCurdy →
When you’re planning to sell your business, it’s extremely important to factor in the impact of taxes – both on the federal and the state level. In this episode, Tim Scannell is joined by returning guest John Wiktor, head of the Trusts and Estates Group at HMB Legal Counsel. John dives into the tax-planning side … Continue reading Episode 62 – How To Minimize the Tax Impact of Your Business Sale →
Are you emotionally prepared to leave your work? Have you thought about the next great adventure you wish to pursue? In this episode, Tim Scannell is joined by a very special guest, his wife, Nancy Scannell, who recently retired from teaching. Nancy discusses the emotional impact of retirement, how she managed to cope with it, … Continue reading Episode 61 – How To Manage the Flood of Emotions That Follows Retirement →
Some people retire early, some at the traditional age of 65, and some keep following their passion even after retirement. But in every scenario, it’s important to plan for it – both financially and emotionally! In this episode, Tim Scannell answers the most frequently asked questions about retirement. He discusses several strategies that help you … Continue reading Episode 60 – Want To Retire Early? Think About These Things First! →
During COVID, a lot of people needed to take a step back and re-evaluate their business plans. But what is it exactly that you should focus on while planning the future of your business? In this episode, Tim Scannell goes through a list of the 10 most important questions that every business owner should consider … Continue reading Episode 59 – 10 Must-Ask Questions to Optimize Your Business Exit →
Do you know what all successful people have in common? They set audacious goals and strongly commit to it. In this episode, Tim Scannell explores the power of aiming towards the highest goal possible and talks about how audacious goals instill an incredible sense of perseverance and focus in you. He also shares several tips … Continue reading Episode 58 – The Power of Setting Audacious Goals →
Wealth transfer, wealth protection, and wealth enhancement – all of these aspects have one important component in common –– cash flow! In this episode, Tim Scannell discusses why managing cash flow is critical for your business in the long-term, especially for your exit strategy. Join him as he dives into seven key ways in which … Continue reading Episode 57 – Manage Your Cash Flow Effectively In Seven Simple Ways →
Did COVID-19 slow your business down drastically? Although you can never fully prepare for the unexpected, one way you can protect your business is through scenario planning. In this episode, Tim Scannell discusses how scenario planning can be a valuable addition to your business process. He provides a step-by-step guide to evaluate the possible alternative … Continue reading Episode 56 – Prepare for the Future Through Scenario Planning →
Eventually, everyone will approach the end of their career, but preparing well before it arrives can make the transition a lot easier! In this episode, Tim Scannell talks about an article by Arthur Brooks that provokes the audience to think about the declining phase of their career. He also discusses several ways to help you … Continue reading Episode 55 – How to Prepare for the End of Your Career →
Following our merger to form HighTower Great Lakes two years ago, we have added so many additional services and benefits for our clients! Today, Tim Scannell is back with the second part of his State of the Union mini-series, where he shares why he decided to merge, and how it has enabled him to extend … Continue reading Episode 54 – The State of the Union — Part 2 →
Will working from home become the new normal? In part one of this three-part mini series, Tim Scannell shares some of his best practices when it comes to working remotely, and mentions key takeaways you can incorporate into your daily work life. In this episode, you will learn: Why having the right equipment is necessary … Continue reading Episode 53 – The State of the Union Series: Part 1 →
Have you ever wondered what goes into relationship management for financial advisors? In this episode, Tim Scannell introduces Samantha Pietruszynski, a financial planner at Hightower Great Lakes, who shares what she does to ensure that her clients feel confident and comfortable in the financial advising relationship. In this episode, you will learn: What Samantha does … Continue reading Episode 52 – Meet Samantha Pietruszynski, Financial Advisor →
Building a successful business begins with building a successful management team. In part two of this mini-series, Tim Scannell continues his discussion of why as business owners it’s crucial to have the right management team. He shares the importance of defining objectives, creating a vision, developing the right skills, and lists the various tools to … Continue reading Episode 51 – Why the Time To Lock in Your Key Management Team Is Now: Part 2 →
Do you have a key management team that’s ready to take over your business? In part one of this new mini-series, Tim Scannell talks about what business owners have to lose by not locking in and training successors NOW. Tim shares insights from his experience with finding a key person to take over his business … Continue reading Episode 50 – Why the Time To Lock in Your Key Management Team Is Now: Part 1 →
Do you know how to generate the greatest value for your business? In this episode, Tim Scannell is joined by Greg Clark, a certified valuation analyst, CVA and a CPA. Together they discuss the benefits of acquiring the services of a valuation analyst, and answer commonly asked questions and concerns surrounding business valuations. In this … Continue reading Episode 49 – Why a Valuation Analyst Is Critical for Planning – With Guest Greg Clark →
One of the greatest gifts you can give to your beneficiaries is by having things all planned and buttoned up. In this episode, Tim Scannell discusses the importance of appointing an executor, why they are so important, what they do and some of the key variables you may want to consider when selecting one. In … Continue reading Episode 48 – Choosing the Right Executor →
Given COVID-19 lockdown circumstances, families are seeing much more of each other than usual. Have you thought about how this can affect your family business? In this episode, Tim Scannell sheds light on the importance of identifying potential conflicts in the family business, how these conflicts can accelerate and what the potential repercussions of conflicts … Continue reading Episode 47- How to Deal with Conflict in Family Business →
Having a financial advisor is great but having one who understands and works towards your goals is even better. Tim Scannell reveals the many types of financial advisors available and how each can benefit various financial situations. He discusses the importance of finding someone who fits with your goals and the importance of open communication … Continue reading Episode 46 – Finding Your Advisor Glass Slipper →
The average person is likely to change careers 5-7 times in their lifetime. As a business owner, what are you doing to ensure your top employees want to stay? In this episode of The Wealth Stream Podcast, Tim Scannell dives into incentive programs and how they help business owners retain key people. In this episode, … Continue reading Episode 45 – Using Incentive Programs to Keep Key People →
Once you understand the value of your business and your goals for the future – how do you sell your business? In part two of this mini-series, Tim Scannell continues his seven steps of exit planning. He discusses the steps to selling your business once you understand its value and your goals. Tim reveals the … Continue reading Episode 44 – Seven Steps of Exit Planning Part 2 →
When looking into retirement, business owners have a few extra steps to complete. One thing to consider is if you have created a plan for your business after retirement. In part one of this mini-series, Tim shares the first two of seven steps when planning for retirement as a business owner. He recounts the process … Continue reading Episode 43 – The Seven Steps of Exit Planning — Part 1 →
So, you’ve built a successful company. What comes next? In part two of this mini-series, Tim Scannell is joined once again by Stewart McMillan, diving further into the world of entrepreneurship and the impact it can have on society. Stewart recounts his experience with his father’s company and the lessons he has learned from it. … Continue reading Episode 42 – An Entrepreneurial World — Part 2 with Guest Stewart McMillan →
Starting your own business can be a daunting task. Yet it might just be what the world needs. In part one of this mini-series, Tim Scannell is joined by Stewart McMillan to discuss the impact entrepreneurs will have after COVID-19. Stuart recounts his experiences with his entrepreneurial father and the impact it had on his … Continue reading Episode 41- An Entrepreneurial World — Part 1 with Guest Stewart McMillan →
When it comes to your financial assets, transferring them to the next generation in succession can be a sensitive situation. In this episode of The Wealth Stream Podcast, Tim Scannell is joined by Susan Gellatly of BenchStrength Coaching to discuss methods and strategies for generational wealth transfer. They discuss Susan’s career as a coach and … Continue reading Episode 40: Introducing Susan Gellatly of BenchStrength Coaching →
Whether you are a business owner, CEO, financial advisor, or perhaps all three, having a group of like-minded professionals that you can reach out to for support is crucial when it comes to your success. In this episode of the Wealth Stream Podcast, Tim Scannell discusses the ins and outs of mastermind groups. You might … Continue reading Episode 39 — Using Mastermind Groups to Leverage Your Success →
When it comes to life insurance as an asset, there are a number of ways you can utilize it for your benefit. On this episode of The Wealth Stream Podcast Tim Scannell and special guest Kirk Hill give us the rundown on utilizing life insurance for advanced financial planning. In this episode, you will learn: … Continue reading Episode 38: Advanced Planning with High Net-Worth Clients →
Did you know that there is a way to avoid paying taxes that can help you to enhance your wealth and generate cash flow that is supported by the government? In this episode of The Wealth Stream Podcast, Tim Scannell shares his insight into the world of tax planning, including tax avoidance. You’ll be surprised … Continue reading Episode 37 — Tax Avoidance vs. Tax Evasion →
As a business owner, it’s important to understand what drives the value of your business. In this episode of the Wealth Stream Podcast, Tim Scannell returns with part two of his series on value drivers to share how to get the most out of your business when you exit. In this episode, you will learn: … Continue reading Episode 36: The Importance of Understanding Your Value — Part Two →
Do you know what drives the value of your business? In part one of this miniseries, Tim Scannell explains what value drivers are, and shares how understanding them may be of benefit to you should you choose to sell your business. In this episode, you will learn: The first three value drivers to be aware … Continue reading Episode 35: The Importance of Knowing Your Value — Part 1 →
What is your plan for retirement? Will you lock the doors and close your business on your last day? Have you considered a successor to carry on your legacy? In this episode, Tim Scannell takes us through the top 10 questions as a business owner; your financial team should be asking you, especially as you … Continue reading Episode 34 – 10 Questions Every Business Owner Should Be Asking →
Have you considered what kind of impact the SECURE Act is having on your current financial plan? In this episode, Tim Scannell discusses specific areas of the newly approved SECURE Act that may affect you and your portfolio. This is a timely and informative conversation that addresses four areas of concern: wealth enhancement, wealth transfer, … Continue reading Episode 33 – Review Your Accounts The SECURE Act is Now Law! →
When you eventually pass on your estate to the next generation, do you know if your loved ones will be protected from creditors? In this episode, Tim Scannell is joined by John Wiktor from HMB Legal Counsel to answer the most common questions about advanced planning for estates. Together, Tim and John share experiences and … Continue reading Episode 32 – Answering the Top Questions About Advanced Planning for Your Estate — With John Wiktor →
Are you hoping to give more to your favorite charities and save money in taxes at the same time? In this episode, Tim Scannell uncovers strategies that may allow you and the recipients of your generosity to get the best bang for the buck. Contributing straight from your required minimum distribution (RMD) or even donating … Continue reading Episode 31 – How to Be Tax-Efficient With Your Charitable Giving →
Tim Scannell’s clients generally have five primary concerns around wealth preservation, wealth enhancement, wealth protection, charitable giving, and transferring wealth. As it turns out, business owners in the commercial industry are no exception. In this episode, Tim Scannell shares the takeaways from his study that identifies the biggest concerns of family business owners in the … Continue reading Episode 30 – Exploring the Top Concerns of Commercial-Industry Business Owners →
Are your children — your heirs — clearly passionate about your business? Do they express their vision for the future? Will they problem-solve their way to prosperity? In this episode, Tim Scannell uncovers six traits that entrepreneurial kids tend to possess. Using examples from his own life and that of his clients, Tim shows you … Continue reading Episode 29 – 6 Signs That Your Kids Are Entrepreneurial →
Wouldn’t it be great to have the confidence of knowing your wealth is preserved, your assets are protected, or even that the next generation is equipped to manage their wealth? In this episode, Tim Scannell discusses how entrepreneurial business owners, even with the most complicated financial situations, can achieve their optimal financial world. Listen in … Continue reading Episode 28 – Start Living in Your Optimal Financial World →
Everyone wants to protect their wealth, no question about it. But have you considered that if you’re a high-income earner, you’re more vulnerable to litigation? In this episode, Tim Scannell unwraps strategies for shielding your wealth, with a special focus on asset protection strategies. This is a must-listen conversation in which Tim walks you through … Continue reading Episode 27 – 3 Keys to Wealth Protection That Every High-Earner Should Know →
What separates the rich from the not-so-rich? In this episode, Tim Scannell uncovers the answers by sharing four major things the super-rich do to manage, grow, and protect their wealth. He also shares how the HighTower Great Lakes team helps their clients address the primary concerns that inspire these four habits. In this episode, you … Continue reading Episode 26 – 4 Ways the Super Rich Manage Their Wealth →
Protecting client data is of great importance to the HighTower Great Lakes team. That’s why they’ve enlisted Sarah Khan to help protect clients and advisors from digital threats. Today, Tim Scannell is joined by Sarah, HighTower’s chief information and security officer, to explore how she works behind the scenes to protect clients. Sarah also shares … Continue reading Episode 25 — How to Stay One Step Ahead With Cybersecurity — With Sarah Khan →
HighTower Great Lakes has a highly certified and diverse team of professionals — including Steve Billimack. When serving high-net-worth clients, the core of HighTower Great Lakes’ planning always boils down to investment consulting. As someone who focuses the most on the investment process, Steve joins Tim Scannell today to discuss what he does and what … Continue reading Episode 24 – An Inside Look at the Investment Process — With Steve Billimack CIMA®, CAIA®, AIF® →
Once you’ve finished the discovery part of HighTower Great Lake’s wealth management process, it’s time to dive into planning. In part two of his mini-series, Tim Scannell gives you an exclusive preview of how the wealth management process unfolds across the next four meetings. This is your chance to explore the process and find out … Continue reading Episode 23 – The Wealth Management Process: Part 2 →
Get ready for a tour of HighTower’s process that addresses clients’ advanced planning needs! In today’s episode, Tim Scannell discusses the wealth management process at HighTower Great Lakes. He sheds light on how he gets to know clients during the first stage called the discovery process and which types of information he is most interested … Continue reading Episode 22 – The Wealth Management Process: Part 1 →
Are you looking for a way to ease your tax bill and attract employees to your company? In this episode, Tim Scannell interviews special guest Mary Stines of Crowe LLP. Mary uses her immense knowledge of taxation and years of experience to answer all of your questions about cash balance plans (CBPs). She even provides … Continue reading Episode 21 – Cash Balance Plans Explained — With Mary Stines →
How do you plan for a life transition that you don’t see coming? In today’s episode, Tim Scannell shares how he helps clients plan for life transitions that can be anticipated and ones that can occur suddenly. He takes us through the major categories that are covered during the planning process at HighTower Great Lakes. … Continue reading Episode 20 – Return on Life Part 3: Planning For Life’s Transitions →
Did you know that the pen is mightier than the sword? The power of the pen is eternal, which means that thinking and communication can greatly impact people’s lives. In this episode, Tim Scannell discusses how writing is the key to preserving your history and legacy. In this episode, you will learn: How good communication … Continue reading Episode 19 – The Power of the Pen to Leave a Legacy →
When you only focus on rate of return, you’re focusing on the future. But it’s possible that you’re not spending money to enhance your life today. In today’s episode, Tim Scannell tells you about the survey he and his team use to measure satisfaction in three areas: well-being, progress, and freedom. Listen in as Tim … Continue reading Episode 18 – Return on Life Part 2: Using Your Money to Improve Your Life →
Are you overly concerned with your return on investment? Well, it turns out that there are more life-altering factors to consider than ROI. In today’s episode, Tim Scannell introduces a perspective-changing approach called “return on life.” He explains how this process differs from a return-on-investment focus and explains why ROI is only one part of … Continue reading Episode 17 – Return on Life: Part 1 →
Would family office services make your life easier? If so, what is the first step to getting started? In part two of his mini-series, Tim Scannell explores these questions and talks about which tasks clients are most excited to hand over to his family office service. In this episode, you’ll learn: Some of the most … Continue reading Episode 16 – Family Office Services Part 2: Making Life Easier →
In what instances would you need family office services? There are straightforward situations and then there aren’t. The latter is where family office services come in. Today, Tim introduces the family office services at HighTower Great Lakes and explains what the services involve for different clients. In this episode, you’ll learn: Why HighTower Great Lakes … Continue reading Episode 15 – What You Didn’t Know About Family Office Services →
In part two, Tim Scannell covers another major topic under advanced planning: asset protection. He discusses how children or grandchildren with special needs can be supported by their families without experiencing an interrupting in the benefits they receive. In this episode, you’ll learn: What is involved in wealth protection for special-needs beneficiaries Solutions to … Continue reading Episode 13 – Advanced Planning Part 2: Asset Protection for Special-Needs Beneficiaries →
Change is inevitable and the way we deal with it can have a far-reaching impact on our lives. According to Tim Scannell, this is where advanced planning comes in. In part one of his mini-series, Tim discusses how advanced planning can help prevent future problems that usually arise from four tough situations. Tim offers guidelines … Continue reading Episode 12 – Advanced Planning Part 1: Preparing Beneficiaries and Prenuptial Agreements →
Do you know about the softer side of financial planning? Planning isn’t all about conducting technical quantitative analyses. In fact, Tim Scannell and his team spend half of their time helping clients with more subtle planning items, called “transition points.” Today, Tim explains how you can prepare for two major transition points—downsizing and retirement. In … Continue reading Episode 11 – The Softer Side of Planning: Downsizing and Retirement →
There are many terms used in the financial industry, and differentiating between similar ones can be confusing. Do you know the difference between a “fiduciary” and a “broker”? Today, Tim Scannell answers that very question. Not only that, but he also gives insight into how the fiduciary process works, particularly at Hightower Great Lakes. In … Continue reading Episode 10 – Do You Understand the Fiduciary Planning Process? →
Inheriting wealth is harder than it sounds. Too often, younger generations misuse wealth because they don’t know how to preserve it or how to make wise spending decisions. The family bank could be the solution. In today’s episode, Tim Scannell gives you a behind-the-scenes look at how clients use family banks to educate their children, … Continue reading Episode 9 – The Family Bank →
What role does a lifelong learning plan play in multi-generational wealth transfer? Tim Scannell is picking up from where he left off in his previous episode on multi-generational family meetings. Today, Tim talks about the importance of having a lifelong learning plan, what the plan entails, and how it can help families during wealth transitions. … Continue reading Episode 8 – What is a Lifelong Learning Plan? →
Do you know how to prepare for the successful transition of family wealth? You’re about to find out. In today’s episode, Tim Scannell discusses a powerful tool that helps families pass on their legacy to their heirs—family meetings. Here’s what you’ll learn about in today’s episode: The primary goals of multigenerational family meetings Tim’s approach … Continue reading Episode 7 – Multigenerational Family Meetings →
Preparing to transfer your wealth to the next generation is important, but it’s also important to consider how philanthropy can help prepare the next generation to receive your wealth. In this episode of the Wealth Stream podcast, Tim Scannell of HighTower Great Lakes shares how he and his team encourage clients to engage their families … Continue reading Episode 6 – How to Leave a Legacy through Charitable Giving and Philanthropy →
So, you’ve sold the family business — now what? In part four of Tim Scannell’s Looking Downstream mini-series, Tim discusses the way his team helps clients protect their funds for generations to come. In this episode you’ll learn: The way that HighTower Great Lakes protects clients’ wealth Why HighTower Great Lakes definition of wealth encapsulates … Continue reading Episode 5 – Looking Downstream: Part 4 →
When exiting your business, it can be difficult to anticipate what to expect when dealing with potential buyers. Luckily, Tim Scannell is here to help! In part three of his mini-series on navigating the selling of your business, Tim helps you prepare to enter the marketplace and present your business to potential buyers. In this … Continue reading Episode 4 – Looking Downstream: Part 3 →
Did you know that fly fishing and owning a business share many similarities? In part two of his five-part series, Tim is back to explain how business owners can prepare to “enter the river” and successfully navigate the next steps in their business exit strategy. In this episode, you’ll learn: How Tim helps clients look … Continue reading Episode 3 – Looking Downstream: Part 2 →
Fly fishing and generational wealth planning have more in common than one might think, according to Tim Scannell. In part one of his five-part series, Tim explains why he encourages clients to “look downstream” to create generational financial plans that build wealth far into the future. In this episode, you will learn: Why Tim strategically … Continue reading Episode 2 – Looking Downstream: Part 1 →
In this premiere episode, you’ll meet Tim Scannell, the managing director and partner at High Tower Great Lakes Wealth Management. Tim is a Chartered Professional Accountant and a CERTIFIED FINANCIAL PLANNER™ professional. Tim works with entrepreneurs and business professionals to proactively plan for their financial futures. He helps his clients set financial goals that launch … Continue reading Episode 1 – Meet Tim Scannell, Managing Director of HighTower Great Lakes →