Advance Your Wealth With Homer Smith: Recent Episodes
Homer Smith
Advance Your Wealth With Homer Smith provides you and your business with the financial advice needed to make calculated decisions moving forward. With over 18 years of industry experience, Homer Smith, Private Wealth Advisor with Konvergent Wealth Partners, understands the importance of a commitment to customer service and strives to help clients pursue their financial goals towards aspirations and retirement.
Each episode we'll take a deep dive into a different complex topic surrounding personal and business wealth management. So sit back, relax, and enjoy enlightening conversations that highlight an array of financial questions and topics.
Investment advice offered through Integrated Financial Partners, doing business as konvergent wealth partners, a registered investment advisor.
Today we are joined by Melissa Smith, CEO and founder of Family Brand Podcast. Melissa works with parent's on how to transform their family cultures, create relationships that last, and intentionally grow their families together. How does the family correlate with business success?
This and more on today's episode of "Advance Your Wealth."
Chapters:
0:00 - Introduction and overview on the topic of the day
2:12 - What is a Family Brand?
3:30 - Family Doesn't Happen By Default.
5:50 - How Melissa Works With Family.
8:40 - The Idea of And.
13:15 - Family Brand Across Time.
15:10 - Melissa's Personal Examples In The Process
17:30 - Empty Nester's Experience with Family Branding
20:40 - How to Connect with Melissa Smith
21:45 - Closing remarks
Connect with Homer Smith:
Website
Today we are joined by Chad Jenkins, CEO and founder of SeedSpark. Seeking exponential growth is difficult for most entrepreneurs. Many times, business owners may get laser focused on the wrong areas which could lead to missing out on great opportunities. Chad and Homer break down ways to remove the film over your eyes and see opportunities clearly.
This and more on today's episode of "Advance Your Wealth."
Chapters:
0:00 - Introduction and overview on the topic of the day
2:10 - Collaboration vs. Competition
5:40 - Chad's Hero Target and Creating Value
9:20 - The Benefit of Outside Perspective
12:50 - Levels of Friction
17:15 - New Rate Plans Example and Innovation Solutions
20:00 - Leveraging The Market
25:30 - Common Components Business are Missing
34:10 - How to Connect with Chad Jenkins
35:15 - How to Connect with Homer Smith
35:30 - Closing remarks
Connect with Homer Smith:
Website
Often times, preparation and thorough planning is seen as the safeguard to a successful business. However, there comes a point where the plan can become stale and out-of-date. Many business owners and entrepreneurs may want to update their business plan but don't know what to look for in terms of weak points. That's where Homer comes in with this episode of Advance Your Wealth.
Join us today to learn how to stress test your business plan and better prepare for the unknown future.
Chapters:
0:00 - Introduction and overview on the topic of the day
1:40 - Homer Smith on Stress Testing
2:50 - What Does a Good Stress Test Look Like
4:40 - Who is Qualified for Stress Testing
6:30 - Areas to Focus on in Your Planning Check-up
10:05 - Selling Your Business and Exit Planning
17:05 - When to Go Through a Stress Testing Process
19:10 - Getting the Outcome That You Want
19:45 - How to connect with Homer Smith
20:00 - Closing remarks
Connect with Homer Smith:
Website
In a world often dominated by limitations and barriers, it's time to shift our focus towards what's possible. Join us in this illuminating episode as we delve into the realm of possibility with our esteemed guest, Chris Smith, Founder of The PSBLTY Co. Chris brings a wealth of experience working with successful entrepreneurs and business owners, helping them navigate through challenges and unlock the full potential of their lives.
In this conversation, we'll explore why it's crucial to prioritize possibility over limitations and how this mindset can revolutionize our approach to life and business. From reframing setbacks as opportunities to embracing uncertainty with open arms, Chris shares invaluable insights and strategies to inspire listeners to dream bigger and reach higher.
Chapters:
0:00 - Introduction and overview on the topic of the day
1:23 - Homer working closely with Chris and his team over the years
3:18 - Possibility versus limitation
6:50 - Over-focusing on what's not working in your life and business
10:49 - "I don't matter. I'm not enough. I'm not worthy."
15:09 - A story from Chris helping to coach a high school basketball team
18:39 - Recognizing the importance of positive reinforcement and speaking possibility into people
24:35 - You matter, you're worthy, and you belong!
27:24 - How to connect with Chris Smith online
27:53 - Closing remarks
Connect with Homer Smith:
Website
If you’re an entrepreneur, do you know what your business is really worth? It turns out, you might be surprised to discover its true value.
On the latest episode of Advance Your Wealth, we examine the importance of valuing a business, why it makes sense (even if you’re not planning to sell), and how you might set out to get a proper valuation done.
Chapters:
0:00 - Introduction and overview on the topic of the day
1:30 - Very few business owners are ultimately satisfied following the sale of their business
4:40 - Entrepreneurs should be aware of their business' value over the course of time
6:06 - Business owners are often surprised by the results of a true valuation process
8:36 - Advice for getting this process started
11:10 - The key issues that arise when a business valuation process is conducted
15:41 - What business owners should be considering today
17:39 - Business owners need to take time to work on the business, rather than in the business
19:03 - How to get in touch with Homer and his team
21:09 - Closing remarks
Connect with Homer Smith:
Website
In this illuminating episode, we delve into the fascinating realm of human longevity with our esteemed guest, David Karow, President & CIO of Human Longevity, Inc. As our lifespans extend, we are faced with profound questions about how to optimize both our health and our financial well-being.
Join us as we explore the latest advancements in longevity science and how they are reshaping our understanding of aging. From cutting-edge genetic research to innovative health interventions, we uncover the keys to living longer, healthier lives.
But longevity isn't just about adding years to our lives—it's also about ensuring those years are filled with vitality and quality. We discuss the importance of proactive health management, personalized medicine, and preventive strategies to ward off age-related diseases and maximize wellness in our later years.
Chapters:
0:00 - Introduction and overview on the topic of the day
1:39 - Conversations surrounding human longevity are becoming more popular
3:24 - Welcoming David to the show and an overview on longevity planning
7:15 - The benefits of taking a more proactive approach to your health
10:53 - Leveraging data to make very informed health and wealth decisions
15:38 - Longevity planning goes way beyond pills and treatment procedures
18:22 - Areas where we need to improve our current health care system
21:23 - How to get in touch with David and his team at Human Longevity, Inc.
23:25 - Closing remarks
Connect with Homer Smith:
Website
How confident are you about what will happen to your assets—and your loved ones—after you’re gone?
On the latest installment of Advance Your Wealth, we’re looking at a truly important topic: your estate plan and whether it’s set up to get the results you want. In particular, we’ll be focusing on three main components of an estate plan that can potentially position most families for success.
Chapters:
0:00 - Introduction and overview on the topic of the day
1:37 - Why this topic is becoming so important among investors and families
3:05 - The delicacy involved in estate planning efforts
4:24 - The three key areas of estate planning
5:23 - What makes a will a foundational piece of estate planning
6:51 - Navigating trusts and how they can impact a family's estate planning
9:52 - How to decide if a trust makes the most sense for you and your family
12:36 - The fiduciary you choose to work with on your estate plan
15:37 - Your estate plan can get out-of-date rather quickly
17:20 - How to get in touch with Homer and his team
19:20 - Closing remarks
Connect with Homer Smith:
Website
When it comes to building, preserving and transferring wealth, it’s natural to look to the wealthiest among us for insights and actions we might adopt in our own efforts.
On the latest installment of Advance Your Wealth, we’re examining five personal finance lessons from the so-called Super Rich, those with a net worth of at least $500 million. The steps they take, and don’t take, may prove illuminating as you journey down the path toward your most important financial goals.
Chapters:
0:00 - Introduction and overview on the topic of the day
1:29 - Homer's big-picture takeaway on how the Super Rich build their wealth
2:50 - Working with the best experts you can find
4:24 - How to identify top-tier professionals to work with
6:05 - Going beyond the numbers
7:58 - Recognizing the importance of negotiation
9:37 - Trust, but verify
11:17 - The importance of keeping your emotions in check
12:28 - Tips for staying logical during emotionally tough circumstances
13:54 - How to get in touch with Homer and his team
14:48 - Closing remarks
Connect with Homer Smith:
Website
If you’re an entrepreneur, the idea of selling your business may have crossed your mind more than once. If you ultimately decide to sell your business, you’ll likely encounter two main types of buyers: financial and strategic. It’s a good idea to consider which type of buyer is the right one for you and your company.
On the latest episode of Advance Your Wealth, we’re exploring how these two categories of buyers could play an important part in how much you get for your company
Chapters:
0:00 - Introduction and overview on today's topic
1:18 - Understanding your options as a business owner
2:07 - An overview on financial buyers
3:12 - How the seller fits into the financial buyer's vision for the company
4:16 - How entrepreneurs typically encounter financial buyers
6:02 - The differences between a financial buyer and a strategic buyer
7:11 - How strategic buyers approach the buying process
9:24 - The different types of strategic buyers
10:31 - How to decide which type of buyer makes the most sense for your company
13:08 - Why would a strategic buyer make sense for you and your business?
15:21 - How to get in touch with Homer and his team for more information
16:40 - Closing remarks
Connect with Homer Smith:
Website
Life is full of transitions. Plain and simple.
However, one of the biggest transitions a business owner can make in their lifetime is the transition out of their business. In many instances, they've worked decades to build up this business and there are a variety of personal, financial, and emotional considerations at play.
In the latest episode of Advance Your Wealth, Homer explores the key decisions a business owner is faced with during this major milestone in their life.
Chapters:
0:00 - Introduction and overview on the topic of the day
1:01 - The major events in a business owner's life
3:55 - Transitioning to sell the business internally or externally
5:56 - I've sold my business. Now what?
8:57 - Transitioning family wealth to your heirs in a positive and strategic manner
12:17 - How to get in touch with Homer to discuss this topic individually
14:30 - Closing remarks
Connect with Homer Smith:
Website
Many business owners are always looking to motivate their employees, generate better results and save themselves some taxes. On a prior episode, we discussed a retirement plan and succession tool called an employee stock ownership plan, or ESOP.
In today's discussion, we're diving deep into the tax considerations for business owners when utilizing an ESOP, and what you should be thinking about before initiating a program like this.
Chapters:
0:00 - Introduction and overview on the topic of the day
1:50 - How an ESOP works and who it works best for
3:52 - Why an ESOP would be beneficial for a business from a tax perspective
6:47 - How an ESOP can benefit the business owner from a tax perspective
8:52 - A story covering a client that leveraged an ESOP for his business
12:58 - How to get in touch with Homer and his team
16:15 - Closing remarks
Connect with Homer Smith:
Website
Selling a business that you’ve worked to build for years or decades comes with an enormous number of considerations—not the least of which is easing the tax burden that accompanies a big sale.
On the latest installment of Advance Your Wealth, we’re looking at five ways business owners who sell their companies might mitigate taxes.
Let’s dive in!
Chapters:
0:00 - Introduction and overview on the topic of the day
1:35 - The top-of-mind concerns for entrepreneurs selling their business
3:31 - Transferring assets regularly over time
5:20 - Section 1202 and the benefits of leveraging this approach
7:11 - How trust planning and charitable planning factors into the sale of a business
10:35 - Navigating gifting strategies prior to the sale of a business
12:56 - A big conversation with business owners after the business has been sold
16:54 - How life insurance solutions can add value
21:18 - Homer's one big takeaway!
23:31 - How to get in touch with Homer and his team
24:32 - Closing remarks
Connect with Homer Smith:
Website
Growing up is hard, especially in today's day and age. But when you add financial challenges, like the transfer of significant wealth from an older generation to their heirs, life can become overwhelming for today's youth.
On the latest episode of Advance Your Wealth, we sit down with Barry Garapedian, the visionary Founder & CEO of Mag 7 Consulting, a boutique coaching, mentoring, and advisory firm tailored specifically for high-school and college-aged students. In this conversation, Barry shares the remarkable journey of MAG 7 and how it has become a beacon for young individuals seeking to unlock their full potential.
Barry sheds light on the importance of mentorship and coaching during the crucial formative years. Gain insights into the methodologies employed by MAG 7 Consulting to nurture skills, foster resilience, and instill a mindset of success in the next generation.
Enjoy!
Timecodes:
0:06 - Introduction and overview on the topic of the episode
1:03 - The importance of long-term wealth planning within families
3:05 - Welcoming Barry Garapedian to the show!
3:55 - Barry's career pivot from wealth management to Mag 7 Consulting
6:41 - The greatest challenges facing today's youth
9:22 - Kids growing up in a wealth environment and the importance of instilling financial wisdom
12:37 - How Mag 7 actually works with today's youth
16:00 - Teaching clients the power of a handwritten note
17:45 - The responses Barry receives from parents of his clients
19:52 - The difference between an expectation and an agreement
23:50 - The 7 self-development lessons you never learned in school
26:48 - How to learn more about the work Barry does for clients through Mag 7 Consulting
28:02 - How to connect with Homer and his team
28:51 - Closing remarks
Connect with Homer Smith:
Website
On the latest installment of Advance Your Wealth, we're joined once again by Joseph Sykora, Equity Analyst and Portfolio Reviews at Aptus Capital Advisors, for a deep analysis into the market's current affairs.
As Joseph and his team monitor the market's performance, there have been two noteworthy categories of discussion to consider: Earnings and Interest Rates.
Join us for another enlightening conversation, where we unpack some of the key considerations for your financial portfolio given some of the top trends unfolding in the markets.
Timecodes:
0:06 - Introduction and overview on the topic of the show
1:16 - An overview on the most notable topics from Q3
6:03 - How rising interest rates are impacting the market and government
10:17 - The cycle surrounding the government addressing a deficit
11:49 - How to get in touch with Homer and the team for additional discussion
12:20 - Closing remarks
Connect with Homer Smith:
Website
Simply having significant wealth doesn’t guarantee a great life. For example, inheritors often face a number of significant challenges at various points in their lives, including the years before they receive their inheritance as well as after wealth is transferred to them.
On the latest episode of Advance Your Wealth, we’re looking at some of the issues and hurdles that inheritors of significant wealth may need to overcome—along with strategies aimed at addressing them successfully.
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:23 - What Homer's team is known for
2:29 - There are challenges associated with giving and receiving wealth
5:13 - Where families can begin to effectively navigate these challenges
7:00 - The red flags to be on the lookout for
8:58 - Steps your family can be taking to avoid these mistakes overall
10:20 - Advice on dealing with the emotional challenges of inheriting wealth
13:02 - Smart ways we can be good stewards of our wealth
15:21 - The bottomline: Addressing the challenges of giving and receiving wealth
17:30 - How you can get in touch with Homer's team and learn more about a VFO
18:25 - Closing remarks
Connect with Homer Smith:
Website
The market year-to-date has brought along some major changes worth reflecting on. Rising interest rates, inflation, a bolstered tech sector and an uncertain path forward into 2024.
On the latest episode of Advance Your Wealth, we’re looking back at Q3 and forward to Q4 and beyond. We discuss market trends, Mega Cap Tech, how Konvergent Wealth Partners defends its clients portfolios, and where the market appears to be heading in 2024.
Timecodes:
0:06 - Introduction and overview on the topic of the show
1:19 - What are some high level year-to-date trends the Konvergent team is noticing?
2:28 - What's moving the S&P...the Magnificent Seven?
3:15 - What caused the major market moves in August?
4:36 - Mega Cap Tech and Impact on the Market as a whole.
6:23 - The Search for Safe Staple Stocks May Surprise You.
7:19 - 3rd Quarter Earnings vs. Expectations for the Future.
9:45 - Q4 and Excess Savings...What to Expect.
11:05 - How Well Do Valuations Predict Market Prices?
12:07 - Earnings Yields vs. Real Inflation Adjusted Interest Rates
13:25 - How Portfolios Stay Ahead of the Curve.
15:05 - Closing Remarks and How to Connect with Konvergent Wealth Partners.
16:05 - Disclosures.
Connect with Homer Smith:
Website
Family banks are a tool that some very wealthy families use for a number of reasons, and they’re increasingly being adopted by more and more families across the net worth spectrum.
On the latest episode of Advance Your Wealth, we’re looking at whether family banks could be a smart move for you!
Timecodes:
0:06 - Introduction and overview on the topic of the show
1:15 - What is a Family Bank?
2:28 - What is a Family Bank ultimately used for?
3:39 - How a Family Bank supports a family and fosters financial intelligence
5:04 - A Family Bank can help people with their business-building desires
6:33 - Family Banks are meant to be a formal solution within your estate
7:50 - Family Banks can offer custom solutions to help address family needs overall
9:17 - Who can leverage a Family Bank?
10:42 - How a family sets up and utilizes their Family Bank over time
12:46 - How to get in touch with Homer and his team to discuss Family Banks
14:20 - Closing remarks
Connect with Homer Smith:
Website
Like many of us, the wealthiest people often worry about their health, their families and their finances. On the latest episode of Advance Your Wealth, we’re looking at how you can adopt some of the Super Rich’s strategies for addressing their fears and staying on the right track.
This episode is packed with helpful considerations for your own financial world. Let's get started!
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:01 - Even significant wealth doesn't eliminate fundamental challenges
3:24 - How wealth plays a role with health for many of us
4:45 - An overview on concierge medicine
7:18 - Navigating dysfunctional family dynamics and how they threaten wealth
11:57 - We all fear losing our wealth
13:27 - Recommendations on fighting the fear of losing your wealth
15:15 - Taking the best ideas from the billionaires and implementing them for everyone
16:50 - How to get in touch with Homer and his team
18:20 - Closing remarks
Connect with Homer Smith:
Website
As the year progresses, investors and analysts alike have been on the edge of their seats, closely observing the ebb and flow of various markets.
On the latest episode of Advance Your Wealth, Homer welcomed Joseph Sykora, Equity Analyst and Portfolio Reviewer with Aptus Capital Advisors, to review the market's performance over the last few months and discuss what the remainder of the year has in store for investors of all types.
This episode is bound to leave you with some helpful strategies that you can consider for your own financial world. Enjoy!
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:00 - How the market has been performing thus far in 2023
2:50 - Interest rates being raised by 25 basis points
5:02 - Is inflation largely behind us?
7:45 - The bear vs. bull market cases
10:29 - What we can expect throughout the remainder of 2023
12:25 - Closing remarks
Connect with Homer Smith:
Website
Today's episode features a slightly different format than what our audience is accustomed to!
In order for a business owner to have their "dream exit," many boxes need to be checked in advance of the date of sale. Fortunately, Homer and his team at Konvergent Wealth Partners works diligently with their business owner clients to prepare their business for its sale and ensure they're maximizing the value of their clients' life work.
Recently, Homer was invited to be a guest on the Middle Market Moment podcast, featuring Craig Dickens, CEO of JD Merit, for a deep dive into this conversation.
There's a lot to unpack here, so let's get right into it!
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:16 - Welcoming Homer to the show
1:53 - The personal readiness, the business readiness and the market aligning
4:08 - The business owner's transition out of the business' day-to-day
9:12 - The intangible benefits of being prepared when selling your business
11:54 - How much business owners leave on the table when they aren't adequately prepared
18:15 - The value of doing tax planning up front
22:15 - The commonly used vehicles to help business owners from an estate planning perspective
28:18 - There's a difference between planning and implementing your plan
33:16 - What a business owner can be doing right now to kick off their planning process
36:50 - How to get in touch with Homer and his team
37:54 - Closing remarks
Connect with Homer Smith:
Website
The first half of 2023 has been a successful time for investors. Plain and simple. But will it continue? That's the big question at hand!
On the latest episode of Advance Your Wealth, Homer welcomed Joseph Sykora, Equity Analyst and Portfolio Reviewer with Aptus Capital Advisors, to review the market's performance over the last few months and discuss what the future has in store for investors of all types.
This episode is bound to leave you with some helpful strategies that you can consider for your own financial world. Enjoy!
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:45 - Bringing Aptus Capital Advisors onto the show to analyze a successful 2023 thus far
3:18 - Joseph Sykora's thoughts on where the market stands today
4:49 - What drove this unexpected positive trajectory within the market
6:54 - "Don't fight the FED"
9:50 - Has the market moved ahead of itself?
13:25 - The risks existing within the market
18:16 - General concerns regarding debt, student loans, etc in the future
21:57 - We need a combination of offense and defense in your portfolio
23:34 - How you can get in touch with Homer and his team
24:58 - Closing remarks
Connect with Homer Smith:
Website
Sometimes, wealth occurs very suddenly. And along with the perks of new wealth, comes many challenges and issues to address.
On the latest episode of Advance Your Wealth, Homer examines some ideas and action steps to consider if you or someone in your life becomes very wealthy, very rapidly.
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:30 - Significant wealth is typically created over a long period of time
3:10 - Sudden wealth comes with serious risk
4:20 - How should you navigate sudden wealth and begin healthy financial planning efforts?
7:04 - Mistakes you should avoid in the event you become suddenly wealthy
9:20 - The biggest challenges of managing sudden wealth
11:50 - How asset protection planning efforts come into play
13:37 - The big picture on managing sudden wealth for you and your family
15:45 - How you can get in touch with Homer and his team
17:52 - Closing remarks
Connect with Homer Smith:
Website
Artificial Intelligence. It's one of the hottest topics of conversation among business leaders and organizations at large...and for good reason!
On the latest episode of Advance Your Wealth, Homer is joined by Adam BUtler, Chief Intelligence Officer at ReSolve Asset Management, for a deep dive into the innovations that AI has brought upon the business world.
By leveraging Chat GPT, among an array of other AI tools, business leaders are able to transform the very definition of productivity and allow their organizations to accomplish more with less.
Timecodes:
0:06 - Introduction and overview on the topic of the show
1:40 - Why business owners should be thinking about the implications of AI
2:53 - Welcoming Adam Butler to the show
4:05 - How AI tools are generally impacting the realm of business
8:30 - The most common AI tools that people should be considering in their day-to-day lives
12:58 - How you can leverage AI to benefit your life today
19:06 - Leveraging Chat GPT to develop email copy
27:25 - The concerns among Chat GPT and other AI tools available to the masses
36:15 - Who do you sue when AI messes up?
43:13 - How AI has impacted education at large
50:23 - Adam's recommended AI tools and plugins you should utilize
55:10 - How to get in touch with Homer's team
56:30 - Closing remarks
Connect with Homer Smith:
Website
The market fluctuates. Plain and simple. But it's how we plan and react to these changes that makes all the difference!
On the latest episode of Advance Your Wealth, Homer welcomed Dave Wagner, Equity Analyst and Portfolio Manager with Aptus Capital Advisors, and John Luke Tyner, Portfolio Manager and Fixed Income at Aptus Capital Advisors, for a deep dive into some of the key investment themes that we should be observing these days.
Dave and John Luke share their insights on the current market situation, as well as their expectations on the future. This episode should leave you with some helpful takeaways for your own financial world!
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:15 - We're not trying to predict the future, but we want to be prepared
3:40 - Bringing the right research group to the table and optimize our work for clients
4:40 - Dave Wagner and John Luke Tyner share how Aptus Capital Advisors work with clients
6:36 - Why the market still remains up despite bigger concerns
8:57 - What led to the banking crisis?
12:20 - How the Feds are navigating this banking crisis and financial challenges
15:41 - Issues that could come to fruition
19:41 - How Aptus is approaching the near future and looking at portfolio construction
21:37 - We're a team that coordinates expertise for our clients
22:50 - How you can get in touch with Homer's team
23:20 - Closing remarks
Connect with Homer Smith:
Website
We all have the standard insurance that helps protect us and our finances, such as auto insurance and homeowners insurance. But are those policies enough to safeguard your assets if you’re faced with an extremely big claim against you?
On the latest episode of Advance Your Wealth, we’re joined by Jennifer Alimonda, Director of Private Client Solutions at Sterling Risk, and taking a closer look at personal umbrella insurance. Primarily, we're pinpointing just how important it can be if you have significant assets!
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:21 - Who is Jennifer Alimonda?
2:48 - Jennifer's background with Sterling Risk and her experience with insurance policies
4:05 - What is personal umbrella insurance?
5:37 - Where an umbrella policy comes into play
8:10 - Are you covered in the event of a tragic incident with many lawsuits?
11:15 - The risks associated with having significant assets
15:55 - The amount of umbrella policy protection you should consider
17:57 - The factors that influence insurance premiums
20:42 - Personal umbrella policies are very broad
23:22 - Reach out to your broker and discuss the need for an umbrella policy
26:09 - How you can get in touch with Homer and his team
27:18 - Closing remarks
Connect with Homer Smith:
Website
The people you know can play a vital role in the level of success you achieve, both in business and your personal life. However, for contacts to be important and valuable to that success, you need to develop powerful relationships with them that get results for all involved.
On the latest episode of Advance of Your Wealth, we’re exploring some particular strategies you can leverage to enhance the professional relationships you'll make throughout your career.
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:11 - "It's not what you know, it's who you know!"
2:20 - How to connect and motivate other people
5:27 - Find a way to help them accomplish their most important goals
6:53 - Provide economic glue within your relationship
8:47 - The softer, and more nuanced, elements within building relationships
10:15 - How to build trust more quickly
12:11 - The bottomline
14:05 - How you can get in touch with Homer and his team
15:13 - Closing remarks
Connect with Homer Smith:
Website
Storytelling connects us all and a good story causes us to lean in and connect with the storyteller themself.
On the latest episode of Advance Your Wealth, we welcome Nick Nanton, 22-time Emmy® Award Winning Director/Producer, to discuss the power of storytelling and how it can be leveraged to enhance your brand and business.
Regarded as "America's biographer" and the "voice of a new generation" by Larry King, Nick has developed numerous award-winning documentaries and shared stories that have touched millions of people across the globe.
We sat down to discuss how to connect with your intended audience through a great story!
Timecodes:
0:06 - Introduction and overview on the topic of the day
2:14 - Welcoming Nick Nanton to the show
2:45 - Nick's background and how he became a filmmaker and songwriter
12:30 - How storytelling can be leveraged to grow your business and build a team
17:44 - The guilt complex we all experience when telling our own stories
19:20 - Telling a story in a documentary format
23:50 - Stories can be utilized to convey difficult or complex topics
25:38 - "The best story always win" and Mission Driven Celebrity Experts
30:05 - Any business owner can strive to become a Mission Driven Celebrity Expert
31:50 - Exciting projects Nick is working on these days
33:00 - How you can get in touch with Nick
34:50 - Closing remarks
Connect with Homer Smith:
Website
If you’re a business owner, do you have key person insurance or a buy-sell agreement in place? If so, when was the last time you updated it? If your solutions are more than a few years old, you could be setting yourself up for financial disaster.
On the latest episode of Advance Your Wealth, we’re examining why these questions are so critical to be asking yourself and what entrepreneurs can do about it right now!
Tune in and discover some steps you can be taking to avoid the major financial hardship that accompanies these types of issues.
Timecodes:
0:06 - Introduction and overview on the topic of today's show
1:14 - Business owners are analyzing today's landscape to avoid future issues
2:40 - Unexpected events can jeopardize the success of a business
3:30 - Most business owners have a solution in place, but it's outdated
4:25 - The advantages associated with a buy-sell agreement or a key person insurance policy
6:03 - 40% of business owners don't have key person insurance in place
7:16 - The appeal of a buy-sell agreement
9:28 - The value of buy-sell agreements is widely recognized
10:42 - How big of a deal is an outdated agreement?
12:38 - Advice for business owners to stay on top of these solutions
14:45 - How to get in touch with Homer and his team
15:30 - Closing remarks
Connect with Homer Smith:
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With so many industries flooded with competition, it can be difficult for business owners to stand out among the competition!
On the latest installment of Advance Your Wealth, we're pleased to welcome Chris Smith, Founder of Campfire Effect, for a great conversation surrounding differentiation through the power of storytelling.
At Campfire Effect, Chris and his team believe that your story and your message are the most powerful things you have to grow and scale your business. In this episode, Chris will walk through some of his teachings and explain how this can be leveraged to enhance your business' future efforts.
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:50 - Do you feel like you're the best kept secret in your industry?
2:30 - Welcoming Chris onto the show
3:00 - Chris' background and cowboy storytelling
4:50 - What does it mean to be preeminent?
7:30 - What changes for your business when you begin focusing on being preeminent?
10:30 - How Chris's work impacts business owners specifically
13:29 - Important questions business owners should be asking themselves
17:35 - How to reshape your identity
21:00 - How this new identity trickles down through your organization
25:00 - How to measure the ROI of Chris's work within your business
29:29 - Chris's work with successful families in "Family Brand"
34:55 - Chris looking like Ryan Reynolds
36:20 - Where to find Chris and his organizations online
38:00 - Closing remarks
Connect with Homer Smith:
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On the latest episode of Advance Your Wealth, we're pleased to welcome Tommy Ragsdale, Vice President of Strategic Development for 360 Privacy, for a great conversation on the various cyber threats that individuals and businesses are exposed to in today's day and age.
360 Privacy, a veteran founded, owned, and operated LLC based out of Nashville, TN, is comprised of members from the Special Operation Forces, Intelligence Community, and technology experts whose mission is to protect the digital identity, reputation, and security of high-profile executives, athletes, and high net worth families.
By removing personally identifiable information from data brokers websites on the open web, conducting daily monitoring to prevent data repopulation, and securing personal technology infrastructure (routers, iPads, iPhones, smart thermostats, etc.), 360 Privacy keeps their clients' information out of the hands of sophisticated threat actors and fraudsters.
Timecodes:
0:06 - Introduction and overview on the topic of the day
1:19 - The cyber risks we're exposed to are now at the forefront of conversation
2:15 - Background on 360 Privacy and how Tommy landed in cybersecurity
3:50 - An overview on digital privacy and the main threats you need protection from
8:23 - How 360 Privacy reduces your digital information that's out there
9:50 - The Dark Web and how it functions
14:15 - The level of protection and service you get from 360 Privacy versus Lifelock
17:23 - There is no "easy button" for cybersecurity
19:29 - Cybersecurity packages included within insurance policies
22:05 - Stories of 360 Privacy helping some high-profile clients, like Ronnie Dunn
26:55 - Easy tips you can begin implementing to strengthen your cybersecurity efforts
29:39 - How you can get in touch with Tommy and 360 Privacy
31:32 - Closing remarks
Connect with Homer Smith:
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Many business owners are always looking to motivate their employees, generate better results and save themselves some money in taxes. On the latest installment of Advance Your Wealth, we're examining a tool that can potentially do that and more for your business. It's a retirement plan and succession tool called an Employee Stock Option Plan, or ESOP. Sit back, relax, and enjoy another enlightening conversation surrounding a strategy that is bound to leave you with some considerations for your own business. Timecodes: 0:06 - Introduction and overview on the topic of the day 2:00 - Why this type of retirement plan is one that business owners should be considering 3:42 - How an ESOP functions for a business and its employees 5:12 - The key differentiating factors within ESOPs 6:40 - The advantages business owners see when using ESOPs 8:55 - How an ESOP can benefit a business as an entity 10:38 - How an ESOP can assist within the succession planning efforts for business owners 12:36 - Questions that business owners should be asking themselves 14:35 - The first step you should be taking if you're interested in implementing an ESOP 16:33 - How you can get in touch with Homer and his team 17:30 - Closing remarks
Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)
If you’ve built and grown a family business over time, there’s a very good chance that you’d like to have your heirs take over the company at some point down the road—or maybe more like around the corner, if you’re ready to move on. But are you and your business’s potential future owners prepared for that transition and set up for success? In the latest episode of Advance Your Wealth, we discuss the importance of the communication in the family business transition planning process and some of the issues that need to be addressed to increase the likelihood of a successful transition. Timecodes: 0:06 - Introduction and overview on the topic of the day 2:38 - The overall importance of business transition planning 4:37 - The family planning element is extremely important within this conversation 6:19 - Where a plan can fall apart along the way 8:03 - The family relationships are at the crux of a proper plan 10:00 - How a family business should approach developing a thorough succession plan 11:27 - Generational family wealth and keeping businesses in the family 13:12 - What's the first step in getting this process off the ground? 16:41 - How to get in touch with Homer's team for future discussions 19:01 - Closing remarks
Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)
People are living longer these days, which means that our retirement planning has to adapt accordingly to meet those needs. While living longer gives you more time to do the things you really love, it also means you have to financially plan for that longer lifetime. In the latest installment of Advance Your Wealth, we're excited to explore the topic of concierge medicine and longevity planning with Dr. Daniel Carlin, Founder & CEO of WorldClinic. This episode is packed with beneficial information for your wealth and your health! Timecodes: 0:06 - Introduction and overview on the topic of the day 1:40 - Welcoming Dr. Dan to the show 3:00 - Overview on Dr. Dan's background and approach to concierge medicine 6:40 - How affluent families are using concierge medicine 11:06 - You can't make presumptive diagnosis 15:48 - Example of a wealthy couple utilizing concierge medicine 21:08 - The access to your health professional is second to none 26:00 - Longevity planning and what this means for your wealth 31:47 - The traditional healthcare system 35:00 - How you can get in touch with Dr. Dan and WorldClinic 41:33 - Managing injured workers 45:00 - How you can contact Homer's team for wealth management concerns 47:00 - Closing remarks
Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)
When it comes to managing wealth, it’s pretty rare to just stumble into success. We find the most successful individuals and families employ a specific process that is designed to anticipate the challenges they’ll face and achieve the outcomes they most want. On the latest installment of Advance Your Wealth, we’re exploring what some advisors call the virtuous cycle and how you can use it to power the pursuit of better results in your own financial life. Timecodes: 0:06 - Introduction and overview on the topic of the day 1:56 - Why investors should be implementing a process 3:23 - The particular approach utilized at Konvergent Wealth Partners 4:56 - What the discovery process should entail 6:30 - A deep dive on the total client profile 7:45 - Developing a professional network 9:21 - Scenario thinking and where this comes into play 11:10 - Finding the right path for each client 13:01 - The client's experience in working with you 16:00 - How to get in touch with Homer and his team 17:00 - Closing remarks
Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)
When family wealth gets passed on to the next generation, too often that wealth tends to shrink instead of grow. On the latest installment of Advance Your Wealth, Homer examines how you can help your loved ones prepare to become good financial stewards of family wealth before the day comes when their bottom line suddenly gets a lot bigger! Join us for another enlightening conversation that features strategies and solutions that Homer is utilizing with his clients at Konvergent Wealth Partners. Enjoy! Timecodes: 0:06 - Introduction and overview on the topic of the day 1:47 - Should parents be worried about their heirs handling their money? 3:00 - Homer's advice to clients who wish to avoid becoming another bad statistic 7:25 - How you should be evaluating your wealth manager's skillset 9:00 - Today's heirs have many goals and it's important to consider them 10:30 - Educating heirs that are planning to take on the family business 14:08 - You don't have to be passing down significant wealth for these efforts to take place 15:36 - The best way to get in touch with Homer's team to discuss you're unique situation 16:50 - Closing remarks
Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)
On the latest installment of Advance Your Wealth, we’re going to examine a challenge that many parents face: raising a child with special needs. There are a number of financial planning strategies and solutions that can help parents navigate a path through the financial uncertainty that comes with raising a child with special needs. Listen as Homer shares his own personal experiences with this topic and the various solutions available to help parents along the way. Timecodes: 0:06 - Introduction and overview on the topic of the day 2:32 - The challenges that arise for parents who have a special needs child 4:19 - The various expenses that arise 5:30 - The need for long-term financial planning is paramount 7:56 - Government assistance that is available for these cases 9:00 - The ABLE account and its value 12:50 - There are a number of options available 14:25 - How you can get in touch with Homer and his team to discuss this topic further 15:31 - Closing remarks Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)
With so many changes in the world, and perhaps in your own family, a trust you’ve set up to achieve your financial goals could be out of date even if it’s just a few years old. On the latest episode of Advance Your Wealth, we’re examining how to size up the current status of a trust to see whether it’s still on track, so you can decide if any changes are appropriate. Sit back, relax, and enjoy another thought-provoking conversation that Homer routinely discusses with his clients at Konvergent Wealth Partners. Timecodes: 0:06 - Introduction and overview on the topic of the day 1:34 - Setting up your trust is only the first step 2:32 - Why might someone need to examine their trust? 5:20 - Secondary issues to consider when it comes to reviewing your trust 6:38 - Mistakes that people typically make when it comes to trusts 7:52 - The next steps once a trust has been set up 10:00 - What a stress test could uncover when examining a trust 11:57 - The importance of working with a network of professionals when reviewing a trust 13:50 - How you can get in touch with Homer and his team 15:03 - Closing remarks Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)
If you are like many business owners, you’re looking out for more than just the financial health of your company. You also want to take care of your family and loved ones by providing for them and setting them up for rewarding lives of their own. In the latest installment of Advance Your Wealth, Homer and Ryan are exploring how proactive estate planning can help you pursue these goals and build an amazing life of significance. Too often estate plans can become outdated. Listen as we showcase the steps you can take to ensure your plan is current and capable of supporting you and your goals. Timecodes: 0:07 - Introduction and overview on the topic of the day 2:15 - A high-level overview on estate plans and their role with entrepreneurs 4:05 - Most people have a plan in place, but they are often very outdated 6:50 - How effective an outdated plan can be 7:49 - Examples of how an outdated plan caused issues and financial hardship for an entrepreneur 9:07 - The first steps you should be taking to update your estate plan 11:00 - The inner-workings your estate plan should function and assist you 12:56 - Tips or warnings for someone going through the estate planning process 14:30 - How you can get in touch with the team at Konvergent Wealth Partners 17:03 - Closing remarks
Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)
In the latest installment of Advance Your Wealth, Homer and Ryan explore the three key characteristics of a desirable wealth manager and the importance of identifying the right wealth manager given your personal needs and goals. Finding the right wealth manager for you can be a difficult process. It can be challenging to evaluate various wealth managers and pinpoint the specific issues you need their assistance with. This episode peels back the curtain on this very topic and provides a few schools of thought that could change how you approach the wealth manager search. As Homer and Ryan discuss, it all starts with integrity, competence, and experience. So sit back, relax, and enjoy another enlightening conversation! Timecodes: 0:07 - Overview on the topic of the day 1:55 - The challenges associated with finding the right wealth manager for you 3:27 - Issues that can often go unnoticed 4:20 - The key characteristics of an elite wealth manager 5:35 - How to assess a wealth manager's integrity 8:03 - How competence comes into play when searching for the right wealth manager 9:28 - How Homer would assess an advisor's competence level 12:19 - Looking at the wealth manager's team and the relationships they forge there 14:24 - How vital a wealth manager's experience is in this conversation 17:02 - How to best reach out to Homer and the team at Konvergent Wealth Partners 18:40 - Homer's final thoughts to leave us with 20:13 - Closing remarks
Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)
Family conflicts can wreak havoc on a family-run business, especially when it comes time to transfer ownership of the company from one generation to the next. In the latest installment of Advance Your Wealth, Homer and Ryan examine how a well-designed succession plan can reduce risk and help facilitate a transfer that leaves everyone in the family satisfied. Homer conducts regular succession planning meetings with his clients at Konvergent Wealth Partners, so this episode is bound to leave you with some insights to consider for your own family business! Timecodes: 0:06 - Overview on the topic of the day 2:00 - Why the need for succession planning exists for family businesses 3:05 - How a family can assess their need for succession planning in the first place 4:52 - Where to begin the succession planning process 6:45 - Where transparency comes into play during this process 8:31 - How a well-crafted succession plan addresses the technical issues with a family business 10:20 - Getting the plan onto paper 11:30 - How to ensure the plan is adhered to over time 12:47 - Once the plan is in place, what families should do to ensure their plan works 14:00 - How to get in touch with Homer's team to discuss this topic further 15:34 - Closing remarks
Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)
Planned giving can help you do well financially, while also doing good for others. When you provide meaningful financial support to causes that you care about, you have the potential for tax breaks. In the latest installment of Advance Your Wealth, Homer provides us with a charitable planning primer. Listen as he outlines the charitable giving strategies and vehicles to help get you started - or make your existing philanthropy even more impactful. Since this is such an important topic that Homer weaves into regular discussions with clients, this episode is bound to leave you with some insight to consider with your own financial portfolio. Timecodes: 0:05 - Overview on the topic of the show 1:55 - Charitable giving is a massive topic within wealth management overall 3:05 - How wealth planning fits into the desire to give back 4:15 - The first step in utilizing charitable giving in a wealth plan 5:33 - Discussing the various elements of charitable giving with clients 6:40 - Moderate strategies for clients looking for a deeper charitable giving experience 8:04 - The advanced options surrounding charitable giving 10:00 - Who someone should turn to for conversations surrounding charitable giving 11:05 - The most important aspect of charitable planning 12:15 - The client's feeling of satisfaction of giving back, while also enhancing a wealth plan 14:14 - How someone could pursue a conversation with Homer about charitable giving strategies 15:20 - Closing remarks
Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)
In this installment of our Quarterly Themes, Homer highlights several key investment themes Konvergent Wealth Partners are exploring in the final quarter of 2021. Listen as he reviews not only the Q3 market and economic performances, but also their outlooks for Q4 and beyond. Throughout the episode, Homer monitors various wealth planning strategies to help keep your portfolio on track. Additionally, he provides an update on the proposed tax law changes that could be entering the fold soon. Timecodes: 0:06 - Welcome to the show and an overview on today's episode 0:43 - Q3 market review of performance 1:45 - Bond market remained volatile throughout Q3 3:19 - Emerging markets struggled throughout Q3 4:20 - Full review of Q3 and the lessons we learned from it 6:40 - Unemployment and GDP throughout Q3 8:19 - The investment themes for Q4 10:56 - An update on proposed tax law changes 14:12 - Closing remarks
Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)
In the latest installment of Advance Your Wealth, Homer steps outside of the typical wealth management conversation to address how wealth is ultimately generated in the first place. Listen as Homer and Ryan discuss the benefits, as well as challenges, associated with entrepreneurship. Despite being the single fastest and most effective means of generating significant wealth, there are plenty of strategies and essential best practices to consider before attaining significant wealth. So sit back, relax, and enjoy this unique conversation featuring the other side of the wealth management equation. Timecodes: 0:05 - Overview on the topic of the show 2:00 - Homer himself is an entrepreneur! 2:57 - Why entrepreneurship is the most likely path to generate significant wealth 3:56 - The best practices of successful entrepreneurs 5:18 - What a commitment to success truly looks like 6:46 - Despite the commitment to success, one ultimately must take action 7:38 - How vitally important the business model is to wealth creation 9:00 - The importance of establishing powerful relationships 10:20 - Building and maintaining a high-quality team over time 11:39 - Working with the right professionals 14:55 - Homer's unique experience as an entrepreneur 17:20 - Closing remarks
Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)
In this special installment of Advance Your Wealth, Homer dives into the investment philosophy at Konvergent Wealth Partners, which focuses on allowing clients to construct portfolios that can weather all seasons. Listen as Homer explains the value behind diversifying your portfolio to ensure a smooth performance across all times of the year. Sit back, relax, and enjoy this special edition of Advance Your Wealth! Timecodes: 0:05 - Overview on the Konvergent Wealth Partners investment philosophy 0:44 - The origin of this philosophy 2:07 - The problem is we've had to turn from savers to investors 3:25 - Various estimates of what investors needed to earn 7.5% 4:45 - Closing remarks
Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)
Welcome back to the latest installment of Advance Your Wealth, where Homer and Ryan explore the inner workings of a private trust company. Some wealthy families that have assets in trusts want more than what they can get from many professional or corporate trust companies. For these people, setting up their own private trust company could be a viable alternative that adds value to their situation. Listen as Homer examines some key features of private trust companies and how families can decide if they should establish one for themselves. So sit back, relax, and enjoy another enlightening financial conversation! Timecodes: 0:06 - Welcome to the show and overview on today's topic 1:37 - A high-level overview on the different trust companies that exist today 2:48 - The appeal of going with a private trust company 4:14 - The secondary benefits of utilizing a private trust company 5:23 - Private trust companies can work with families on the estate planning side as well 6:08 - How heirs can benefit from a private trust company 7:53 - How privacy comes into play with private trust company 9:11 - What the financial commitment looks like when opting for a private trust company 10:14 - The next steps forward if someone is interested in proceeding with using this option 11:25 - Closing remarks
Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)
In the third and final installment of our interview series with Frank Seneco, President of Seneco & Associates, Inc., the discussion is centered around premium finance life insurance and the different types of benefit plans for private business owners. Despite being a strategy that's been around since the 1990's, there is still a tremendous level of value associated with premium financed life insurance. Listen as Homer and Frank dive deep into this strategy and who it makes the most sense for. Sit back, relax, and enjoy the finale of a great interview series featuring Frank Seneco! Timecodes: 0:06 - Overview on the topic of this conversation 1:15 - The idea behind a premium finance life insurance 3:33 - The benefits of this strategy over a 5-10 year period of time 6:16 - Mistakes to avoid when it comes to this strategy 11:00 - What split-dollar means from a life insurance standpoint 12:21 - How else is life insurance utilized in succession plans for business owners 14:40 - Overview on the variety of strategies discussed throughout the interview series with Frank 15:57 - Closing remarks and disclosures
In the second installment of our interview series, on Advance Your Wealth, Homer is joined by Frank Seneco, President of Seneco & Associates, Inc., to discuss advanced insurance planning strategies and how they relate to wealth management as a whole. Listen as Homer and Frank discuss the strategies behind private placement life insurance, as well as the value they creates. PPLI is a version of a life insurance contract that is used frequently by high net worth individuals because of the various benefits it possess. So sit back, relax, and enjoy the second part in our three-part interview series with Frank! Timecodes: 0:15 - The idea behind Private Placement Life Insurance policies 3:25 - There are some rules that need to be followed in this space 5:20 - The ideal candidate or someone who qualifies for this type of insurance 7:27 - How to take advantage of the tax mitigation strategies within this policy 11:20 - This is almost a tax-free solution 13:04 - The mistakes investors make when considering these private placement plans 15:30 - Closing remarks and key takeaways from today's conversation
Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)
In the latest installment of Advance Your Wealth, Homer and Ryan circle back to the stress testing process and the countless benefits it provides for businesses. As discussed in prior episodes, there are a wide-variety of challenges facing business today. But through regularly stress testing the business's portfolio, you can mitigate any unfavorable circumstances and ensure the business is on track to achieve desired goals. So sit back, relax, and enjoy another thought provoking conversation that is sure to leave you considering the stress testing process for your own business! Timecodes: 0:07 - Overview on today's topic 1:50 - What a stress test entails for a business owner 3:50 - The importance of stress testing on a periodic basis 5:00 - Where the human element comes into play during the stress testing process 6:15 - Stress testing can help fine tune general, but also specific issues within the business 7:52 - How stress testing can be utilized within exit planning 9:30 - How stress testing can play a role within asset protection planning 10:30 - Stress testing's role within retirement planning for business owners 12:00 - How a business owner can decide whether or not stress testing is worth pursuing 13:25 - Final remarks and how stress tests can address our ever-changing financial landscape 15:08 - Closing remarks
Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)
In the first installment of our interview series, on Advance Your Wealth, Homer is joined by Frank Seneco, President of Seneco & Associates, Inc., to discuss advanced insurance planning strategies and how they relate to wealth management as a whole. Bringing over three decades worth of experience in the financial services sector, Frank is no stranger to this subject and provides services across the nation, as well as internationally. Frank believes in services that best meets the clients needs! So sit back, relax, and enjoy the first part in our three-part interview series with Frank! Timecodes: 0:20 - Background information on Frank Seneco and his experience in the financial services sector 1:40 - An overview on the Benefit-Focused Defined Benefit Plan and how its value can be maximized 3:17 - Why so few people have heard of this particular plan 4:20 - The type of business owner or business structure this plan makes sense for 6:32 - The biggest opportunities Frank sees when reviewing retirement plans for clients 8:40 - This is a plan that focuses benefits towards the owner 9:58 - How life insurance fits into this type of plan 11:25 - Summarizing this plan once more and who it truly applies to 12:30 - Closing remarks
Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)
In the newest installment of Advance Your Wealth, Homer and Ryan explore the inner-workings of what it means to be an executor. When asked by a family member or close friend, it may be difficult to say no to this role. However, it's crucially important that you understand the role itself, and the responsibilities it comes with, before accepting the position. When an individual becomes an executor for a given estate, they are tasked with numerous things. Not only do they need to track down the assets linked to the estate, but they also need to ensure any outstanding debts or liabilities are paid off. Not doing so, presents an element of personal risk for the executor themselves. So sit back, relax, and enjoy yet another provoking conversation surrounding the duties of an executor, which will have you considering if you're fit for the job. Timecodes: 0:07 - Overview on the topic of the day 1:51 - What is an executor and what does their position entail? 3:00 - Why someone shouldn't accept this responsibility immediately 4:16 - The initial steps an executor needs to take 5:35 - The challenge of finding all of the estate's assets 6:40 - Advice for executors searching for all the assets 8:45 - Advice for executors when dealing with debts and taxes 11:30 - What the level of risk looks like personally for the executor 14:14 - When approached by someone and asked to be an executor, how to handle that conversation 15:43 - Closing remarks
Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)
In this installment of our Quarterly Themes, Homer highlights several key investment themes Konvergent Wealth Partners are exploring of late. Listen as he reviews not only the Q2 market and economic performances, but also their outlooks for Q3 and beyond. Despite some bouts of volatility, the market performed well throughout Q2 and even reached a new all-time high! Finally, Homer showcases some wealth planning strategies to help manage your wealth throughout all seasons and their various circumstances. Timecodes: 0:07 - Introduction and the agenda for this episode 1:20 - Beginning full review on Q2's investment themes 6:00 - What we learned throughout Q2 10:34 - Despite concerns of slowing growth, the economy begins Q3 in Quad 2 13:10 - GDP & Inflation expected in Q3 15:22 - How we are planning to invest in Q3 16:03 - Overview on the importance of managing your wealth for all seasons 21:26 - An offense only strategy when it comes to diversification 25:15 - Summary on wealth strategies for all seasons 26:15 - Closing remarks Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)
In this installment of our Monthly Market Update, Homer examines the market’s performance throughout May 2021, the economic data behind the market’s performance, and the death of the 60/40 Portfolio. Overall, the S&P 500 remained a relatively flat month, showing some fluctuation as the month progressed. Also, as expected, Homer noticed Industrials and Financials outperformed the Broader Market, showing slight growth. So sit back, relax, and enjoy Homer’s insights on last month’s market trends and what we can expect as we move throughout the summer as a whole! Timecodes: 0:07 - Overview on today's Market Update and topics of discussion 0:58 - May's market performance overview, beginning with S&P 500 1:52 - Industrials and Financials outperformed the Broader Market 3:07 - The economic indicators Homer's team is analyzing regularly 4:50 - Analyzing GDP and inflation throughout recent history 6:15 - The Death of the 60/40 Portfolio 8:28 - True diversification requires four macro quadrants 10:40 - Asset correlation pertaining to the 60/40 Portfolio 11:50 - Summary of the Market Update Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)
In the most recent installment of Advance Your Wealth, Homer explores the five key mistakes being made by successful family businesses today. Running a successful family business takes a tremendous amount of both working hard and working smart, all while navigating family dynamics. These dynamics can be ever-changing and require ongoing efforts to address them. Throughout Homer's time at Konvergent Wealth Partners, he's worked with countless family businesses to help them avoid these critical wealth planning mistakes and wants to share the tips with you. So sit back, relax, and enjoy another thought-provoking conversation that could help with the wealth planning strategies of your own family business! Timecodes: 00:08 - Overview on the topic of the day 02:17 - Why wealth planning overall needs to be at the forefront of a family business 04:38 - Family businesses working with the wrong wealth management professional 06:35 - What type of wealth planner should a family business be looking for 07:30 - The importance of having an over-emphasis on tax planning 09:30 - The issues occurring when a matriarch or patriarch are secretive with family business information 11:15 - You must continue to update your wealth plan over time 13:45 - It's okay to sell to an outside party or someone outside of the family 15:50 - Final pieces of advice for family business owners to address these issues Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)
In this installment of Advance Your Wealth, Homer and Ryan dive into the topic of life insurance, which is a topic that doesn't often get people excited in the same way other financial solutions like stocks do. However, life insurance is actually one of the most flexible and versatile tools that you can use in your overall wealth planning toolkit. So sit back, relax, and enjoy another enlightening conversation surrounding how these policies can be harnessed and utilized to better position your financial portfolio. Timecodes: 00:50 - Why life insurance should be a key component within wealth planning 02:00 - Everyone should be developing a wealth plan overall 03:00 - The focus with life insurance is more geared towards the person, not the product 03:50 - Are there signs people should be looking out for when it comes to this? 05:50 - The specific role live insurance can play within financial planning processes 06:05 - What makes life insurance policies so versatile 07:23 - There are multiple goals that life insurance can help people strive towards 11:08 - How these policies can help address a future need 12:30 - How life insurance can help entrepreneurs of today 14:10 - How this life insurance conversation plays a role within the stress testing process 15:00 - Closing remarks Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)
One of the biggest concerns facing affluent families today is how to manage their wealth so that it achieves many goals. Their focus could be continuing to grow their wealth as it is transferred to younger generations, or aligning the use of that wealth with the values and ideals the family holds dear, or even protecting that wealth from creditors and others who might seek to take it unjustly. Often the best place to start, is to ensure that your family members are aligned and “on the same page” when it comes to key issues. A family constitution can be a great way to get that process going. In this episode, Homer and Ryan explore the inter-workings of a family constitution and how it can play such a vital role in a family's financial planning. Perhaps it's something you should consider? So sit back, relax, and enjoy another insightful conversation surrounding family asset management. Timecodes: 00:37 - Overview on the episode's topic 02:00 - Unique challenges that arise when families work together to manage their assets 03:20 - The biggest wealth-related issue that pops up for affluent families 04:25 - What families can do to ensure all are aligned when it comes to their finances? 05:03 - How a family constitution can promote better family relationships 07:15 - The process of drafting a family constitution 09:15 - How many people from a given family should be involved in the financial discussions? 10:50 - Additional advice to ensure the family constitution remains relevant over time 11:40 - Who can families turn to in order to ensure the family constitution is adhered to 13:12 - Summary of reasons why an affluent family should consider a family constitution 14:53 - Closing remarks Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)
Over the last year in particular, private business owners have faced significant challenges from the pandemic and resulting lockdowns with many businesses unlikely to open again. Even without pandemics and lockdowns, business owners face all sorts of challenges that may not seem obvious to the naked eye. Many businesses fail under normal economic conditions and those that do make it require significant time and sacrifice by the owner and their family with only a small percentage truly creating significant family wealth. In the fourth episode of Advance Your Wealth, Homer and Ryan explore the key issues that successful families and business owners are facing in today's climate. Through collaboration and efficient planning, Homer and his team at Konvergent Wealth Partners are offering solutions to help this small group who have enduring success. Sit back, relax, and enjoy another great episode that provides clear guidance on how to navigate these complex financial issues. Timecodes: 01:00 - Businesses of all sorts have faced countless challenges during the pandemic 02:20 - Implementing a three-step process to ensure your business thrives 04:00 - The challenges impacting business owners face on an everyday basis 05:13 - What are the drivers that lead a business to become difficult to run 06:40 - The missing link for businesses lacking consistent growth 08:55 - For the businesses that grow to the next level, what are the next challenges? 11:04 - How Homer's team is addressing the needs of the business owner 13:55 - How often the personal goals conversation comes into play 18:08 - The Konvergent Virtual Family Office 21:00 - Closing remarks Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)
Wealth managers are usually focused on the cold, hard numbers of your estate. They want the best for your dollars and cents because they think that will keep you happy. However, it's this mindset that keeps them from ascending to the next level of wealth management. In the third installment of Advance Your Wealth, Homer and Ryan investigate the key ingredient that makes good wealth managers great. It all comes down to the human element! If your advisor effectively understands your personal and professional goals for the future, they can cultivate a better strategy and ultimately preserve your wealth for generations to come. So sit back, relax, and enjoy Homer's discussion surrounding his practices at Konvergent Wealth Partners and why your personal goals are just as important as the numbers on your spreadsheet. Timecodes: 02:28 - Why you should be demanding more from your financial advisor 03:50 - What is the missing link in the advising process? 04:45 - What the human element entails 06:08 - Why is the human element so important on the wealth management side 08:27 - Why Homer believes the human element plays a role during stress testing 10:40 - Instances where the stress testing process reveals no issues with the estate 12:30 - How Homer would select his personal financial advisor 15:00 - The importance of listening to the needs and concerns of the client 16:59 - The steps you should take today to get a great financial advisor 18:50 - Closing remarks Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)
Typically, years of hard work and dedication to a job allows individuals to cultivate wealth for their family. Once they have it, the number one concern shifts to keeping it and establishing a lasting legacy for generations to come. In the second installment of Advance Your Wealth, Homer and Ryan investigate strategies to protect and secure wealth. With over 18 years of industry experience, Homer is accustomed to having these conversations with clients and can identify the five major mistakes made by affluent families today. Sit back, relax, and allow Homer to share what these mistakes are and which steps you should take now to avoid making them yourself! Timecodes: 00:51 - Overview on the episode 01:50 - Why it's so important to thoroughly analyze your homeowners insurance 03:25 - The five big mistakes affluent families make 05:32 - An example of conversations Homer has surrounding liability insurance 06:43 - What are some signs of simple or adequate coverage, not complete coverage? 08:03 - What are some insurance pitfalls to avoid for those owning multiple homes? 09:30 - How failing to list a trust or LLC on a homeowner's policy could lead to issues 10:33 - Where do intricate home constructions or amenities fall in the coverage conversation 12:44 - Mistakes families are making when it comes to insuring their collections and valuables 15:02 - The next steps you should be taking to protect yourself and your wealth 17:50 - Homer and his team at Konvergent Wealth Partners can help you take the next step Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)
In the inaugural episode of Advance Your Wealth With Homer Smith, Host Ryan Ruff is joined by the man-of-the-hour, private wealth advisor with Konvergent Wealth Partners, Homer Smith. Homer brings over 18 years of industry experience to the show and strives to help clients achieve their goals. Listen as Homer and Ryan dive into the vitally important process of stress testing your personal or business finances. In order to assess the risks facing your estate or business, Homer and his team break down all of the elements contributing to your personal wealth, including saving plans, financial goals, and even retirement strategies. Sit back, relax, and allow Homer to shed light on the importance of performing regular stress tests on your finances to mitigate potential issues and surprises! Timecodes: 00:15 - What listeners can expect on the show moving forward 01:09 - Homer's 18 years worth of experience in the financial sector 04:10 - What is a stress test and how it can be applied to one's financial situation? 06:20 - Why is stress testing a necessary process? 07:30 - What are the three main ways a stress test can be utilized 08:21 - What prompts someone to come in and meet with Homer for a stress test 09:30 - An example of how a stress test saved Homer's client from making a mistake 11:58 - What are the keys to making sure a stress test is done well? 13:45 - The human element at play during stress tests 16:00 - The four step process conducted during Homer's stress testing efforts 19:50 - What does a stress testing appointment with Homer looks and feels like 24:00 - Where you can go to get a stress test performed on your finances Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)