Patrick Clark, CFP®

July is here, making it the perfect time for a mid-year financial review. Let's ensure your financial goals are on track and make any necessary adjustments together. Reach out to schedule your review today at [email protected]?utm_source=linkedin

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The importance of employee retention plans – guide for advisors As an advisor, you know how important employee retention is for clients who own a business. The “Great Resignation” reshaped the workforce, but as Robert Keebler says, it’s also a “Great Upgrade” – an opportunity for employers to elevate their employee retention game. In this article, Keebler describes various strategies, such as non-qualified deferred compensation plans, that can help your clients keep their key employees onboard. https://bit.ly/3ywQgag

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Donovan Clingan's reported 4-year, $31.1 million contract with the Portland Trail Blazers is a dream come true for the fellow Connecticut native. But let's face it, even with that hefty sum, securing your financial future requires more than just an incredible rookie deal. Here's why: 1. Understanding Taxes: If Donovan earns $6.8 million in his first year, federal, state, and possibly local taxes will take a substantial portion. The federal tax rate for high-income earners can be around 37%, and Oregon has a top state income tax rate of 9.9%. After deductions, that is substantially less for the rookie sensation. 2. Sensible Spending and Budgeting: Living in Portland can be expensive, especially with property taxes, maintenance, and other living costs. It's important for Donovan to create a budget that prioritizes essential expenses, savings, and investments while avoiding the temptation to overspend on luxury items. 3. Investing Early: By investing a portion of his salary early, Donovan can benefit from compound interest. For example, investing $1 million at a 7% annual return could grow to nearly $2 million in roughly ten years. Consistent investments can significantly boost his wealth over time. 4. Leveraging Early Earnings: Donovan's NIL endorsements with companies like Dunkin' and Skims have already provided him with a financial head start. By wisely managing these earnings and investing them, he can build a solid financial foundation that complements his NBA salary. 5. Financial Planning and Advice: Engaging with a financial advisor can help Donovan create a tailored financial plan that aligns with his career and life goals. Advisors can provide insights on tax strategies, investment options, and long-term financial planning. Most importantly, having a proper estate plan in place to ensure proper asset protection and a clear plan of how Donovan’s wishes want to be laid out. 6. Preparing for Life After Basketball: Professional athletes often have shorter careers, so planning for life after basketball is essential. This includes diversifying income sources, investing in education or new skills, and preparing for potential business ventures. In closing, Donovan has a bright future ahead of him and he should be very proud of all he’s accomplished at such a young age. I can’t wait to see what the future holds for one of my all-time favorite Huskies! #BleedBlue #Retirement #WealthManagement #FinancialPlanning

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Let’s consider something else besides taxes today. In most cases, my new financial planning clients either have no estate plan or their existing plan is outdated. Consider some of the potentially scary scenarios that can unfold without proper estate planning: 👉An ex-spouse inherits most of your assets, even if that was not your intention.⚠️ 👉The court decides who will raise your minor children rather than you making that critical choice yourself.👶 👉Your college-aged child inherits a large sum of money without any restrictions or guidance on managing it responsibly.😬 👉The probate process makes all the details of your estate, including assets, liabilities, and personal information, publicly available.📰 👉Your heirs must navigate a time-consuming and costly probate process to access their inheritance.💲 The right time to start estate planning is now, regardless of age or net worth. Taking proactive steps to outline your wishes can provide invaluable peace of mind for yourself and your loved ones. At our financial planning practice, we work closely with clients to ensure their estate plans are comprehensive, up-to-date, and aligned with their long-term goals. We can also provide resources to get you started. https://lnkd.in/e_GrBtUH

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If you want objective financial advice with fewer potential conflicts of interest, choose an independent advisor with a fee-only structure who works directly for you. By working directly with an independent advisor, you gain an independent source of guidance, as the advisor is not owned or controlled by a third party, such as the 401(k) provider. 

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🗓️ Today is Tax Day in Massachusetts! 🗓️ Feeling the crunch because you're just getting started with your taxes? You're not alone. April 17th has a way of sneaking up on us. If your tax prep is starting to look more like a treasure hunt, it's time to call in the experts! At Kent, Parker & Associates, we've seen it all and are here to help take the stress out of your tax season. Don't let the tax deadline get the best of you. Reach out today—let's prepare to get those taxes done and maybe even find you some unexpected savings. It's time to turn those tax day blues into tax day woo-hoos! #TaxDay #StressFreeTax #KentParkerAssociates #CPAs

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Managing taxes is always top of mind for us. For those looking to stay ahead, increasing your tax deductions can make a significant difference. Charitable donations are a key area, and we dive deep into federal tax deductions in our latest episode of SK Wealth Management, LLC Solutions & Knowledge podcast. Here's a noteworthy update for Massachusetts residents: starting last year, you can claim deductions for charitable contributions on your state income tax returns without itemizing on your federal returns. This is particularly helpful if you're subject to the state's new Millionaire Tax, which adds a 4% surtax on income over $1M. This change is great for anyone experiencing a one-time significant income event, like a cashless exercise of stock options or selling a business.

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You Are a CPA in Pennsylvania. Your Smart, You Work Hard and Your Clients Rely on You For Your Expertise and Sound Judgment. Your Clients Want More Than Tax Preparation. They Hire You to Help Them With Tax Planning. You May Recommend Contributing to Their IRA, Monitoring Their Company Retirement Plan, an Investment That Creates Tax Free Income, a Gift to Their Favorite Charity, Creating their Estate Plan and Protecting Their Net Worth. If You Are Looking for a Cost-Effective Portfolio Investment Management Solution For Your Clients. The Investment Advisor Can Help. We Provide Personalized Investment Advice, We Collaborate With You as Their Tax Advisor and Include Your Recommendations.    You Know Taxes, We Know Portfolio Investment Management. Together, We Can Help Improve Your Client’s Life. To Explore How We Can Work Together Call: Louis Wolkenstein Managing Principal The Investment Advisor 877-414-9021 #cpa #enrolledagent #taxes #investmentmanagement #portfolio #taxplanning #retirementplan #retirementplanning #corporations #partnerships #subschapters #nonprpofit #501c3 #llc #pc #llp #401k #403b #sep #simple #keogh #profitsharing #ira #employeeeducation #adminstration #tpa #thirdpartyadministrator  #employeebenefits #smallcompany #midsizecompany #estateplanning #gifting #charitablecontribution #assetprotection #networth #costeffective #personalized #collaborate #income #taxfreeincome #taxdeferred #pittsburgh #philadelphia #pennsylvania             

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Revocable trusts are much more common than irrevocable trusts because they provide many important estate planning benefits. Find out more! https://lnkd.in/exjtPAqW #AnchorWealthManagement #financialadvisor #wealthmanagement #retirementplanning #financialplanning #BeginYourJourney #Embark #AnchorintheNews #SmartVestorPro #Kiplinger #estateplanning #revocabletrusts

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Are You Leveraging Roth Conversions to Secure Your Financial Future? Roth conversions are often overlooked but can be a powerful tool for reducing lifetime taxes, enhancing retirement security, and empowering financial independence. 🌟 Strategic planning can make all the difference in navigating widowhood, divorce, or other new beginnings. This blog dives deep into: ✅ When Roth conversions add value ✅ How asset location impacts your returns ✅ Why lifetime tax savings matter more than single-year reductions 📖 Read the full article to learn more. Let's discuss how Roth conversions can help you achieve your financial goals. 💬 Schedule a call today!

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So many advisors have been told by their current firm that they wouldn’t bring many of their clients with them if they left.   The same people making these claims have a strong vested interest in keeping advisors in their seat.     Commonwealth and Cerulli performed a joint study surveying over 1500 advisors that transitioned from an employee firm to an independent firm and the data speaks for itself:   “Advisors retained 75% of their clients when switching firms.”   While this survey is a couple years old, based on my experience it’s still very accurate [Cerulli Associates, 2021 study].   If you’re a high-performing financial advisor and this resonates with you, please utilize my expertise and let me help you understand why advisors are leaving your firm, where they’re going, and what your specific options are.   Corey #bridgemarkstrategies

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Mastering the ups and downs of investing requires preparation. Hear what that means for nonprofits and associations at Raffa Investment Advisers.

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