In this episode, Ben and Brent discuss some of the possible economic implications of the election along with common year-end best tax optimization practices. As we approach the end of the year and the start of 2025, one thing becomes clear: change is on the horizon. Like viewing a hurricane from the shoreline, it’s tough to gauge the strength of its winds and the endurance of the force, but we know it is coming.

Download Our 2024 Year End Checklist - https://drive.google.com/file/d/1LoVkEDMscu6Lo-u91u-NxVh2cYdeQdKL/view?usp=sharing

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About your Hosts

Ben Jones

Managing Director, National Wealth Management Group

www.nwmgadvisors.com

Author, www.karastick.com

@thekaratstick

https://www.linkedin.com/in/ben-nwmg/

Follow Ben's Financial Newsletter 'Karat Stick' - https://www.karatstick.com/

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Brent Gargano, CFPⓇ

Founder & Advisor, Infinite Wealth Planning

www.infinitewealthplanning.com

linkedin.com/in/brent-gargano-cfp®-2067b573

Read Brent's latest blog post, 'Election Update: What To Expect For Investments,' and follow his newsletter for more content --> https://infinitewealthplanning.net/election-update-what-to-expect-for-investments/

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Follow our socials to support the podcast; see extra clips and announcements!

Instagram: https://www.instagram.com/moneyalchemistpod/

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Editor

Trevor Gargano

Financial Advisor Marketer

Trevor@nwmgadvisors.com

https://www.linkedin.com/in/trevor-gargano-72727b67/

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Disclosure

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Please consult with a qualified legal professional to find out if any of the strategies discussed are right for you. Neither Ben or Brent are licensed attorneys and cannot provide legal advice.

Securities offered through LPL Financial, Member FINRA & SIPC.. Advisory services offered through National Wealth Management Group, LLC a registered investment advisor and separate entity from LPL Financial.

As we approach the end of the year and the season of generosity, it is appropriate to address the topic of gifting. Gifting money and assets is not as straightforward as it may seem. Assuming you will receive a tax deduction for charitable contributions is often incorrect and can result in a reduced charitable contribution than otherwise intended.

Also, there’s no hard and fast rule that you must give to 501(c)(3) organizations. Sometimes effective giving means looking beyond the tax savings so see how you can effect the most good for the people around you. Join Ben and Brent as they delve into this subject and we hope you glean a thing or two from the conversation.

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About your Hosts

Ben Jones

Managing Director, National Wealth Management Group

www.nwmgadvisors.com

Author, www.karastick.com

@thekaratstick

https://www.linkedin.com/in/ben-nwmg/

__

Brent Gargano, CFPⓇ

Founder & Advisor, Infinite Wealth Planning

www.infinitewealthplanning.com

linkedin.com/in/brent-gargano-cfp®-2067b573

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Follow our socials to support the podcast; see extra clips and announcements!

Instagram: https://www.instagram.com/moneyalchemistpod/

X: https://twitter.com/moneyalchpod

Facebook: https://www.facebook.com/profile.php?id=61556458987483

______

Editor

Trevor Gargano

Trevor@nwmgadvisors.com

https://www.linkedin.com/in/trevor-gargano-72727b67/

______

Disclosure:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Securities offered through LPL Financial, Member FINRA & SIPC.. Advisory services offered through National Wealth Management Group, LLC a registered investment advisor and separate entity from LPL Financial.

What is your default setting when confronted with the prospect of saving more? Do you immediately think about how you can cut expenses or do you think about different ways to increase your income? There is a limit to how much you can reduce your expenses, especially if you have dependents. Your ability to earn, on the other hand, is open ended. There are realistic limits, of course, but many never reach their true income potential. Join Ben and Brent as they discuss some different ways you can do this.

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About your Hosts

Ben Jones

Managing Director, National Wealth Management Group

www.nwmgadvisors.com

Author, www.karastick.com

@thekaratstick

https://www.linkedin.com/in/ben-nwmg/

__

Brent Gargano, CFPⓇ

Founder & Advisor, Infinite Wealth Planning

www.infinitewealthplanning.com

linkedin.com/in/brent-gargano-cfp®-2067b573

______

Follow our socials to support the podcast; see extra clips and announcements!

Instagram: https://www.instagram.com/moneyalchemistpod/

X: https://twitter.com/moneyalchpod

Facebook: https://www.facebook.com/profile.php?id=61556458987483

______

Editor

Trevor Gargano

Trevor@nwmgadvisors.com

https://www.linkedin.com/in/trevor-gargano-72727b67/

______

Disclosure:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Securities offered through LPL Financial, Member FINRA & SIPC.. Advisory services offered through National Wealth Management Group, LLC a registered investment advisor and separate entity from LPL Financial.

Low cost investment providers such as Vanguard have commoditized investing, pushing wealth managers to broaden their scope to deliver value. When “S&P and chill” effectively summarizes a sensible approach to wealth building, what more is there for advisors to do? Just as Warren Buffett’s advice “be fearful when others are greedy, and greedy when others are fearful” is easy in concept, difficult in application, so is optimal wealth management.

Managing wealth effectively involves much more than selecting investments. It involves managing emotions, career, tax liabilities, and purpose. Growing advice practices have embraced all aspects of managing wealth using a holistic life coaching approach. Effective Advisors understand that there are just some needs the “S&P and chill” approach cannot address and seek to fulfill qualitative human needs.

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About your Hosts

Ben Jones

Managing Director, National Wealth Management Group

www.nwmgadvisors.com

Author, www.karastick.com

@thekaratstick

https://www.linkedin.com/in/ben-nwmg/

__

Brent Gargano, CFPⓇ

Founder & Advisor, Infinite Wealth Planning

www.infinitewealthplanning.com

linkedin.com/in/brent-gargano-cfp®-2067b573

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Sources

McKinsey & Company Wealth Management 2030 Study:

https://www.mckinsey.com/industries/financial-services/our-insights/on-the-cusp-of-change-north-american-wealth-management-in-2030

Summary:

• 420k advisors in the US and Canada
  • 80,000 are CFPs
• Advisors aging - down to 25% under 44 years old from 33% in 2010
  • 7,000 advisors expected to retire in the next 5 years
• Advisors will need to cater more to Millenials and Gen X as wealth transfers
• Planning is shifting to be more goal based, requiring the integration of behavioral coaching/mindset management
  • Only 39% of affluent families have a written financial plan
• Fees are shifting to be more subscription focused or ongoing vs one time and commissions
• Advisors are becoming more diverse - Women currently represent 33% but likely to be 50% over time, minorities currently 20% go to 40%, and 50% will be 30-40 years old
• Advisors will shift from investment managers to focus on insurance, banking, healthcare, protection, estate, and tax.
• Advisors will have more transparent user ratings, as opposed to word-of-mouth business
• Successful advisory firms will be able to leverage technology to drive costs down to remain competitive as automated options become more prevalent
  • 2 models that can win:
    • Broader servicing larger amounts of clients at scale
    • Hyper focused planning for HNW clients - currently 60% of the revenue generated by advisors

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Follow our socials to support the podcast; see extra clips and announcements!

Instagram: https://www.instagram.com/moneyalchemistpod/

X: https://twitter.com/moneyalchpod

Facebook: https://www.facebook.com/profile.php?id=61556458987483

______

Editor

Trevor Gargano

Trevor@nwmgadvisors.com

https://www.linkedin.com/in/trevor-gargano-72727b67/

______

Disclosure:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Securities offered through LPL Financial, Member FINRA & SIPC.. Advisory services offered through National Wealth Management Group, LLC a registered investment advisor and separate entity from LPL Financial.

Saving for retirement is a challenge, perhaps one of life’s greatest challenges. It requires a sacrificial mindset that favors tomorrow over today. This mindset can eventually calcify, becoming an ingrained personality trait. Shifting this mindset in retirement can be an even greater challenge, but is necessary to live with an optimal quality of life.

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About your Hosts

Ben Jones

Managing Director, National Wealth Management Group

www.nwmgadvisors.com

Author, www.karastick.com

@thekaratstick

https://www.linkedin.com/in/ben-nwmg/

__

Brent Gargano, CFPⓇ

Founder & Advisor, Infinite Wealth Planning

www.infinitewealthplanning.com

linkedin.com/in/brent-gargano-cfp®-2067b573

______

Follow our socials to support the podcast; see extra clips and announcements!

Instagram: https://www.instagram.com/moneyalchemistpod/

X: https://twitter.com/moneyalchpod

Facebook: https://www.facebook.com/profile.php?id=61556458987483

______

Editor

Trevor Gargano

Trevor@nwmgadvisors.com

https://www.linkedin.com/in/trevor-gargano-72727b67/

______

Disclosure:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Securities offered through LPL Financial, Member FINRA & SIPC.. Advisory services offered through National Wealth Management Group, LLC a registered investment advisor and separate entity from LPL Financial.

What should you do when market volatility spikes to the downside? We’ve heard to never run from a bear but lie down and play dead. The same holds true in bear markets, more or less. Ben and Brent go a few steps further on what to do. First, they elaborate on what’s behind the August 2024 spike in volatility.

The market may have calmed down for now, but a listen might help you prepare for the next correction.

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Follow our socials to support the podcast; see extra clips and announcements!

Instagram: https://www.instagram.com/moneyalchemistpod/

X: https://twitter.com/moneyalchpod

Facebook: https://www.facebook.com/profile.php?id=61556458987483

______

About your Hosts

Ben Jones

Managing Director, National Wealth Management Group

www.nwmgadvisors.com

Author, www.karastick.com

@thekaratstick

https://www.linkedin.com/in/ben-nwmg/

__

Brent Gargano, CFPⓇ

Founder & Advisor, Infinite Wealth Planning

www.infinitewealthplanning.com

linkedin.com/in/brent-gargano-cfp®-2067b573

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Resources:

Economic Calendar

https://fidelity-fcm.econoday.com/byweek?cust=fidelity

Yen Carry Trade

https://www.wsj.com/livecoverage/stock-market-today-dow-sp500-nasdaq-live-08-05-2024/card/why-the-yen-carry-trade-unwind-has-further-to-go-SYsvxWxTvLGLCUsDTDM5

First trust history of markets:

https://www.ftportfolios.com/COMMON/CONTENTFILELOADER.ASPX?CONTENTGUID=4ECFA978-D0BB-4924-92C8-628FF9BFE12D

______

Editor

Trevor Gargano

Trevor@nwmgadvisors.com

______

Disclosure:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Securities offered through LPL Financial, Member FINRA & SIPC.. Advisory services offered through National Wealth Management Group, LLC a registered investment advisor and separate entity from LPL Financial.

Ben and Brent sit down to discuss how wealthy families can preserve legacy through generational gifting using strategic planning. Everyone has an estate plan, the default option usually being the worst one. It’s important to think about what impact your money will have on people after you die. It’s an uncomfortable reality to face, but a failure in doing so can cost you what would otherwise be a wonderful legacy.

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About your Hosts

Ben Jones

Managing Director, National Wealth Management Group

www.nwmgadvisors.com

Author, www.karastick.com

@thekaratstick

https://www.linkedin.com/in/ben-nwmg/

__

Brent Gargano, CFPⓇ

Founder & Advisor, Infinite Wealth Planning

www.infinitewealthplanning.com

linkedin.com/in/brent-gargano-cfp®-2067b573

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Sources:

Estate & Gift Tax

https://taxfoundation.org/data/all/state/state-estate-tax-inheritance-tax-2023/

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Editor:

Trevor Gargano

Trevor@nwmgadvisors.com

________

Disclosure:

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Securities offered through LPL Financial, Member FINRA & SIPC.. Advisory services offered through National Wealth Management Group, LLC a registered investment advisor and separate entity from LPL Financial.