NEW PARTNER at SixPoint: Nick Savas on Fiduciary Roles and Choosing the Right Financial Advisor (EP. 85)

By dearrochesterretirewell | May 29, 2024

In this episode, Nick Savas dives into the crucial concept of fiduciaries, shedding light on their role in financial advisory services. Nick explains what it means to be a fiduciary, emphasizing that a fiduciary is legally required to act in the best interests of their clients. He also provides practical advice on how to determine if your financial advisor is indeed a fiduciary, including key questions to ask them to confirm their fiduciary status.

Nick also discusses the importance of choosing the right firm for your financial advisory needs. He highlights the benefits of selecting an independent firm that is not tied to specific product companies or incentivized to promote certain products. This ensures that the advice you receive is unbiased and truly in your best interest.

Additionally, Nick addresses some common questions from his clients after he switched firms and joined us at SixPoint. He also discusses important inheritance rules for Individual Retirement Accounts (IRAs).

Tune in for more insights!

Watch The Full Episode on Youtube: https://youtu.be/L6RcTRFdInE

During this episode, you will learn about:

[01:00] Welcoming our guest, Nick Savas

[01:38] What is a fiduciary?

[03:27] How do you determine whether a financial advisor is a fiduciary, and what questions should you ask them to ascertain their fiduciary status?

[05:10] What type of firm should you choose for financial advisor services?

[06:24] What should you do if you set up a meeting with an advisor and never hear from them again?

[08:12] How Nick got into financial planning

[10:19] Questions Nick’s clients are asking him after he switched firms and joined SixPoint

[11:55] What does SixPoint mean?

Website: https://sixpointfp.com/

[12:50] The difference between tax preparation and tax planning

[15:15] Inheritance rules for Individual Retirement Accounts (IRAs)

[18:31] https://sixpointfp.com/

[19:20] Case study question: You have $300,000 in the bank, you’re 45 years old, and you want to keep it in cash or as a liquid asset. What do you do with it?

[25:02] Final words

Key Takeaways:

A fiduciary is a person or organization legally required to act in the client’s best interest. ~Nick Savas [01:38]
When choosing a firm for financial advisory services, select one that is independent, not affiliated with specific product companies, or incentivized to promote certain products. ~Nick Savas [05:10]
For IRAs, when a non-spouse inherits money, the general rule is that they must distribute all the funds from the IRA within 10 years of inheritance. ~Nick Savas [15:27]
True wealth is found in after-tax accounts. ~David Pulcini [22:37]
Tax preparation involves bringing your documents to a CPA or tax preparer, who determines whether you owe taxes or will receive a refund. Tax planning focuses on strategies to reduce your tax bill now and in the future. ~David Pulcini [12:50]

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David Answers 3 FAQ’s (EP. 84)

By dearrochesterretirewell | May 15, 2024

As individuals navigate their financial planning journey, they often encounter pressing questions. In this episode, David Pulcini tackles his top three frequently asked questions.

One of the most pressing concerns for many individuals is what happens to their accounts when their financial advisor decides to retire. David emphasizes taking control and choosing where you want to go rather than letting someone else decide for you.

Next, David breaks down the concept of capital gains and explains how these taxes could shift under President Biden’s 2025 budget proposal. Furthermore, he highlights that capital gains are more favorable for long-term investments.

Finally, for those eager to kick-start their financial planning journey, David offers invaluable advice on taking that crucial first step. It all begins with finding the right advisor who can guide you through the process or connect you with someone who can. Partnering with a trusted advisor sets the stage for a successful financial journey, laying the groundwork for achieving your long-term goals and aspirations.

Watch The Full Episode on Youtube: https://youtu.be/L6RcTRFdInE

During this episode, you will learn about:

[01:14] Welcome to the episode

[01:31] Question #1: What is going to happen to my accounts when my advisor retires?

[02:55] What to do when your advisor is nearing retirement

[05:32] What does SixPoint mean?

Website: https://sixpointfp.com/

[05:56] Question #2: Capital gain rates changing?

[06:18] The meaning of capital gains

[08:28] How would the capital gains tax change under President Biden’s 2025 budget proposal?

[10:21] https://sixpointfp.com/

[10:24] Question #3: How do I start serious financial planning?

[11:22] The first step to financial planning

[14:27] Get help from David Pulcini: 585 487 0947

Key Takeaways:

The current average age of financial advisors is approaching 60, and it’s anticipated that 38% of them will retire within the next 10 years. [01:44]
When your advisor retires, choose where you want to go rather than letting someone else decide for you. [04:01]
The capital gains tax rate varies depending on how long the asset was held and your income level. [07:00]
Short-term capital gains are realized on assets sold after holding them for one year or less, while long-term capital gains are realized on assets sold after holding them for more than one year. [07:14]
Short-term capital gains align with your ordinary income. [07:55]
Capital gains are more favorable for long-term investments. [08:10]
“The best time to plant a tree was 20 years ago; the second best time is right now.” [10:54]
“Start where you are, use what you have, and do what you can.” [11:00]
“The secret to getting ahead is getting started.” [11:03]
“The journey of a thousand miles begins with one step.” [11:07]
The first step to financial planning is finding an advisor who can work with you or introduce you to someone who can. [11:22]

Book Time with David Pulcini:

Schedule a Call

Connect with David Pulcini:

View The Full Episode Transcript Here

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

Unexpected Retirement Challenges and Solutions w/ Lisa Sanchez (EP. 83)

By dearrochesterretirewell | May 1, 2024

After dedicating 33 years to the education system as a middle school teacher, Lisa Sanchez retired from her career. Having meticulously prepared for her retirement over many years, she anticipated that things would go smoothly when she retired.

However, life took an unexpected turn when she found herself responsible for taking charge of her 94-year-old aunt, who had a mental health condition. In this episode, Lisa recounts the challenges she encountered while trying to investigate her aunt’s possessions and determining her eligibility for assistance.

Discover what Lisa had to deal with when she took charge of her aunt’s situation and the duration it took her to streamline her aunt’s finances. Additionally, Lisa reveals why she took it upon herself to take charge of her aunt’s situation and shares her perspective on aging.

Gain valuable insights as Lisa discusses the changes you should consider making as you age, such as downsizing your house, ensuring you have an updated will, and having a healthcare proxy. Moreover, she advocates consolidating all your important information onto one page: bank accounts, investments, insurance policies, contact details of your attorney, and the person who handles your taxes. This ensures that your family will have easy access to all necessary information in the event of your passing.

Watch The Full Episode on Youtube: https://youtu.be/5J0re1RXTf0

During this episode, you will learn about:

[01:27] Introducing today’s guest, Lisa Sanchez

[02:21] What Lisa was doing before retirement and how she transitioned into retirement

[03:34] Her aunt’s mental health story

[06:55] The challenges Lisa encountered while attempting to investigate her aunt’s possessions and determine what she qualified for

[09:54] What Lisa had to deal with when she took charge of her aunt’s situation and the duration it took her to streamline her aunt’s finances

[12:04] What does SixPoint mean?

Website: https://sixpointfp.com/

[15:53] Why Lisa took it upon herself to take charge of her aunt’s situation

[17:37] Lisa’s perspective on aging

[19:05] https://sixpointfp.com/

[19:55] What changes could Lisa have made to prepare for this situation if she could go back 5 to 10 years?

[23:07] Action item for the listeners

Key Takeaways:

As a person ages, regardless of who they are, there should be some dignity in the aging process. [17:37]
As you age, it’s essential to consider living in a situation appropriate for your age. Downsizing your home is a wise move since your children may not be interested in some of your belongings. [20:11]
Get everything on one page: Bank accounts, investments, insurance policies, the contact details of your attorney, and the person who does your taxes. This ensures that in the event of your passing, your family will have easy access to all necessary details. [22:40]

Book Time with David Pulcini: