In this episode, I chat with Matt Mossbarger, co-founder of Wealthfeed, a cutting-edge AI-driven business development tool designed specifically for financial advisors. We dive into how Wealthfeed is revolutionizing the way advisors connect with clients, streamline their workflows, and grow their businesses.
Are you tired of settling for off-the-rack clothing that doesn’t quite fit your style or personality?
In this episode, David Pulcini speaks with Peter Roberti, one of the owners of Adrian Jules Custom Clothier, a Rochester-based business specializing in custom clothing. Peter goes over the company’s history, its recent successful expansion during the COVID-19 pandemic, and the personalized service they offer. Comparing his business to financial advising, he emphasizes the importance of understanding a client’s lifestyle and preferences to create a personalized plan. As well as providing advice on growth, Peter outlines the importance of having a clear vision for business owners.
David and Peter talk about:Â
Peter’s background and the history of Adrian Jules
How he managed to open a new showroom during the COVID-19 pandemic and why he did it
What niche Adrian Jules serves and what their process looks like
How Adrian Jules stands out from other clothiers
How the biggest challenge of the business shifted from searching for clients to searching for tailors
How business owners can achieve success by stepping outside of their comfort zone and regularly reassessing their business
Advice for business owners who may be struggling or are just starting out
Peter Roberti is a Master Tailor, Custom Clothing Designer, and co-owner of Adrian Jules Custom Clothier. Adrian Jules Ltd. has been featured in various forms of media, specifically in magazines such as Sports Illustrated, Playboy and The Robb Report. Through clothing they get to help their clients become the best version of themselves. When working with them, their clients will find that they will always be giving off the right impression to the public. They make it convenient for their clients to do all of their professional and casual shopping needs, while enhancing their lifestyle. They make the fitting process easy and simple by keeping each individual client pattern on file in their factory.
Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, a registered investment advisor. Private Client Services, Six Point Financial Partners, and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.
In a world where financial decisions are becoming increasingly complex, understanding the nuances of tax planning has never been more critical.
In this episode, David Pulcini is joined by Trevor Smith, CPA, to talk about tax planning. Together, they go over some of the different year-end tax planning ideas that an advisor can help you with so you can pay less in taxes, now and in the future. They explore 3 of the 20Â strategies for maximizing tax savings on their tax planning checklist, including Roth conversions and harvesting losses. They also touch on the backdoor Roth IRA strategy for high-income earners.Â
Their conversation emphasizes the need for a financial professional who specializes in tax planning to handle complex tax matters.
David and Trevor talk about:Â
How Trevor got into the financial services industry and what led him to tax preparation
The hardest part of the CPA process
What they do with clients’ tax returns when they receive them
Three of the most important parts of their tax planning checklist
What a Roth conversion is and how much you can convert
What tax loss harvesting is
What the “backdoor Roth IRA” is and some of the common mistakes they’ve seen people make with them
Trevor Smith is a seasoned CPA specializing in retirement income and tax optimization. He is committed to helping clients secure their financial future. His mission is to create tailored retirement income plans while minimizing their tax liabilities, ensuring they keep more of what they’ve earned. Trevor provides personalized solutions, upholds the highest professional standards, and empowers clients with financial knowledge. He aims to start their journey towards financial freedom and a worry-free retirement. In 2017, Trevor graduated from State University of New York at Fredonia with a Bachelor of Science in Public Accountancy and Business Administration with a concentration in Finance. Trevor has an active CPA (Certified Public Accountant) license with the state of New York. In addition to his career as a CPA/Advisor, Trevor is an avid golfer and fitness enthusiast. He and his wife, Rachel, are proud season ticket holders for the Buffalo Bills, sharing unforgettable moments cheering for their team. They are also passionate supporters of the Buffalo Sabres. These experiences add a dynamic balance to Trevor’s life, and his genuine love for helping clients succeed is his driving force.
Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, a registered investment advisor. Private Client Services, Six Point Financial Partners, and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.
What information and documents do you need to make a real offer when buying a financial practice?
In this episode, David Pulcini and Joe Prestigiacomo from Six Point Financial Partners end off the Purchasing Practices series by outlining the various documents they need in order to buy a practice. They discuss why the training 12 and profit loss statement documents are the two most important documents to have when selling and buying a practice.Â
David and Joe also explain the importance of evaluating client demographics, knowing what software is being used, what the review process is, and why client communication is especially important when purchasing an advisory firm.
David and Joe talk about:Â
Information and documents needed to make a real offer when buying a financial practice
Understanding where the business’s income is coming from
How the profit and loss statement as crucial in determining the value of the practice
Why they need to keep track of their client demographics and breakdown of assets
Why having a client communication system in place is essential to a successful purchase process
The importance of a marketing plan, maintaining relationships with clients and centers of influence, and having a transition team in place
Joe Prestigiacomo, CFP®, Partner at Six Point Financial, began his career in the financial services industry in 2012, and today he provides comprehensive financial guidance to clients. Joe focuses on developing retirement income strategies and personalized risk management assessments and solutions. Along with his knowledge and experience, his commitment to an outstanding level of client service is an integral part of his practice that he prides himself on. By developing a deep understanding of his clients’ individual situations, Joe is able to help them make well-informed financial decisions with confidence.
Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, a registered investment advisor. Private Client Services, Six Point Financial Partners, and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.
So you’re ready to retire and want to sell and transition your practice, but you have a few questions. Well, guess what? We have answers.
In this episode, David Pulcini and Joe Prestigiacomo from Six Point Financial Partners discuss the process of buying practices and answer frequently asked questions from advisors looking to sell their businesses or have a succession plan. They cover topics such as the process for buying a practice, keeping staff during the transition, and how to transition clients. They emphasize the importance of multiple meetings to ensure a good fit, the value of keeping staff members during the transition, and the timeline for transitioning clients.
David and Joe go over:Â
A brief review of what their practice purchasing process looks like
Answers to 6 of the top FAQ questions / If they’ll keep your staff and why
How they actually transition clients and how long it takes
When and how the advisor gets paid when they transition their practice
What they’ll do with your office
What they need from you for the transition
Whats coming up next on Dear Rochester, Retire Well
Joe Prestigiacomo, CFP®, Partner at Six Point Financial, began his career in the financial services industry in 2012, and today he provides comprehensive financial guidance to clients. Joe focuses on developing retirement income strategies and personalized risk management assessments and solutions. Along with his knowledge and experience, his commitment to an outstanding level of client service is an integral part of his practice that he prides himself on. By developing a deep understanding of his clients’ individual situations, Joe is able to help them make well-informed financial decisions with confidence.
Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, a registered investment advisor. Private Client Services, Six Point Financial Partners, and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.
Are YOU prepared for retirement? A lot of financial advisors aren’t.
In this episode, David Pulcini brings on Joe Prestigiacomo, CFP®, Partner at Six Point Financial, to talk about the importance of succession planning for financial advisors. They explain the process of transitioning a financial practice and emphasize the benefits of partnering with an independent firm. Joe and David also discuss the timeline and financial aspects of the transition, as well as the importance of maximizing earnings and minimizing taxes.
David and Joe discuss:Â
Why it’s important for advisors to have a succession plan
The benefits of partnering with a real team outside of a captive firm or wirehouse
The 6-stage timeline for advisors interested in selling their businesses to Six Point Financial Partners
Joe Prestigiacomo, CFP®, Partner at Six Point Financial, began his career in the financial services industry in 2012, and today he provides comprehensive financial guidance to clients. Joe focuses on developing retirement income strategies and personalized risk management assessments and solutions. Along with his knowledge and experience, his commitment to an outstanding level of client service is an integral part of the practice that he prides himself on. By developing a deep understanding of his clients’ individual situations, Joe is able to help them make well-informed financial decisions with confidence.
 Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, a registered investment advisor. Private Client Services, Six Point Financial Partners, and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.
Thinking about setting up a retirement plan for your business but confused by all the options?Â
Join David Pulcini and retirement plan expert Austin Spite as they unravel the best strategies for business retirement planning. Austin shares invaluable insights from nearly a decade of experience in the broader benefits industry, including the common pitfalls, legal challenges, and best practices you should be aware of.
In this episode, you’ll discover:
How many business owners end up with the wrong type of retirement plans and the implications of these choices
Why benchmarking is crucial to ensuring your plan is competitive and compliant
The potential risks of non-compliance in managing 401(k) plans and how to mitigate them
The role of financial advisors in plan selection and management, including fee transparency
Austin Spite is the Senior Partner Account Manager at Human Interest, where his mission is to streamline and simplify the retirement benefits industry. He brings an extensive background in 401(k) operations and group health benefits to the table. Austin works closely with Payroll Providers, Benefits Brokers, Financial Advisors, and CPAs. He aims to replace clunky, outdated, and overpriced retirement products with easy and straightforward solutions.
Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, a registered investment advisor. Private Client Services, Six Point Financial Partners, and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.
In this episode, David Pulcini explains how you can figure out how much money is enough to retire comfortably. He outlines a simple four-step process to help you figure out your retirement number. David also mentions the 4% rule of thumb for safe withdrawals and emphasizes the importance of adjusting investments, retirement length, and withdrawal amounts based on market conditions.
David discusses:Â
A 4-step outline for finding your retirement number
How to calculate your current expenses and future expenses in retirement
Where will your retirement income come from
How to fill the gap between your financial expenses and retirement income
What the 4% rule is
How to determine what amount you need in order to be able to take 4% to fill the gap
Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, a registered investment advisor. Private Client Services, Six Point Financial Partners, and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.
In a previous episode, David mentioned the onboarding checklist that we use when we engage with new clients. Let’s go over that list and talk about how you can use it when you’re working with a financial advisor.
In this episode, David Pulcini discusses the importance of building processes and systems in business. He shares his experience of starting financial planning and realizing the need for systematizing and creating processes and emphasizes that building processes and systems can benefit any business, regardless of the industry. David introduces the onboarding checklist, a one-page PDF with 14 items to check off when engaging with a new client, and highlights the importance of consistent communication and providing value to clients.
David discusses:Â
Why building processes and systems is important in any business
Examples of various industries that can benefit from organized systems
What his onboarding checklist for new clients looks like
Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, a registered investment advisor. Private Client Services, Six Point Financial Partners, and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.
If you have money sitting in the bank, it’s likely a depreciating asset. How can you get it to stop depreciating and start accumulating?
In this episode, David Pulcini addresses a common question he gets asked, “I have cash sitting in the bank, basically earning nothing. What can I do with it?” David gives various options to suit different situations, emphasizes the urgency of cash holdings, and cautions against trying to time deposits into investment accounts.
David discusses:Â
The history of interest rates and the current situation of low-interest rates on cash in the bank
The potential loss of value due to inflation rates rising
Why paying off debt is the first thing you should do with any cash sitting in your bank account
Where and when to invest your money
Why you need to consider the goal of your money before deciding where to invest
The importance of taking potential taxes into consideration
Securities offered by Registered Representatives of Private Client Services. Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, a registered investment advisor. Private Client Services, Six Point Financial Partners, and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No advisory services may be rendered by RFG Advisory unless a client agreement is in place.
