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

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

By |

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]

 

Book Time with David Pulcini:

 

Connect with David Pulcini:

View The Full Episode Transcript Here

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More
David Answers 3 FAQ’s (EP. 84)

David Answers 3 FAQ’s (EP. 84)

By |

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:

 

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)

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

By |

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:

 

Connect with David Pulcini:

• Facebook: SixPoint Financial

View The Full Episode Transcript Here

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More
3 Simple Strategies to Make WAY More Money (EP. 82)

3 Simple Strategies to Make WAY More Money (EP. 82)

By |

Are you tired of feeling stuck at the same financial level? This is a common experience for both employees whose salaries seem stagnant and entrepreneurs with a limiting mindset who hold themselves back from growth.

In this episode, David Pulcini explores three simple strategies for making more money and building wealth. He highlights the power of passive income, shares examples of passive income streams, and illustrates how these avenues can pave the way to a more secure financial future.

Moreover, David underscores the pivotal role of investing in oneself. Whether you’re feeling stuck in your career or seeking avenues for personal growth, nurturing your skills and knowledge can open doors to higher earnings and fulfillment. He stresses the value of expertise in driving income growth, highlighting that becoming an expert in your field can significantly impact your earning potential.

Tune in to discover more insights on how to break free from stagnation and propel yourself towards greater financial success.

 

Watch The Full Episode on Youtube: https://youtu.be/H_OF-5wVQtI

 

During this episode, you will learn about:

[01:26] Today’s theme: How you can make more money

[01:53] The target audience for this episode

[04:04] What makes David the voice of authority in this topic?

[05:14] 3 Ways to make more money

[05:25] #1 Passive income 

[05:44] Examples of passive income streams

[07:54] Why passive income is important

[10:27] The role that time in the markets and good habits play in driving wealth

[11:46] What does SixPoint mean?

Website: https://sixpointfp.com/

[12:10] #2 Invest in yourself 

[14:10] What you should do if you’re an employee who feels stuck

[16:06] https://sixpointfp.com/

[16:26] #3 Become an entrepreneur

[18:42] Powerful sales tip

[21:36] Final words 

 

Key Takeaways:  

  • Spending less than what you earn and investing consistently leads to wealth. [03:56]
  • Passive income helps you stop trading your most valuable asset, time, for money. [07:00] 
  • Don’t be hard on yourself because someone else has something you think you want; you never know how they got it. [10:18] 
  • Building wealth relies on two things: consistent good habits and time invested in the markets. [10:27]
  • If you want to earn more money, become an expert in what you already do or want to do. [13:09] 
  • The majority of the wealthiest individuals are either business owners or have been in the past. [16:54] 
  • “Money is made in sales.” ~David Pulcini [18:17]

Book Time with David Pulcini:

Connect with David Pulcini:

View The Full Episode Transcript Here

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More
Family, Friendship, & Design w/ Kristin Lindley & Meagan Baker of Upstate Roots Design (EP. 81)

Family, Friendship, & Design w/ Kristin Lindley & Meagan Baker of Upstate Roots Design (EP. 81)

By |

Today, we are thrilled to welcome Kristin Lindley and Meagan Baker, the visionary co-founders of Upstate Roots Design, a thriving company based in Rochester, NY, specializing in interior decorating, redesign, and staging.

Kristin and Meagan share the journey that led them to co-found Upstate Roots Design, diving into the personal experiences and motivations that inspired them to pursue entrepreneurship. Moreover, they offer invaluable insights into the rewards and challenges of entrepreneurship.

Tune in and discover the dynamics of working with a friend as Kristin and Meagan reflect on the joys and complexities of their partnership. Learn how they’ve navigated through challenges and differences to build a successful business rooted in friendship and shared vision.

As the conversation unfolds, Kristin and Meagan offer valuable advice on how to overcome hesitations and doubts about starting your own venture. Additionally, they discuss their favorite client success story, providing further insights into the rewards of entrepreneurship and the impact of their work.

 

Watch The Full Episode on Youtube: https://youtu.be/U0kZ2rAUhhk

 

During this episode, you will learn about:

[02:18] How Kristin Lindley and Meagan Baker met

[03:00] The backstory that inspired Kristin to co-found Upstate Roots Design with Meagan

[06:12] What prompted Meagan to co-found Upstate Roots Design with Kristin?

[09:16] When did they start the business?

[10:14] The services offered by Upstate Roots Design

[13:08] What does SixPoint mean?

Website: https://sixpointfp.com/

[13:53] What’s the best part of being an entrepreneur?

[15:56] Advice for anyone hesitant to start their own business due to the perceived job security in the corporate world

[20:10] What is it like working with a friend?

[23:07] The challenges and differences they have navigated during their partnership journey

[26:55] https://sixpointfp.com/

[27:32] The most challenging thing about entrepreneurship

[31:03] Favorite client success story 

[33:24] Who is their ideal client or customer

[35:11] How to connect with Kristin and Meagan

Website: https://www.upstaterootsdesign.com/

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

LinkedIn: https://www.linkedin.com/in/upstate-roots-design-llc-477a3a181/

Facebook: https://web.facebook.com/profile.php?id=61557016735039

Key Takeaways:  

  • Being an entrepreneur gives you the freedom to grow something on your own and be in control of what you do and how you do it. ~Meagan Baker [13:53]
  • Entrepreneurship offers you freedom and flexibility in your schedule to prioritize your family. ~Meagan Baker [14:14] 
  • As an entrepreneur, you have endless opportunities for growth and innovation. ~Kristin Lindley [14:30]
  • When starting your own business, prioritize building your brand because a strong brand presence attracts clients. ~Kristin Lindley [18:18]

Book Time with David Pulcini:

 

Connect with David Pulcini:

Connect with Kristin Lindley & Meagan Baker:

View The Full Episode Transcript Here

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More
What Is Required To Build A Sellable Business (EP. 79)

What Is Required To Build A Sellable Business (EP. 79)

By |

At some point, every business must undergo a transition of ownership, whether through succession planning, a sale, or closure. Selling your business can not only bring financial freedom, but also frees you from operational burdens like employee management and client demands.

However, despite these benefits, some individuals may experience regrets because they are uncertain about what to do next as they navigate a new chapter without the familiar demands of their business.

In this enlightening episode, David Pulcini, the Managing Partner at SixPoint Financial Partners, sheds light on the transformative journey of selling a business, highlighting the profound changes that accompany such a significant decision.

Pulcini discusses the sacrifices business owners must make to ensure the success of their ventures. Additionally, he shares an inspiring story of his friend John, a visionary entrepreneur who built his business from scratch and navigated challenges and setbacks, ultimately achieving a successful sale of his business for $24 million.

Tune in for valuable insights.

 

Watch The Full Episode on Youtube:  https://youtu.be/2JQ6WS9ggZ4

 

During this episode, you will learn about:

[00:32] Episode introduction

[01:05] Today’s focus: Selling your business

[01:37] The changes that occur when you sell your business

[02:29] The story of David Pulcini’s friend John, who built his business from the ground up and later successfully sold it

[03:21] The sacrifices you have to make as a business owner

[04:16] https://sixpointfp.com/

[04:31] The challenges John navigated in his business journey and how he successfully rebuilt his business

[10:30] What does SixPoint mean?

Website: https://sixpointfp.com/

[13:05] What John did with his money after selling his business for $24 million

 

Key Takeaways:  

  • At some point, whether sooner or later, every business must change hands, either through a succession plan, a sale, or closure. [00:44]
  • Selling your business brings financial freedom and liberates you from order issues, employee concerns, and client demands. However, despite these benefits, some people may experience regrets because the business no longer needs them, leaving them with no idea of what to do next. [01:37] 
  • As a business owner, you must constantly make sacrifices, such as missing out on social activities and experiencing less financial stability, for the sake of your business. [03:21] 
  • First-generation business owners don’t just become successful by luck; they attain success through hard work and dedication. They sacrifice their time and friendships to achieve success in their businesses. [11:37]

 

Book Time with David Pulcini:

 

Connect with David Pulcini:

View The Full Episode Transcript Here

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More
4 Common Mistakes To Avoid When Selling Your Business (EP. 78)

4 Common Mistakes To Avoid When Selling Your Business (EP. 78)

By |

Selling a business marks a significant milestone in an entrepreneur’s journey, representing years of dedication and hard work. However, despite its importance, only a few individuals truly understand the complexities involved. As a result, most people stumble through the process and make common mistakes.

In this insightful episode, David Pulcini highlights four common mistakes entrepreneurs make when selling their businesses and how to avoid them. 

First on his list is lack of preparation, a mistake that can significantly diminish the value of your business or even derail the entire sales process. Proper preparation is key to a successful sale, from accurate and professionally prepared financial records to ensuring your business runs smoothly without the owner.

Moving on, Pulcini sheds light on the mistake of overvaluing your business. He explains how overvaluing your business scares off potential buyers and prolongs the sales process. Additionally, Pulcini delves into the emotional aspects of selling a business, a dimension often underestimated by sellers. He emphasizes that selling a business is not merely a financial transaction but also emotional.

Lastly, he stresses the importance of seeking professional help when selling your business. From business brokers to attorneys and financial advisors, assembling the right team can streamline the process and ensure a favorable outcome.

 

Watch The Full Episode on Youtube:  https://youtu.be/MWmP5KW1cxM

 

During this episode, you will learn about:

[01:06] Introduction to the episode

[01:34] 4 common mistakes when selling a business 

[03:02] #1 Lack of preparation

[03:24] Preparations necessary when selling a business?

[05:33] https://sixpointfp.com/

[07:46] #2 Overvaluing the business 

[08:24] Factors that differentiate the selling prices between two companies in the same industry

[09:30] #3 Underestimating the emotional aspects of selling your business

[12:33] What does SixPoint mean?

Website: https://sixpointfp.com/

[12:58] #4 Attempting to sell the business without professional help 

[13:10] Key people to have on your team when selling your business

[14:07] Recap of the episode

 

Key Takeaways:  

  • Lack of preparation can significantly diminish the value of your business or even derail the sales process completely. [03:05] 
  • When selling your business, ensure that your financial records are accurate, transparent, and professionally prepared. [03:28] 
  • A business that runs smoothly without the owner is more attractive to buyers. [05:07]
  • Making yourself obsolete will make your business worth significantly more. [05:16] 
  • Overvaluing your business scares off potential buyers and prolongs the sales process. [07:31] 
  • “Selling your business is not just a financial transaction; it’s emotional.” ~David Pulcini [09:35] 
  • Sell your business to the right person because whoever buys your business becomes part of your legacy. [12:54] 
  • When selling your business, you need a business broker, an accountant, an attorney, and a financial advisor. [13:10]


Book Time with David Pulcini:

Connect with David Pulcini:

View The Full Episode Transcript Here

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More
How to Choose A Financial Advisor (EP. 77)

How to Choose A Financial Advisor (EP. 77)

By |

Choosing a financial advisor is a crucial decision that requires careful consideration since it involves entrusting someone with your financial future. Before making this choice, it is essential to have a clear understanding of your financial needs and goals, as these factors will determine the type of advisor best suited for you.

The ideal financial advisor should not merely be a service provider but rather a dedicated partner in your financial journey, someone with whom you feel a sense of comfort and confidence in their ability to manage your money effectively.

In today’s episode, David Pulcini unveils the key considerations before embarking on the journey of selecting a financial advisor. He also provides valuable insights into the kind of advisor that fits you best.

Furthermore, David shares a list of 14 questions that listeners should ask any potential financial advisor. These questions range from exploring the advisor’s unique approach to retirement planning to understanding how they tailor strategies to meet individual client needs.

Lastly, he outlines a four-step guide to assist listeners in making an informed decision when choosing a financial advisor and reveals why opting for an advisor from a large firm might not be the most suitable choice. 

Watch The Full Episode on Youtube: https://youtu.be/mYtMH8gyhS8

 

During this episode, you will learn about:

[00:38] What’s in for you in today’s episode: How to choose a financial advisor 

[01:23] What you need to do before selecting a Financial Advisor

[03:35] https://sixpointfp.com/

[03:52] What kind of financial advisor should you look for?

[06:32] 14 questions you should ask any financial advisor

[09:28] What does SixPoint mean?

Website: https://sixpointfp.com/

[10:01] 4 steps to help you when choosing a financial advisor

[11:19] Why you should not choose an advisor from a large firm

[12:56] Get in touch with with David Pulcini: https://sixpointfp.com/

Key Takeaways: 

  • Before selecting a financial advisor, you should understand your financial needs and goals. [01:22] 
  • Your needs will dictate the type of advisor best suited for you. [01:43] 
  • You need to feel comfortable and confident in your advisor’s ability to manage your money. [08:46]
  • Your financial advisor should feel like a partner in your journey, not just a service provider. [09:01]
  • Choose a financial advisor who not only has the expertise, but also aligns with your financial vision. [12:42]

 

Book Time with David Pulcini:

 

Connect with David Pulcini:

View The Full Episode Transcript Here

Podcast: Play in new window | Download | Embed

Subscribe: RSS | More

Archives

Categories