Tag: Dear Rochester Retire Well
Purchasing Practices Part 3: The Capstone With Joe Prestigiacomo, CFP® (Ep. 70)

Purchasing Practices Part 3: The Capstone With Joe Prestigiacomo, CFP® (Ep. 70)

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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. 

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: 

  • 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
  • And more

Resources:

Our Onboarding Checklist: What It Is And How You Can Use It (Ep. 65)

Purchasing Practices Part 1: Our Process With Joe Prestigiacomo, CFP® (Ep. 68)

Purchasing Practices Part 2: Answering Our FAQ With Joe Prestigiacomo, CFP® (Ep. 69)

Book Time with David Pulcini:

Connect with David Pulcini: 

About our Guest: 

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.

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Purchasing Practices Part 2: Answering Our FAQ With Joe Prestigiacomo, CFP® (Ep. 69)

Purchasing Practices Part 2: Answering Our FAQ With Joe Prestigiacomo, CFP® (Ep. 69)

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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: 

  • 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
  • And more

Resources:

Purchasing Practices Part 1: Our Process With Joe Prestigiacomo, CFP® (Ep. 68)

Book Time with David Pulcini:

Connect with David Pulcini: 

Connect with Joe Prestigiacomo

About our Guest: 

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.

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Purchasing Practices Part 1: Our Process With Joe Prestigiacomo, CFP® (Ep. 68)

Purchasing Practices Part 1: Our Process With Joe Prestigiacomo, CFP® (Ep. 68)

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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: 

  • 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
  • And more

Resources:

Book Time with David Pulcini:

Connect with David Pulcini: 

Connect with Joe Prestigiacomo

About our Guest: 

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.

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Unlocking the Secrets of Effective 401(k) Management (Ep. 67)

Unlocking the Secrets of Effective 401(k) Management (Ep. 67)

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Thinking about setting up a retirement plan for your business but confused by all the options? 

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
  • And more!

Resources:

Book Time with David Pulcini:

Connect with David Pulcini: 

Connect with Austin Spite:

About our Guest: 

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.

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How Much Money Is Enough To Retire On? (Ep. 66)

How Much Money Is Enough To Retire On? (Ep. 66)

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How much money is enough to retire comfortably?

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: 

  • 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
  • And more

Resources:

Book Time with David Pulcini:

Connect with David Pulcini: 

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.

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Our Onboarding Checklist: What It Is And How You Can Use It (Ep. 65)

Our Onboarding Checklist: What It Is And How You Can Use It (Ep. 65)

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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: 

  • 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
  • And more

Resources:

Book Time with David Pulcini:

Connect with David Pulcini: 

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.

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What To Do With Money Sitting In The Bank (Ep. 64)

What To Do With Money Sitting In The Bank (Ep. 64)

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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: 

  • 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
  • And more

Book Time with David Pulcini:

Schedule a Call

Connect with David Pulcini: 

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.

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How To Change Financial Advisors (Ep. 63)

How To Change Financial Advisors (Ep. 63)

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If you’re looking for a financial advisor or for a new one, it’s not difficult to do! The toughest part is finding why you need to make the change.

In this episode, David Pulcini talks about how to change financial advisors from two perspectives: not having an existing advisor and changing from a current advisor to a new one. He walks through how changing financial advisors actually happens, what is involved, and what you have to do in order to make that change.

David discusses: 

  • The process of changing an advisor
  • The emotional implications that can complicate the decision to change your advisor
  • The value a financial advisor brings to the table
  • And more

Book Time with David Pulcini:

Connect with David Pulcini: 

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.

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How to Maximize your Small Business’ Financial Potential With Carlo DiPisa (Ep. 62)

How to Maximize your Small Business’ Financial Potential With Carlo DiPisa (Ep. 62)

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You may have heard about the Employee Retention Credit or ERC. What you may have yet to hear is that it is much easier to qualify than it was a few years ago.

In this episode, David Pulcini invites Carlo DiPisa to the podcast to talk about ERC. Carlo breaks down what is needed to qualify for the credit, why every small business should start the process of applying, and the benefits the ERC brings to companies.

David and Carlo discuss: 

  • The many myths surrounding the ERC and what to believe
  • What fees can be expected if your business chooses to apply with the help of another company
  • How over-advertising of this credit has made it seem like a scam and what to avoid
  • And more

Book Time with David Pulcini:

Connect with David Pulcini: 

Connect with Carlo DiPisa:

About our Guest: 

Carlo is a finance professionals with over 20 years of expertise in the fields of small business ownership, finance, and real estate. He takes a consultative approach: learning about you and your business, so thathecan offer the best customized solution possible. By understanding your particular needs, he assists businesses of all sizes secure commercial financing that best suits their individual situation.

While banks and other institutions can provide many useful services, this generalized approach is not a perfect fit for every organization. Carlo provides a wide range of business loans/leasing and other financing opportunities that help businesses achieve their short and long-term goals.

Here are some of the financing options that Carlo provides: Short-term Business Loans, Working Capital Loans, Equipment Leasing, SBA Loans, Unsecured Business Lines of Credit, Factoring (Accounts Receivable Financing), Commercial Real Estate Financing, Hard Money Loans, and Consumer Financing.

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Financial Planning Success Stories Of Medical Sales Reps with Marshal Scheidt (Ep. 61)

Financial Planning Success Stories Of Medical Sales Reps with Marshal Scheidt (Ep. 61)

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Have you ever wondered how your occupation might impact your financial planning strategies?

In this episode, David Pulcini invites Marshal Scheidt back to the podcast to complete the two-part series of financial planning for medical sales reps. Marshal shares two real-life examples of how he helps medical salespeople through the process of financial planning using the six points.

David and Marshal discuss: 

  • The different events that lead people to start their financial planning
  • Why understanding what you’re doing and why you’re doing it is an important part of the financial planning process
  • How having stock options can change the way you plan
  • The step-by-step process of dealing with clients in medical sales
  • And more

Resources:

Book Time with David Pulcini:

Connect with David Pulcini: 

Connect with Marshal Scheidt: 

About our Guest: 

Marshal Scheidt takes tremendous pride in helping his clients envision and accomplish their goals. Whether these goals pertain to their financial lives or are personal objectives, he takes a stake in helping his clients grow and improve on many levels. 

He graduated in 2015 from SUNY Brockport, where he earned a Bachelor of Science degree in Finance and Business Administration with a concentration in Management.

Marshal’s business practice is focused on providing comprehensive financial planning, risk management and retirement income strategies to help individuals find success and peace of mind.

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