Tag: navigating financial advisor succession
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

Archives

Categories