Advance Your Wealth - Getting Heirs Ready for Wealth

In the inaugural episode of Advance Your Wealth With Homer Smith, Host Ryan Ruff is joined by the man-of-the-hour, private wealth advisor with Konvergent Wealth Partners, Homer Smith. Homer brings over 18 years of industry experience to the show and strives to help clients achieve their goals.Listen as Homer and Ryan dive into the vitally important process of stress testing your personal or business finances. In order to assess the risks facing your estate or business, Homer and his team break down all of the elements contributing to your personal wealth, including saving plans, financial goals, and even retirement strategies.Sit back, relax, and allow Homer to shed light on the importance of performing regular stress tests on your finances to mitigate potential issues and surprises!Timecodes:00:15 - What listeners can expect on the show moving forward01:09 - Homer's 18 years worth of experience in the financial sector04:10 - What is a stress test and how it can be applied to one's financial situation?06:20 - Why is stress testing a necessary process?07:30 - What are the three main ways a stress test can be utilized08:21 - What prompts someone to come in and meet with Homer for a stress test09:30 - An example of how a stress test saved Homer's client from making a mistake11:58 - What are the keys to making sure a stress test is done well?13:45 - The human element at play during stress tests16:00 - The four step process conducted during Homer's stress testing efforts19:50 - What does a stress testing appointment with Homer looks and feels like24:00 - Where you can go to get a stress test performed on your financesConnect with Homer Smith:FacebookLinkedInWebsite

Today's episode features a slightly different format than what our audience is accustomed to!In order for a business owner to have their "dream exit," many boxes need to be checked in advance of the date of sale. Fortunately, Homer and his team at Konvergent Wealth Partners works diligently with their business owner clients to prepare their business for its sale and ensure they're maximizing the value of their clients' life work. Recently, Homer was invited to be a guest on the Middle Market Moment podcast, featuring Craig Dickens, CEO of JD Merit, for a deep dive into this conversation. There's a lot to unpack here, so let's get right into it!Timecodes:0:06 - Introduction and overview on the topic of the day1:16 - Welcoming Homer to the show1:53 - The personal readiness, the business readiness and the market aligning4:08 - The business owner's transition out of the business' day-to-day9:12 - The intangible benefits of being prepared when selling your business11:54 - How much business owners leave on the table when they aren't adequately prepared18:15 - The value of doing tax planning up front22:15 - The commonly used vehicles to help business owners from an estate planning perspective28:18 - There's a difference between planning and implementing your plan33:16 - What a business owner can be doing right now to kick off their planning process36:50 - How to get in touch with Homer and his team37:54 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

In this special installment of Advance Your Wealth, Homer dives into the investment philosophy at Konvergent Wealth Partners, which focuses on allowing clients to construct portfolios that can weather all seasons. Listen as Homer explains the value behind diversifying your portfolio to ensure a smooth performance across all times of the year. Sit back, relax, and enjoy this special edition of Advance Your Wealth!Timecodes:0:05 - Overview on the Konvergent Wealth Partners investment philosophy0:44 - The origin of this philosophy2:07 - The problem is we've had to turn from savers to investors3:25 - Various estimates of what investors needed to earn 7.5%4:45 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

When family wealth gets passed on to the next generation, too often that wealth tends to shrink instead of grow. On the latest installment of Advance Your Wealth, Homer examines how you can help your loved ones prepare to become good financial stewards of family wealth before the day comes when their bottom line suddenly gets a lot bigger!Join us for another enlightening conversation that features strategies and solutions that Homer is utilizing with his clients at Konvergent Wealth Partners. Enjoy!Timecodes:0:06 - Introduction and overview on the topic of the day1:47 - Should parents be worried about their heirs handling their money?3:00 - Homer's advice to clients who wish to avoid becoming another bad statistic 7:25 - How you should be evaluating your wealth manager's skillset 9:00 - Today's heirs have many goals and it's important to consider them10:30 - Educating heirs that are planning to take on the family business14:08 - You don't have to be passing down significant wealth for these efforts to take place15:36 - The best way to get in touch with Homer's team to discuss you're unique situation16:50 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite