Blog

The Role of AI in Investing and Financial Planning

The integration of tech can amplify the capabilities of financial professionals   As investors navigate the dynamic landscape of the financial markets, they find themselves at the intersection of cutting-edge technology and traditional expertise. The advent of Artificial Intelligence (AI) and data-driven solutions has undoubtedly revolutionized the financial advisory space. However, as industry research suggests, the next generation of investors places immense value not only on the perso
View More

Key Numbers 2024

Key Numbers 2024 | Tax reference numbers at a glance.
View More

IRS Announces New 2024 Income Tax Brackets

Your financial professional can help leverage these changes to impact your tax liabilities   It is crucial for individuals to engage in strategic tax planning with their financial professionals, particularly considering the changes to the standard deduction and tax brackets for the year 2024. These modifications, affecting filers who do not itemize their deductions, will only be reflected in the tax returns filed in early 2025. The Internal Revenue Service has elevated the thresholds for
View More

Estate Planning & Business Transition Checklist

Work towards aligning your personal and business affairs with your long-term goals   The end of the year serves as a natural checkpoint for many financial and personal processes, and with the arrival of the final months of the year, proactive preparation becomes essential. Whether you are an individual looking to optimize your estate planning or a business owner contemplating a seamless transition, the steps you take now can pave the way for a more secure and prosperous future. Let’
View More

All About Financial Planning

No matter where you are in life, you may have at least a few financial goals. Perhaps you want to buy a house, save for your child’s college education, or retire early. Regardless of what your goals are, financial planning can help you work towards them. Let’s dive deeper into what financial planning is and how it may benefit you. What is Financial Planning?Financial planning is examining your financial situation and designing a specific plan to help you pursue your goals. Finan
View More

How AI Can Enhance Your Job, Not Eliminate It

Your ability to work alongside Artificial Intelligence will be a great asset   A recent surge in interest around the term "generative AI" has been observed, reaching a peak search interest of 100, according to Google, in the week of February 12th, 2023. The spark for this sudden fascination? The introduction of ChatGPT, an AI chatbot developed by OpenAI, in November 2022. Comparatively, just months before its launch in October, the search interest was significantly lower, regist
View More

8 Financial Wellness Tips to Help Manage Generational Wealth

Asset management and financial wellness can help develop long-term confidence when wealth transfers from generation to generation. Understanding and implementing financial wellness techniques is essential for effectively sharing wealth with the next generations. Here are some financial wellness tips to help manage generational wealth transfer more confidently:   Tip #1 - Participate in Estate Planning A vital pillar for managing generational wealth transfer is thorough estate planning. Est
View More

High-Net-Worth Retirement Planning: 6 Ideas to Help You Get Your Finances in Ord

Do you consider yourself a high-net-worth individual (HNWI)? Most people tend not to categorize themselves or see themselves as anything more than a spouse, parent, sibling, neighbor, boss, or business owner. However, society does classify people. HNWIs typically have at least $1 million in cash or assets that can be converted to cash easily, which could make planning for retirement more complex. Organizing your financial life can seem daunting at first, so here are 6 ideas to help you get start
View More

7 Tips for Near Retirees to Protect Their Financial Data

While protecting your financial data has always been important, it grows even more critical as you start planning for retirement. From preserving your retirement savings to maintaining financial independence to avoiding stress, you want to keep all the assets you've accumulated by hard work. Here are a few steps you may take to protect your financial information now and in retirement. Shred Sensitive Documents Although most financial fraud is committed over the internet these days, some sca
View More

Tax Prep Checklist: Everything You Need to Be Ready for Tax Season

Regardless of whether you prepare your taxes yourself or use a professional's services, it's a good idea to gather the information and documentation you need well in advance of your actual tax filing date. Below, we've listed some key information you need when preparing this year's taxes. Your Personal Information The personal information you may need to file taxes may contain information from your prior year's return, including: Your Social Security Number (SSN), along wit
View More

Social Security Benefits Set to Increase in 2024

Proper financial planning includes forecasting future Social Security benefits   In a welcome development for millions of Americans relying on Social Security, the Social Security Administration has recently announced a substantial increase in retirement and disability benefits. Starting in January 2024, recipients will see a significant boost, with benefits set to rise by 3.2%, translating to an average increase of more than $50 a month. This cost-of-living adjustment (COLA) marks a hel
View More

How To Navigate Global Geopolitical Events

Patience, knowledge, and strategic planning are keys to financial confidence   In an interconnected world, global geopolitical events have an undeniable impact on financial markets. From political unrest to trade disputes and natural disasters, these events can create uncertainty and volatility, leaving investors anxious about their investments. However, reacting impulsively to these situations can be detrimental to one's financial health. Let’s explore how investors should resp
View More

Outlook 2024: A Turning Point

In 2024, we believe markets will make a definitive turn to a more recognizable place. En route, the transition will be marked by meaningful shifts in a few key areas. Inflation is going down. The risk of a recession is bubbling up again as the effect of post-pandemic stimulus wanes. And the end of the Federal Reserve’s (Fed) rate-hiking campaign is indeed upon us.
View More

Talking to Your Children About Inheritance Checklist

Generational wealth involves proactive financial planning, especially when parents or grandparents pass on their wealth to loved ones after they die. Entrusting family members with receiving an inheritance is more than just getting a hold of assets or a check in the mail. It is about understanding how to steward the hard-earned wealth that you and your spouse spent your lives building.You are not alone if you are uncomfortable discussing your finances with your children or grandchildren. For man
View More

A Look at Tax Planning for Retirement

After years of saving and planning for their golden years, many people nearing retirement fail to consider the tax burden they may face on income they receive after they stop working. While you will likely see a reduction in the amount of taxes you owe after the age of 65, you still need to plan ahead if you want to minimize your tax bill from the IRS.   Social Security Benefits Depending upon your total income and marital status, a portion of your Social Security benefits may be taxable.
View More

Trusts and Year-End Planning: A Checklist

A trust is a legal vehicle that protects your assets that contains instructions for your assets when you die or become incapacitated. When you set up a trust, you transfer assets from your name into your trust's name while you still retain control of the assets until you die. Trusts can hold many different assets, such as cash and bank accounts, real estate, securities, ownership interests in business entities, and other assets. For assets you want to preserve and transfer, it's essentia
View More

Thanks and Giving: How You Make a Difference on Giving Tuesday

Giving Tuesday is a day to extend the goodwill that the holiday season may bring to help others. With so many in need, the holiday season is a reminder to help those less fortunate. Whether you want to donate your time or contribute funds to your favorite cause, there are many ways to celebrate the day. Here are some ways to mark the occasion.Donate to a Food Bank or ShelterFood banks are always in need of donations. Give your pantry a once over to see items you could donate, or go to the store
View More

Year-end Tax Planning for High-Net-Worth Individuals

As the year’s end approaches, High-Net-Worth Individuals (HNWIs) must prepare for one of the most critical monetary tasks: year-end tax planning. Due to the nature of their holdings and dynamic financial situation, HNWIs often grapple with complex tax management issues. With astute planning, mitigating significant tax liability may be possible.First, comprehensive tax planning involves critically reviewing current income and projected future earnings. Review helps ensure that you're op
View More

Investing in Your Family: Creating a Family Business Succession Plan

No matter how successful your family business is today, at some point in the future, its ownership may need to change hands. Without a business succession plan, this transition can be fraught with hurt feelings, internal strife and dysfunction, and financial inefficiencies. What should a family business succession plan include, and how can you get started? What is a Family Business Succession Plan? According to the National Bureau of Economic Research's Family Business Alliance, only about
View More

Succession Planning for Women Business Owners

Women entrepreneurs face a unique set of hurdles when it comes to starting new businesses, particularly in a post-pandemic world. In 2021, women started about 40 percent of all new businesses, and this figure has remained fairly steady for decades.1With the unique stresses of operating a brand-new business, many women business owners may not give a lot of thought to succession planning. However, life is full of unexpected twists and turns, and succession planning can be a critical step in ensuri
View More

Protect Financial Information from Prying Eyes on the Web

As more and more consumers search for financial information on the Internet, they may inadvertently leave themselves open to being “tracked” by certain companies and individuals. Visitors to financial websites have created a large mass of information that is, in some cases, hardly private. Many marketing companies routinely employ software programs designed to identify you and your “surfing” habits on financial websites. Some are basic and some can be very invasive.  
View More

How to Protect Your Small Business from Cyber Threats

Risk management is a key component in any successful business plan. In today's world — where data breaches are common occurrences — it's especially important for business owners to understand the digital risks they face. Are you doing all you can to mitigate the risk of a cyberattack? The importance of cybersecurity Many small-business owners may think their organizations hold little appeal to hackers due to their small size and limited scope. However, according to the Small
View More

High Net-Worth Individuals: Are You Missing Opportunities in Your Financial Plan

High Net-Worth executives and those that have been self-employed, can experience common problems in their financial planning journey. Often, they have missed opportunities in their financial planning because they haven’t planned adequately for their retirement even though they make a high income.It’s easy to think that everything will work out with their retirement plan, and it can, but a high-income often masks the reality of having a deficit once a career ends. Just like average in
View More

Fueling Growth For Your Small Businesses

Leverage innovation and benefit from financial credits and incentives   In today's rapidly evolving business environment, standing still is not an option. The companies that thrive are those that innovate, adapting to change and embracing new technologies. Innovation is more than just a buzzword – it's a vital strategy for future-proofing your business. Here's how small businesses can leverage innovation and benefit from a range of financial credits and incentives. Res
View More

Women Who Mean Business: 7 Secrets of Successful Businesswomen

View More

Investor Psychology When Bull Markets Take Hold

Why most investors are not at all positive during a bull run – and miss out   In the world of investing, there are few phrases as exhilarating as "bull market". These words conjure images of an economy burgeoning with opportunity, a period when stock prices are on a steady upward trend, promising lucrative returns to those invested. And yet, an intriguing anomaly persists: many investors remain decidedly pessimistic, even in the midst of a bull market. To the uninitiated,
View More

Gifting for Education Savings

What is it? A gift is a voluntary transfer of money or property from one person to another person or entity (such as a trust) where the person making the gift receives either nothing or a lesser amount of money or property in return. In the context of education planning, gifting is usually implemented as a strategy when parents want to shift income to their child and reduce taxes. This ability to shift income and reduce taxes works best when the parents are in a high tax bracket and the child i
View More

2024 Key Numbers for Health Savings Accounts

The IRS recently released the 2024 contribution limits for health savings accounts (HSAs), as well as the 2024 minimum deductible and maximum out-of-pocket amounts for high-deductible health plans (HDHPs). What is an HSA? An HSA is a tax-advantaged account that enables you to save money to cover health-care and medical costs that your insurance doesn't pay. The funds contributed are made with pre-tax dollars if you contribute via payroll deduction or are tax deductible if you make them your
View More

Six Keys to More Successful Investing

A successful investor maximizes gain and minimizes loss. Though there can be no guarantee that any investment strategy will be successful and all investing involves risk, including the possible loss of principal, here are six basic principles that may help you invest more successfully. Long-term compounding can help your nest egg grow It's the "rolling snowball" effect. Put simply, compounding pays you earnings on your reinvested earnings. The longer you leave your money at work f
View More

10 Terms Every Investor Should Know

If you're new to investing, you may encounter some unfamiliar   jargon. Understanding the following   terms may help you become a more confident investor. Portfolio An investment portfolio is a collection of investments owned by an individual or an institution. Typically, a portfolio comprises a mix of asset classes such as stocks, bonds, and cash. An investor's risk tolerance, time horizon, and investment goals generally determine a portfolio's asset allocation.
View More

Active vs. Passive Portfolio Management

One of the longest-standing debates in investing is over the relative merits of active portfolio management versus passive management. With an actively managed portfolio, a manager tries to beat the performance of a given benchmark index by using his or her judgment in selecting individual securities and deciding when to buy and sell them. A passively managed portfolio attempts to match that benchmark performance, and in the process, minimize expenses that can reduce an investor's net return
View More

Advanced Estate Planning Concepts for Women

You will need to think about the disposition of your assets at your death and any tax implications.Statistically speaking, women live longer than men. So if you are married, you'll also probably have the last word about the final disposition of all of the assets you've accumulated during your marriage. You'll want to consider whether these concepts and strategies apply to your specific circumstances. Transfer taxes When you transfer your property during your lifetime or at your deat
View More

What to Know Before You Open Your Next Investment Account

Understanding the difference between taxable, tax-deferred, and tax-exempt accounts can improve portfolio diversification and make a difference in how much you earn over time. But investors may not fully understand how a strategy called asset location may help improve returns and lower their overall tax bill using these different types of accounts. Each account type has different tax rules and treatments, and understanding each may help you determine which accounts suit your situation. Here, we
View More

Debt Ceiling & Potential Impact on Asset Classes

Failing to raise the ceiling by June 1st could lead to short-term challenges   The debt ceiling, a crucial aspect of fiscal policy, has long been a subject of debate and concern within the United States. As the nation grapples with the possibility of not raising the debt ceiling by June 1st, it is essential to understand the historical context and potential consequences. And there are five asset classes that might face short-term struggles in the event of a failure to raise it. The Ev
View More

What You Should Know About the Debt Ceiling Debate

On Monday, May 22, President Joe Biden and House Speaker Kevin McCarthy met at the White House to discuss raising the statutory limit on U.S. government debt, generally called the debt ceiling. Although both leaders termed the discussion "productive," there was no resolution, and their respective negotiating teams continued discussions.1 Here are some answers to questions you may have about the issues behind the current impasse.What is the debt ceiling? The debt ceiling is a statutory
View More

Midyear Outlook 2023: The Path Toward Stability

Our 2023 investing outlook started with a theme of returning to normalcy. Considering 2022’s market volatility and the aftereffects of the pandemic, the idea of finding balance was certainly a welcomed change. It’s a theme we could all embrace six months ago and what we will continue to rally around through year-end. That’s not to say that 2023 hasn’t come with its own set of challenges. We saw two regional banks fail in rapid-fire succession in March—and another cl
View More

“7 Habits of Highly Effective People”

How a Financial Professional Can Help You Apply Stephen Covey’s “7 Habits of Highly Effective People” to Your Investment Strategy In 1989, Stephen Covey, an American author, educator, and businessman, published his groundbreaking self-help book, 7 Habits of Highly Effective People. Regardless of income level, age, or career, anyone can learn and practice the skills he highlights in his book. Sometimes, however, it can be challenging for people to change their habits and in
View More

Benefits of Including Investment-Grade Bonds

For investors seeking stable returns in their fixed-income portfolio   Over the last 15 years, investment-grade bonds have modestly outperformed Treasuries, making them an attractive option for investors seeking stable returns in their fixed-income portfolios. But how many investors can articulate the reasons that have contributed to their outperformance or the potential benefits of including investment-grade bonds in a fixed-income portfolio? Why Investment-Grade Bonds? Higher Yields
View More

What to Know Before Drafting a Will

A will is an important document most people don’t want to think about, but it’s crucial to have in place to protect your assets and ensure your loved ones receive what you want them to.It can be wise to have a lawyer write up the documents in your will to keep everything legally sound and eliminate any confusion. Before approaching a lawyer and putting pen to paper, think through the items below. Keep in mind your will won’t come together in a day because it can take time to ma
View More

What Homeowners Should Know About Estate Planning

If you have always thought estate planning was just for those nearing retirement or already retired, think again. If you own a home, it is important to have a plan in place. Without a will or other arrangements that allow your home to pass to your closest loved ones, it is subject to your state's intestacy laws and probate, which may not result in the outcome you want. Here are five different ways your estate plan can pass your home on to your loved ones. Give Your Home as a Bequest One of
View More

5 Homeowner Estate Planning Tips to Consider

Estate planning helps disperse your assets according to your wishes. The effort may seem daunting at first, but estate planning does not have to be overly complicated. With the proper planning, you may find yourself resting a little easier knowing you have an estate plan in place. While an estate plan is personalized to the wants and needs of each person, here are a few tips to help anyone get started. 1. Create an Inventory of Physical Assets One of the first steps in creating an estate plan i
View More

Family Wealth Transfer Planning

KEEPING IT IN THE FAMILY THROUGH GENERATIONAL GIVING What is family wealth, and how do you preserve it? You have worked hard for years and accumulated wealth. You earned this money through your job, investing, and saving, and you want to preserve it for yourself and to take care of the family you love. With the projected modification of the current legislation, 2023 looks like a year to potentially benefit those interested in creating a wealth transfer planning strategy through generat
View More

Setting and Targeting Investment Goals

Go out into your yard and dig a big hole. Every month, throw $50 into it, but don't take any money out until you're ready to buy a house, send your child to college, or retire.It sounds a little crazy, doesn't it? But that's what investing without setting clear-cut goals is like. If you're lucky, you may end up with enough money to meet your needs, but you have no way to know for sure. How do you set investment goals? Setting investment goals means defining your dreams for t
View More

Let’s Talk Investing

Have you ever noticed the topic of investing rarely comes up in casual conversation among peers? In this age of emotional intelligence, vulnerability is encouraged when discussing personal feelings, but vulnerability about finances isn’t as normalized. Many parents were not educated on investing themselves and therefore have no knowledge to pass on to their children. In addition, many children do not receive proper education on investing and finances through their school curriculum.As a re
View More

3 Tips for Preserving Wealth in Your Golden Years

After spending so much of your life saving for retirement, it may be challenging to transition from depositing funds to withdrawing them. You may wonder whether there is any way to maintain your lifestyle and preserve your wealth to pass down to your loved ones. It might be worthwhile to do some careful planning and ongoing maintenance. Here are three tips that may help you preserve wealth after retirement. Make a Health Care PlanUnless you are one of the few lucky enough to retire from a j
View More

Using Trusts to Gift Your Business

What is using trusts to gift your business? Using trusts to gift your business is a technique whereby, rather than gift your business directly to your beneficiaries, you transfer ownership of your business to a trust and then name your children, grandchildren, or others as the beneficiaries of the trust. The entire business may be transferred to a trust in one transaction, or the stock may be gifted to the trust over a period of time. The trust can be set up as either a revocable trust or an ir
View More

Five Ways SECURE 2.0 Changes the Required Minimum Distribution Rules

The SECURE 2.0 legislation included in the $1.7 trillion appropriations bill passed late last year builds on changes established by the original Setting Every Community Up for Retirement Enhancement Act (SECURE 1.0) enacted in 2019. SECURE 2.0 includes significant changes to the rules that apply to required minimum distributions from IRAs and employer retirement plans. Here's what you need to know. What Are Required Minimum Distributions (RMDs)? Required minimum distributions, sometimes ref
View More

6 Tips for Reducing Social Security Taxes

Determining how your income impacts Social Security (SS) taxes is important for tax planning. Factors that determine how much pay SS tax you pay, depending on your circumstances, include: If you have income from working in retirement.If you are self-employed.If you receive interest, dividends, or other taxable income. You may pay SS tax if you: File an individual federal tax return, and if your combined income is between $25,000 and $34,000, you may have to pay income tax on up to 50% of
View More

Stocks - Tax Planning

What is investment tax planning for stocks? Investment tax planning for stocks takes advantage of the tax rules with the goal of achieving the best after-tax return on these investments. Strategies will differ depending on whether you purchase common stock or preferred stock. What is common stock, and how does it generate earnings? Common stock is a form of equity that represents a share of ownership in a corporation. The shareholders of a corporation own the business and therefore benefit fr
View More

5 Last Minute Considerations Before Tax Day

With April’s federal tax filing and payment deadline on the horizon, Americans are dotting their i’s and crossing their t’s as they prepare for the countdown to Tax Day. But before you rush to get that return out the door, are you confident you have everything in order to make your tax filing go as smoothly as possible? Here are five last minute details to double check before Tax Day. Ensure Your Paperwork Is In OrderIt is important to ensure that necessary documents (digi
View More

The Challenge of Financial Wellness and Why We Need Women’s History Month

March is Women’s History Month, a month-long celebration of female empowerment1. This effort includes advocating for better representation in the workforce, pay parity and improved work-life balance. There are some specific steps that women of all ages and all stages of life may take to manage their financial future. Here are some economic challenges women face and how they overcome them. Challenge 1: Women Live Longer Longevity is a good thing—but when it comes to funding retiremen
View More

Questions to Ask A Prospective Financial Professional

What to look for and what’s not important   If you are shopping for a financial professional, you need a good checklist of questions to ask. What you are looking for is someone who handles clients like you – and who is financially wise. As you assess a professional who manages your assets, for instance, do yourself a favor: Don’t rely on his or her investment record. Clients have differing needs. A money manager whose investment performance touched the stars last year ma
View More

Planning for Earned Income in Retirement

What is it? If you're like a lot of people, retirement won't be the world of gardening, golfing, traveling, and tennis you once envisioned. Rather, retirement will mean relaxing and working. Maybe you've retired from your "regular" job and started a business, or perhaps you want to work part-time just to stay busy. However, if you work after you start receiving Social Security retirement benefits, your earnings may affect the amount of your benefit check. How your earning
View More

America’s Changing Vision of Retirement

For some, phased-retirement may be an option – for others, a necessityRetirement planning is a primary reason for long-term saving, and when people think about retirement, finances are often the focus. However, it is important to also look at the nonfinancial aspects of transitioning from the world of work to the world of leisure. Specifically, lifestyle changes and self-esteem issues associated with the loss of your professional identity may create difficulties. As you’re preparing
View More

A Look at Tax Planning for Retirement

View More

Tax Prep Checklist: Everything You Need to Be Ready for Tax Season

Regardless of whether you prepare your taxes yourself or use a professional's services, it's a good idea to gather the information and documentation you need well in advance of your actual tax filing date. Below, we've listed some key information you need when preparing this year's taxes. Your Personal Information The personal information you may need to file taxes may contain information from your prior year's return, including: Your Social Security Number (SSN), along wi
View More

Tax Tips Every Married Couple Should Know

Getting married is a joyous time, but one that comes with numerous considerations. From living arrangements to future goals, marriage may quickly change a lot of things in your life. One thing that may drastically change after your marriage is your tax status. Single filers crossing over to a new tax status may be unsure of where to start and which options will provide them with the greatest benefits. Whether you have recently been married or are about to say your ‘I dos’, below is a
View More

Understanding Capital Gains Tax as an Investor

As an investor, you may be impacted by capital gains if you sell your investment – whether at a gain or loss. Understanding capital gains may help with your overall investment strategy and the potential to preserve your wealth. Below are a few insights into capital gains to help you acquire competency on the subject matter in preparation for a consultation with a financial professional to review your portfolio. What is capital gains tax?A capital gain is a profit made from selling an
View More

Are You Cybersecurity Safe?

View More

The Importance of Financial Wellness

View More

Don't Miss Out on These 5 Commonly Overlooked Tax Deductions

View More

Finding Focus with Financial Planning: A Step-By-Step Guide

View More

Five Healthy Habits for Financial Wellness

View More

Four Ways to Help Lower Your Taxes Now

The financial decisions you make between now and the end of the year can significantly impact how much taxes you will have to pay once tax day arrives. If you take action by December 31st, you can reduce your tax burden and keep more of your hard-earned money. Here are some valuable tips for year-end tax planning. Max out your retirement savings contributionsTax-advantaged retirement accounts like 401(k)s and IRAs fund with pre-tax dollars. Any contributions you make can lower your taxable
View More

Outlook 2023: Finding Balance

LPL Financial Research Outlook 2023: Finding BalanceThrough all the challenges, newfound opportunities, and every high and low we’ve experienced during the last couple of years, it’s no surprise why we might be striving for more balance. Whether it’s about the markets and global economy or what’s happening in our local communities, the news we’re hearing on a daily basis has the potential to disrupt the balance of our lives. But with resilience, perspective, and the
View More

Top Year-End Investment Tips

Just what you need, right? One more time-consuming task to be taken care of between now and the end of the year. But taking a little time out from the holiday chores to make some strategic saving and investing decisions before December 31 can affect not only your long-term ability to meet your financial goals but also the amount of taxes you'll owe next April. Look at the forest, not just the trees The first step in your year-end investment planning process should be a review of your overal
View More