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 philosophy 0:44 - The origin of this philosophy 2:07 - The problem is we've had to turn from savers to investors 3:25 - Various estimates of what investors needed to earn 7.5% 4:45 - Closing remarks Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)

Welcome back to the latest installment of Advance Your Wealth, where Homer and Ryan explore the inner workings of a private trust company. Some wealthy families that have assets in trusts want more than what they can get from many professional or corporate trust companies. For these people, setting up their own private trust company could be a viable alternative that adds value to their situation. Listen as Homer examines some key features of private trust companies and how families can decide if they should establish one for themselves. So sit back, relax, and enjoy another enlightening financial conversation! Timecodes: 0:06 - Welcome to the show and overview on today's topic 1:37 - A high-level overview on the different trust companies that exist today 2:48 - The appeal of going with a private trust company 4:14 - The secondary benefits of utilizing a private trust company 5:23 - Private trust companies can work with families on the estate planning side as well 6:08 - How heirs can benefit from a private trust company 7:53 - How privacy comes into play with private trust company 9:11 - What the financial commitment looks like when opting for a private trust company 10:14 - The next steps forward if someone is interested in proceeding with using this option 11:25 - Closing remarks Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)

In the third and final installment of our interview series with Frank Seneco, President of Seneco and Associates, Inc., the discussion is centered around premium finance life insurance and the different types of benefit plans for private business owners. Despite being a strategy that's been around since the 1990's, there is still a tremendous level of value associated with premium financed life insurance. Listen as Homer and Frank dive deep into this strategy and who it makes the most sense for. Sit back, relax, and enjoy the finale of a great interview series featuring Frank Seneco! Timecodes: 0:06 - Overview on the topic of this conversation 1:15 - The idea behind a premium finance life insurance 3:33 - The benefits of this strategy over a 5-10 year period of time 6:16 - Mistakes to avoid when it comes to this strategy 11:00 - What split-dollar means from a life insurance standpoint 12:21 - How else is life insurance utilized in succession plans for business owners 14:40 - Overview on the variety of strategies discussed throughout the interview series with Frank 15:57 - Closing remarks and disclosures

In the second installment of our interview series, on Advance Your Wealth, Homer is joined by Frank Seneco, President of Seneco and Associates, Inc., to discuss advanced insurance planning strategies and how they relate to wealth management as a whole. Listen as Homer and Frank discuss the strategies behind private placement life insurance, as well as the value they creates. PPLI is a version of a life insurance contract that is used frequently by high net worth individuals because of the various benefits it possess. So sit back, relax, and enjoy the second part in our three-part interview series with Frank! Timecodes: 0:15 - The idea behind Private Placement Life Insurance policies 3:25 - There are some rules that need to be followed in this space 5:20 - The ideal candidate or someone who qualifies for this type of insurance 7:27 - How to take advantage of the tax mitigation strategies within this policy 11:20 - This is almost a tax-free solution 13:04 - The mistakes investors make when considering these private placement plans 15:30 - Closing remarks and key takeaways from today's conversation Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)

In the latest installment of Advance Your Wealth, Homer and Ryan circle back to the stress testing process and the countless benefits it provides for businesses. As discussed in prior episodes, there are a wide-variety of challenges facing business today. But through regularly stress testing the business's portfolio, you can mitigate any unfavorable circumstances and ensure the business is on track to achieve desired goals. So sit back, relax, and enjoy another thought provoking conversation that is sure to leave you considering the stress testing process for your own business! Timecodes: 0:07 - Overview on today's topic 1:50 - What a stress test entails for a business owner 3:50 - The importance of stress testing on a periodic basis 5:00 - Where the human element comes into play during the stress testing process 6:15 - Stress testing can help fine tune general, but also specific issues within the business 7:52 - How stress testing can be utilized within exit planning 9:30 - How stress testing can play a role within asset protection planning 10:30 - Stress testing's role within retirement planning for business owners 12:00 - How a business owner can decide whether or not stress testing is worth pursuing 13:25 - Final remarks and how stress tests can address our ever-changing financial landscape 15:08 - Closing remarks Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)

In the first installment of our interview series, on Advance Your Wealth, Homer is joined by Frank Seneco, President of Seneco and Associates, Inc., to discuss advanced insurance planning strategies and how they relate to wealth management as a whole. Bringing over three decades worth of experience in the financial services sector, Frank is no stranger to this subject and provides services across the nation, as well as internationally. Frank believes in services that best meets the clients needs! So sit back, relax, and enjoy the first part in our three-part interview series with Frank! Timecodes: 0:20 - Background information on Frank Seneco and his experience in the financial services sector 1:40 - An overview on the Benefit-Focused Defined Benefit Plan and how its value can be maximized 3:17 - Why so few people have heard of this particular plan 4:20 - The type of business owner or business structure this plan makes sense for 6:32 - The biggest opportunities Frank sees when reviewing retirement plans for clients 8:40 - This is a plan that focuses benefits towards the owner 9:58 - How life insurance fits into this type of plan 11:25 - Summarizing this plan once more and who it truly applies to 12:30 - Closing remarks Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)

In the newest installment of Advance Your Wealth, Homer and Ryan explore the inner-workings of what it means to be an executor. When asked by a family member or close friend, it may be difficult to say no to this role. However, it's crucially important that you understand the role itself, and the responsibilities it comes with, before accepting the position. When an individual becomes an executor for a given estate, they are tasked with numerous things. Not only do they need to track down the assets linked to the estate, but they also need to ensure any outstanding debts or liabilities are paid off. Not doing so, presents an element of personal risk for the executor themselves. So sit back, relax, and enjoy yet another provoking conversation surrounding the duties of an executor, which will have you considering if you're fit for the job. Timecodes: 0:07 - Overview on the topic of the day 1:51 - What is an executor and what does their position entail? 3:00 - Why someone shouldn't accept this responsibility immediately 4:16 - The initial steps an executor needs to take 5:35 - The challenge of finding all of the estate's assets 6:40 - Advice for executors searching for all the assets 8:45 - Advice for executors when dealing with debts and taxes 11:30 - What the level of risk looks like personally for the executor 14:14 - When approached by someone and asked to be an executor, how to handle that conversation 15:43 - Closing remarks Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)

In this installment of our Quarterly Themes, Homer highlights several key investment themes Konvergent Wealth Partners are exploring of late. Listen as he reviews not only the Q2 market and economic performances, but also their outlooks for Q3 and beyond. Despite some bouts of volatility, the market performed well throughout Q2 and even reached a new all-time high! Finally, Homer showcases some wealth planning strategies to help manage your wealth throughout all seasons and their various circumstances. Timecodes: 0:07 - Introduction and the agenda for this episode 1:20 - Beginning full review on Q2's investment themes 6:00 - What we learned throughout Q2 10:34 - Despite concerns of slowing growth, the economy begins Q3 in Quad 2 13:10 - GDP and Inflation expected in Q3 15:22 - How we are planning to invest in Q3 16:03 - Overview on the importance of managing your wealth for all seasons 21:26 - An offense only strategy when it comes to diversification 25:15 - Summary on wealth strategies for all seasons 26:15 - Closing remarks Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)

In this installment of our Monthly Market Update, Homer examines the market’s performance throughout May 2021, the economic data behind the market’s performance, and the death of the 60/40 Portfolio. Overall, the SandP 500 remained a relatively flat month, showing some fluctuation as the month progressed. Also, as expected, Homer noticed Industrials and Financials outperformed the Broader Market, showing slight growth. So sit back, relax, and enjoy Homer’s insights on last month’s market trends and what we can expect as we move throughout the summer as a whole! Timecodes: 0:07 - Overview on today's Market Update and topics of discussion 0:58 - May's market performance overview, beginning with SandP 500 1:52 - Industrials and Financials outperformed the Broader Market 3:07 - The economic indicators Homer's team is analyzing regularly 4:50 - Analyzing GDP and inflation throughout recent history 6:15 - The Death of the 60/40 Portfolio 8:28 - True diversification requires four macro quadrants 10:40 - Asset correlation pertaining to the 60/40 Portfolio 11:50 - Summary of the Market Update Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)

In the most recent installment of Advance Your Wealth, Homer explores the five key mistakes being made by successful family businesses today. Running a successful family business takes a tremendous amount of both working hard and working smart, all while navigating family dynamics. These dynamics can be ever-changing and require ongoing efforts to address them. Throughout Homer's time at Konvergent Wealth Partners, he's worked with countless family businesses to help them avoid these critical wealth planning mistakes and wants to share the tips with you. So sit back, relax, and enjoy another thought-provoking conversation that could help with the wealth planning strategies of your own family business! Timecodes: 00:08 - Overview on the topic of the day 02:17 - Why wealth planning overall needs to be at the forefront of a family business 04:38 - Family businesses working with the wrong wealth management professional 06:35 - What type of wealth planner should a family business be looking for 07:30 - The importance of having an over-emphasis on tax planning 09:30 - The issues occurring when a matriarch or patriarch are secretive with family business information 11:15 - You must continue to update your wealth plan over time 13:45 - It's okay to sell to an outside party or someone outside of the family 15:50 - Final pieces of advice for family business owners to address these issues Connect with Homer Smith: https://www.facebook.com/konvergentwealthpartners (Facebook) https://www.linkedin.com/in/homersmith4 (LinkedIn) https://konvergentwealth.com/ (Website)