Financial Planning – The Truth About Wealth

Navigating Family Dynamics With Family Coaching featuring Alex Kirby (Ep. 115)

By thetruthaboutwealth | November 29, 2023

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Every strong family is like a winning team, and just like any successful team, they thrive with the guidance of a dedicated coach.

Alex Kirby, the Founder and CEO of Total Family Management, joins John and Michael Parise to talk about the concept of family coaching. Alex explains how his company helps families improve their dynamics and communication, particularly in the context of wealth management.

Listen in as Alex emphasizes the importance of values, goals, and a shared vision in family coaching while covering a case study of a family business and the unique, systematic approach of Total Family Management.

Alex, John, and Michael discuss:

An introduction to Total Family Management (TFM) and its services
The importance of communication and healthy dynamics within families
The customization of TFM’s coaching approach based on each family’s needs and objectives
The value of approaching difficult conversations gradually
How family coaching helps families establish their values and goals across generations
And more!

Resources:

Relate

Connect with Alex Kirby:

Connect with John and Michael Parise:

About Our Guest:

Alex Kirby is the Founder and CEO of Total Family Management (TFM), a pioneering firm specializing in private virtual family coaching within the wealth management sphere.

With a distinguished career in leadership development across both large and small companies, Alex brings a wealth of experience to TFM. His vision centers around the concept of families as teams, where the principles of leadership development are applied to create harmonious and prosperous family dynamics.

TFM’s unique approach spans family governance and family dynamics, making a significant impact on the wealth management landscape. Through TFM, Alex is dedicated to helping families achieve their shared vision and build a strong, cohesive unit.

Estate Planning: Making The Backstage Process Easier (Ep. 114)

By thetruthaboutwealth | November 16, 2023

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Do you have a plan for the backstage of generational wealth management?

If you don’t, it’s never too early to start capturing the history and values of your family founders.

In this episode, John and Michael Parise discuss the importance of planning for the backstage of wealth management, particularly in the event of the passing of a family’s matriarch or patriarch.

John and Michael also highlight the significance of documenting family business history, the evolving role of wealth advisors, and the challenges of teaching and learning a holistic approach to wealth management.

Throughout this conversation, you will learn:

The importance of planning for the backstage of wealth management
The lack of plans for financial affairs after the passing of a matriarch or patriarch
How creating videos to capture the history of family founders can help preserve their values
Why family business owners should document the history and values of the business for future generations
How to prepare for the future and the uncertainty of changing values
Why a mission statement, strategy, estate plan, and legacy letter are important to creating a family legacy
And more!

Resources:

Connect with John and Michael Parise:

Market Outlook: Investing In 2023 with Christian Hyldahl, CFA® (Ep. 98)

By thetruthaboutwealth | February 8, 2023

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Many investors have cold feet and want to pull out of the market for 2023, but sometimes the best option is to take a deep breath, put your emotions aside, and wait a little longer.

In this episode, John and Michael Parise talk to Christian Hyldahl from Varium Investment Partners about investing in 2023. Christian shares his approach to investing, what he believes 2023 has to offer, and some advice for nervous investors who want to pull their money out of the market completely.

Christian discusses:

The 2023 market outlook
A comparison of active and passive portfolio management
What’s a cover call strategy and its benefits if done properly
His advice for nervous investors and reasons to stay invested
And more!

Resources:

Looking into Future Economic Trends (Ep. 82)

Connect with Christian Hyldahl:

Connect with John and Michael Parise:

About Our Guest:

Christian Hyldahl, CFA®, is the founder and president of Varium Investment Partners. He has 27 years of portfolio management, investment strategy, and research experience across multiple investment styles and products under his belt. Christian is consistently a top portfolio manager in multiple equity categories. Christian is a chartered financial analyst and obtained his master’s of business administration from the Fuqua School of Business, Duke University. Before that, he attended the London School of Economics for their specialized program in international economics and asset management and obtained his Bachelor of Arts in English and History from Bucknell University.

Insurance Options When US Insurance Providers Can’t Cover Your Needs with Sean McNiff (Ep. 96)

By thetruthaboutwealth | December 7, 2022

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If your traditional insurance provider won’t cover specific risks for you or your business, you have additional options to protect yourself, your business, and your family.

In this episode, John and Michael Parise interview Sean McNiff from Exceptional Risk Advisors about some alternative insurance the firm provides. Sean shares a variety of case studies, from examples of when his work made a significant impact on his clients to some interesting insurance stories. He also talks about the creativity and customization that goes into protecting businesses and families.

Sean discusses:

What do Exceptional Risk Advisors and other cover holders for Lloyd’s of London do, who they insure, and what they cover
A variety of insurance case examples of when his work seemed to make a huge difference for his client base
Why it’s so important for business owners to regularly update their net worth valuations for insurance
The creativity and customization that goes into protecting families and businesses
And more!

Connect with Sean McNiff:

Connect with John and Michael Parise:

About Our Guest:

Sean McNiff is the Vice President of Business Development & Marketing at Exceptional Risk Advisors. He is passionate about developing new business relationships and educating the marketplace. Sean has been with Exceptional Risk Advisors from the day it was founded. His focus lies in working with sophisticated life, executive benefit, and disability insurance advisors whose clients can benefit from partnering with Exceptional Risk Advisors.

Sean received a BA in Communications and graduated Magna Cum Laude from the University of Rhode Island. When he’s not advising clients, he’s outside playing tennis, hiking, skiing, and spending time with his wife and their two children.

Mitigating The Stress In The Financial Marketplace (Ep. 86)

By thetruthaboutwealth | July 13, 2022

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The past two years have caused multiple stressors in the financial marketplace.

Inflation, oil prices, the uncertainty of the dollar, global issues, the war between Russia and Ukraine, and others have made decision-making around our financial future a more daunting task.

But don’t worry. John and Michael Parise from Copper Beech Financial Group are here to help you so that you help your clients!

This week, this father-son duo unveils the tips and tricks advisors need to support their clients and their financial decisions in this fast-changing marketplace. John and Michael also unpack important conversations you must address with your clients.

John and Michael discuss:

Ways the economy has shifted since 2020
The value of asking and answering the “tough questions”
Estate tax changes and ways it impacts those taking risks
The importance of conducting market research
Some industry shortcomings
And more!

Connect with John and Michael:

Looking To Sell Your Business? Here Are Your Options (Ep. 84)

By thetruthaboutwealth | June 15, 2022

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So you’re looking to sell your business.

Remember, you can’t spell succession without success.

In this episode of The Truth About Wealth, John and Michael Parise cover all the options you have when selling your business. John and Michael detail how to determine the right time, the timelines you should follow, and the pros and cons you should consider when looking to sell a family business.

John and Michael discuss:

The importance of having a succession plan for your business
The value of leadership and generational family conversations when you’re looking to sell your business
How to determine if it’s viable to keep your family business
The truth about selling your company to a strategic purchaser or a competitor
What are the benefits of selling your business to your management team
What you should know about employee stock ownership plans (ESOP) and how they can help your succession
And more!

Connect with John and Michael:

How to Pay for Estate Taxes (Ep. 81)

By thetruthaboutwealth | May 4, 2022

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If you are set to have an estate tax, how might that tax get paid? Can we get that tax to zero?

In this episode, John and Michael discuss their approach to estate taxes. In their approach, taxes are voluntary and planning is essential to ensure your loved ones have a plan and the means to pay for estate taxes when the time comes.

John and Michael discuss:

The best and worst ways to pay your estate taxes
Section 6166 for business exclusions on estate taxes
Gregan loans and how they can reduce your estate tax
The importance of starting early when it comes to planning
And more

Connect with John and Michael:

67. Concerns That Are Keeping Everyone Up At Night

By thetruthaboutwealth | October 13, 2021

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There are a number of questions and concerns that clients ask for clarification about, from inflation, to proposed tax changes, how those will impact their accounts, and more.

In this episode, John and Michael Parise have an open discussion about questions they regularly receive from their clients and aim to answer these frequently asked questions. They explain why you need to stay on top of your financial affairs and get them in order, plus, how businesses may have to approach employee retention in the near future.

John and Michael discuss:

How inflation is affecting everything in our lives
Potential tax code changes being proposed in Washington and how they may impact you
Why you need to be on top of your financial affairs
Why employee retention will become increasingly important in the near future
And more

Resources:

Connect with John and Michael:

Copper Beech Financial Group: (856) 988-8300
John Parise
Michael Parise

61. The Generational Impact Of The SECURE Act Part Two

By thetruthaboutwealth | July 21, 2021

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A new provision in the SECURE Act requires children that inherit an IRA or a qualified plan to essentially withdraw those funds no later than 10 years after the date of death. How can you ensure that your child gains the most from their inheritance after you are gone?

In part two of this series, John and Michael Parise discuss possible solutions for this new provision to the SECURE Act. They reveal the various types of accounts you can utilize and share the importance of keeping future generations in mind.

You will learn:

How you can prepare for your children’s inheritance with the new provisions to the SECURE Act
What type of accounts and investments may be the best fit for you
The importance of taking future generations into account when creating your plan
And more!

Resources:

Episode 19 – Life Insurance as an Asset Class

Connect with Copper Beech

Copper Beech Financial Group: (856) 988-8300
LinkedIn: John Parise
LinkedIn: Michael Parise