- Joel Field, Founder
For clients who need a more robust level of ongoing planning, we offer continuous guidance, monitoring, and regular updates to your financial plan. Clients at this level have more complex wealth management needs—they might own a business, have substantial assets, or be navigating a situation that requires in-depth guidance, like the sale of a business or management of a large estate. Our Private Client Service includes annual updates to your financial plan, in addition to consistent monitoring and maintenance throughout the year, to ensure your financial world is always optimized according to your goals. We like to compare your financial plan to a road map. An up-to-date map will keep you on the right track for the whole journey, but if you use an out-of-date guide, you might not have a clear direction when it comes time to take a detour or navigate specific details. For that reason, we help you update your plan periodically as you grow and your life changes.
Here are some of the planning areas that may be pertinent to your situation, but our planning will be tailored to your specific needs.
What are your hopes and goals for the future? Do you aim to travel or spend more time with your family and friends? Or, do you hope to be more involved in charitable causes and volunteer work? We will work with you to map out a strategy for achieving your goals. Our comprehensive approach is designed to assess the myriad of options available and help you to implement an optimal accumulation or retirement income strategy. We then monitor your plan on a continual basis, and adjust as your needs change and evolve. Our process provides consistency as you seek to pursue your goals, dreams, and hopes for the future.
Complex financial situations can create complex tax challenges.
We work collaboratively with your tax professionals to help you:
Reduce tax impact during peak earning years
Plan for estimated taxes as needed
Anticipate state, federal, and local tax considerations
Implement financial strategies to help minimize tax liability in the short and long term
Strategic tax planning helps protect what you earn and keeps more of it working toward your goals.
What is your view about risk? Managing your investments requires that we have not only a clear understanding of your overall objectives, but also your thoughts regarding risk. To help you meet your goals, we draw upon our comprehensive investment advisory capabilities to develop a disciplined investment approach that looks beyond a traditional asset allocation strategy. This comprehensive approach allows us to incorporate important factors into your investment management strategy, such as: your comfort level with risk, your desired scope of diversification, your preferences regarding socially-responsible investing, and your investment time horizon.
*Investment advisory services offered through Joel's affiliation with Eagle Strategies LLC, a Registered Investment Adviser, and securities are offered through his affiliation with NYLIFE Securities LLC, Member FINRA/SIPC, A Licensed Insurance Agency
We offer a consistent process to help ensure clients are able to meet their goals and have a clear path forward. We work with our clients to assess cash flow needs and desired spending so they have a clear picture of their financial situation. Then, we work with them to design and implement a comprehensive income strategy to meet their objectives.
A well-engineered estate conservation plan can minimize tax liability, ensure that loved ones are protected, and prevent creditors or inheritance disputes from eroding the value or impact of what you have built and hope to pass on. We will work with you and your other advisors to assess the impact on your estate of family dynamics, state and federal tax rules, and your philanthropic wishes. From there, we will suggest strategies to help minimize taxes while meeting your personal objectives and family needs.
*We do not provide tax or legal advice. Please consult with your own advisors for tax and legal advise.
Is insurance coverage important given your situation and, if so, how much coverage is appropriate? Have you wondered whether your current coverage is sufficient or actually too high? With so many possibilities available today, picking the right insurance coverage can be a complicated and frustrating task. Depending on your situation and the course life takes, having an appropriate insurance strategy can make or break your business, your lifestyle, and even your personal reputation. The right plan can protect you, your family, your assets, and your name when an unexpected turn of events occurs in life, or a liability arises over the course of your career.
Our team specializes in insurance planning and can assist you with choosing the correct type of coverage for your unique situation or business specialty.
Have you ever known someone who was involved in a lawsuit? Unexpected and life-changing events (such as: divorce, lawsuits, liability claims, and more) can happen at any given moment and they may severely impact the assets you have worked hard to accumulate and build. There are numerous financial strategies that can help you accumulate assets for the future. As part of your strategy, however, it is also important to consider methods to shield your business and personal assets from liabilities, as well as safeguard assets you hope to pass to children and grandchildren. We will work with you to determine if there may be strategies available which could protect your assets, given your specific situation and objectives.
What keeps you up at night? Have you known someone who was unable to work due to an injury or illness or, perhaps, needed assistance later in life? Depending on your situation, appropriate insurance coverage may be important to ensure your lifestyle remains intact, even if life takes an unexpected turn. We will help you to determine whether self-insuring or insurance coverage is the best approach to protect you, your assets, and your family against an unexpected turn of events in life.
Our team specializes in planning for disability and extended care needs and can assist you with choosing the correct type of coverage for your unique situation.
*Products available through one or more carriers not affiliated with New York Life Insurance Company, dependent on carrier authorization and product availability in your state or locality.
What is important to you beyond investing? Charitable planning allows you to support the organizations and causes that matter to you, while often providing immediate income streams to you and reducing your tax burden. A number of different charitable giving strategies exist. We can help you design and execute a charitable giving strategy aligned with your personal and philanthropic goals. Since tax considerations are integral to charitable planning, please seek tax advice from your own tax advisors. We will work as a team with you and your tax advisors to implement a charitable plan that is right for you.
Have you ever known a medical professional who was involved in a lawsuit? Unexpected and life-changing events, such as lawsuits and liability claims, can happen at any given moment, and they may severely impact your financial security and assets you have worked hard to accumulate and build. We will work with you to assess the best financial strategies for you that can help you shield your business and personal assets from liabilities as you accumulate assets for the future.
As you look to the future, you should be excited, not worried. As you look back at your education, you should be grateful, not regretful. You would not be where you are today if it were not for hard work and years of education. Unfortunately, though, your education may have left you with a significant amount of debt. We are very familiar with education-related debt management and it is our goal to help you manage that debt in such a way that paying it off becomes not only possible, but also easy. Our process will help meet your objectives so that your career, not your debt, can be the center of your focus.
In healthcare, every employee matters. Benefits ensure your employees are dedicated to staying with your practice. Although a need for income leads candidates to apply, it is the benefits that motivate them to stay. No office can run smoothly without the help of administrative staff, managers, nurses, assistants, and other staff members. This team is what keeps clients satisfied, your schedule full, and office priorities in order. We work with you to help you assess which benefits are best for your practice and how to implement them according to your company goals.
If you are in the early or mid-stages of your career, your most valuable asset is likely the ability to make a living by earning an income. You have invested significant time and money into training yourself and readying for your profession. Because of this, appropriate disability income insurance is critically important for physicians to have in place. In the event that you have an injury, accident, or illness that prevents you from realizing your full earning potential, disability insurance protects the investment you have in yourself by providing a source of income to you if you are unable to work due to an illness or injury.
Our team specializes in working with physicians to review existing disability insurance benefits and to make sure proper coverage is in place.
Individual disability insurance is available through one or more carries not affiliated with New York Life Insurance Company, depending on carrier authorization and product availability in your state or locality.
Have you thought about selling or winding down your business at some point in the future?
Every business is unique. Transitioning your business will be a unique process as well. A properly designed succession plan will enhance your personal financial security, maintain harmony among your staff, and help realize the maximum value you are able to derive from your business. We work with successful businesses to refine and implement a succession strategy tailored to your business with the intention of maximizing the value you receive from your business. Successful succession planning allows owners to leave their business on their own terms and according to their own timeframe by preparing their company appropriately to be smoothly transferred to family members, key employees, an outside party, or even a charity.
Do you have an executive, vital employee, or team member who is critical to your business operating and running smoothly? Key person insurance is designed to compensate your business against the loss of a key employee, whether through an illness, death, or disability, so that your business is equipped to continue operating with minimal impact. Proper key person coverage can protect your business against cash flow problems due to losses in sales, momentum, and available credit by helping to assure business continuity for you, your employees, customers, and creditors. In addition, it can be essential to efforts to recruit and develop a replacement for the key employee. We will work with you and your businesses to assess your situation and protect the continuity of your business operations.
Does your business have a buy-sell agreement that preserves and protects your ownership interest? Has it been reviewed in the past three years to make sure that it is still current with the evolution or growth your business has experienced over time, updates to local laws, and changes in the personal lives of any owners? Have you ensured that it is correctly funded? These are some of the common items we cover when working with businesses to make sure that we do not leave a “stone unturned.” Many cases of ownership transfer issues, such as the spouse of another owner inheriting a significant part of your business, for example, can be avoided with a properly positioned buy-sell agreement.
Simply put, a buy–sell agreement is a legally binding agreement between co-owners of a business that governs the situation if a co-owner dies, is disabled, or leaves the business. The details are important when making sure that these are properly crafted and funded. Doing so ensures a smooth transfer of ownership of the business, as well as stability and confidence amongst the owners. We will work with you to evaluate, implement, and fund a buy-sell agreement helps to ensure your interests and the integrity of your business.
Do you wish to reduce current taxes and build a source of income for yourself in the future? Have you wondered how to retain key employees by incentivizing them to stay? Deferred compensation arrangements are popular tools used to defer income taxes for you or highly compensated employees, and by doing so, retain key talent. Examples of deferred compensation include pensions, retirement plans, and employee stock options, which, essentially, are arrangements in which a portion of either your income or your employee’s income is paid out at a date in the future.
We can help you design a deferred compensation plan that can be used as a flexible way to attract and incentivize key employees or to benefit your personal financial and tax situation.
Have you had a family member who needed assistance later in life? You may be able to pay for this care yourself. Depending on your situation, appropriate insurance coverage may be important to ensure your lifestyle remains intact, even if life takes an unexpected turn. We will help you to determine whether self-insuring or insurance coverage is the best approach to protect you, your assets, and your family against an extended care need.
Our team specializes in planning for extended care needs and can assist you in determining the best approach for your unique situation.