Tag: Financial Planning
Strategies for Maximizing Executive Compensation with Matt Parenti – Part Two (Ep. 43)

Strategies for Maximizing Executive Compensation with Matt Parenti – Part Two (Ep. 43)

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In this final installment of this two-part series, host Nicole Romito and guest Matt Parenti delve into executive compensation, providing valuable insights for navigating this complex realm. They discuss essential strategies for maximizing compensation plans, minimizing risk, addressing tax implications, and integrating these elements into long-term financial planning to achieve personal goals.

Nicole and Matt discuss: 

  • Strategies to maximize different executive compensation plans
  • Techniques for reducing exposure in equity and share investments
  • Tax implications related to various compensation components
  • Aligning executive compensation with long-term financial planning and charitable giving
  • And more

Resources:

Connect with Nicole Romito: 

Connect with Matt Parenti:

About Matt Parenti: 

Matt Parenti is a seasoned financial planner specializing in assisting corporate executives, startup entrepreneurs, and business owners. With a focus on legacy planning, Matt ensures his clients’ financial security and longevity. He is deeply committed to building meaningful relationships, both professionally and personally. As Chair of the Growth & Marketing Committee at his firm, he emphasizes the importance of the “Private Vista Experience” for clients and colleagues alike. He holds a Bachelor’s Degree in Consumer Economics and a Minor in International Studies from the University of Illinois Urbana-Champaign, along with a Master’s Degree in Finance from the University of Notre Dame.

Outside of work, Matt treasures time with family and friends, enjoys outdoor activities, and seeks to share his knowledge through mentorship and teaching.

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Strategies for Maximizing Executive Compensation with Matt Parenti – Part One (Ep. 42)

Strategies for Maximizing Executive Compensation with Matt Parenti – Part One (Ep. 42)

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Are you a corporate executive navigating the complexities of executive compensation? 

Follow along in this installment as Nicole Romito is joined by Matt Parenti a fellow partner at Private Vista. Learn the ABCs of executive compensation and how to maximize your compensation plans for financial success and security in today’s ever-evolving market landscape.

Nicole & Matt discuss: 

  • Different ways corporate executives are compensated
  • Challenges and considerations faced by executives 
  • Managing company stock and deferred compensation plans as part of a financial strategy
  • And more!

Connect with Nicole Romito: 

Connect with Matt Parenti:

About Matt Parenti: 

Matt Parenti is a seasoned financial planner specializing in assisting corporate executives, startup entrepreneurs, and business owners. With a focus on legacy planning, Matt ensures his clients’ financial security and longevity. He is deeply committed to building meaningful relationships, both professionally and personally. As Chair of the Growth & Marketing Committee at his firm, he emphasizes the importance of the “Private Vista Experience” for clients and colleagues alike. He holds a Bachelor’s Degree in Consumer Economics and a Minor in International Studies from the University of Illinois Urbana-Champaign, along with a Master’s Degree in Finance from the University of Notre Dame.

Outside of work, Matt treasures time with family and friends, enjoys outdoor activities, and seeks to share his knowledge through mentorship and teaching.

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Municipal Bonds Unveiled with Matt Bernardi (Ep. 37)

Municipal Bonds Unveiled with Matt Bernardi (Ep. 37)

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There is a big part of the investing world that doesn’t get as much news as equity markets.

But it should.

In this installment of Dollar$ and $ense, Nicole is joined by Matt Bernardi from Bernardi Securities. Together, they demystify the municipal bond market, a key component in funding local infrastructure projects that are vital to our communities. Matt and Nicole expand on how today’s market has weathered the storm of the COVID-19 crisis and the role of stimulus funds in ensuring municipal stability. The discussion extends to the broader economic context, including consumer spending patterns and the Federal Reserve’s monetary policy, to illustrate their impact on the bond market.

With this episode, you will gain insight into: 

  • The significance of the municipal bond market
  • Resilience and adaptability of municipal credit during and after COVID-19
  • How the Federal Reserve’s actions impact the municipal bond market
  • Pension liabilities and the potential effects of quantitative tightening on bond portfolios
  • And more

Resources:

Connect with Nicole Romito: 

Connect with Matt Bernardi: 

About Our Guest: 

Matt Bernardi joined Bernardi Securities in August of 2013 after trading for 3 years at Chesapeake Partners, a hedge fund located in Baltimore, Maryland. Matt currently assists individuals, pension funds, banks, and other institutions regarding their municipal bond portfolios. He graduated from Johns Hopkins University in 2010 with a B.A. in history and economics minor. Matt currently holds the Series 7, 24, 27, 52, 53, 63, and 65 licenses, serves on the Union League Boys & Girls Club investment committee, and is past President of the Associate Board.

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Key Changes in the Secure Act 2.0 With Laurie Kaplan (Ep. 35)

Key Changes in the Secure Act 2.0 With Laurie Kaplan (Ep. 35)

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The Secure Act 2.0 is ever-evolving and has brought up some important questions recently, so let’s go over them!

Laurie Kaplan, CPA, partner at Michael Silver, joins Nicole for her second time on the show to continue their discussion about the Secure Act 2.0. Laurie goes over what has been finalized in the act for 2023 and looks ahead to 2024 and 2025. She clears up confusion around various topics including the Required Minimum Distributions when inheriting an IRA, changes in retirement plans, the rules and implications of annuities and IRAs, and the importance of tax planning. Laurie also discusses the new Roth IRA rollover option, the penalty reduction for missed RMDs, and the benefits of having both Roth and traditional IRAs.

Laurie discusses: 

  • The Secure Act 2.0 provisions and potential impact on retirement plans
  • What has been finalized in the act for 2023 and what we can anticipate for 2024 and 2025
  • Changes to required minimum distributions, Roth IRA rollover option for 529 plans, and penalty reduction for missed RMDs
  • Explanation of annuities and IRAs, including single life expectancy and joint annuity options
  • Designation of beneficiaries for retirement plans and consequences of not having one or if the designated beneficiary is deceased or not updated
  • Premiums and surcharges associated with Medicare based on adjusted gross income (AGI)
  • And more

Resources:

Connect with Nicole Romito: 

Connect with Laurie Kaplan:

About Our Guest: 

Laurie Kaplan, CPA, has been serving as a trusted advisor to clients for over 25 years, expertly managing and addressing tax and accounting issues within various industries, including manufacturing and distribution, retail, restaurants, real estate, automobile dealerships, and professional service providers. Her background in both accounting and tax, as well as her consultative approach, allows her to partner with clients and develop innovative solutions to address their personal and business needs. She specializes in employee benefit plans, estate and gift tax, like-kind exchanges, and small business start-ups.

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Year-End Financial Planning With Jim Weil (Ep. 31)

Year-End Financial Planning With Jim Weil (Ep. 31)

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How can you optimize your year-end financial planning? 

With the end of the year nearing, it’s a good idea to review our financial plans and look at what we have set up for the long-term.

In this episode of Dollar$ and $ense, Jim Weil CFP®, CIMA®, managing partner at Private Vista, joins Nicole Romito to talk about year-end planning strategies. They discuss managing income and taxes, including accelerating or deferring income based on tax brackets, bunching deductions, and timing bonuses for business owners. Nicole and Jim also touch on funding retirement plans and leveraging tax brackets through family member payroll additions while exploring the importance of proactive planning and consulting with financial advisors and CPAs to navigate changing tax laws.

Nicole and Jim discuss: 

  • Year-end planning strategies for managing income and taxes
  • Flexibility in income and compensation plans for business owners and executives
  • Tax loss harvesting and timing considerations
  • The benefits and drawbacks of interest rate increases
  • Reviewing estimated tax payments and maximizing deductions
  • And more

 

Resources:

Connect with Nicole Romito: 

Connect with Jim Weil:

About our Guest: 

Jim Weil is a seasoned financial planning professional with over 30 years of dedicated expertise in the field. His career began in the late eighties after graduating with a financial planning degree from Purdue University. Jim’s commitment to excellence is demonstrated through his possession of the prestigious CFP (Certified Financial Planner) and CIMA (Certified Investment Management Analyst) designations. Jim’s professional journey has been marked by his passion for client success, and he has undertaken the role of managing partner for Private Vista for the past five years. Beyond his client-focused responsibilities, Jim’s influence extends to the board of directors of Hightower Advisors, Private Vista’s parent company. His exceptional leadership and financial acumen have made him an invaluable asset to the industry and a respected colleague for nearly two decades.

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Love’s Detour: Navigating Divorce With Beth McCormack and Jason Sposeep (Ep. 28)

Love’s Detour: Navigating Divorce With Beth McCormack and Jason Sposeep (Ep. 28)

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What are the best alternatives to litigation in divorce? Let’s ask family law attorneys.

In this episode, Nicole Romito welcomes family law attorneys Beth McCormack and Jason Sposeep to talk about the different options that are available when considering divorce. They emphasize the importance of educating the public about alternative dispute resolution processes such as mediation and collaborative divorce, which focus on problem-solving and preserving relationships. Beth and Jason highlight the benefits of collaborative divorce, including the involvement of a full team of professionals, and stress the importance of finding the right professionals for the process. They also share their advice on how to approach the topic of collaborative divorce with a spouse and encourage listeners to do their research before making any decisions on who to work with.

Nicole, Beth and Jason discuss: 

  • What they wish the public knew more about when considering getting a divorce
  • What alternative dispute resolution processes are and their benefits
  • The importance of having a full team in the divorce process
  • Some examples of alternative dispute resolutions giving individuals more control
  • The key differences between collaborative divorce and mediation
  • Why discernment counseling is important to attend before deciding to divorce
  • How to find the right professionals for collaborative divorce or mediation
  • And more

 

Resources:

Connect with Nicole Romito: 

Connect with Beth McCormack:

Connect with Jason Sposeep:

About our Guests: 

Beth McCormick practices exclusively in family law matters for high net worth families, and she is experiencing complex litigation, mediation, and collaborative law. She is an equity partner at Bierman, which is located here in Chicago, Illinois. She has been repeatedly nominated by her peers as a leading lawyer and best lawyer, as well as top 50 women’s super lawyer and top 100 super lawyers. Her focus on compassion and empathy led Crane’s Chicago media to name her most influential women lawyer.

 

Jason Sposeep is an equity partner at Schiller, DeCanto, and Fleck, headquartered in the Chicagoland area. He authoritatively advocates for high net worth professionals. and their spouses who want fair and equitable results. Jason’s extensive background in business and finance as well as his compassion and understanding enables him to sensibly resolve complicated divorce and custody disputes both in and out of the courtroom. Jason strenuously believes in putting the children first in every divorce situation. And he too has been repeatedly nominated and named to, the top super lawyer lists and super lawyer lists as well.

 

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Becoming a Financial Advisor with Mahogany Person (Ep. 26)

Becoming a Financial Advisor with Mahogany Person (Ep. 26)

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Sometimes, the path to a fulfilling career is far from straightforward.

In today’s episode, Nicole Romito from Private Vista dives into the career journey of Mahogany Person, an emerging talent in the field of financial advising. Mahogany began her professional life as a math teacher but transitioned into financial planning after personal experiences opened her eyes to the generational gaps in financial education.

Throughout the episode, Nicole and Mahogany discuss:

  • How the ‘aha moments’ keep Mahogany passionate about education
  • Key strategies Mahogany employs to help both students and clients achieve their own ‘aha moments’
  • The art of productive struggle in career and life transitions
  • Navigating career changes and the power of asking the right questions
  • The rewards and challenges of career transitions, and why persistence and continual learning are vital
  • And more!

 

Resources:

Connect with Nicole Romito: 

Connect with Mahogany Person:

About our Guest: 

Mahogany Person bridges the worlds of education and finance. Originally a math teacher in her hometown of Dayton, Ohio, she transitioned to financial advising after pursuing an MBA in Finance. Now close to becoming a Certified Financial Planner (CFP), Mahogany has combined her love for teaching with her passion for personal finance. Her unique background allows her to simplify complex financial matters for her clients, proving that career detours can lead to unexpected, but fulfilling, destinations. 

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Annuities 101 with Steve Merdinger (Ep. 24)

Annuities 101 with Steve Merdinger (Ep. 24)

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Purchasing annuities can be confusing, and on top of that, they’re often an emotional decision.

In this episode, Nicole Romito breaks down annuities with Steve Merdinger, ChFC®, CFP®, Partner at Private Vista. They give an overview of points to consider and things to be aware of before purchasing them.

Steve discusses: 

  • What fixed and variable annuities are
  • The importance of understanding what you’re buying
  • The general prices of different annuities you can anticipate
  • The pros and cons of annuitization and what the exclusion ratio is
  • Why purchasing an annuity tends to be an emotional decision
  • How annuity contracts are structured
  • And more

 

Connect with Nicole Romito: 

Connect with Steve Merdinger:

About our Guest: 

Steve Merdinger is a Partner and experienced Certified Financial Planner (CFP®) and Chartered Financial Consultant (CHFC®). With over three decades in financial planning, he helps individuals and families achieve their goals. Having worked in his family’s business, Steve has valuable insights into family-owned enterprises and succession planning. He holds a Bachelor of Business Administration from the University of Kansas and actively mentors students in the University of KU Business School program. Steve is involved in the Chicago Board of the Positive Coaching Alliance and aspires to become a trainer with the organization. He is a member of the Union League Chicago and the Valley Lo Club.

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Medicare Made Clear With Carly Rosswurm (Ep. 20)

Medicare Made Clear With Carly Rosswurm (Ep. 20)

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Let’s face it, Medicare plans are an alphabet soup. Let’s simplify them together.

In this episode, Nicole talks to Carly Rosswurm, the director of Medicare Solutions at Ash Brokerage, to clear the air about Medicare. With 17 years of experience in Medicare, Carly gives us an overview of the Medicare program and the different types of available plans, and a breakdown of the highest and lowest premiums of 2023. She also explains how you can determine if Medicare is the right insurance option for you when you should start planning to apply for Medicare, how the annual enrollment periods work, and a lot more!

Carly discusses: 

  • An overview of the Medicare program and the different types of plans
  • When you should start doing your research and speak to a healthcare broker
  • What she considers when determining if someone should stay with their employer’s insurance plan
  • A breakdown of the lowest and highest Medicare premiums in 2023
  • The circumstances when IRMAA charges can be appealed and what the process is like
  • How the annual enrollment periods work
  • And more

 

Connect with Nicole Romito: 

Connect with Carly Rosswurm:

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Preparing For 2023 After A Year Of Market Volatility With Bob Westrick (Ep. #10)

Preparing For 2023 After A Year Of Market Volatility With Bob Westrick (Ep. #10)

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After a year of market ups and downs, investors are looking for an opportunity to pull ahead in the new year. How can they start off 2023 on the right foot?

Welcome back to another episode of Dollar$ and $ense! In this episode, Nicole Romito speaks with Bob Westrick, Partner at Private Vista, on how market volatility has impacted investors in 2022 and where they should focus their attention into the New Year. Bob shares key takeaways from this past year and how those experiences will change investment strategies moving forward.

Bob discusses: 

  • The difference in opportune environments between stocks and bonds and why neither has been safe in the 2022 market
  • How tax loss harvesting can create returns from capital loss in investments
  • What is the current view of 2023 and possibly 2024 of advisors and economists
  • What can be controlled during market volatility and where advisors should focus their attention
  • And more

Connect with Nicole Romito: 

Connect with Bob Westrick:

About our Guest: 

In 1983, Bob Westrick left a “Big Eight” public accounting firm to work for one of his audit clients. Eight years later, his entrepreneurial itch was scratched as he started a partnership in the financial services industry. Two years later, Bob co-founded WNA Wealth Advisors, one of the precursor firms to Private Vista. He is a frequent speaker and he is often interviewed on subjects ranging from economic conditions to wealth management. His experience as an accountant, business owner and financial advisor gives Bob a unique perspective to offer his clients.

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