Tag Archives: Holistic Financial Planning

Episode 21: Grasping your Financial Needs, Step 2: Design



Join our hosts Jason L Smith and Bryan Bibbo with special guest, Dave Alison, CFP®, EA, BPC, President and Founding Partner of C2P and Alison Wealth Management, as they continue breaking down The Bucket Plan® financial planning process step by step.  

This episode covers step two of The Bucket Plan® process, known as the “Design” phase, where we analyze all your assets and how they come together to formulate your holistic plan.  

Key Topics Discussed: 

  • Overview of The Bucket Plan® Process: A recap of the previous episode on “Discovery,” phase and each step of the planning process: Discovery, Design, Deliver, Dedicated. 
  • Document Analysis: Carefully reviewing your financial documents to gain a complete understanding of your current situation. 
  • Organization: Helping you structure your financial information using our Family Estate Organizer, ensuring everything is accessible and clear to preserve your legacy.  
  • Risk Assessment: Using our proprietary Volatility Tolerance Analysis to determine your comfort level with risk across different time horizons. 
  • Asset Categorization: Introducing you to our Bucket Plan philosophy, showing you how to categorize your assets for Now, Soon, and Later needs. 
  • Investment Education: Guiding you through our Pyramid of Risk, helping you understand various investment types and reflect on your past experiences. 
  • Visual Planning: Creating a personalized sketch of your Bucket Plan, giving you a clear visual representation of your financial strategy. 

Discover how our Design phase creates the blueprint for your customized holistic plan and sets the stage for the next phase of the process.  


Episode 19: Managing Wealth Wisely: Insights from Tax & Estate Planning Whiz, Chris Woehrle



In this episode of the Holistic Wealth and Health Podcast, host Jason L Smith is joined by esteemed tax planning professional and professor, Christopher P. Woehrle, JD, LL.M (Tax).  

With a background in tax and estate planning and as a professor at Villanova Law School and former chair of the tax and estate planning department at the College of Financial Planning, Chris shares his expertise on holistic wealth management and the critical role of tax planning. 

Key Topics Discussed: 

  • Holistic Wealth Management: Understanding the comprehensive approach to financial planning that integrates all aspects of your financial life. 
  • Importance of Tax Planning: Exploring the critical role of tax strategies in holistic wealth management. 
  • Effective Tax Strategies: Discussion of specific tax planning techniques, including the 83(b) election, Employee Stock Ownership Plans (ESOPs), and the benefits of gifting appreciated securities to charity. 
  • Navigating Retirement Planning: Strategies for ensuring a secure and comfortable retirement, including the importance of having a diversified income stream. 
  • Balancing Short-Term and Long-Term Goals: How to save for immediate needs while planning for future financial stability. 
  • Risk Management: Understanding and mitigating risks such as mortality, longevity, and disability. 
  • Behavioral Finance: The importance of behavior modification in investment decisions and financial planning. 
  • The Role of Financial Advisors: How professional guidance can help you stay on track and make informed financial decisions. 

Tune in to learn how to manage your wealth holistically, make informed tax decisions, and plan effectively for your future. Whether you are preparing for retirement or looking to optimize your current financial strategy, this episode offers valuable insights to help you achieve your goals. 


Episode 16: Planning Your Financial Future, Step 1 – Discover Part 2



Join us for part two of our in-depth discussion on holistic planning with hosts Jason L Smith and Bryan Bibbo along with special guest Dave Alison, CFP®, EA, BPC, President and Founding Partner of C2P and Alison Wealth Management.

This episode continues the group’s discussion of step one of The Bucket Plan® planning process, known as the “Discovery” phase. You’ll learn how during this initial meeting we have with all our clients; we focus on identifying your concerns, priorities, and goals to determine what matters most to you before we can begin developing your personalized plan.

Key Topics Discussed:

  • Understanding Holistic Wealth Management: Discover the five pillars of holistic wealth management and how they work together to create a secure financial future for you and your family.
  • Client-Centric Approach: Learn what it means for your advisor to adopt a fiduciary role and the importance of focusing on client needs rather than representing the firm’s interests.
  • The Bucket Plan® Explained: Learn more about our unique Bucket Plan® strategy, which simplifies your financial landscape into manageable segments, ensuring immediate stability and long-term growth.
  • Enhancing Your Financial Strategy: Gain insights into how a holistic plan that includes advanced asset management, tax planning, and legacy planning can tailor your portfolio to meet your specific needs and goals.
  • Real-Life Benefits: Hear real-life examples of how integrated planning strategies have helped others secure their financial futures.
  • Your Path to Financial Confidence: Understand the importance of continuous education and expert guidance in maintaining and adapting your financial plan over time.

Whether you’re planning for retirement, managing assets, or setting long-term goals, tune in to see how holistic financial planning can help you navigate your financial journey with confidence.

Learn how understanding your body and incorporating proactive holistic health habits can lead to a richer, more productive life.


Episode 15: Grasping Your Financial Needs, Step 1 – Discover Part 1



Hosts Jason L Smith and Bryan Bibbo along with special guest Dave Alison, CFP®, EA, BPC, President and Founding Partner of C2P and Alison Wealth Management, explore the intricacies of the holistic wealth management process through the widely acclaimed financial process, The Bucket Plan®.

Their discussion offers a comprehensive look into the first, crucial step of financial planning called the discovery phase. This episode is a must for anyone interested in gaining a deeper understanding of what to expect during the discovery phase of holistic wealth management and the value of holistic, personalized financial planning.

Key Topics Discussed:

  • Introduction to the Discovery Process: Smith opens with the purpose of the discovery step in understanding clients’ financial goals and preparing a personalized plan.
  • Role of Prosperity Capital Advisors: How the Registered Investment Advisory (RIA) firm JL Smith and Alison Wealth Management use, Prosperity Capital Advisors, offers support to advisors’ compliance, trading, reporting, and portfolio management to focus on client service.
  • Importance of Tailoring Financial Plans: Alison emphasizes how personal finance is more personal than finance and should focus on the client’s specific needs, goals, and personal circumstances for effective planning.
  • Navigating the Discovery Meeting: Alison discusses how he sets the agenda for discovery meetings, ensuring alignment of goals, and establishing a comfortable environment for open communication about financial aspirations and concerns.
  • Pre-Discovery Consultation: Alison and Smith discuss the precursor to the discovery meeting, where advisors evaluate how they can serve potential clients and determine the appropriateness of proceeding to the discovery phase.

Stay tuned for future episodes describing each step of the holistic wealth planning process!

Learn how understanding your body and incorporating proactive holistic health habits can lead to a richer, more productive life.


Episode 14: Beyond the Bone: Navigating Joint Health



Join host Bryan Bibbo as he sits down with Trevor Murray, MD, Assistant Professor of Surgery for the Department of Orthopedic Surgery at the Cleveland Clinic, who specializes in lower extremity joint replacements. Together, they discuss their shared passion for helping others, advancements in joint replacement technologies, as well as the importance of maintaining an active lifestyle for joint health. Tune in to hear practical advice on prevention, treatment options, and the profound difference a dedicated healthcare professional can make in improving patients’ quality of life.

Key topics discussed:

  • Murray’s Orthopedic Surgery Background: Trevor Murray discusses his unique journey into the field of orthopedic surgery, tracing back to his interest in athletics and desire to help people, at a young age.
  • Murray’s Extensive Training: Murray sheds light on the rigorous and lengthy process of becoming an orthopedic surgeon.
  • Advances in Joint Replacement Technology and Practices: Murray details how technological advancements have significantly increased the lifespan of hip replacements.
  • Activities To Maintain Joint Health: Emphasizing the multifactorial nature of joint health, Murray highlights the critical role of maintaining a healthy weight and engaging in low-impact exercises as preventive measures to stave off the need for joint replacement surgery.
  • Post-Surgical Recovery and Rehabilitation: Murray emphasized the importance of early mobilization, physical therapy focused on range of motion initially and then strength and endurance, and the overall timeline for achieving peak outcomes.
  • Addressing Fears and Misconceptions About Surgery: Murray debunks the adage of delaying surgery as long as possible and instead focusing on the patient’s quality of life and symptom severity.

Learn how understanding your body and incorporating proactive holistic health habits can lead to a richer, more productive life.


Episode 13: Welcome Seth Meisler! Get to Know our Newest Advisor



Join hosts, Jason L Smith and Bryan Bibbo, as they welcome the newest advisor to the JL Smith Holistic Wealth Management team, Seth Meisler, CFA, CFP®, CPA. The episode delves into Seth’s journey in the financial industry, highlighting the importance of the holistic approach, the Bucket Plan® philosophy, and the impact of philanthropy and community service on his career. Learn how Seth’s diverse expertise as a principal, chief investment officer, financial advisor, and auditor, makes him a valuable addition to the JL Smith family.

Key Topics Discussed:

  1. Introduction to Seth Meisler: Seth Meisler joins JL Smith Holistic Wealth Management, enhancing the firm’s financial planning and investment strategies with his diverse expertise.
  2. Seth’s Diverse Background: With a rich educational and professional background, including CPA, CFP®, and CFA credentials, Seth brings a multidisciplinary approach to wealth management.
  3. The Importance of a Holistic Approach: The episode underscores the necessity of a holistic wealth management strategy, integrating all financial aspects to support clients’ overarching goals.
  4. The Bucket Plan® in Retirement Planning: Seth and the hosts discuss the Bucket Plan® philosophy, a structured retirement planning approach that aligns assets with future needs and goals.
  5. Philanthropy and Community Service: Highlighting philanthropy’s role, Seth shares how community service and giving back are integral to his personal and professional ethos.

Learn how understanding your body and incorporating proactive holistic health habits can lead to a richer, more productive life.


Episode 12: Healing from Within: The Power of Pursuing Holistic Health



Join host, Jason L Smith and special guest, Kasia Hrecka, a functional medicine practitioner, as they discuss the transformative power of understanding and nurturing our bodies through functional medicine practices. Smith shares his health challenges and how incorporating functional medicine principles into his daily life under Kasia’s guidance helped him heal his gut, strengthen his immune system, and improve his day-to-day functioning and overall well-being. Tune in to learn how to incorporate these principles into your life, with a focus on nutrition, stress management, toxin reduction, and maintaining a healthy microbiome.

Key topics discussed:

1. Importance of Gut Health: Insights into the critical role of the microbiome in overall immunity and well-being, emphasizing dietary impact on gut health and its systemic effects on the body.

2. Jason’s Health Transformation: Jason shares his personal experience of overcoming health challenges through dietary changes and gut health optimization, showcasing the significant impact of functional medicine practices.

3. Holistic Health Defined: Exploration of holistic health as a state of vibrant physical, mental, and spiritual well-being, underscored by the necessity of a purposeful life for true health.

4. Incorporating Functional Medicine: Practical advice on how to integrate functional medicine principles into everyday life, focusing on good nutrition, stress reduction, minimizing toxin exposure, and supporting detoxification and mitochondrial health for overall vitality.

Learn how understanding your body and incorporating proactive holistic health habits can lead to a richer, more productive life.

Resources:


Episode 11: Using Life Insurance to “Insure Your Love” in Life and Retirement



Join host Bryan Bibbo, AIF, NSSA, BPC, and guest, Walter C. Young, MBA RICP, author, business development officer, and financial representative at JL Smith, in honor of February being Insure Your Love month, as they discuss the many benefits of life insurance. Using concepts from his book, The Fifth Option: Why Your Retirement Plan Won’t Work the Way You Think It Will, Young emphasizes the importance of life insurance and how it can be used as a versatile tool for retirement planning, estate planning, and more. Learn how life insurance can be tailored to your unique financial situation and help you achieve a safer, more predictable, and plentiful income for as long as you need it.

Key Topics Discussed:

1. Challenges in Retirement Planning: Young delves into the evolving landscape of retirement planning, highlighting the challenges individuals face and the growing responsibility they have in ensuring their financial security during retirement.

2. The Value of Life Insurance: Using a parable from his book known as The “Desert Island Dilemma,” Young demonstrates the challenges retirees face trying to sustain themselves through retirement, particularly the need to make strategic decisions about income sources.

3. The “Fifth Option”: Young introduces the concept of the “Fifth Option” as a transformative approach to retirement income planning, suggesting that traditional options like stocks, bonds, and annuities may not be sufficient, and a new approach is needed.

4. Versatility of Life Insurance: Young discusses how life insurance can serve various roles in retirement and estate planning, including as an asset class, a risk management tool, and a source of tax-free income.

5. Living Benefits: Shedding light on how life insurance can provide financial protection and support not only in the event of death but also in cases of critical illness or long-term care needs.

6. Real-Life Success Stories: Examples of individuals who have effectively incorporated life insurance and innovative retirement income planning strategies to secure their financial futures.

7. The Importance of Financial Literacy: The growing need to educate oneself about financial planning and how improving financial literacy can positively impact the next generation.

Our priority is helping you take care of yourself and your family. We want to learn more about your situation, identify your dreams and goals, and understand your needs. Reach out to Us at JL Smith Holistic Wealth Management to see how we can help.

Resources · The 5th Option: Why Your Retirement Plan Won’t Work the Way You Think It Will book


Episode 10: Strength Training for Holistic Health: Building Your Best Self



Join host Jason L Smith and guest Jeff Tomaszewski, founder of MaxStrength Fitness, as they discuss the power of incorporating strength training into your holistic health plan. Jeff shares the numerous benefits of strength training and his business’ holistic approach, emphasizing the importance of full-body fitness and injury prevention. They also delve into how prioritizing your physical strength sets an example for your family and future generations. Whether you’re a CEO or a parent, this podcast provides actionable steps to start weight training to better your overall health and improve your daily functioning.

 

Resources: MaxStrength Fitness Personal Training Provider

Key Topics Discussed:

1. Strength-training benefits: Jeff highlights the many benefits of exercise, specifically strength training, and how it can profoundly improve the quality of your health and daily functioning.

2. Ease of implementation — Listeners learn how MaxStrength’s methodology of high-intensity, low-force strength training exercises makes it possible to achieve remarkable results in sessions of just 20-25 minutes in as little as 2 days a week.

3. Use it or lose it — Muscle tissue and mass diminish as we age. Adding muscle to your frame is vital for longevity.

4. Leading by example: whether CEOs or parents, Jeff and Jason discuss the powerful impact leaders can have by setting an example of prioritizing health.

5. Fostering healthy habits: The podcast highlights the importance of cultivating healthy habits like exercise, nutrition, and meditation practices within families and organizations, ensuring a legacy of wellness for generations to come.

6. Flexibility of weight training: Jeff explains how MaxStrength has adapted to offer virtual training options, making it convenient for clients worldwide to benefit from their approach.

7. The Mission of holistic health: Jeff shares his mission to help people become the strongest versions of themselves, not only in physical strength but also in all aspects of life.

Our priority is helping you take care of yourself and your family. We want to learn more about your situation, identify your dreams and goals, and understand your needs. Reach out to Us at JL Smith Holistic Wealth Management to see how we can help.


Episode 9: Ed Slott’s Guide to Maximizing Retirement Savings



In this episode, host Jason L Smith, CEP®, BPC, sits down with “America’s IRA Expert:” Ed Slott, CPA. He is the founder and CEO at Ed Slott and Company and a professional speaker and author. Together they discuss various tax and retirement planning strategies and stress the importance of finding the right advisor to help make the most of your savings and minimize tax burdens. Tune in for valuable advice to make informed financial decisions, optimize your retirement nest egg, and safeguard your wealth for future generations.

Resources:

Fund Your Future: A Tax-Smart Savings Plan book

The New Retirement Savings Time Bomb: How to Take Financial Control, Avoid Unnecessary Taxes, and Combat the Latest Threats to Your Retirement Savings book

The Great Retirement Debate podcast with Ed Slott and Jeffrey Levine

Key Topics Discussed:

1. Having the right advisor: anyone who wants to make tax-smart decisions regarding their financial future benefits from an advisor with the right knowledge and skillset.

  • If you are a high-net-worth individual who has more complex financial needs, an advisor with expertise in tax management can make a big difference in your experience.
  • This podcast shares why understanding tax implications on wealth is important.

2. Proactive tax planning: taking strategic actions now can lead to long-term financial benefits.

  • Some decisions may temporarily increase your tax liability but can be more beneficial in the long run.
  • Planning is crucial to helping you keep more money for yourself and your beneficiaries.
  • It is wise to focus on what will help you have a steady future, rather than what may provide short-term financial gains.

3. Tax-efficient strategies: this episode describes ways to help maximize savings and minimize what you owe. Some examples include:

  • Roth conversions — These can help you manage their income-related monthly adjustment amounts (IRMAA) when they turn 65. By converting some of their traditional IRA funds into a Roth IRA, you can potentially reduce future Medicare charges for Medicare Parts B and D.
  • Qualified Charitable Distribution (QCD) — If you’re 70-and-a-half or older with an IRA and plan to make charitable donations, consider using a Qualified Charitable Distribution (QCD) from your IRA. This allows you to exclude the distribution from income, providing a better tax benefit than a tax deduction.
  • Ongoing education: Stay Informed About Tax Law Changes: Tax laws are constantly changing. Stay informed about new tax laws and regulations, especially those related to retirement accounts like IRAs and 401(k)s.
  • This knowledge can help you make informed decisions and potentially reduce your tax burden.
  • A holistic advisor can help you stay in-the-know.

If you’re unsure about your financial and tax situation, consider seeking advice from a financial advisor who specializes in retirement planning and tax-efficient strategies. The professionals at JL Smith can help you create a personalized plan to minimize your tax liability — schedule a free consultation today.

 

Disclaimer:

The information provided in this “Holistic Wealth and Health Podcast” episode, “Getting a Leg up on Tax Season – Tips and Strategies for Proactive Tax Management with Ed Slott, CPA” is for general informational purposes only. While hosts Jason L Smith, CEP, BPC, and guest Ed Slott, CPA, share valuable insights, listeners are urged to consult with financial, tax, and legal professionals for personalized advice. The hosts and guests do not endorse specific financial products, and any actions taken based on this content are at the listener’s discretion. The hosts, guests, and producers are not liable for errors or consequences resulting from individual decisions. Always seek professional guidance tailored to your unique financial circumstances.