Category: Без категорії

Dear WSP Family & Friends,  

2022 required patience. The stock market suffered its worst year since 2008 alongside rising interest rates, inflation, and lack of confidence in monetary policy. A couple weeks ago, the clock struck midnight and we entered 2023. As much as I wish the culprits of volatility magically disappeared at midnight along with all of New Year’s kisses, all three factors remain. 

Patience will continue to be needed as we navigate the year ahead. At some point, the stock market and our portfolios will recover, if, and only if, we stay patient and disciplined. Rest assured all of us at WSP are working hard, being disciplined, and staying patient. Each day brings us closer to the beginning of recovery, so Happy New Year to each of you, indeed! 

Continue reading for additional news and insights from our team to help keep your financial house in order.

Sincerely,

Paul C. Allen

CFP®, MS | President

New year advice from Wealth Advisor Danielle McConnell

Let me guess…New Year, New You? Maybe with a few major changes: pending divorce, new job, new address?

How many of you forgot to remove your ex-spouse as beneficiary on your life insurance policy or 401(k) you probably still have with your old employer? Would you roll over in your grave if your ex inherited that money (remember the scene from Home Alone when the mom realizes she left Kevin at home)? Did you move and update your address for all of life’s concerns? When was the last time you cleaned out your junk drawer? I once had a client find a piece of paper worth $1,700,000.

The only thing dry about this January resolution is its lack of excitement. Let us know when you’re ready to finally check this resolution off your to-do list. Not only are we here to help, we’ll bring the wine! 

Email Danielle McConnell at danielle@wealthstrategiespartners.com to set up a time.

**Email Danielle**

Heather Beckwith promoted to Chief Operations Officer

We are excited to kick off the new year with a well-deserved promotion: Heather Beckwith has been named Chief Operations Officer!

Heather has been on the WSP team since our founding 9 years ago. She has over 19 years of financial services experience and holds her FINRA Series 7, 24, 53 and 63 licenses. She is an asset to our clients and ensures the smooth operations of our practice — and she is one heck of an event planner and gardener!

WSP promotes Julia Hoskins to Vice President of Operations

Additionally, Julia Hoskins is now Vice President of Operations!Over the last 3 years, Julia has played a critical role in maintaining our high level of client service by providing operational and administrative support. Her expertise in customer service and office administration make her a critical liaison between our clients and team.  

Congrats, Julia! We look forward to watching you thrive in your new role!

Dear WSP Family & Friends,  

Are you prepared for tax season? The 2023 tax deadline of Tuesday, April 18 is right around the corner. The good news? There’s still time to create a plan to maximize your tax savings, and our team is here to help. 

Make an appointment today by replying to this e-mail or calling our office to ensure you are taking advantage of the best tax-saving strategies for your financial circumstances. 

Continue reading for additional news and insights from our team to help keep your financial house in order!

Sincerely,

Paul C. Allen

CFP®, MS | President

Photo: Paul Allen Headshot

2023 is the year to maximize 2022 changes 

February might be best known for Valentine’s Day, but it’s also when that “new year, new me” gusto starts to lose steam. While it may be tempting to skip the gym and grab a burger, now is the time to keep the momentum going, starting with your financial plan!

Did you know that 2023 brings the opportunity to add more to your 401(k), your IRA or your Health Savings account (HSA) than last year? If you make automatic savings contributions, have you ensured they have been adjusted to take advantage of the increased contribution limits?

If you’re a business owner, or if you help your company manage its retirement plan, did you know new opportunities from the Secure Act 2.0can help you save, be more efficient and offer better benefits to your employees? 

If you want to make sure you’re taking advantage of these opportunities or just want to take a fresh look at things, give us a call! We can help.  

**Contact David**

Contribution limits are increasing in 2023

While inflation has made the cost of everyday items go up, there is some good news: 401(k) and HSA contribution limits have increased for 2023! See below for the contribution limit updates by account type and let us know if you need help adjusting your deferrals and ensuring your retirement savings stay on track. You may even be able to do more than the amounts we have listed. 

• 401k: $22,500 (+$2k)
• ROTH/Trad: $6,500 (+$500)
• SEP: $66,000 (+$5k)
• SIMPLE: $15,500 (+$1.5k)
• HSA: $3,850 ind. (+$200)
  • $7,750 family (+$450)

*Learn More*

Important Information for Tax Season 2022

The 2023 tax deadline of Tuesday, April 18 will be here soon. All tax forms will be mailed from our headquarters at Raymond James by the IRS deadline of March 15.

2022 Form 1099 mailing schedule

• January 31 – Mailing of Form 1099-Q and Retirement Tax Packages
• February 15 – Mailing of original Form 1099s
• February 28 – Begin mailing delayed and amended Form 1099s
• March 15 – Final mailing of any remaining delayed original Form 1099s

For instant access to your financial information and tax documents, you can enroll in Client Access,  Raymond James’ secure, convenient online account access system. 

For questions regarding your tax documents or accessing your Client Access account , please call (615-457-3481) or email Dalton Harris dalton@wealthstrategiespartners.com.

**Contact Dalton**

WSP Sponsors Sarasota Chamber of Commerce’s “Party on the Bay” Event

We had a blast sponsoring the photobooth and wine selection at the Sarasota Chamber of Commerce’s “Party on the Bay” event on February 15th. Jacqueline Kulle, Wealth Manager, attended on behalf of our team and enjoyed an evening of networking, food tastings and craft cocktails while enjoying an unbeatable view of the Sarasota bay. We are proud to support local events like this one that bring our community together!

Dear WSP Family & Friends,  

As we approach the finish line of the third quarter, volatility continues. For many months now, we’ve said we expect improvement by the end of the year. However, volatility is here to stay, at least in the short-term, and patience during this time will be rewarded. 

Fortunately, this is not our first dance with volatility and down markets. Every time we’ve faced similar circumstances, not only did we recover, but market indexes reached new highs. Stay patient, and get in touch with our team if you have questions.

Reply to this email or give our office a call if you would like to discuss your portfolio or have any questions regarding the market.

Sincerely,

Paul C. Allen

CFP®, MS | President

Let our team help you navigate Medicare open enrollment

Medicare open enrollment begins October 15th through December 7th! Choosing a Medicare plan can be complex and varies based on each person’s unique situation. Our team can help you navigate these important decisions. Raymond James has a close relationship with ClearMatch. Through ClearMatch, you have complimentary and unlimited access to licensed agents who will compare different options specific to your needs and circumstances. 

Contact Heather Beckwith today at heather@wealthstrategiespartners.com to arrange a call with a Medicare agent and learn more about how we make the planning process as easy as possible for you.

Have you taken your required minimum distribution (RMD) this year?  

If you are 72 or older, don’t forget to take your 2022 required minimum distribution (RMD) from your Individual Retirement Arrangement (IRA) by December 31! Remember, the distribution taken from your IRA is taxed as current income. If you don’t need the money, consider donating the RMD to a qualified charity. This will allow you to receive a deduction that can offset the RMD’s tax liability. 

If you need assistance or would like to discuss your 2022 RMD, please reply to this email or call our office today.  

*Call our office*

ICYMI: Business Observer: 4 lessons on managing rapid growth

Did you see WSP’s president, Paul Allen, CFP, MS, featured in the Business Observer? In a recent issue, he shared 4 lessons he has learned about managing rapid growth — without sacrificing client experience. 

*Read the Article*

Get to know Julia Hoskins: Client Services Manager, super mom, and foodie!

This month, we are spotlighting Client Services Manager Julia Hoskins! With years of experience in customer service and office administration, Julia plays a critical role in maintaining our high level of service by providing operational and administrative support. 

She acts as a key liaison between our clients and team, making sure all needs are met in each area of client service, including branch administration and client communications.

Julia is a Knoxville native and graduated from Middle Tennessee State University. Outside of WSP, she enjoys exploring the local food scene, walking her two German Shepherds, and traveling.

Dear WSP Family & Friends,  

When was the last time you updated your life insurance coverage or the beneficiaries designated to receive the proceeds of your policy? Many life insurance policies are based on outdated mortality tables and could be costing you money and benefits. 

Let our team help review and update your life insurance policy. We can update old policies based on newer mortality tables to ensure they are priced correctly and provide the right financial protection. 

Reply to this email or give our office a call if you would like to discuss your policy.

Sincerely,

Paul C. Allen

CFP®, MS | President

Reminder: Medicare open enrollment ends December 7th!

Choosing a Medicare plan can be complex and varies based on each person’s unique situation. Our team can help you navigate these important decisions. Raymond James has a close relationship with ClearMatch. Through ClearMatch, you have complimentary and unlimited access to licensed agents who will compare different options specific to your needs and circumstances. 

Contact Heather Beckwith today at heather@wealthstrategiespartners.com to arrange a call with a Medicare agent and learn more about how we make the planning process easy for you.

Paul Allen Named Member of Raymond James Financial Services’ Chairman’s Council for Fourth Consecutive Year

Our president and founder, Paul C. Allen, CFP®, MS, has once again been named a member of the Raymond James Financial Services’ 2023 Chairman’s Council, a distinction given only to a select few of advisors who demonstrated commitment to personal service and lead the largest revenue producing branches. This marks the fourth year  Paul has received this prestigious recognition. Congratulations on this incredible achievement, Paul! 

WSP hosts social security seminar 

Thank you to those who attended our recent roundtable with Raymond James social security expert Katie Curtis, WMS. Katie discussed how Social Security affects retirement planning and answered great questions from our clients about how to best factor Social Security into their overarching financial plans. We are grateful to Katie for sharing her expertise and to our clients for the continued opportunity to help keep their financial houses in order. 

Thank you to our amazing clients! 

We love finding ways to thank our clients for the trust they place in our team to keep their financial houses in order. We recently hosted a dinner for several of them at Eddie V’s in downtown Nashville with our strategic partners at First Trust. It was a fantastic evening of delicious seafood and celebration of some of the people who make our work special! 

Buenos dias, Spain! WSP president recently journeyed abroad for the 2022 Chairman’s Council retreat 

Every year, a select group of financial advisors who lead the largest revenue-producing branches and demonstrate a commitment to personal service are invited to join the Raymond James Chairman’s Council. Paul Allen, CFP®, MS, has been named to the Chairman’s Council three years in a row. In October, Paul journeyed to Spain with other Chairman’s Council members as part of a special trip to recognize and celebrate the achievements of this distinguished group. They enjoyed delicious food, gorgeous architecture and lots of incredible sightseeing!

Dear WSP Family & Friends,  

As 2022 comes to a close, we want to express our sincerest gratitude for you. Thank you for the trust you place in our team to keep your financial house in order, especially during a year of market whipsaws and volatility. 

When we reflect on the year, it’s clear we have many reasons to celebrate: we hired two new team members who are committed to providing our clients with world class customer service modeled after the famous Ritz-Carlton Gold Standards, we got to see many of you in-person at our annual holiday party at City Winery in Nashville, and our commitment to our clients landed me on the 2022 Forbes Best-in-State and Raymond James Chairman’s Council lists yet again — two significant achievements that would not be possible without the hard work and dedication of our team.  

While these are all exciting moments, counting you among our clients is something we feel most fortunate to celebrate. We know we wouldn’t be able to do what we love without your partnership and trust in our team. 

On behalf of the entire Wealth Strategies Partners family, we wish you and your loved ones a very happy holiday season. We look forward to a great year ahead!

Sincerely,

Paul C. Allen

CFP®, MS | President

Dear WSP Family & Friends, 

When was the last time you updated your life insurance coverage or the beneficiaries designated to receive the proceeds of your policy? It may be time. 

Many life insurance policies are based on outdated mortality tables and could be costing you money and benefits. Older tables estimate that people have shorter life spans than newer tables, which can lead to significantly higher premium costs.

This month, let our team help you review and update your life insurance policy. We can update old policies based on newer mortality tables to ensure they are priced correctly and provide the right financial protection. 

We want you to have individually-crafted life insurance and the confidence that comes with the knowledge that your loved ones are covered when they may need it most.

Make an appointment today by replying to this e-mail or calling our office. 

*Call Our Office*

Sincerely,

Paul Allen

Dear WSP Family & Friends, 

If you are 72 or older, don’t forget to take your 2022 required minimum distribution (RMD) from your Individual Retirement Arrangement (IRA) by December 31! 

This month’s challenge is to take your 2022 required minimum distribution (RMD) from your IRA.

Remember, the distribution taken from your IRA is taxed as current income. If you don’t need the money, consider donating the RMD to a qualified charity. This would allow you to receive a deduction that can offset the RMD’s tax liability. 

If you need assistance or would like to discuss your 2022 RMD, please reply to this email or call our office today. 

*Call Our Office* 

Sincerely,

Paul Allen

Dear WSP Family & Friends, 

Is it time to get control of your assets in “no man’s land”?

When we sit down with families during their financial planning meetings, one of their biggest challenges and frustrations is trying to find their “no man’s land” assets.  So, what exactly are they?

If you’ve ever made one of the following statements, you have an asset in “no man’s land”:

• “Well, I had this old retirement plan at my previous employer. I no longer get statements and I have no clue what the password is. Whenever I have time, I need to take care of that.”

• “I have an account at a brokerage firm and the original advisor left 5 years ago. They have passed my account to three or four people since. I don’t even know who the advisor is anymore.” 

• “I inherited this account from my favorite uncle and it is still at his old brokerage firm, but he has never talked to his advisor.” 

• “I went through a divorce and the assets were split, but everything is with my ex spouse’s advisor who never talks to me.” 

• “I have a 401(k) plan at work that has become a major part of my retirement and I am not getting any advice. I don’t even know how it is being invested.”  

So, why is it important to get control of your assets in “no man’s land”? Once you add them up, they become a major and important piece of your wealth management planning. They need to be managed properly to ensure accurate asset allocation and proper diversification. Consolidating these assets also creates greater viability/reporting, simplified bookkeeping, and eliminates conflicting advice.

Almost all of us have something in “no man’s land”. Luckily our team has the experience to easily help you consolidate them and ensure they are managed efficiently and strategically as part of your overall planning.

It’s important to rescue these from “no man’s land” in order to keep your house in order. Let us help make it easy! Make an appointment today by replying to this e-mail or calling our office.

*Call Our Office*

Sincerely,

Paul Allen

Dear WSP Family & Friends, 

It has been a challenging seven months for investors. We suspect these challenges won’t disappear overnight, and we’ll spend the remainder of the year navigating them. There is no better time to be reminded that we must stay patient and strategic to participate in the market’s upside when it inevitably recovers.  

One major problem during times like these is that most advisors go quiet. Many advisors love to communicate with clients when the markets are up, but they hide under their desks and throw their phones away when the markets are down. 

You likely have friends or family members that are dealing with this right now. Our passion at Wealth Strategies Partners is helping our client families through ups and downs. We believe it’s our responsibility to be trusted resources to every person we can help, and we hope you’ll let us know if there’s someone who can benefit from a team that proactively communicates with their clients regardless of market conditions.  

If you know someone that isn’t regularly hearing from their advisor and can use our help, please reply to this email or call our office!

*Call Our Office*

Sincerely,

Paul Allen