Paul Allen on Hidden Assets in No Man’s Land

Dear WSP Family & Friends,

Do you have a strategy in place for your “no man’s land” assets? When we sit down with families during their financial planning meetings, one of their biggest challenges and frustrations is trying to find their assets in “no man’s land.” These may include retirement plans from previous employers, old brokerage accounts that don’t have an established advisor or an active 401(k) that’s not receiving advice.

Almost all of us have assets in “no man’s land” waiting to be claimed. This month, we challenge you to review and consolidate these assets to ensure they are managed efficiently and strategically as part of your overall financial plan.

Sincerely,
Paul Allen, CFP®, MS
President and CEO, Wealth Strategies Partners



Any opinions are those of Paul Allen and Wealth Strategies Partners and not necessarily those of Raymond James.  This information is intended to be educational and is not tailored to the investment needs of any specific investor.  The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Neither Raymond James Financial Services nor any Raymond James Financial Advisor renders advice on tax issues, these matters should be discussed with the appropriate professional. Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC.  Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Wealth Strategies Partners is not a registered broker/dealer and is independent of Raymond James Financial Services. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

Ask an Advisor: Compounding Interest

April showers bring May flowers… This age-old adage not only speaks to the natural cycle of growth but also holds valuable lessons for personal finance. Just as the rain nourishes the soil for future blooms, the concept of saving nurtures financial stability and growth. While saving may seem like a simple act, its impact is profound, especially when coupled with the power of compounding interest.

Saving isn’t merely about crunching numbers; it’s an emotional investment in one’s future security. Many individuals often ponder the “what ifs” of needing money unexpectedly. However, by understanding the principle of compounding interest, the importance of consistent saving becomes evident. The magic number here is 72 – a quick calculation to determine how long it takes for an investment to double at a given interest rate. This simple concept can be a game-changer in financial planning.

It’s crucial to impart this wisdom to younger generations. By teaching children and grandchildren about the power of saving early, we equip them with essential financial literacy skills. Even if they can only set aside a small amount each week, the impact over time is significant.

Let’s embrace the spirit of April and sow the seeds of saving!

Sustainability and Innovation: A Visit to Taylor Farms Manufacturing Plant

Recently, WSP team members Danielle Spence, Dalton Harris, and Caleb Boy visited the Taylor Farms manufacturing plant located in Smyrna, TN – Rutherford County’s second largest employer. Their visit provided much insight into the intricate processes of one of the nation’s leading providers of fresh salads and produce.

As our team delved deeper into their operations, one statistic stood out: a staggering one-third of the United States consumes Taylor Farms salad products. This underscores the company’s expansive reach and its integral role in shaping the nation’s food habits. The company can reach 16 states and over 50% of the nation’s population in a single day’s drive!

The plant’s scale is massive and awe-inspiring. Each week, Taylor Farms receives a whopping 5,000,000 pounds of raw material alone. This speaks volumes about the demand for fresh, quality produce in today’s market, and with great quantity comes great responsibility. Taylor Farms is acutely aware of its environmental impact.

One particularly commendable aspect of Taylor Farms’ operations is its commitment to sustainability. Within the plant, our team learned that approximately 100,000 pounds of food waste are generated weekly. However, rather than letting this excess go to waste, Taylor Farms has implemented a proactive solution. Local farmers are paid to collect this surplus, daily, ensuring that it doesn’t end up in landfills. It’s a symbiotic relationship as the waste becomes feed for livestock.

Speaking of feed for livestock – one of our favorite facts from this tour involves the surprising behavior of cows. Did you know that cows will actively search for onions among piles of waste? Just like humans, the onions make them cry, too!

Many thanks to Brian Thure, President of Taylor Farms Tennessee, for this incredible experience! His favorite salad? The Dill Pickle Chopped!

Paul Allen on the Importance of Limiting Your Tax Bill

Maximize Your Retirement Contributions to Minimize Taxes

Hello, Wealth Strategies partners, friends, and families! I’m Paul Allen, the President and CEO of our firm. As we gear up for the impending tax season, I want to share some valuable insights on how you can optimize your financial strategies to minimize your tax bill while maximizing your wealth-building potential.

At our firm, we are dedicated to, first and foremost, making you money and minimizing your tax liabilities. With tax season in full swing, now is the perfect time to focus on both fronts.

First and foremost, let’s talk about retirement contributions. One of the most effective ways to reduce your tax burden is by maximizing your contributions to retirement accounts. By doing so, not only are you helping to secure your financial future, but you’re also taking advantage of valuable tax benefits.

In 2023, individuals are eligible to contribute up to $6,500 to their Individual Retirement Account (IRA). If you’re over 50, you can make an additional catch-up contribution of $1,000, bringing your total to $7,500. These contribution limits also apply to Roth IRAs, with some income restrictions to consider.

For single tax filers, phase-out begins if your income exceeds $138,000, while for joint filers, the threshold is $218,000. It’s crucial to be mindful of these limitations to ensure you maximize your contributions effectively.

But that’s not all. If you’re an entrepreneur or self-employed individual, don’t overlook the significance of a SEP IRA (Simplified Employee Pension Individual Retirement Account). This retirement option offers substantial tax advantages for small business owners and the self-employed.

In 2023, the contribution limit for SEP IRAs is $66,000 or 25% of your income, whichever is less. By maximizing your contributions to a SEP IRA, you can significantly reduce your taxable income while simultaneously bolstering your retirement savings.

As we navigate through March, I challenge each of you to seize this opportunity and prioritize your retirement contributions. It’s essential to view these contributions not only as a means of helping to secure your financial future but also as a strategic tool for minimizing your tax liabilities.

Remember, when it comes to wealth-building and tax optimization, every dollar saved counts. Let’s make the most of this March challenge and set ourselves up for financial success in the years to come.

Thank you for entrusting us with your financial well-being, and remember, we’re here to help you every step of the way.

Sincerely,
Paul Allen, CFP®, MS
President and CEO, Wealth Strategies Partners



Any opinions are those of Paul Allen and Wealth Strategies Partners and not necessarily those of Raymond James.  This information is intended to be educational and is not tailored to the investment needs of any specific investor.  The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Neither Raymond James Financial Services nor any Raymond James Financial Advisor renders advice on tax issues, these matters should be discussed with the appropriate professional. Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC.  Investment advisory services offered through Raymond James Financial Services Advisors, Inc. Wealth Strategies Partners is not a registered broker/dealer and is independent of Raymond James Financial Services. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.

Ask an Advisor: Student Loans

R IS FOR ROMANCE RATES!

One of the hottest topics in the political landscape is student loan debt. While many have their monthly payments on autopilot, they often fail to search for opportunities to efficiently repay the debt.

We work with several Gen 2 and Gen 3 investors and are familiar with the myriad of financial challenges they face. Whether it be refinancing student loan debt, saving for a first-time home purchase, or allocating investments, our team is equipped with the knowledge and experience to guide this generation today to make the most efficient financial decisions for their future.

Please reach out if you know a young investor that could benefit from the services we offer.

Investing involves risk and you may incur a profit or a loss regardless of strategy selected. Past performance is no guarantee of future results. Prior to making an investment decision, please consult with your financial advisor about your individual situation.

Here’s Our Market Outlook for 2024

Dear WSP Friends and Family,

What an end to 2023! Now what?

The stock market performance in November and December was like a beautiful gift from Santa left under our trees! However, 2024 has already seen the return of volatility, and we expect this volatility to continue. 

2024 is going to be a year in which we’ll navigate global conflict, geopolitical risk, inflation data, interest rate movements and an upcoming presidential election. All of these factors will lead to short-term volatility. 

As most of you know, I talk about Warren Buffett almost daily. What do you think he would do about these short-term stock market movements? If you said he wouldn’t do much, you are correct! He has never concerned himself with short-term stock market movements, which is why he is one of the most legendary investors of all time. At Wealth Strategies Partners, we are following Mr. Buffett’s ways and focusing on long-term planning, not short-term market movements.

Sincerely,
Paul C. Allen
CFP®, MS | President & CEO


Celebrating 10 Years of White Glove Client Service

It’s WSP’s 10th birthday! We wouldn’t be celebrating a decade of service if it wasn’t for our amazing clients, partners and friends. THANK YOU all for trusting us to keep your financial houses in order over the last 10 years. We are grateful for your partnership and support, and we can’t wait to see what the next decade holds!

Have you reviewed your beneficiaries this year?

As you organize and plan for a successful year ahead, it’s a great time to sit down with our team and review your beneficiaries on all documents and accounts, including trusts and life insurance policies.  Marriages, divorces, births, deaths and other major life events can all warrant changes.

This month, we challenge you to review your beneficiary designations to ensure assets are distributed according to your wishes.

Save time, minimize stress and avoid unnecessary conflict by regularly reviewing your beneficiaries. Contact us today and let our team help ensure your financial house is in order!


Ask an Advisor: I’ve changed jobs. Now what?

Have you recently changed jobs and aren’t sure what to do with retirement assets from your previous employer? You’re in luck, because Dalton Harris, Associate Advisor, is answering this question as part of our “Ask an Advisor” series.

Visit the link below to read the strategies Dalton recommends if you have savings in a former employer’s retirement plan. If you have questions about the best option for your situation, email Dalton at at dalton@wealthstrategiespartners.com.

WSP team member, Dalton Harris

Do you have a question you would like answered in an upcoming edition of our  “Ask and Advisor” series? Submit your question using the submission form below.


Keep these tips in mind when transferring wealth to the next generation

As baby boomers prepare to pass down their wealth amidst the “great wealth transfer,” it’s important they leave behind the legacy they intend. Many people work hard to grow their wealth, and it’s essential they take the same level of thought and care to steward their assets to the next generation and the causes they care about.

In a recent article published by The Tennessean, our president & CEO, Paul Allen, CFP®, MS, shares 5 actionable pieces of advice that will ensure a successful transfer of generational wealth.



Strong Teams Create Better Results

WSP Team Shares Expertise with Local Business Leaders

Paul Allen, CFP®, MS and Danielle Spence recently spoke at the New York/Nashville business alliance networking event at Richland Country Club about the opportunities and challenges facing businesses today as well as their expectations for the future of artificial intelligence. The New York/Nashville business alliance is a resource for companies who are part of the growing commercial link between New York City and Nashville.