Understand Your Needs and Goals Before looking for a financial advisor, be clear about your financial objectives, whether it’s retirement planning, investment management, debt reduction, tax planning, or a combination of these. Understanding your needs will help you find an advisor specializing in the areas you require assistance with.

Experience of Financial Advisor

Consider the advisor’s experience in the financial industry. An experienced advisor may have encountered various situations and developed expertise in handling different scenarios.

Education and Qualifications of a Financial Advisor

Fee Structure Understand how the financial advisor charges for their services. Some advisors charge a percentage of your assets under management, while others charge a flat fee or an hourly rate. Avoid advisors who earn commissions on financial products they sell, as this may create conflicts of interest. Look for advisors with relevant specialized training and licensing, who adheres to ethical standards.

Financial Advisor Transparency

Look for an advisor who is transparent about their process, fees, and potential conflicts of interest. Avoid advisors who are evasive or pushy.

Referrals and Reviews

Seek recommendations from friends, family, or colleagues who have had positive experiences with financial advisors. Additionally, check online reviews and ratings to gauge the advisor’s reputation.

Interview Multiple Financial Advisors

Don’t settle on the first advisor you meet. Interview at least three different advisors to compare their approaches, expertise, and personalities. This will help you find someone you feel comfortable working with.

Specialization If you have specific financial needs (e.g., retirement planning, estate planning, or tax optimization), consider finding a consultant who specializes in those areas.

Communication and Accessibility

Choose a professional who communicates clearly and is accessible when you have questions or concerns about your financial plan.

Avoid High-Pressure Sales

Tactics Be cautious of advisors who use high-pressure sales tactics or make unrealistic promises about returns on investments. A good advisor will focus on educating you and helping you make informed decisions.

Remember, finding the right financial advisor is a personal process, and it’s essential to choose someone you trust and feel comfortable working with. Take your time, do your research, and make an informed decision that aligns with your financial goals.

There is a crucial principal in retirement planning called paying your future self first.  The idea, if you’re not familiar with it, is to prioritize saving and investing for your retirement before allocating money to other expenses and fun.  This approach makes sure you build a sufficient nest egg to support your needs in retirement.

Americore can help with several under used programs to help you build up your retirement plan, but the principal of paying your future self first, still holds.  Here are some basics principals to follow, before we help clients enhance their future.

Set Clear Retirement Goals

No goal is reached until it is set.  Figure out your retirement goals and estimate the amount you will need to live comfortably during your retirement years.  If you aren’t sure how much you will need to live, look at your current income and take 80% of that number, then multiply for inflation and taxes and you at least have an estimate. Consider allowing for new factors too, like lifestyle, healthcare, travel and hobbies you always wanted to pursue when you had time.

Create a Budget

Once you know the goals, the next step to making them happen is to create a comprehensive budget.  The budget should outline your current income, expenses, savings and retirement savings. 

Make Your Contributions to Retirement Accounts.

You made the plan, now make sure you make the contributions just like you planned. Speak to your financial advisor to check whether the tax advantage program now is better than pre paid tax on your retirement draws.  If now is better, take advantage of tax-advantaged retirement accounts available to you. These may be 401(k) s or IRAs (individual Retirement Accounts) or other similar accounts.  If you can contribute more than budgeted,it might make sense to contribute as much as allowed to use the employer matching benefit and tax advantages. Talk to a professional to see if this is right for you.

Automate Your Savings

You can make the process of paying your future self easier. One way to more easily pay today’s money to your future self is to automate the transfers from your paycheck or bank account to your retirement planning accounts.  Automated transfers make sure the contributions get made before you spend it somewhere else.  This way, you don’t short your future self.

Pay Off High Interest Debt

This is a good approach for most of us with debt.  Though it may not be your highest monthly payment, it is costing you more than the low interest debt over time.  During that time, you could be putting that money into your retirement planning account.

Diversify Your Investments and Risk

Your retirement savings should already be in a diversified portfolio aligned with your risk tolerance. This is likely to change over time based on the time frame until retirement.  A mix of stocks, bonds, insurance and other assets can help you achieve long-term growth while managing risk.

Regularly Review and Adjust

As we mentioned in a July Americore article, It is important to periodically review your retirement plan and make adjustments as needed.  Your life, your goals and your priorities change with life events.  Your retirement planning for paying your future self should be reviewed and adjusted accordingly.  Reassess your financial situation too, your retirement goals and risk tolerance to make sure your plan stays on track.

Avoid Early Withdrawals

Tapping into your retirement savings before retirement can leave you with penalties and those taxes you previously avoided paying.  Early withdrawals can also significantly impact the growth of your future self’s nest egg.

Get Informed

Learn about retirement planning strategies.  At Americore, we love to share information on programs designed to enhance or protect your retirement savings.  Knowledge is empowering and can help you make informed decisions about your retirement savings.

Talk to a Professional

If you are uncertain about retirement planning or want to learn how to improve your plan, talk to a professional like those at Americore.  We’d like to hear your goals. Call our office at 747-224-8110 in a free, no obligation call to discuss ways to improve the lifestyle of your future self or contact us here. Tell your Americore representativewhat you’re looking for, and we’ll tell you how we think we can help you make that happen.

What is a Financial Advisor?

A financial advisor is a professional who provides expert guidance and advice on various aspects of personal finance. They are educated and trained to assess your financial situation, understand your goals, and risk tolerance, and develop a customized plan to help you achieve financial success. It’s important that you be an active part of the planning process, after all the plan should be all about you. Advisors often specialize in areas such as retirement planning, investment management, tax planning, estate planning, and more.

Expertise and Knowledge

One of the primary reasons to seek the help of a firm such as Americore is their expertise and knowledge in the field of finance. They undergo rigorous training and often hold relevant certifications. Their in-depth understanding of financial markets, investment strategies, programs and tax laws allows them to provide valuable insights and recommendations tailored to your specific circumstances.

Goal Setting and Financial Planning

Financial advisors play a crucial role in helping you define and prioritize your financial goals. Americore Group works with you to understand your short-term and long-term objectives, whether it’s saving for a down payment on a house, funding your child’s education, or building a retirement nest egg. Once your goals are established, an advisor will develop a comprehensive financial plan that outlines the steps needed to achieve them. This plan will take into account your income, expenses, investments, and risk tolerance, providing you with a roadmap to financial success.

Investment Management

Investing can be a complex and intimidating endeavor, particularly for individuals without specialized knowledge in the field. Americore Group’s Investment Management Services can help take the guesswork out of investing by creating a tailored investment strategy. Your Investment strategy will be based on your goals, risk tolerance, and time horizon. His objective perspective can help you make informed rational decisions and avoid emotional mistakes that often plague individual investors.

Risk Management and Insurance

Financial advisors also assist in assessing and managing risk in your financial life. They analyze your insurance needs, whether it’s life, health, disability, or long-term care insurance, and recommend appropriate coverage to protect you and your loved ones. By evaluating your risk tolerance and considering potential contingencies, they help you build a robust financial safety net that safeguards your assets and provides peace of mind. Similarly an assessment of your risk tolerance for investments like stocks, commodities and other financial instruments should be reviewed so your plan is designed within your comfort zones.

Ongoing Guidance and Support

We are not a one-time servicer. Instead, Americore works independently or with your existing team of advisors as a long-term partner in your financial journey. We provide ongoing guidance and support, contributing optional programs to your financial plan as your circumstances change. Software and online services can’t provide the one on one attention necessary to achieve personalized planning and program assistance. Throughout changing needs, your advisor will help you navigate through financial transitions, adjusting your plan to keep you on track toward your goals.

We live in a complex and fast-paced financial world, which is another reason why a financial advisor can be your trusted ally, offering expert guidance and support to help you achieve financial success. Expertise, personalized approach, and comprehensive planning will save you time, provide peace of mind, and potentially increase your wealth in the long run. If you’re serious about securing your financial future, consider partnering with a reputable professional who will work with you to create a roadmap for success. Contact us today –  it can pay dividends in the years to come.

Review Your Financial Plan Goals

Checking your goals is as important as reviewing your budget and other components of your financial plan. Changes in your life or priorities mean your financial goals which may be outdated. So take a moment to revisit your financial goals. Decide if they are still relevant and realistic and then make the necessary adjustments.

Evaluate Your Savings

Based on your prior plan, how much progress have you made on reaching your savings goals? Have you been consistently contributing to your savings for emergencies, retirement, or other specific purposes?

Consider increasing your savings contributions if you have the capacity to do so.

Analyze Your Investments

Review the performance of your Investments, such as stocks, bonds, mutual funds, or real estate. By examining the investment returns and comparing them to market benchmarks you can see which are performing and which should be sold.  Consult your financial consultant for information on those investments before making changes.

Assess Your Debt

After a close examination of your savings and investments, the next logical step is to assess your debt. Examine your liabilities; your outstanding debts like mortgage or mortgages, loans, or credit cards. How is the progress of debt repayment and strategies to pay off your higher interest debts more quickly.  If you are not making substantial progress on paying down those debt, or even paying them off, consider refinancing them to reduce the interest rate.  Consolidating them into a loan may be a good option to explore.

Evaluate Your Tax Liabilities

This step means assessing looking at what you owe in taxes and talk to your Americore financial advisor, on tax saving strategies. This step is even more important to perform if you’ve experienced substantial income or investment changes.

Update Your Estate Planning

This is a good time to take another look at your will and other estate planning documents.  Consider revising your power of attorney while you’re reviewing and renewing.  If the documents don’t align to your current goals and situation, make the necessary updates.

Talk to a Professional Financial Advisor

When you review your financial plan, you may find aspects that you’re uncertain about need clarification on how to best handle it. They can provide personalized guidance based on your specific situation.

Map Your Path

After reviewing and making a new plan for your goals, investments, savings, debts and tax liabilities, map your path.  Set small steps to help you measure your progress on achieving your financial goals and stay motivated. By making a six month plan to accompany your larger financial plan, you essentially create a yardstick for your next semi-annual review. 

The Americore Group excels at helping clients discover ways to improve cash flow, reduce tax liabilities and deliver business incentive money. Your semi-annual financial plan checkup offered an opportunity to identify where improvements can be made. We can help you lay out a plan to improve your long term financial success. Contact us today to start the conversation.  It costs you nothing but could save you thousands..

First, Let’s Clear Up Who I Am Not.

I am not the Dennis Bays warrior invite in Evansville Indiana.  While I am always impressed by people who commit to a goal and then compete to meet it, I did not create this event halfway across the country.  Don’t let that stop you this August, if you want to enter it in 2023. Also, I am not the Dennis Bays in Ohio who is a tank inspector.  Good work, Ohio Dennis Bays; keep it up.  And though as an owner of my own firm, I too sometimes feel like chief bottle washer, I am not the Dennis Bays with that job description.  That Dennis Bays is in Washington in the oil and energy industry. 

Now Lets Cover Who I Am.

I am the Dennis Bays of Americore Group in Agoura Hills, CA who runs a Financial Advisory Firm.  If you already know just what a financial advisory firm is, go on to the next paragraph.  I get this question a lot, so let me just cover this to keep things straight. A financial advisory firm has expertise in one or more investment areas and provides guidance for an individual’s unique financial situation-Investopedia. Americore reviews a situation, assess multiple relevant factors and reveals an option or options that will be best for the individual or company’s overall success. 

At Americore Group, I have spent years honing my skills for helping small and mid-sized businesses discover and utilize legitimate, available funds to facilitate growing and prospering.

I Don’t Replace Your Current Consultant; I Work with Them.

Keep your current consultant team.  As a financial advisory firm, Americore does not replace your current team of advisors and consultants.  Americore, works with them.  We are interested is helping you find long term financial success and goal achievement.  To do this, we facilitate access to make-sense programs available to you.  Businesses rarely take advantage of these programs .  But Dennis Bays of Americore has spent years learning how to help businesses use these programs.

What Programs Are We Talking About?

We really should have a conversation about this.  We spend years intimately learning beneficial programs, and while they do change over time, we know their language.  With that said, many businesses don’t know how to complete the forms.  They ultimately get denied program access due to a technicality or misstatement.  Since we understand the programs, we understand the application questions and can walk you through the entire process.   

We’re Talking About Dennis Bays Personal Commitment.

For years, I’ve grown and helped sell businesses, worked with banks, CPA’s and attorneys.  I’ve funded over 150 businesses over the years, helped with exit and sell situations and with structuring sales to avoid or mitigate capital gain taxes. 

After working with businesses for decades, I have learned similar patterns and wisdom that apply to other businesses. That wisdom is probably the most valuable asset I have gained and it can benefit my clients.  I constantly discover great programs to help business owners earn more, while paying less in taxes, legitimately. My goal is to help more, because they work so hard to protect their employees, and their family, we want them to keep as much of the money they earn as legally permitted. And those funds are more than business owners realize. 

Contact us for your no obligation or cost analysis of your financial position to learn what advantages are available for your benefit. Don’t put this off.  Saving those dollars today means growth in your retirement account.

Birth Through Childhood

To those of you who are new to parenthood, congratulations!  The IRS has some presents for you.  If you want to read the details for yourself on the IRS website, you might want to also familiarize yourself with some abbreviations for child and other dependent tax credits.

Marriage

When people marry, they seldom imagine they will have to deal with IRS liens or complaint filings.  Unfortunately, if you do not protect yourself, when you marry, you may share their obligations.  The exception to this is if you can demonstrate to the IRS that you are an innocent spouse. Community property law have an impact on how you figure your income on your federal tax return when you marry.  Because community property laws vary by state, make sure your account is aware of your new status, and ask what it might change in your tax filing.

Separated or Divorced

If you changed your name due to marriage or divorce, make sure your tax return matches the name currently registered with the Social Security Administration.  Any mismatch can cause confusion and might delay the processing of your return.  Make sure you notify the SSA as soon as your name changes.  If it is too late, make sure you complete the field listing alternative names you are known by.

More important to some, is relief from join liability.  Sometimes the IRS grants a spouse relief of joint liability for tax, interest and penalties on joint tax returns. If you are newly separated or divorced and your spouse had their own business complete with IRS liabilities, ask your own accountant about the details of this possibility.

IRS and the Health Care Law

Individuals are responsible to have health care coverage.  If they work for an employer, that employer may be responsible for their health care coverage.  Either way, the person covering the healthcare may be eligible for a premium tax credit.

Starting a New Career or Job Loss

When you began working for a new company, you filled out a new withholding form.  Take some time to check it and be sure it is correct. If you lost a job and received unemployment benefits, it is considered part of your gross income for the year.  You need to include it in your total income listed on your tax return.  If you aren’t sure whether the unemployment is taxable, check with your accountant or read more here.

IRS Tax Relief Against Loss From Disasters and Casualties

For those who suffered losses for the tax filing year, the IRS offers relief.  The relief is based on specific federal disasters in specific areas.  Each disaster area entitles victims to some tax relief for a finite amount of time.

Persons with Disabilities

Your disability benefits and the refund you get for the EITC may qualify as earned income for the earned income tax credit.  Some permanent disabilities allow you to claim a child of any age as a dependent.  Learn more here.

Planning for Retirement

When you plan well for your retirement, you can enjoy it sooner.  Click here for links to information on IRA’s, choosing a retirement plan, a pension and annuity income, retirement savings contributions credit, a tax sheltered annuity plan, railroad retirement benefits, mutual fund distributions and more. 

First-time Homeowner

If you have recently become a homeowner for the first time, you finally get to deduct your monthly housing payment from your taxes.  Find out more about home mortgage interest deduction here.

Moving?

Besides making sure the IRS, your employer and the license bureau have your new address, you may also be able to deduct your moving expenses from your taxes.

Bankruptcy

There are times people need to file bankruptcy for personal or business purposes, but it can make tax filing confusing.  The IRS has a bankruptcy tax guide here.

Deceased Taxpayer

The last life event the IRS offers information about, is the death of a taxpayer.  Though the taxpayer is no longer responsible for dealing with the IRS, the survivors, executors, and administrators need to wrap up his or her matters.  Form 56, 559, 1310 and 4810 may help.

Everyone needs money to operate, whether on a personal, corporate, or government level.  Perhaps that is why finance is divided into these three subcategories.  This Finance 101 article covers the basics of personal finance.  Our next article will follow up on Corporate finance.

Personal Finance

The term personal finance refers to managing your own money, including earning, investing and saving it.  In our personal finance 101 money management, we’ll cover general budgeting, banking, mortgages, investments, tax planning and  retirement planning.

Budgeting

Maybe you are comfortable with your cash flow.  Maybe you are using the same budget you set up years ago.  It is just possible, that with a closer look you could find ways your money could work smarter for you.  Regardless of your income level and whether you love or hate budgets, they are beneficial.  Budgets reveal the true picture of where you stand…and where you could be.  You need this knowledge to set goals to get to that place.  If you are new to budgeting, using a worksheet simplifies the math.  Microsoft office offers its subscribers a customizable free budget worksheet or you can search for an app to help you plan your money.   

Once you see where your funds are going, figure out your financial goals.  Decide how much you can put into savings, or investments or retirement planning to reach those goals. This is a good opportunity to re-evaluate how you use the money you have.  When you are unsure of how to make money decisions, it’s time to speak with a financial advisor.  Americore professionals know money and can provide tools for better decision making. 

Personal Banking

Once, banks were a good way to protect the money you were saving.  Today, banks handle a lot of different types of transactions.  That is good, since transactions are becoming more electronic in nature.  It the simplest of banking transactions, money needs to be moved into a bank account for you to make electronic payments out of that account.  After you made your budget, you can look it over to see how most of your money is placed.  Compare bank services and pricing to figure out which bank offers the best bang for your buck.  ( Note: Make sure those fees are in your budget.)

 Mortgages

Interest paid on a mortgage is low compared to the interest rate on other credit.  Not only is the cost of funds low, but it is also tax deductible.  It makes sense to buy a residence instead of renting it, so you can enjoy those potential savings.  With that said, mortgages have gotten some homeowners into financial difficulty. 

 Here are some thoughts to keep in mind.  Budget your entire PITIA mortgage payments, (principal, interest, taxes, hazard & mortgage Insurance, and association dues)  based on your lowest expected gross monthly income.  Even if your taxes and insurance are not escrowed, budget for it.  You have to pay it anyway, so bank it until it is due. 

 If you qualify for a mortgage based on overtime income, you might be in a tight position without that overtime.  Review your budget. Generally, mortgage underwriters prefer monthly housing payments that don’t go over 38% of your gross monthly income.  If more of your money is committed elsewhere, you may want to reduce your budgeted monthly housing payment even more. 

Personal Investments

Commonly held principle:  The value of non-invested money erodes over time.  While others are earning different returns on their money, your money socked away in your mattress is losing the value it could have accumulated.  It will also have less buying power when you retrieve it due to inflation.  This is so fundamental that there is a formula for the value of money over time.   If PV is present value, FV is future value and r is rate of interest, the formula is as follows:

 If you are interested in making more investments on your own but not sure how you want to proceed, get investment advice here.

 Tax Planning

You plan to pay taxes.  Hey, that’s a great tax planning strategy, but we would like to get a little more specific here. How much taxes you pay and when can vary by an incredible amount, based on the knowledge of your advisor, your communication with them, and how well your advisement team works to strategize.  Nearly every financial decision you make has tax consequences, from buying a toy to the investments you make.  Planning ahead can save you money and sometimes make that money available much sooner than you expected.  Americore knows Blue Apple tax savings programs designed for businesses like yours.  Contact us or call today to learn how we can work with your team to enhance your savings.

 Retirement Planning

Are you ready to retire today?  If you can’t answer in the affirmative, you could benefit from a conversation with an Americore professional.  Maybe you were set until your accounts took a hit during the great recession.  Whether you prepared and had a setback, or failed to prepare enough, retirement doesn’t take care of itself.  To save enough for the retirement you want, you need to make a plan.  If you are over 40, you may already need to invest more while you are still working to fund your long term plan.  You may also need to consider ways to invest smarter. 

All of these topics are part of our personal finance 101.  The key takeaway here, is planning.  Not everyone is comfortable with charts and numbers.  Americore works with a wide range of clientele.  Some want personal financial guidance, and some look for corporate financial assistance.  Getting the help you need is as easy as opening the conversation with your Americore Financial advisor.  You’ll be glad you did.

A businesswoman – let’s call her Cassie – who produces health drinks, recently checked crowdfunding as an alternative to traditional business loans.  She wanted to put money into the research to expand her product line.  Cassie knew she would need not only R&D money, but would need additional funds.  Being familiar with the regulatory obstacles when introducing a new food product meant Cassie was acquainted with the costs.  Cassie was looking for means of capital access.

Crowdfunding.

One source of funds called crowdfunding, looked interesting to Cassie.  Crowdfunding looks attractive, but can hold hidden trapdoors.  In loan based crowdfunding, investors get their money back, usually with interest.  In investment based crowdfunding, people put money in, usually for a share of your business.  A third type of crowdfunding is donation based.  Funds can be donated because donors feel the business activities are worthwhile. Contributors may also want to help that type of business flourish in their community.  In rewards-based crowdfunding, people contribute a certain amount for a reward, such as a t-shirt or product sample.  Cassie was interested in reward based crowdfunding, but the amount raised did not cover her R&D costs.

Finding Alternatives.

Cassie assessed her situation.  She had ongoing, consistent orders for her current products  and felt her new creation would explode her business revenues.  Unfortunately, regular banks were uncomfortable with her credit and reserves.  This meant a bank loan would not be a great option for Cassie.

Venture Capitalist investors were interested.  Cassie wasn’t ready to trade a big chunk of her business in exchange for the expansion capital.  She worked too hard to hand it over.  The VC contacts Cassie met wanted nearly half her company.  Unwilling to lose so much of what she labored for, Cassie put off the expansion indefinitely.  Then she talked to her Americore Professional. 

The Americore Blue Apple Capital Access Solution.

Americore is proud of its Blue Apple Capital Access programs and the investors that provide unexpected, but workable financing options.  The rates are not as low as bank interest rates, nor are the origination fees.  But entrepreneurs are often relieved to learn that they don’t have to sign away nearly half of their company. 

According to Dennis Bays, CEO of Americore, their Capital Access investors “act like a bank but think like a Venture Capitalist”.  With loan approval criteria midway between a bank and a Venture Capitalist, entrepreneurs hear yes more often than in banks.

So, how does it work?  Capital access programs are logic based, not so much credit based.  With sufficient sales, growth, purchase orders, accounts receivables, inventory or equipment, you may have grounds for loan approval.

Blue Apple Capital Access Programs are only some of the unexpected ways Americore helps entrepreneurs reach the next level.  Americore is known for its knowledge of programs that are underutilized, but which are incredibly beneficial to business owners.   You’ll find the guidance in uncovering programs that save or produce money for your business.  This can free up millions of dollars for operations.  Find out how much money you could uncover.  Contact Americore today to start the conversation.