EP Wealth Advisors’ Post

Family is the heart of everything we do. They are our constant source of strength, inspiration, and the reason we strive for excellence every day. Mollie’s 'why' is to build a secure future, not just for her family, but for every family we have the privilege to serve. Together, we can create lasting legacies. 💼❤️👨👩👧 #FamilyFirst #MyWhy #FinancialPlanning #LegacyBuilding #LifeInsuranceAwarenessMonth

Have you heard about the U.S. “Time is Money” initiative? The idea is simple: canceling a service shouldn’t be harder than signing up for it. Given the current economic climate, this reasoning makes a lot of sense. I moved to a new apartment in June, which already had internet services, so I needed to cancel my Spectrum subscription. I packed up the device and called Spectrum to cancel, only to be told I wasn’t an authorized user on the account—even though I was. You can imagine my frustration. I wasn’t able to resolve this issue until August, and by then, a bill had accumulated, which Spectrum insisted I was liable for. It’s one thing to create obstacles for your customers, but it’s another to profit from them. In my opinion, this bill should never have existed. On August 12th, the U.S. Chamber of Commerce published an article on its website, uschamber.com, stating that the “Time is Money” initiative will cost Americans more time and money. They argue that businesses succeed by being responsive to customers, with a better track record of customer service than the federal government. I beg to differ. Customer service is in decline across many businesses. I’ve had terrible experiences with Airbnb Amazon, Spectrum, and even TD Bank. The reality is that customer service personnel often dislike their jobs and end up providing incorrect information to clients. Perhaps they need better incentives, higher pay, or more training. I believe this initiative is a step in the right direction, at the very least, acknowledging there’s a problem. #Timeismoney #Chamberofcommerce #customerservice #clientfacingroles

When I graduated from business school, a big part of my decision to work in corporate finance for Walmart, Inc. was their mission: Saving people money so they can live better lives. More in vogue at the time were companies who wanted to save the planet through green initiatives or tech focused companies trying to revolutionize industries. Yet for me, I always felt like my company's mission was among the most noble. When people spend less money on groceries and other goods, they have more money to spend on important things like healthcare, housing, transportation, etc. As I sit back now and think about where people could really use significant savings, it is on affordable housing. Both home prices and rent costs are up so significantly over the past 4 years, and yet building costs have risen to where building affordable housing is not often cost-justified. Is this a case of market failure where supply can't meet demand? From a myopic lens perhaps. But I think this speaks to the strong economic case for converting hotels into multi-family housing units. With newer hotels coming online and the increased usage of AirBnB/VRBO type options, some existing hotels are coming under financial pressure, and yet the bones of the asset are so needed to provide affordable housing. Just like I was excited to take part in Walmart's mission to save people money so they can live better lives, I am also interested in this new mission of helping solve affordable housing through hotel conversions.

The story of a 61 yr old I met with >100% in ONE stock. 🤯 When We Were "Too expensive!" & The Hidden Cost of "Saving Money" 👇 When I think about the premium fees advisors (should) charge & when DIYing does/doesn't result in net savings, the saga of one specific gentleman comes to mind. ⬇️ During our initial consult call, the following was uncovered: - All of his portfolio, a low/mid seven-figure sum, was in a volatile tech company’s shares plus some options that were "risk-free to get some cash flow" - Recently retired & covered monthly expenses with small sales & cash from the option sales. - Semi-sizable car loan & rented. - No forward looking tax plan - Significant previous year tax bill due to partially exiting the tech stock (before re-entering a bit later). - He had significant travel/recreation plans to maximize his 60s. During our conversation, I mentioned how during onboarding we'd look into: - A plan seeking to tax-efficiently diversify his portfolio & rapidly derisk - Keeping monthly draws the same (they were quite sustainable at his account balance) but implementing a tax-efficient withdrawal strategy - Planning for social security & a few more items Towards the end of our call, he asked about fees. I explained how our fees work & gave a ballpark fee range for his situation. Upon hearing the dollar range, he abruptly ended the call stating he had been doing fine & refused to pay "outrageous fees" for a service he didn't need. I gave one last warning about such a concentrated position, figured that was the end of it, & moved on to helping other clients. 🤷 ⏩ Fast Forward 6 Months ⏩ The stock he was invested in had fallen >50% and his options would’ve blown up massively. By some stroke of fate, I saw him as I was waiting to be seated at a restaurant about 6 months later. I said hi but he didn't seem to want to chat. As he walked out a few moments later, I realized he'd just picked up a DoorDash order he was about to deliver. While I don't know his situation for sure, it's not hard to connect the dots. Why do I tell this story? 🤔 🔑 To highlight the importance of recognizing when to DIY & when to delegate to a pro. How to Determine Whether to Hire a Pro👇 Ask Yourself These Questions: 1️⃣ Do I have the time to do this project well? 2️⃣ Do I have the talent or can I learn? 3️⃣ Do I have the desire to take on this undertaking? Does everyone need a financial advisor? Absolutely not. ❌ ✅ If you have the time, talent, & desire, save the money & DIY! ❌ If you don't have these critical elements, use a pro! 🤵 😀 Enough negative...What's a story you have about a client that's experienced great success over time? Or just a recent client win? #FinancialPlanning #WealthManagement #CFP #GoodAdvisorsFinishFirst

🎉🎉🎈🎈And just like that, we turn 4! 🎈🎈🎉🎉 In the blink of an eye, we become a 'fairly' established business. They say the first years in business are the toughest and we couldn't agree more, but we would not change a thing. Launching two weeks prior to Covid lockdown was always going to be particularly challenging, but in reality it allowed us to demonstrate our exceptional service from the outset. Our business is built on simple principles: - Service: Do what you say, when you say, and everyone will be happy. - Honesty & Fairness: Wealth is created over the long- term. Our balance sheet grows for as long as we do right by our customers, our suppliers, AFS and our lenders. - Be a Master: We get presented with various opportunities on a weekly basis, but we turn 99% down. Be a master at what you do, and stand out from the rest. - Build Habits: Do the little things consistently and watch the compounded effect grow over time. . - Mindset: Establish a process, and then trust that process. - Reward Loyalty: A business is only as good as it's staff. Treat them with respect, be accommodating and reward them well. - Plan for the Unknown: Be frugal with costs so that you can be plentiful with investments. Build the right foundations to have a bulletproof business. The flash cars can follow. - Have Fun: Tomorrow isn't promised. We're learning (and will never stop learning) and are not perfect, but we hold our heads high and put a shift in each and every day. Now to plan for our Dublin end of year company night out! Until our 5th birthday 😉.... #justgettingstarted #4years #assetfinance #commercialfinance #constructionfinance Lewis George Phil Dance Grant Field Sam Wilson Louis Taylor Sean Clarke Katie O'Sullivan

💡 Running an SME can often feel like a whirlwind of responsibilities. At Square Penny, we understand the challenges you face, and we're here to make your financial journey smoother, enabling you to focus on what you do best. Here are three pivotal ways we can support your focus & growth. 💼📈 #growthg #outsourcedbookeeping #outsourcedcfo

📌Dear Community, Our latest Lost in Transaction research outlines how #consumers are adapting spending on #holiday shopping, and how #merchants can still thrive this festive season and in the year ahead. Find out more in this blog from Rob Gatto:

Setting up is one thing but to be in feasible situation to bring in revenues and to fulfil them is another. We pride ourselves in doing the latter and will continue to do so. Check out our trustpilot #virtualbusiness #holdco #familyoffice

💡 Running a SME can often feel like a whirlwind of responsibilities. At Square Penny, we understand the challenges you face, and we're here to make your financial journey smoother, enabling you to focus on what you do best. Here's three pivotal ways we can support your focus & growth. 💼📈 #growth #outsourcedbookeeping #outsourcedcfo

So, which is it? Are advisors still moving from one wirehouse to another? Or are wirehouses in decline? Actually, it's a little bit of both.  ⬆️ In 2023 close to half of all advisors that moved went to a wirehouse.   ⬇️ Also in 2023, the wirehouse segment as a whole lost 348 advisors. ↕️ What is the takeaway from these two divergent stats? ⭐️ It's that many advisors are most comfortable with a full-service firm, with a strong brand, excellent technology and resources for clients. So, when this segment of advisors decides it's time to move, they stay in the same lane, opting to upgrade rather than make a wholesale change. But, for the advisor who feels that a wirehouse to wirehouse move isn't "different enough" there are more options than ever before. ⭐️ Boutiques and regionals are excellent landing spots for top advisors that want to remain at a full-service firm yet are seeking a more personalized, flexible and advisor centric culture. And the independent landscape today offers wirehouse caliber platforms, technology and resources along with more upfront capital than ever before.  🚘 It's clear that with an expanded landscape of high quality options, advisors remain in the driver's seat in terms of determining where and how they choose to run their business. For more on this topic click here: https://bit.ly/490V7xm