24 Simple Tips for a Fitter, Happier Vacation

As we approach summer and travel plans are on the mind it is important to remember the importance of living well to thoroughly enjoy your travel experience. Greatist.com offers, 24 Simple Tips for a Fitter, Happier Vacation, from pre airport meal advice to tips on visiting local markets while you travel they have fun and easy tips to keep you feeling and living well.

The first four tips they offer are:

  • Eat before the airport. Chow down on a big meal before hitting the airport to avoid having to eat at the fast food courts. If you forget and need to eat there, try fruit or a salad. 
  • Watch out for jetlag. Adjusting to a new time zone might make you hungry at odd hours. Resist the urge to snack at 4 a.m. and wait for normal meal times instead (or choose a healthy snack, like a handful of nuts, to tide you over). 
  • Drive past the drive-thru. If you’re driving to your getaway, plan where and when you’ll be stopping for meals before hitting the road. It’ll give you more flexibility when choosing a healthier restaurant—or figuring out the best options. And of course, pack your own healthy snacks! (See a theme here?)
  • Save space for treats. Visiting France? It’d be a sin not to try out some crepes. And that’s just fine. On days you’ll be indulging more than usual, try to keep other meals and snacks on the healthy side.

To see all the exciting advice they have to offer please click here.

At Integrity Financial Corporation we believe living well is essential to living a full life. Integrity Financial Corporation offers a holistic approach to legacy planning and wealth management that is unique and unparallel. Integrity Financial Corporation is a boutique firm driven by understanding client needs and creating genuine, lasting, relationships between advisors and clients. We aid in the process of leaving a legacy comprised of both tangible assets, but also intangible values and memories. We strive to work with families for an effective transfer of wealth from generation to generation to aid in the longevity of wealth across countless generations as well as the longevity of family business if applicable. The holistic approach caters to the family and the importance of communication and education, as well as a shared family vision.

At Integrity Financial Corporation, our clients can expect to receive personalized service and expertise, built on a foundation of trust. To contact an advisor and discuss planning your financial legacy, please call us at 1.800.794.4015 or visit our website at www.ifclegacy.com.

 

 

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Break the Ice: 8 Networking Tips for Introverts

Networking is becoming ever more important in business. Nowadays it’s all about who you know, not necessarily what you know. Often breaking the ice can be challenging especially for those with less outgoing personalities. Entrepreneur posted a great article titled, “Break the Ice: 8 Networking Tips for Introverts”. 

The eight tips they list are:

1. Manage expectations.

2. Prepare.

3. Set a time limit. 

4. Ask for an introduction. 

5. Practice empathetic listening.

6. Share your personal stories. 

7. Practice.

8. Take small steps.

 For complete detail on the above steps and to see the whole article, please click here.

Creating a network is critical to building a brand and reputation. Building a strong network can be quintessential for the growth of business and the creation of legacy.

As you grow your business it is important to have a clear vision of how the business will function and a long term plan. Integrity Financial Corporation offers a holistic approach to legacy planning and wealth management that is unique and unparallel. Integrity Financial Corporation is a boutique firm driven by understanding client needs and creating genuine, lasting, relationships between advisors and clients. We aid in the process of leaving a legacy comprised of both tangible assets, but also intangible values and memories. We strive to work with families for an effective transfer of wealth from generation to generation to aid in the longevity of wealth across countless generations as well as the longevity of family business if applicable. The holistic approach caters to the family and the importance of communication and education, as well as a shared family vision.

At Integrity Financial Corporation, our clients can expect to receive personalized service and expertise, built on a foundation of trust. To contact an advisor and discuss planning your financial legacy, please call us at 1.800.794.4015 or visit our website at www.ifclegacy.com.

 

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How To Destroy Your Wealth In 7 Easy Steps

The fear of many wealthy individuals is the continuation and legacy of their wealth and the ability to transfer the wealth from generation to generation. In a recent article from Forbes titled, How To Destroy Your Wealth In 7 Easy Steps, seven common mistakes wealthy individuals make that become detrimental to the longevity of their wealth are brought to light. The seven main points are:

1. Chasing top-performing money managers and markets

2. Putting more money into the asset that made you wealthy

3. Overspending

4. Focusing only on pre-tax investment returns

5. Failing to manage the risks in your financial situation beyond your investment portfolio 

6. Leaving yourself open to being stolen from by people you know and people you don’t 

7. Financially enabling next generation family members well into adulthood 

To see the full article and explore the reasoning behind the seven reasons listed about click here.

As each case is its own the above must be viewed as the most common collective issues, as they do not adversely affect all. That is why it is so important that each client is catered to and has a financial plan that tailors to best suit their needs and lifestyle.

Integrity Financial Corporation offers a holistic approach to legacy planning and wealth management that is unique and unparallel. Integrity Financial Corporation is a boutique firm driven by understanding client needs and creating genuine, lasting, relationships between advisors and clients. We aid in the process of leaving a legacy comprised of both tangible assets, but also intangible values and memories. We strive to work with families for an effective transfer of wealth from generation to generation to aid in the longevity of wealth across countless generations as well as the longevity of family business if applicable. The holistic approach caters to the family and the importance of communication and education, as well as a shared family vision.

At Integrity Financial Corporation, our clients can expect to receive personalized service and expertise, built on a foundation of trust. To contact an advisor and discuss planning your financial legacy, please call us at 1.800.794.4015 or visit our website at www.ifclegacy.com.

 

 

 

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Six Steps For Making Your Business A Family Legacy

Passing your family business from generation to generation can be a difficult task, however a rewarding one. Your business can be a pivotal part of your legacy and offer your children a means to make a living as well as maintain close family ties. Forbes offers six steps to aid in making your family business a family legacy in the below excerpt from a story of a dry-cleaning family business:

1. Give the family a reason to continue the family business: I don’t know the reason the daughters didn’t want to continue Dad’s dry-cleaning business, but I do know that their lack of interest doomed that family business. An owner needs to motivate the family to participate. Is there enough profit potential to attract and retain family members? Are the successors sufficiently comfortable about running the business in the owner’s absence? Have they been given the freedom to feel like they are a part of the business’s success — not merely employees of the owner’s personal empire? If the business is to stay in the family, it’s important to move from an iron fist to a velvet glove management approach.

2. Develop a management team: Sometimes what the owner perceives is a family legacy is really just a personal legacy. The value of the business is merely blue sky that vanishes when the owner is gone. I’ve seen this happen with firms where the senior generation is the rainmaker and the kids are the doers. Family members were never developed as senior management, so even if they want to continue the business, they’re not qualified to run it. Furthermore, a family legacy sometimes needs help from those that don’t carry the family name. If you have key employees who will never join in owning the family business, what steps have you taken to assure their continued loyalty if you leave? Have you set up a stay bonus; do you have a golden handcuff plan to retain them?

3. Structure a business succession plan: Even in a family business, there is a compelling reason to have a legally binding succession plan. I recently had someone tell me, “The buy-sell was never executed, but the son is ok with the plan.” My response was simply, “Yes, but is his wife ‘ok’ as well?” Stated differently, family members deserve to have a known and agreed upon plan.  Anything less is both unfair to the family and a recipe for family discord. There are numerous structures that allow the owner to maintain control, be guaranteed flexibility and yet lock in a succession plan. Concepts like “wait-and-see buy-sell” and “no-sell buy-sell” offer ways to create a succession plan without sacrificing control and adaptability.

4. Fund the business succession plan: During the Great Recession, I saw too many businesses fail, not because they were unsuccessful as businesses, but because of a lack of emergency funds. One of the owners died, became disabled, was divorced or had personal credit problems. And the family business paid the price. They had to liquidate, sell the business, or bring in non-family partners. Life insurance, disability insurance, sinking funds…all are important ways to assure liquidity for ongoing operations.

5. Wealth replacement for other family members: There is more to a family than the family business. Owners need to be sure that those family members who are not involved in the business are still taken care of. For example, a non-involved spouse will want ongoing income if the owner-spouse dies. If some of the children are involved with the business and some are not, it simply will not work to divide stock equally among the siblings. To avoid family conflicts and a subsequent business failure, some kind of inheritance equalization plan is needed.

6. Have a successful business: Targeting success may sound obvious, but this is not a given with a family-owned business. Sometimes the family business makes enough that the owner pulls down excessive compensation, or non-working family members are placed on the payroll. These tactics may temporarily provide family peace, but they can tear a business down. If a family business is to become a family legacy, the business must be able to stand on its own.   The owner should make the tough calls now, so that the transition can be smooth in the future.

To see the whole article please click here.

Integrity Financial Corporation offers a holistic approach to legacy planning and wealth management that is unique and unparallel. Integrity Financial Corporation is a boutique firm driven by understanding client needs and creating genuine, lasting, relationships between advisors and clients. We aid in the process of leaving a legacy comprised of both tangible assets, but also intangible values and memories. We strive to work with families for an effective transfer of wealth from generation to generation to aid in the longevity of wealth across countless generations as well as the longevity of family business if applicable. The holistic approach caters to the family and the importance of communication and education, as well as a shared family vision.

At Integrity Financial Corporation, our clients can expect to receive personalized service and expertise, built on a foundation of trust. To contact an advisor and discuss planning your financial legacy, please call us at 1.800.794.4015 or visit our website at www.ifclegacy.com.

 

 

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Want Your Wealth to Last for Generations?

In a study done by Merrill Lynch’s Private Banking and Investment Group it was found that a great deal of generational wealth does not surpass three generations. Please see the below excerpt:

Seven out of 10 (69 percent) high net worth Americans want their wealth to last at least through their children’s lifetimes, 43 percent through at least their grandchildren’s, and 17 percent would just as soon want it to last forever. This is according to new research from Merrill Lynch’s Private Banking and Investment Group published in a report titled “ Can You Make the Money Last? The Road to Sustainable Wealth

In more than two out of three instances, family wealth fails to outlive the generation following the one that created it, and 90 percent of the time, assets are exhausted before the end of the third generation – often referred to as the “shirtsleeves to shirtsleeves” phenomenon.1 This new Merrill Lynch study of wealthy individuals with at least $5 million in investable assets explores people’s desire to make their money last, risks that can derail this goal, and when and how wealth is discussed and transferred to future generations.

“Most families don’t make the grade when it comes to preserving wealth across generations,” said Stacy Allred, managing director and wealth strategist for Merrill Lynch’s Private Banking and Investment Group. “This unfortunate reality can often be avoided by understanding pitfalls and developing a strategy. Determining the purpose of your wealth, including how long you’d like it to last, is a critical first step. With these insights, you can establish certain safeguards and back into a spending rate that may not deplete the family assets.”

Many people have unrealistic notions about what constitutes a sustainable spending strategy should they want their wealth to last for several generations. For instance, two out of five people surveyed (39 percent) believe a portfolio could last forever with an annual distribution rate of 6 percent or more, while another one out of five (20 percent) simply has no idea what an appropriate distribution rate would be. In reality, data suggests that, even for the wealthiest families, true wealth sustainability may require an average distribution rate as low as 2 percent per year 2 – a fact understood by only 16 percent of those surveyed.

“Establishing a plan for wealth sustainability, and rallying a family to stick with it, can take comprehensive, cross-generational conversations about spending, saving and giving priorities,” said Michael Liersch, Ph.D., head of behavioral finance for Merrill Lynch. “In some cases, families may have to temper lifestyle expectations and sort through complex dynamics and emotions in order to clear the way for such candid, productive discussions.”

To read the whole article please click here.

Integrity Financial Corporation offers a holistic approach to legacy planning and wealth management that is unique and unparallel. Unlike large wealth management firms, Integrity Financial Corporation is a boutique firm driven by understanding client needs and creating genuine, lasting, relationships between advisors and clients. We strive to work with families for an effective transfer of wealth from generation to generation to aid in the longevity of wealth across countless generations. The holistic approach caters to the family and the importance of communication and education, as well as a shared family vision.

At Integrity Financial Corporation, our clients can expect to receive personalized service and expertise, built on a foundation of trust. To contact an advisor and discuss planning your financial legacy, please call us at 1.800.794.4015 or visit our website at www.ifclegacy.com.

 

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Legacy Planning: Charles W. Collier’s Wealth in Families

Legacy planning is more than the transfer of wealth, it is the transfer of wealth with a vision and purpose and the ability to maintain the wealth for generations to come. Successful legacy planning stems from success within the family unit. Below is an except from, Charles W. Collier’s, Wealth in Families:

Successful families share effective practices in common.

Successful families make thoughtful choices around their financial wealth and think about the effect of their decisions on the lives of their children and their spouses, and their grandchildren. Most importantly, they talk openly with their children, at age-appropriate times, about all the issues surrounding the family’s wealth.

In my experience, the best practices of successful families include the following:

1. They focus on the human, intellectual, and social capital of their family.

2. They stress the priority of each family member’s individual pursuit of happiness.

3. They work on enhancing intra-family communication.

4. Their time frame for determining success is long-term.

5. They tell and retell the family’s most important stories.

6. They create mentor-like relationships when establishing family trusts.

7. There is a collaboratively defined family vision statement (the Shared Dream).

8. They teach children and grandchildren the competencies and responsibilities that come with financial wealth.

9. They work at getting to really know each family member.

10. They give their younger family members as much responsibility as they can manage as soon as possible.

Of course, no family achieves all of these objectives, but attempting to do so is a goal to which any family can aspire and strive for over a lifetime.

To purchase the full book please click here.

Integrity Financial Corporation offers a holistic approach to legacy planning and wealth management that is unique and unparallel. We strive to work with families for an effective transfer of wealth from generation to generation by utilizing the above principals. The holistic approach caters to the family and the importance of communication and education, as well as a shared family vision.

At Integrity Financial Corporation, our clients can expect to receive personalized service and expertise, built on a foundation of trust. To contact an advisor and discuss planning your financial legacy, please call us at 1.800.794.4015 or visit our website at www.ifclegacy.com.

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Departing Employees Need Better 401(k) Advice

Here’s a great article from BenefitsPro.com.

If employees who leave a job were better counseled about what to do with their 401(k) plans before they go, fewer of them would cash out of their plans.

It’s a fairly intuitive notion but Boston Research Group found the hard evidence to say as much by following an innovative account consolidation program instituted by a large plan sponsor with 200,000 participants and a 25 percent annual turnover rate from 2007 through 2012.

It found that providing departing employees with personalized start-to-finish assistance from impartial counselors cut cashouts in half, reduced the number of stranded accounts and saved an estimated $6 million in costs.

Click here to read the rest of the article.

Integrity Financial Corporation helps business owners and individuals build a financial legacy through well designed executive compensation and retirement plans. Our clients can expect to receive personalized service and expertise, built on a foundation of trust. To contact an advisor, please call us at 1.800.794.4015

Please visit our website at www.ifclegacy.com to have an independent fiduciary 401(k) advisor at Integrity Financial Corporation analyze and evaluate your company’s 401(k) plan.

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