In this episode, Matt Nelson, Matthew Finley, and Jacob LaRue review the year’s highlights for Perspective 6 Group. They discuss transformative client outcomes, tax-saving strategies, and tailored financial planning approaches. Packed with insights, this episode showcases the value of personalized advice in achieving long-term goals.
You’ll hear:
Reflections on client achievements, including 256 review meetings, onboarding 11 new clients, and impactful case studies
Effective tax strategies, such as reviewing 143 returns and executing $1.3 million in Roth IRA conversions to secure long-term benefits
Estate planning triumphs, including designing strategies to shield millions from taxation for generational wealth
Portfolio performance and market strategies, leading to strong returns and reduced internal fees for clients
Team growth, innovation, and the use of technology to improve client experiences and streamline operations
What drives someone to pack up and move for a career?
In this episode of The MedTech Wealth Advisor Podcast, host Matt Nelson introduces listeners to two new team members at Perspective 6 Group, Grace Hennen and Karissa McLaren.
Tune in to hear about their unique backgrounds, how they landed in the MedTech financial advising world, and why they’re both thrilled to join the team. Discover how their experiences shaped their career and life choices.
During the discussion:
Karissa shares how her upbringing on a Kentucky cattle farm influenced her passion for finance
Grace reflects on how a love for customer service and a passion for mathematics paved her path to financial planning
Both discuss the surprises and lessons learned from transitioning from academic financial concepts to real-world application
Matt guides a conversation on industry progress and personal insights on how new professionals can push for even more inclusive practices
After her graduation from college in 2024, Grace began working with Perspective 6 Group as a Financial Planning Associate. Grace is passionate about financial planning and helping people achieve their goals. As an Financial Planning Associate, Grace will be responsible for ongoing financial planning analysis and research, and portfolio maintenance. In addition, Grace will assist our clients with day-to-day activities such as ensuring our financial planning data is up to date or helping clients with account-related questions. Through her work as an Advisor Support Specialist, Grace is working to gain the skills necessary to become a Financial Advisor.
About Karissa McLaren:
Following her graduation in 2024, Karissa McLaren began working for Perspective 6 Group as an Advisor Support Specialist. During her time in college, she discovered her passion for serving others in various capacities. That passion, coupled with her interest in finance and investments, has led her to a career in financial planning with the aspiration of becoming a licensed Financial Advisor. Karissa looks forward to learning the depths of the industry and forming relationships with clients.
How can you maximize your charitable giving while minimizing your taxes?
Donor-advised funds (DAFs) might be the key.
Join Matt Nelson and Jacob LaRue as they dive into the strategic world of donor-advised funds—a tool many haven’t explored yet—to enhance your charitable contributions while skillfully managing your tax savings, aligning seamlessly with your values.
They discuss:
Donor-advised funds, a powerful vehicle to maximize both your charity impact and tax benefits
Practical scenarios and case studies showcasing the effectiveness of bundling contributions for greater deductions
Combining strategies such as utilizing low-basis stocks or integrating Roth conversions
The options for setting up lasting charitable legacies that continue giving beyond your lifetime
This week, Matt Nelson and Jacob LaRue explore the essentials of charitable giving, focusing on how to align charitable contributions with financial goals while optimizing tax savings.
The episode outlines the importance of prioritizing values over tax savings, covers key methods of giving, and provides strategies for maximizing the benefits of donations.
They discuss:
The importance of prioritizing your values over tax savings when engaging in charitable giving
An overview of tax considerations and limitations on charitable contributions
Strategies for donating low-basis stock and how it can be more beneficial than cash donations
The benefits of Qualified Charitable Distributions (QCDs) for retirees, especially those with required minimum distributions (RMDs)
Life insurance might not be the most exciting topic, but it’s crucial for safeguarding your financial future.
And the golden question is: How much life insurance is enough?
We’ve got the answer this week on The MedTech Wealth Advisor Podcast. Matt Nelson and Jacob LaRue talk about how to determine the appropriate amount of life insurance coverage to meet your needs.
They guide you through the purpose of life insurance, the various frameworks to determine the necessary coverage for you, and how to select the right type of policies based on individual needs.
They discuss:
The purpose of life insurance and its role in financial planning
Different frameworks for calculating the necessary amount of coverage
The distinction between group and personal life insurance policies
How to tailor life insurance plans to unique family and financial situations.
Wondering how Roth IRAs give you a tax advantage? Curious about non-retirement uses like college and buying a home? This episode dives deep into the strategic advantages of Roth IRAs and their role in preparing you for your financial future.
For working professionals, navigating retirement planning is critical. This episode reveals how Roth IRAs can be pivotal tools in your financial arsenal, offering benefits beyond retirement savings. Whether you’re a young investor or a high earner, understanding the nuances of Roth IRAs can lead to significant long-term gains.
Join host Matt Nelson, CFP®, Managing Partner at Perspective 6 Group, and Jacob LaRue, CFP®, Head of Financial Planning, as they discuss the most effective strategies for optimizing Roth IRAs. Discover how these accounts can be leveraged not just for retirement, but also for estate planning, emergency funds, and even home purchases.
Key Highlights:
Roth IRA Basics: Learn how Roth IRAs differ from traditional retirement accounts, with after-tax contributions and tax-free withdrawals in retirement
Strategic Contributions: Explore optimal strategies based on your lifetime tax bracket and income fluctuations to decide between Roth and traditional IRAs
High Earner Strategies: Learn about Backdoor and Mega Backdoor Roth IRAs, designed to help high-income earners maximize their savings into retirement
Estate Planning: Discover the benefits of using Roth IRAs in estate planning, including tax-free inheritance and the absence of required minimum distributions
Non-Retirement Benefits: Uncover how Roth IRAs can fund emergencies, facilitate home purchases, and reallocate excess 529 plan funds for education
How do NSOs work? When are NSOs taxed? Are NSOs earned income? Get all your NSO questions answered on this episode.
Unlocking the potential of your non-qualified stock options (NSOs) can be essential in achieving financial independence, particularly in the MedTech industry. Understanding the intricacies of NSOs can empower you to make informed decisions about your equity compensation and overall financial plan.
Join host Matt Nelson, CFP®, and Jacob LaRue, CFP®, as they explore the strategic planning required for exercising NSOs. Learn the importance of understanding grant agreements, vesting schedules, and the overall impact on your financial plan to avoid common pitfalls like unexpected tax bills and concentration risk.
Key Highlights:
NSOs Overview: Gain insights into how NSOs work, including the difference between the grant price and the current stock price, as well as the significance of the vesting schedule
Exercising NSOs: Explore different methods of exercise, cash vs. cashless, and understand the implications of each approach
Tax Implications: Learn about the tax consequences of exercising NSOs, including ordinary income taxes on the bargain element and capital gains taxes on future gains
Concentration Risk: Discover strategies to manage concentration risk, especially if a significant portion of your portfolio is tied to one company’s stock
Three-Step Planning Process: Understand the process of reviewing stock plan documents, building a financial plan, and creating a game plan for exercising NSOs
Withholding and Tax Planning: Identify the need for additional tax planning due to insufficient withholding on NSOs and the importance of keeping up with tax estimates to avoid penalties
Practical Guidance:
Early Exercise Option: Exercising NSOs early can be beneficial if the stock price is low, allowing future gains to be taxed at capital gains rates instead of income tax rates
Scenario Planning: Evaluate different exercise scenarios to determine the best strategy for your financial situation, considering factors like market concentration and tax impact
Regular Check-ins: Regularly review and adjust your financial plan, especially during key periods like Spring and Fall to ensure you stay on track and avoid surprises
Transform your assets into the life you’ve always dreamed of!
In this episode of the MedTech Wealth Advisor podcast, host Matt Nelson, CFP® and Jacob LaRue, CFP® go through a real-life example in a case study. They discuss the imperative considerations and how they created a Financial Independence Plan unique to the client.
The first step is to understand the clients’ values, needs, and what exactly they want out of life. Then they can delve into the specifics of their financial picture and specific challenges, such as stock options. With all the information delivered a plan is developed to reach their short-term and long-term financial independence goals while still prioritizing the values, goals, and desired lifestyle of the client.
Also discussed is creating a “baseline scenario” to account for potential ups and downs in income and expenses. This creates a solid framework that can adapt even in the face of major life events. Tune in for a comprehensive look at what it takes to plan for your future and create your own personal Financial Freedom Statement!
Key Highlights:
Understanding Core Values: Rather than working from their own ideals and processes, getting to know the client’s personal views and values is the initial guide to the planning process.
Financial Freedom Statements: An overall view of a client’s financial outlook in the present and the future, as well as the options that are available to adjust their work-life balance
Equity Compensation & Benefits: Don’t miss out on equity compensation not yet vested, understand all your benefits and how to maximize them.
Long-Term Planning: Building a comprehensive financial independence plan looks beyond immediate spending to consider lifestyle changes, potential sabbaticals, increased travel, and other long-term goals.
Baseline Scenarios: Creating an initial template with expected income and known expenses in the present and future lays a foundation for
Do you have a topic you’d like to learn more about on this podcast? Send us an email at mwapodcast@focusfinancial.com to let us know. We look forward to hearing from you!
Ready to explore cutting-edge MedTech innovation and its career impact?
Matt Nelson, CFP®, and Frank Jaskulke, the now former VP of Innovation at Medical Alley, join together to discuss how Medical Alley drives healthcare advancements. Celebrating 40 years in 2024, Medical Alley has led initiatives like the angel investor tax credit and the Medical Device Innovation Consortium, cementing Minnesota as a MedTech hub. Frank shares invaluable insights on Medical Alley’s history, mission, and industry impact for professionals and entrepreneurs.
Key Highlights:
Collaborative Ecosystem: How Medical Alley unites medical device companies, hospitals, insurers, and supply chains to foster innovation and public health outcomes
MDIC’s Role: Bringing together FDA scientists and industry experts to enhance product safety, efficacy, and approval processes
Angel Investor Tax Credit: Boosting innovation with a 25% refund on investments in Minnesota-based high-tech startups
Healthcare Digitization: Exploring digital transformation to reduce costs, improve quality, and address rising healthcare expenses
Medical Alley Starts: Supporting entrepreneurs with resources to connect with investors, partners, and talent, accelerating innovation
Career Development: Networking and execution advice for newcomers to enhance career opportunities within Medical Alley
International Expansion: Bringing global innovations to Minnesota to further enhance the state’s MedTech industry
Tune in for actionable advice and insights into the factors shaping MedTech innovation and career development.
Do you have a topic you’d like to learn more about on this podcast? Send us an email at mwapodcast@focusfinancial.com to let us know. We look forward to hearing from you!
As the Vice President of Innovation at Medical Alley, Frank Jaskulke played a crucial role in driving the nonprofit association’s mission to make Minnesota the epicenter of health innovation and care. With a robust background in supporting MedTech startups and fostering industry collaboration, Frank’s leadership has been instrumental in launching initiatives like the Medical Device Innovation Consortium and the angel investor tax credit, significantly impacting the MedTech landscape. Since recording, Frank has moved on from Medical Alley to another opportunity.
Have you planned how your assets will be handled after you’re gone?
Building on foundational estate planning strategies, this episode of the MedTech Wealth Advisor Podcast, hosted by Matt Nelson, CFP® with guest Jen Santini, J.D. gets into advanced estate planning strategies for MedTech professionals and entrepreneurs. They explore the critical roles of wills and trusts for asset distribution after death and incapacity planning. With a breakdown of the three types of trusts and what might be the best option for you. This conversation aims to simplify estate planning as an integral part of both professional and personal financial management.
Key Highlights:
Wills and Trusts: Matt and Jen emphasize the key roles of wills and trusts in avoiding state-enforced asset distribution and in managing assets effectively after death or during incapacity
Living Revocable Trusts: The episode underscores the importance of living revocable trusts for property owners across multiple states or those with complex family situations like blended families, ensuring adaptive asset control
Trust Types Explained: Jen distinguishes between revocable and irrevocable trusts, highlighting their advantages and limits with a focus on asset protection and tax implications
Tax Planning with Trusts: They explore strategic tax planning with trusts to maximize tax benefits and preserve estate value, particularly effective in high-tax states
Elder Care and Asset Protection: The significance of early planning for elder care and asset protection is discussed, aiming to solve asset transfer issues and maintain eligibility for public benefits
Planning for Minor Children and Heirless Estates: The necessity of appointing trustworthy guardians and trustees is highlighted, focusing on protecting the financial futures of minors and managing estates without direct heirs
And much more!
Tune in to gain actionable advice and ensure your estate planning aligns with your wishes, safeguarding your legacy for the future.
Do you have a topic you’d like to learn more about on this podcast? Send us an email at mwapodcast@focusfinancial.com to let us know. We look forward to hearing from you!
From an early age, Jen knew she wanted to go to law school. Not because she came from a family of attorneys but because she enjoyed solving problems and helping others. Being a lawyer was a way to combine her passions. However, she did not expect that she’d ultimately practice primarily as a trusts & estates attorney.
Prior to forming Sykora & Santini PLLC, Jen spent the majority of her professional career in the financial services industry in Boston. During law school, Jen worked in the legal department at Putnam Investments and then transitioned to MFS Investment Management. At both companies, she focused on legal matters complying with SEC, FINRA and state regulations. In addition, Jen has worked on corporate governance matters, such as reorganization of departments, rebranding of products, and mergers and acquisitions.
Upon graduation from law school, Jen moved to the Twin Cities. She did not intend to start her own firm but partnering with Jayne to do so has been one of her best decisions. She loves working with people and enjoys learning about her clients’ life stories – both personally and professionally.
