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Why Wealth Management at Sapers & Wallack?

/// Posted by Andrew MacDougall

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As one of the newest members of the Sapers & Wallack team, I thought this a good way to introduce myself and explain why I am so excited to join this company as the new Director of Wealth Management. I have been in the financial services field for over fifteen years now ranging from getting MBA at Northeastern University with a concentration in investments, working at the largest Corporate & Investment Bank in JPMorgan to most recently working as a Managing Director of Wealth Management at an RIA firm here in Boston. What struck me is the varied approach to client service across the industry.

I have noticed that the larger firms tend to have quota driven service models where certain products are more frequently offered or only one area of planning is provided. The smaller more boutique firms provide a full service, client-centric, financial planning approach. For me, this holistic model of service with multiple divisions that can offer clients a complete scope of financial expertise makes for a more thorough financial experience for my clients. I wanted a smaller, independent business culture with a familial approach to client outreach that did not come with the baggage of sales quotas or pushed products.

Sapers & Wallack shares this same mindset and set of ideals, recognizing that done right, financial services should enhance and protect the assets of the individuals and businesses with whom we work. The wealth management practice they have established and that I hope to grow, views every account as a unique entity, requiring targeted advice and support tailor made for their needs. This level of support and interaction is why I got into this business in the first place.

The tight knit, but wide reaching, team at Sapers & Wallack allows me to offer the clients I’ve brought with me new insights on tax, legal, P&C, retirement and philanthropic capabilities. I bring my knowledge and track record as a CFP®, ChFC®, and RICP® to the company’s existing client relationships which are at the core of everything we do here.

Building and maintaining long-term client relationships is perhaps what Sapers & Wallack does best. The key is best exemplified by CEO Aviva Sapers own client support approach, which seeks to not only offer financial options, but educate around financial literacy as well. As I have the pleasure of getting to speak with those of you who have been with the company for some time, I also hope to bring the benefits of this holistic model to the next generation of clients—establishing new relationships, sharing knowledge, and working to not just build stronger accounts, but stronger financial relationships in the process.

I look forward to getting to know and support you in whatever way I can.

How to Build Your Network

/// Posted by Evan Macedo

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For many businesses, and certainly throughout the insurance and financial services fields, the process of meeting new people and expanding our professional networks is key to success. Though this past year has put a serious damper on the traditional ability to shake hands and build new relationships, avenues still exist for making connections and many of the principles for best practice in networking remain the same.

As someone who is still in the relatively early stages of my career, I take an active role in network building and relationship maintenance, regarding it as a fundamental aspect of my job. While I don’t claim to be a guru on the subject, I can relate some tips and techniques that have worked for me as I proactively try to expand my reach and connection base before, during, and after the pandemic.

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Podcast Q&A: How to Build Your Network

/// Posted by Evan Macedo

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Evan Macedo, Vice President Finance & Operations at Sapers & Wallack, and Jeffrey Davis, Chairman and CEO at Mage LLC, answer questions about our March blog, How to Build Your Network.

 

Estate Planning To-Do-List – No Matter What Stage of Life You Are At

/// Posted by Kristen Maalouf

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I have worked in the financial services industry with life insurance products and estate planning for over 25 years, and in that time, I have had the opportunity to help many families file policy claims as they settle the estates of loved ones. I have seen first-hand the importance of the deceased having a financial plan in place for their families, just as I have helped others navigate the difficulties of not having a secure financial strategy to build on. 

Despite common misconceptions, you do not need to be old and rich to create an estate plan. The fact is that no matter how young you are or modest your financial footprint, it pays to start early and plan in stages rather than waiting until it’s too late or too overwhelming after an emergency.

Consider if you’re in your:

20s – 30s (Young Adult) 

You may have your first or second job, no children, possibly a new apartment, and are working to pay down college debt. You are not too young to consider estate planning.   

  • Designate the beneficiaries on any retirement plans or life insurance that you may get through your employer. Try to maximize what you contribute to your 401k. If you’re charitably inclined with no dependents, you can name a charity as a beneficiary as well! 
  • Consider some basic estate planning documents. At the very least, make sure to designate a health care proxy. This is a document that names a person you select to make medical decisions for you in the event you can’t make them for yourself. Create a Will that outlines how you want any assets distributed after your death and allows you to choose an executor who is responsible for carrying out those instructions.   
  • Create a list of your digital assets as well. This includes online banking and bill paying accounts, email accounts, social media accounts, and anything else that someone may need in order to settle things for you. 

30s – 40s (Not So Young Adult) 

You may have an established career, have gotten married/chosen a significant other, bought a car, house or other property, and have children that depend on you and your income. 

  • Keep the beneficiaries on your retirement plan and work-sponsored life insurance up to date. 
  • Create a Will that designates your durable power of attorney and health care proxy to make sure your spouse/significant other receives what they are entitled to. If you have children—designate a legal guardian in case something happens to you and if you have acquired some assets, make sure that your Will also creates a Trust upon your death with someone named as trustee who you think has good financial abilities. The trustee does not have to be the same person as your guardian. One person might be better at raising your kids and another at handling financial matters. 
  • Explore life insurance and disability insurance options to protect your loved ones in the event of unforeseen illness, injury, or death. 

50s – 60s & Beyond (Seasoned Adult) 

By now, you may have faced major changes in your wealth or health. Perhaps you have grandchildren, aging parents, or have had to face the death of a spouse or loved one. 

  • Revisit any existing wills, trusts, and estate plans to address evolving goals and tax consequences. Consider ways to be more tax efficient with the potential growth of your estate with the use of irrevocable trusts for life insurance and other assets for gifting. 
  • Check in on the financial status of your children to see if they have a need to inherit assets or if it better suits the family to skip a generation and go straight to your grandkids. Do grandchildren need college savings, investment accounts or insurance products? 
  • Explore long-term care insurance options for your parents OR for you and your spouse.   
  • Ask your parents what estate planning they have done so you can be aware of their accounts and assets and help them to prioritize any adjustments they deem necessary. 
  • Death of a spouse? Revisit all plans, documents, and beneficiaries.  

Whatever your stage in life, estate planning should go hand in hand with your financial planning, retirement planning, and overall financial wellness. It gives you a bit of control in knowing what will happen to your assets when you are gone, no matter how modest those assets may be. Not just for the old and rich, think of it as planning to help the loved ones you leave behind if you should go too soon.

Now is the time to consider speaking with a financial advisor or estate planning attorney to design the plan that is right for you.

 

Podcast Q&A: Estate Planning To-Do-List – No Matter What Stage of Life You Are At

/// Posted by Kristen Maalouf

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Kristen Maalouf, Executive Assistant of C-Suite Financial Services at Sapers & Wallack answers questions about our February blog, “Estate Planning To-Do-List – No Matter What Stage of Life You Are At”.

Using Life Insurance to Offer Diversified, Tax-Advantaged Retirement Savings

/// Posted by Scott Tuxbury

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Regardless of your financial situation, for most of us, saving the right amount of money for retirement can be difficult. Establishing sources of replacement income that will allow you to consistently maintain your expected lifestyle after your working years often requires careful planning, financial discipline, and if those are not attainable, some creative solutions.  

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Podcast Q&A: Using Life Insurance to Offer Diversified, Tax-Advantaged Retirement Savings

/// Posted by Scott Tuxbury

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Scott Tuxbury, Vice President and Leader for the Retirement and Wealth Management Practices at Sapers & Wallack answers  questions about our January blog, Using Life Insurance to Offer Diversified, Tax-Advantaged Retirement Savings

 

Underwriting in the Time of COVID-19

/// Posted by Kimberly Bernabeo Landry

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As with all industries, the insurance market has been greatly affected by the COVID-19 pandemic—particularly around the practice of underwriting. For the uninitiated, Life Insurance Underwriting is the method through which insurers evaluate the risk of potential buyers in order to decide whether or not to approve, deny, or rate up a life insurance policy.  As a rule of thumb, the healthier a person is, the less risk he/she poses, and the lower rates he/she will get. 

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Rethinking the Approach to Long-Term Care Insurance

/// Posted by Aviva Sapers

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Historically, there are many who do not purchase Long-Term Care (LTC) Insurance despite the increasing likelihood that prolonged financially debilitating needs for care may arise at some point in our future. Older Americans and nursing facilities being hit so hard by the COVID-19 pandemic might encourage people to want access to home care should they have a long term illness, but it only adds to potential need for extended coverage.

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Podcast Q&A: Rethinking the Approach to Long-Term Care Insurance

/// Posted by Aviva Sapers

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Aviva Sapers, CEO & President at Sapers & Wallack, answers questions about our November blog, Rethinking the Approach to Long-Term Care Insurance.