Growing up is hard, especially in today's day and age. But when you add financial challenges, like the transfer of significant wealth from an older generation to their heirs, life can become overwhelming for today's youth. On the latest episode of Advance Your Wealth, we sit down with Barry Garapedian, the visionary Founder & CEO of Mag 7 Consulting, a boutique coaching, mentoring, and advisory firm tailored specifically for high-school and college-aged students. In this conversation, Barry shares the remarkable journey of MAG 7 and how it has become a beacon for young individuals seeking to unlock their full potential.Barry sheds light on the importance of mentorship and coaching during the crucial formative years. Gain insights into the methodologies employed by MAG 7 Consulting to nurture skills, foster resilience, and instill a mindset of success in the next generation.Enjoy!Timecodes:0:06 - Introduction and overview on the topic of the episode1:03 - The importance of long-term wealth planning within families3:05 - Welcoming Barry Garapedian to the show!3:55 - Barry's career pivot from wealth management to Mag 7 Consulting6:41 - The greatest challenges facing today's youth9:22 - Kids growing up in a wealth environment and the importance of instilling financial wisdom12:37 - How Mag 7 actually works with today's youth 16:00 - Teaching clients the power of a handwritten note17:45 - The responses Barry receives from parents of his clients19:52 - The difference between an expectation and an agreement23:50 - The 7 self-development lessons you never learned in school26:48 - How to learn more about the work Barry does for clients through Mag 7 Consulting28:02 - How to connect with Homer and his team28:51 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

On the latest installment of Advance Your Wealth, we're joined once again by Joseph Sykora, Equity Analyst and Portfolio Reviews at Aptus Capital Advisors, for a deep analysis into the market's current affairs. As Joseph and his team monitor the market's performance, there have been two noteworthy categories of discussion to consider: Earnings and Interest Rates. Join us for another enlightening conversation, where we unpack some of the key considerations for your financial portfolio given some of the top trends unfolding in the markets. Timecodes:0:06 - Introduction and overview on the topic of the show1:16 - An overview on the most notable topics from Q36:03 - How rising interest rates are impacting the market and government10:17 - The cycle surrounding the government addressing a deficit11:49 - How to get in touch with Homer and the team for additional discussion12:20 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

Simply having significant wealth doesn’t guarantee a great life. For example, inheritors often face a number of significant challenges at various points in their lives, including the years before they receive their inheritance as well as after wealth is transferred to them. On the latest episode of Advance Your Wealth, we’re looking at some of the issues and hurdles that inheritors of significant wealth may need to overcome—along with strategies aimed at addressing them successfully.Timecodes:0:06 - Introduction and overview on the topic of the day1:23 - What Homer's team is known for2:29 - There are challenges associated with giving and receiving wealth5:13 - Where families can begin to effectively navigate these challenges7:00 - The red flags to be on the lookout for8:58 - Steps your family can be taking to avoid these mistakes overall10:20 - Advice on dealing with the emotional challenges of inheriting wealth13:02 - Smart ways we can be good stewards of our wealth15:21 - The bottomline: Addressing the challenges of giving and receiving wealth17:30 - How you can get in touch with Homer's team and learn more about a VFO18:25 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

The market year-to-date has brought along some major changes worth reflecting on. Rising interest rates, inflation, a bolstered tech sector and an uncertain path forward into 2024.On the latest episode of Advance Your Wealth, we’re looking back at Q3 and forward to Q4 and beyond. We discuss market trends, Mega Cap Tech, how Konvergent Wealth Partners defends its clients portfolios, and where the market appears to be heading in 2024. Timecodes:0:06 - Introduction and overview on the topic of the show1:19 - What are some high level year-to-date trends the Konvergent team is noticing? 2:28 - What's moving the S&P...the Magnificent Seven? 3:15 - What caused the major market moves in August?4:36 - Mega Cap Tech and Impact on the Market as a whole.6:23 - The Search for Safe Staple Stocks May Surprise You.7:19 - 3rd Quarter Earnings vs. Expectations for the Future.9:45 - Q4 and Excess Savings...What to Expect.11:05 - How Well Do Valuations Predict Market Prices?12:07 - Earnings Yields vs. Real Inflation Adjusted Interest Rates13:25 - How Portfolios Stay Ahead of the Curve.15:05 - Closing Remarks and How to Connect with Konvergent Wealth Partners.16:05 - Disclosures.Connect with Homer Smith:FacebookLinkedInWebsite

Family banks are a tool that some very wealthy families use for a number of reasons, and they’re increasingly being adopted by more and more families across the net worth spectrum. On the latest episode of Advance Your Wealth, we’re looking at whether family banks could be a smart move for you!Timecodes:0:06 - Introduction and overview on the topic of the show1:15 - What is a Family Bank? 2:28 - What is a Family Bank ultimately used for? 3:39 - How a Family Bank supports a family and fosters financial intelligence5:04 - A Family Bank can help people with their business-building desires6:33 - Family Banks are meant to be a formal solution within your estate7:50 - Family Banks can offer custom solutions to help address family needs overall9:17 - Who can leverage a Family Bank? 10:42 - How a family sets up and utilizes their Family Bank over time12:46 - How to get in touch with Homer and his team to discuss Family Banks14:20 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

Like many of us, the wealthiest people often worry about their health, their families and their finances. On the latest episode of Advance Your Wealth, we’re looking at how you can adopt some of the Super Rich’s strategies for addressing their fears and staying on the right track.This episode is packed with helpful considerations for your own financial world. Let's get started!Timecodes:0:06 - Introduction and overview on the topic of the day1:01 - Even significant wealth doesn't eliminate fundamental challenges3:24 - How wealth plays a role with health for many of us4:45 - An overview on concierge medicine7:18 - Navigating dysfunctional family dynamics and how they threaten wealth11:57 - We all fear losing our wealth13:27 - Recommendations on fighting the fear of losing your wealth15:15 - Taking the best ideas from the billionaires and implementing them for everyone16:50 - How to get in touch with Homer and his team18:20 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

As the year progresses, investors and analysts alike have been on the edge of their seats, closely observing the ebb and flow of various markets.On the latest episode of Advance Your Wealth, Homer welcomed Joseph Sykora, Equity Analyst and Portfolio Reviewer with Aptus Capital Advisors, to review the market's performance over the last few months and discuss what the remainder of the year has in store for investors of all types. This episode is bound to leave you with some helpful strategies that you can consider for your own financial world. Enjoy!Timecodes:0:06 - Introduction and overview on the topic of the day1:00 - How the market has been performing thus far in 20232:50 - Interest rates being raised by 25 basis points5:02 - Is inflation largely behind us? 7:45 - The bear vs. bull market cases 10:29 - What we can expect throughout the remainder of 202312:25 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

Today's episode features a slightly different format than what our audience is accustomed to!In order for a business owner to have their "dream exit," many boxes need to be checked in advance of the date of sale. Fortunately, Homer and his team at Konvergent Wealth Partners works diligently with their business owner clients to prepare their business for its sale and ensure they're maximizing the value of their clients' life work. Recently, Homer was invited to be a guest on the Middle Market Moment podcast, featuring Craig Dickens, CEO of JD Merit, for a deep dive into this conversation. There's a lot to unpack here, so let's get right into it!Timecodes:0:06 - Introduction and overview on the topic of the day1:16 - Welcoming Homer to the show1:53 - The personal readiness, the business readiness and the market aligning4:08 - The business owner's transition out of the business' day-to-day9:12 - The intangible benefits of being prepared when selling your business11:54 - How much business owners leave on the table when they aren't adequately prepared18:15 - The value of doing tax planning up front22:15 - The commonly used vehicles to help business owners from an estate planning perspective28:18 - There's a difference between planning and implementing your plan33:16 - What a business owner can be doing right now to kick off their planning process36:50 - How to get in touch with Homer and his team37:54 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

The first half of 2023 has been a successful time for investors. Plain and simple. But will it continue? That's the big question at hand! On the latest episode of Advance Your Wealth, Homer welcomed Joseph Sykora, Equity Analyst and Portfolio Reviewer with Aptus Capital Advisors, to review the market's performance over the last few months and discuss what the future has in store for investors of all types. This episode is bound to leave you with some helpful strategies that you can consider for your own financial world. Enjoy!Timecodes:0:06 - Introduction and overview on the topic of the day1:45 - Bringing Aptus Capital Advisors onto the show to analyze a successful 2023 thus far3:18 - Joseph Sykora's thoughts on where the market stands today4:49 - What drove this unexpected positive trajectory within the market6:54 - "Don't fight the FED"9:50 - Has the market moved ahead of itself? 13:25 - The risks existing within the market 18:16 - General concerns regarding debt, student loans, etc in the future21:57 - We need a combination of offense and defense in your portfolio23:34 - How you can get in touch with Homer and his team24:58 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

Sometimes, wealth occurs very suddenly. And along with the perks of new wealth, comes many challenges and issues to address. On the latest episode of Advance Your Wealth, Homer examines some ideas and action steps to consider if you or someone in your life becomes very wealthy, very rapidly.Timecodes:0:06 - Introduction and overview on the topic of the day1:30 - Significant wealth is typically created over a long period of time3:10 - Sudden wealth comes with serious risk4:20 - How should you navigate sudden wealth and begin healthy financial planning efforts?7:04 - Mistakes you should avoid in the event you become suddenly wealthy9:20 - The biggest challenges of managing sudden wealth11:50 - How asset protection planning efforts come into play 13:37 - The big picture on managing sudden wealth for you and your family15:45 - How you can get in touch with Homer and his team17:52 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

Artificial Intelligence. It's one of the hottest topics of conversation among business leaders and organizations at large...and for good reason!On the latest episode of Advance Your Wealth, Homer is joined by Adam Butler, Chief Intelligence Officer at ReSolve Asset Management, for a deep dive into the innovations that AI has brought upon the business world. By leveraging Chat GPT, among an array of other AI tools, business leaders are able to transform the very definition of productivity and allow their organizations to accomplish more with less. Timecodes:0:06 - Introduction and overview on the topic of the show1:40 - Why business owners should be thinking about the implications of AI2:53 - Welcoming Adam Butler to the show4:05 - How AI tools are generally impacting the realm of business8:30 - The most common AI tools that people should be considering in their day-to-day lives12:58 - How you can leverage AI to benefit your life today19:06 - Leveraging Chat GPT to develop email copy27:25 - The concerns among Chat GPT and other AI tools available to the masses36:15 - Who do you sue when AI messes up? 43:13 - How AI has impacted education at large50:23 - Adam's recommended AI tools and plugins you should utilize55:10 - How to get in touch with Homer's team56:30 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

The market fluctuates. Plain and simple. But it's how we plan and react to these changes that makes all the difference!On the latest episode of Advance Your Wealth, Homer welcomed Dave Wagner, Equity Analyst and Portfolio Manager with Aptus Capital Advisors, and John Luke Tyner, Portfolio Manager and Fixed Income at Aptus Capital Advisors, for a deep dive into some of the key investment themes that we should be observing these days. Dave and John Luke share their insights on the current market situation, as well as their expectations on the future. This episode should leave you with some helpful takeaways for your own financial world!Timecodes:0:06 - Introduction and overview on the topic of the day1:15 - We're not trying to predict the future, but we want to be prepared3:40 - Bringing the right research group to the table and optimize our work for clients4:40 - Dave Wagner and John Luke Tyner share how Aptus Capital Advisors work with clients6:36 - Why the market still remains up despite bigger concerns8:57 - What led to the banking crisis? 12:20 - How the Feds are navigating this banking crisis and financial challenges15:41 - Issues that could come to fruition 19:41 - How Aptus is approaching the near future and looking at portfolio construction21:37 - We're a team that coordinates expertise for our clients22:50 - How you can get in touch with Homer's team23:20 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

We all have the standard insurance that helps protect us and our finances, such as auto insurance and homeowners insurance. But are those policies enough to safeguard your assets if you’re faced with an extremely big claim against you? On the latest episode of Advance Your Wealth, we’re joined by Jennifer Alimonda, Director of Private Client Solutions at Sterling Risk, and taking a closer look at personal umbrella insurance. Primarily, we're pinpointing just how important it can be if you have significant assets!Timecodes:0:06 - Introduction and overview on the topic of the day1:21 - Who is Jennifer Alimonda? 2:48 - Jennifer's background with Sterling Risk and her experience with insurance policies4:05 - What is personal umbrella insurance? 5:37 - Where an umbrella policy comes into play8:10 - Are you covered in the event of a tragic incident with many lawsuits?11:15 - The risks associated with having significant assets15:55 - The amount of umbrella policy protection you should consider17:57 - The factors that influence insurance premiums20:42 - Personal umbrella policies are very broad23:22 - Reach out to your broker and discuss the need for an umbrella policy26:09 - How you can get in touch with Homer and his team27:18 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

The people you know can play a vital role in the level of success you achieve, both in business and your personal life. However, for contacts to be important and valuable to that success, you need to develop powerful relationships with them that get results for all involved. On the latest episode of Advance of Your Wealth, we’re exploring some particular strategies you can leverage to enhance the professional relationships you'll make throughout your career. Timecodes:0:06 - Introduction and overview on the topic of the day1:11 - "It's not what you know, it's who you know!"2:20 - How to connect and motivate other people5:27 - Find a way to help them accomplish their most important goals6:53 - Provide economic glue within your relationship8:47 - The softer, and more nuanced, elements within building relationships10:15 - How to build trust more quickly12:11 - The bottomline14:05 - How you can get in touch with Homer and his team15:13 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

Storytelling connects us all and a good story causes us to lean in and connect with the storyteller themself.On the latest episode of Advance Your Wealth, we welcome Nick Nanton, 22-time Emmy® Award Winning Director/Producer, to discuss the power of storytelling and how it can be leveraged to enhance your brand and business. Regarded as "America's biographer" and the "voice of a new generation" by Larry King, Nick has developed numerous award-winning documentaries and shared stories that have touched millions of people across the globe. We sat down to discuss how to connect with your intended audience through a great story!Timecodes:0:06 - Introduction and overview on the topic of the day2:14 - Welcoming Nick Nanton to the show2:45 - Nick's background and how he became a filmmaker and songwriter12:30 - How storytelling can be leveraged to grow your business and build a team17:44 - The guilt complex we all experience when telling our own stories19:20 - Telling a story in a documentary format 23:50 - Stories can be utilized to convey difficult or complex topics25:38 - "The best story always win" and Mission Driven Celebrity Experts30:05 - Any business owner can strive to become a Mission Driven Celebrity Expert31:50 - Exciting projects Nick is working on these days33:00 - How you can get in touch with Nick34:50 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

If you’re a business owner, do you have key person insurance or a buy-sell agreement in place? If so, when was the last time you updated it? If your solutions are more than a few years old, you could be setting yourself up for financial disaster. On the latest episode of Advance Your Wealth, we’re examining why these questions are so critical to be asking yourself and what entrepreneurs can do about it right now!Tune in and discover some steps you can be taking to avoid the major financial hardship that accompanies these types of issues. Timecodes:0:06 - Introduction and overview on the topic of today's show1:14 - Business owners are analyzing today's landscape to avoid future issues2:40 - Unexpected events can jeopardize the success of a business3:30 - Most business owners have a solution in place, but it's outdated4:25 - The advantages associated with a buy-sell agreement or a key person insurance policy6:03 - 40% of business owners don't have key person insurance in place7:16 - The appeal of a buy-sell agreement9:28 - The value of buy-sell agreements is widely recognized10:42 - How big of a deal is an outdated agreement? 12:38 - Advice for business owners to stay on top of these solutions14:45 - How to get in touch with Homer and his team15:30 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

With so many industries flooded with competition, it can be difficult for business owners to stand out among the competition! On the latest installment of Advance Your Wealth, we're pleased to welcome Chris Smith, Founder of Campfire Effect, for a great conversation surrounding differentiation through the power of storytelling. At Campfire Effect, Chris and his team believe that your story and your message are the most powerful things you have to grow and scale your business. In this episode, Chris will walk through some of his teachings and explain how this can be leveraged to enhance your business' future efforts. Timecodes:0:06 - Introduction and overview on the topic of the day1:50 - Do you feel like you're the best kept secret in your industry?2:30 - Welcoming Chris onto the show3:00 - Chris' background and cowboy storytelling4:50 - What does it mean to be preeminent? 7:30 - What changes for your business when you begin focusing on being preeminent?10:30 - How Chris's work impacts business owners specifically13:29 - Important questions business owners should be asking themselves17:35 - How to reshape your identity21:00 - How this new identity trickles down through your organization25:00 - How to measure the ROI of Chris's work within your business29:29 - Chris's work with successful families in "Family Brand"34:55 - Chris looking like Ryan Reynolds 36:20 - Where to find Chris and his organizations online38:00 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

On the latest episode of Advance Your Wealth, we're pleased to welcome Tommy Ragsdale, Vice President of Strategic Development for 360 Privacy, for a great conversation on the various cyber threats that individuals and businesses are exposed to in today's day and age. 360 Privacy, a veteran founded, owned, and operated LLC based out of Nashville, TN, is comprised of members from the Special Operation Forces, Intelligence Community, and technology experts whose mission is to protect the digital identity, reputation, and security of high-profile executives, athletes, and high net worth families. By removing personally identifiable information from data brokers websites on the open web, conducting daily monitoring to prevent data repopulation, and securing personal technology infrastructure (routers, iPads, iPhones, smart thermostats, etc.), 360 Privacy keeps their clients' information out of the hands of sophisticated threat actors and fraudsters.Timecodes:0:06 - Introduction and overview on the topic of the day1:19 - The cyber risks we're exposed to are now at the forefront of conversation2:15 - Background on 360 Privacy and how Tommy landed in cybersecurity3:50 - An overview on digital privacy and the main threats you need protection from8:23 - How 360 Privacy reduces your digital information that's out there9:50 - The Dark Web and how it functions14:15 - The level of protection and service you get from 360 Privacy versus Lifelock17:23 - There is no "easy button" for cybersecurity19:29 - Cybersecurity packages included within insurance policies 22:05 - Stories of 360 Privacy helping some high-profile clients, like Ronnie Dunn26:55 - Easy tips you can begin implementing to strengthen your cybersecurity efforts29:39 - How you can get in touch with Tommy and 360 Privacy31:32 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

Many business owners are always looking to motivate their employees, generate better results and save themselves some money in taxes. On the latest installment of Advance Your Wealth, we're examining a tool that can potentially do that and more for your business. It's a retirement plan and succession tool called an Employee Stock Option Plan, or ESOP. Sit back, relax, and enjoy another enlightening conversation surrounding a strategy that is bound to leave you with some considerations for your own business. Timecodes:0:06 - Introduction and overview on the topic of the day2:00 - Why this type of retirement plan is one that business owners should be considering3:42 - How an ESOP functions for a business and its employees5:12 - The key differentiating factors within ESOPs6:40 - The advantages business owners see when using ESOPs8:55 - How an ESOP can benefit a business as an entity10:38 - How an ESOP can assist within the succession planning efforts for business owners12:36 - Questions that business owners should be asking themselves14:35 - The first step you should be taking if you're interested in implementing an ESOP16:33 - How you can get in touch with Homer and his team17:30 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite

If you’ve built and grown a family business over time, there’s a very good chance that you’d like to have your heirs take over the company at some point down the road—or maybe more like around the corner, if you’re ready to move on.But are you and your business’s potential future owners prepared for that transition and set up for success?In the latest episode of Advance Your Wealth, we discuss the importance of the communication in the family business transition planning process and some of the issues that need to be addressed to increase the likelihood of a successful transition.Timecodes:0:06 - Introduction and overview on the topic of the day2:38 - The overall importance of business transition planning4:37 - The family planning element is extremely important within this conversation6:19 - Where a plan can fall apart along the way8:03 - The family relationships are at the crux of a proper plan10:00 - How a family business should approach developing a thorough succession plan11:27 - Generational family wealth and keeping businesses in the family 13:12 - What's the first step in getting this process off the ground? 16:41 - How to get in touch with Homer's team for future discussions19:01 - Closing remarksConnect with Homer Smith:FacebookLinkedInWebsite