NNP IN THE NEWS: The State of Wealth Management After Tax Reform

In the January 5 issue of the Upstate Business Journal, Nachman Norwood & Parrott’s Vice President Wes Boyce discusses the recently signed tax bill in a bylined column. The bill, commonly referred to as the Tax Cuts and Jobs Act, is the most substantial change of the federal tax code in more than three decades. This change affects corporate America to high-net-worth individuals to the middle class and beyond, and Wes explores just a few of the bill’s implications.

One of the most notable changes that might affect high-net-worth individuals is that while the number of individual tax brackets remain at seven, the number of estate and trust brackets decreased from five to four, each with slightly lower rates.

Wes notes that the bottom line is to work quickly to understand what impact this bill will have on your taxes. A financial advisor can (and should) help support your tax advisor about steps you might want to consider moving forward.

Read the full article on the Upstate Business Journal’s website. If you’d like to schedule an appointment with a financial advisor, call us at (864) 467-9800.

NNP IN THE NEWS: JENNINGS CRAFT JOINS NACHMAN NORWOOD & PARROTT

Jennings Craft has joined Nachman Norwood & Parrott Wealth Management Consultancy as a Client Service Associate. A Cum Laude Graduate from University of South Carolina’s Moore School of Business, Jennings received a Bachelor of Science Business Administration degree in Accounting with a Finance cognate in May 2017.

The news of Jennings joining the NNP team was featured on UpstateBizSC.com.

Nachman Norwood & Parrott Wealth Management Consultancy is a separate entity from WFAFN.

Putting Clients First

Department of LaborThe Department of Labor (DOL) Fiduciary Rule became effective on June 9, 2017. This rule requires financial firms to act in the best interest of clients when making recommendations in regards to retirement accounts.

As a recent article in Investment News* explains, this law is designed to stop advisors from putting their own interests in earning higher commission and fees over their clients’ interests, by obtaining the best investments at the lowest prices.

At Nachman Norwood & Parrott, we support these measures which align with our longstanding commitment to putting our clients first.

Central to this ruling are the requirements to ensure greater transparency for retirement investors and to mitigate conflicting advice.

At NNP, we pledge to continue to:

  • Be prudent and transparent with client recommendation
  • Put our clients’ best interests ahead of our own
  • Keep fees and expenses reasonable
  • Not make misleading statements
  • Stay in regular contact with our clients

“This ruling, while significant, will not change the way we conduct business. NNP has always been diligent in ensuring we keep our clients’ best interests at the forefront, and we are pleased efforts have been made to make those practices the industry standard.” – Al Cannon, Managing Director at NNP

Do your employees understand their 401(k)?

Good employers are always striving to do the right things for their employees, and providing them with a retirement plan is a prime example of this. In addition to offering employer-provided benefits, like a 401(k) plan, it’s crucial that the company takes the time to educate their employees on these benefits.

There are a number of ways companies can educate employees on their 401(k) plan. Some ways include:

Inform new employees: provide information in employee handbooks or utilize payroll stuffers, flyers or posters around the office so new employees are aware the plan exists.

  • Explain the enrollment process: schedule enrollment meetings or provide enrollment books so employees can understand how to get started and how to choose the appropriate investments.
  • Discuss regularly: conduct annual or continuing education meetings that can be used to keep participants informed on how and why to save and invest.
  • Provide resources: share the 401(k) website with employees, which has many tools for investment planning and forecasting. Resources like this help employees understand when they can afford to retire. Share these tools through meetings, handouts or email.

Nachman Norwood & Parrott understands the importance of education in retirement planning. Read what criteria companies must meet when offering a 401(k) plan and more information on how companies can educate their employees by downloading NNP’s second quarter newsletter on the Nachman Norwood & Parrott website.

Warm regards,

Nachman Norwood & Parrott

Wealth Management Consultancy

Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN), Member SIPC, a registered broker-dealer and a separate non-bank affiliate of Wells Fargo & Company. Nachman Norwood & Parrott Wealth Management Consultancy is a separate entity from WFAFN.

Nachman Norwood & Parrott and Wells Fargo Advisors Financial Network are not tax or legal advisors.

NNP IN THE NEWS: Fees vs Commissions

Is your financial advisor’s compensation aligned with your best interests?

Fees or commissions? There is a vast difference of opinion among financial advisors regarding which is best. In the April 21 issue of the Upstate Business Journal, Nachman Norwood & Parrott’s Vice President, Maura Copsey, weighed in on understanding the difference and what you should take into consideration that aligns best with your financial goals.

There can be an appropriate time and a place for both fees or commissions; however, not fully understanding them could significantly impact your long-term outcome. Take time to learn more about understanding the costs to ensure your goals are aligned and headed in the right direction.

Read the full article on the Upstate Business Journal’s website. If you’d like to schedule an appointment with a financial advisor at Nachman Noorwood & Parrott to discuss what is best for your needs, call us at (864) 467-9800.

NNP IN THE NEWS: Bob Nachman Named Top 1200 Financial Advisor by Barron’s

Nachman Norwood & Parrott’s Bob Nachman Named Top 1200 Financial Advisor by Barron’s

Congratulations to Bob Nachman, Managing Director at Nachman Norwood & Parrott, for being ranked among Barron’s Top 1200 Financial Advisors in the country for 2017. Winner’s Circle, a Barron’s research organization, produced the rankings based on data provided by more than 4,000 of the nation’s most productive advisors. Among the factors taken into consideration for the rankings are assets under management, business production, regulatory record, quality of practice and philanthropic work. The news of Bob Nachman’s recognition was featured in GSA Business Report and Greenville CEO.

The rankings are based on data provided by thousands of advisors. Factors included in the rankings were assets under management, revenue produced for the firm, regulatory record and client retention.