A New Way To Stay Connected To Your Financial Life

Conveniently monitor your financial matters with the Nachman Norwood & Parrott Wealth Management Consultancy Client Portal. See your account balances, track your progress, or contact a member of our team from anywhere, at any time.

Discover the advantages of having instant access to your financial picture wherever you go:

IT’S INFORMATIVE

You can quickly reference important insights as you manage your personal wealth.

IT’S SECURE

You can store documents and other personal information in the portal’s secure vault. Everything stays safe, even if your device is lost or stolen.

IT’S CONVENIENT

You can easily access important information and organize documents to fit your needs.

To learn more, watch this video demo of the NNP Client Portal.

NNP IN THE NEWS: Industry Podcast by Diamond Consultants

In a recent episode of a podcast from Diamond Consultants, Tim Oden, Senior Managing Director for Business Development at Schwab Advisor Services, is interviewed about what it takes to make a successful transition to a Registered Investment Advisor (RIA).

Oden uses Nachman Norwood & Parrott Wealth Management Consultancy as an example of a firm who has made this move quickly while keeping their clients’ needs at the forefront.

To listen to the episode, click the audio clip below or visit the Diamond Consultants website.

It’s Not Too Early To Start Year-End Tax Planning

The Tax Cuts and Jobs Act of 2017 may potentially impact your personal tax situation, so it’s not too early to start year-end tax planning. Given the changes, here are a few things to consider:

1. REVIEW PAYROLL WITHHOLDINGS

Tax brackets changed to favor many taxpayers, but at the same time, withholding rates also decreased. Review your withholding rates now to avoid surprises in April.

2. CONSIDER A COMPREHENSIVE ESTATE PLAN REVIEW

While the new tax law doubled the threshold for estate taxes (and this doesn’t expire until 2025), it also created new considerations that may impact your existing estate plan.

3. RETHINK CHARITABLE DONATIONS

With the increased standard deduction, many will find there is no longer a need to itemize. Bunching charitable donations allows individuals the opportunity to itemize by grouping donations to charities in specific years and by limiting donations in other years. In addition, individuals over 70.5 may consider making charitable donations up to $100,000 from their annual IRA RMD.

4. CONSIDER PAYING OFF MORTGAGE DEBT

The new standard deductions change the math for many folks, especially married couples.

The team at NNP is ready to help and recommends consulting with your tax advisor before making any changes. Give us a call to start the conversation!

Newsletter: Special Edition – Understanding the Difference Between a Broker and a Registered Investment Advisor

In March 2018, the United States Court of Appeals for the Fifth Circuit added to the lingering saga of the DOL Fiduciary Rule by voting to vacate the rule. As a result, the debate over who is and who is not a fiduciary continues. The lack of clarity on this subject was one of the main reasons we decided to form our own Registered Investment Advisor (RIA) and leave the confusion behind. So, what’s the difference between a broker and an advisor?

A critical distinction between the two is regulatory. A broker is registered with the Financial Industry Regulatory Authority (FINRA) and owes a duty of fair dealing to their clients. They are only required to make recommendations that are suitable for clients and can legally put their interests above the clients’. On the other hand, an RIA is registered with the Securities Exchange Commission (SEC). As a fiduciary, an investment advisor has an affirmative duty of care, loyalty, honesty and good faith to act in the best interests of clients.

Compensation is also typically different between the two. By definition, a broker is someone who buys and sells products on behalf of another for a commission. This compensation can be a natural conflict of interest. Advisors, on the other hand, provide advice for a fee and generally provide a more comprehensive array of services, including financial planning, estate planning, tax guidance, etc.

Another difference is transparency. The standard for the brokerage industry is disclosure, which means a lot of voluminous documents, often creating greater confusion. The RIA world is about clarity. Advisors adhere to the highest standard of transparency, sharing details about their services, fees and even the makeup of their firm. This information is required to be provided to clients and is published on the SEC website.

While there are clear differences between a broker and an advisor, good and bad individuals can be found in both categories. Although we have always held ourselves to the fiduciary standard and tried our best to be transparent in our dealings, the time was right to make it clear where we stand. We are committed to the highest standards of care and will do our best to validate this newest change.

This article was originally featured in NNP’s Special Edition newsletter. To read the other articles, download the entire newsletter.

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Newsletter: Special Edition – Setting the Course for the Future

Welcome to our first newsletter as a Registered Investment Advisor (RIA). After a long due diligence period and a lot of hard work, we now enter the stage of completing the transition process with the ultimate goal of delivering a better client experience.

Without a doubt, this conversion is the largest project we at Nachman Norwood & Parrott Wealth Management Consultancy (NNP) have ever embarked upon. It has been, and will continue to be, a huge commitment on behalf of our team. At times, it causes us to step back and revisit the why. Business has been good, and we have plenty to do to keep us busy. We could have coasted; however, we have always believed that in an evolving world we need to continue to move forward to fulfill our mission of delivering top-tier service and advice, especially in a world of greater transparency and rapidly changing technology. So, what’s in it for NNP, and most importantly, for our clients?

1. We have separated ourselves from much of the confusion within the industry. As a result of this transition, we can now clearly state we are a fiduciary on our entire business.

2. We are utilizing a deeper suite of tools and technology that includes:

  • A more robust financial planning capability as we partner with industry leader, Money Guide Pro®.
  • Enhanced performance reporting via Black Diamond.
  • Account aggregation software that allows us and our clients to track their full net worth, including assets outside NNP.
  • A client portal that provides greater online abilities for our clients, including a vault to help us and our clients securely store and share important documents and reports.
  • A mobile app with notification capability.
  • More flexibility to communicate with clients
  • Greater remote capabilities.

3. We will now have an increased ability to adapt to change at a more rapid pace. If we find a better way, we can take advantage of the opportunity quickly rather than wait for a large institution to react.

4. We have partnered with the largest RIA custodian, Charles Schwab.*

 
Although this sounds like a lot of change, some things will remain the same. We will do our best to continue to evolve our business rather than accept the status quo. Technology is changing the business world, and while we will use these tools, we remain committed to personal service and attention. We recognize that the relationships we have built between our team and our clients have been the foundation of our success. We pledge to work even harder to grow these relationships for years to come. One of the true benefits of the last several months has been the opportunity to visit with most of our clients and their families. This process has helped remind us of the friendships we have made, how long we have worked with many of our clients and their loyalty to NNP. We cannot thank you enough for your confidence and patience.

This article was originally featured in NNP’s Special Edition newsletter. To read the other articles, download the entire newsletter.

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*https://events.wealthmanagement.com/charles-schwab/

NNP in the News: Are you investing for the life you want?

In the June 21 issue of the Upstate Business Journal, Carter Hall, wealth advisor at Nachman Norwood & Parrott, argues the common perception that Millennials are financially unprepared for the future, and offers advice for Millennials on how to reach their financial goals.

Carter recommends working with a wealth manager who can craft and execute a financial plan that is based around your goals. He also notes that while investment technology and tools are convenient, they fall short of the emotional connection that can be crucial to helping you during challenging times. Additionally, Carter acknowledges that wealth management professionals cannot only provide guidance during a volatile market, but they can act quickly in an effort to protect what you’ve built.

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: Lauren Starks Joins Nachman Norwood & Parrott as a Senior Wealth Planner

The team at Nachman Norwood & Parrott Wealth Management Consultancy (NNP) is excited to welcome Lauren Starks as a Senior Wealth Planner.

Lauren is a CERTIFIED FINANCIAL PLANNER™ and in her role at NNP, she will oversee the financial planning department and work closely with advisors to help develop and prioritize each client’s goals.

Lauren comes to NNP with 12 years of experience in the wealth management industry and previously worked as a Senior Planner with Smith & Howard Wealth Management in Atlanta, Georgia. She holds a Bachelor of Arts in Sociology from the University of Georgia and earned a certificate in Personal Finance Planning at UGA’s Terry College of Business.

The news of Lauren joining the NNP team was shared on GSA Business Report’s GSABizWire.com, Greenville CEOUpstateBizSC and the June 8th issue of the Upstate Business Journal.

 

Some Additional Information For You: Another Update From Your Team

We are making progress with the transition of client accounts to Schwab and would like to provide a few updates:

1. Emails from Schwab:

Many of you may be receiving email notifications from Schwab regarding a variety of items such as electronic document delivery or confirming account information changes.

These emails are a part of the normal account opening process, but please contact us with any questions you may have.

2. Asset transfers:

Once your new accounts are open at Schwab, it will take five to seven business days to actually transfer your assets from Wells Fargo to Schwab. If you had online access at Wells Fargo, you will continue to have that access available until the day your accounts transfer. Once your accounts are in transfer, we will be able to assist with any questions.

3. Notices from Wells Fargo:

Many of you have received a letter mailed in error by Wells Fargo stating the advisor on your account has been changed. Please disregard this notice.

Thank you again for your support as we make this transition. Please let us know if you have any questions.

3 Things To Remember: An Update From Nachman Norwood & Parrott

At Nachman Norwood & Parrott Wealth Management Consultancy (NNP), we are completing the final steps to become a Registered Investment Advisor. We look forward to the benefits it will provide to our clients and our staff.

We are committed to making this process as easy as possible for you, our valued clients. To do so, we would like to share a few reminders effective May 1, 2018:

1. Email

When emailing our team, please be sure to use email addresses that end in @nnpwealth.com.

2 Deposits

Until mobile access is available, please either mail or bring any deposits to our office. Deposits should be made payable to Charles Schwab.

3. Online Access

New and improved online access is underway. We will provide specific online access instructions as soon as it is available, but in the meantime, please contact our office with any questions.

As always, our team is here to help you every step of the way. We are very grateful to each of you for our success thus far. We appreciate your continued support during this process.

Tax Season is Here and So are We

April 17 will be here soon. As you prepare your 2017 taxes, we would like to remind you of some possible tax-saving considerations:

Health Savings Accounts (HSA) Tax preparation

If you are covered under a High Deductible Health Plan for your medical insurance, you may be able to make a tax deductible contribution to an HSA. You have until April 17, 2018 to contribute to an HSA for 2017. The money remains in your account and may be used to pay for any qualified expenses in the future and/or invested*.

Contribution limits for 2017 are:

  • $3,400 for single
  • $6,750 for family
  • $1,000 additional catch-up contribution for age 55 and older

Individual Retirement Accounts (IRA)

If eligible, you can make a deductible contribution to an IRA by April 17, 2018. Contributions are limited to $5,500 if under age 50 and $6,500 if over age 50.

If you are self-employed, consider making contributions to the following:

  • SIMPLE IRA or Safe Harbor 401k – These plans need to be established by October 1 of the preceding year. Contributions must be made by either April 17, 2018, or by October 15, 2018 if there is an extension.
  • SEP IRA – The plan must be established by and the employer contributions made by April 17, 2018, or October 15, 2018 with an extension.

SC Future Scholar 529 Plan

2017 contributions to the SC Future Scholar 529 plan may be made until April 17, 2018 and may be used by state residents to lower SC taxable income. A state income tax deduction of up to 100% of contributions (including rollovers) to a Future Scholar 529 plan is available for South Carolina tax payers.

Your team at NNP is ready to help during tax season. We are happy to work with your tax advisor to determine the viability of any of these strategies. Give us a call at (864) 467-9800.

*minimums might be required.