Tax Deadlines

Tax season is upon us! Please remember that the team at Nachman Norwood & Parrott is here to help you. With your approval, we are happy to coordinate with your CPA to not only ensure timely delivery of your NNP tax information but to also collaborate on tax-saving strategies. We are ready to assist with any questions that may arise. Please let us know how we can help you!

Tax Deadline is April 18, 2017. You still have until that date to make a 2016 contribution to the following accounts: Traditional IRA, Roth IRA, Health Savings Account (HSA), and SC Future Scholar 529. Call us if you would like to discuss any last minute contributions; we are here to help.

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: The Need for Personal Insurance

wealth managementIn the January 12 issue of the Upstate Business Journal, Nachman Norwood & Parrott’s Vice President Wes Boyce discusses a trend amongst high-net-worth individuals to underestimate their need for personal insurance. This is the third and final article in a three-part series that explains the importance of having an experienced and diverse group of professionals involved in your wealth planning.

Boyce describes the recent trend, also observed by Greenville insurance broker Howard Einstein, that high-net-worth individuals are neglecting to revise or adjust their insurance plan, even as their wealth grows. A lack of planning in this area is not typically an issue in the present, according to Boyce, but can lead to frustration and confusion later in life, not to mention potential financial loss.

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: A Matter of Perspective

Wealth Management In the January 5 issue of the Upstate Business Journal, Russ Miller, Vice President at Nachman Norwood & Parrott, shares why having tax and legal advisors is an essential part of the team you trust to help navigate your financial plan. This is the second column in a three-part series that explains the importance of having an experienced group of professionals involved in your financial plan.

Miller notes it is important to look to tax and legal experts, especially when making large decisions in life, such as buying or selling a business, as they would be most up-to-date on rules and regulations. Not consulting someone who fully understands these ever-changing rules and regulations might have a significant impact on your personal wealth, says Miller, particularly if your personal and business finances are intertwined.

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: The Donald

The economy and wealth managementIn the December 28 issue of The Greenville News, Nachman Norwood & Parrott’s Managing Director, Bob Nachman, examines the effect our new president, Donald Trump, might have on our economy.

Bob notes that while it might be too early to know exactly what policies will be put into place by this administration, we can draw conclusions from comments that were made by the Trump team during the election. Nachman warns that even though the market is going up, you should be careful about buying expensive assets. “People have a tendency to throw caution to the wind when markets climb, but it’s actually a time to keep perspective,” says Nachman.

Read the full article on the electronic version of the December 28 issue of The Greenville News on The Greenville News’s website.

NNP IN THE NEWS: Managing Wealth Takes More Than A Financial Advisor

Wealth Management In the December 20 issue of the Upstate Business Journal, Nachman Norwood & Parrott shares the first column of a three-part series on the importance of having an experienced group of professionals involved in your financial plan. In this first article, Managing Director Bob Nachman, focuses on why creating a financial plan with a knowledgeable financial advisor is key to successful wealth management.

Nachman outlines four ideas to consider: spend less than you earn, plan for your dreams, leverage legal resources and work the plan. “We see too many high-net-worth individuals who do not live within their means and income, but instead depend on their portfolios and returns to support their lifestyle,” Nachman observes. “Being responsible with your money is necessary to guarantee long-term financial health, no matter your level of wealth.”

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.

Perspective Paper: Residential Real Estate

nnp-perspectives-thumbnail-realestateWhile millennials may be driving much of the commercial real estate market, the Greenville residential market is also feeling the impact of baby boomers downsizing into smaller homes. Joan Herlong, Residential Real Estate expert, says, “You have to view your home as an investment, or else it will be a drain. High net worth individuals that want to downsize need to understand that it is imperative to have recent renovations done on their home if they want to make a profit.”

Buyers are not willing to bid on an old home then proceed with renovations if they cannot get a good deal, which in turn, means the seller will not make any profit. It is a balancing act between minimizing inconvenience and maximizing return, dependent upon each individual’s situation. People often make the mistake of not doing their homework when it comes to buying or selling, and Herlong encourages people to interview more than one agent by asking questions – which means that both the seller and the buyer are making a fully informed decision.

Nachman Norwood & Parrott partners with professionals in the field to make sure we have an informed outlook on the industry. Let us help you determine what questions to ask your agent, and learn more by downloading “Perspectives” today.

Joan Herlong is not affiliated with NNP Wealth or its affiliates. The material presented is not considered an endorsement of the professionals and therefore NNP Wealth gives no assurances as to the quality of their services.

The opinions expressed here reflect the judgement of the author as of the date of the report and are subject to change without notice.

Perspective Paper: Commercial Real Estate

Utilizing your Financial Advisor when it comes to real estate investments can be a powerful tool in your wealth management arsenal, especially knowing what trends are driving the industry. According to Commercial Real Estate expert, Clay Grubb, the latest trend is, “Demand outstripping supply in every component of real estate right now. There is more demand than there is supply being built, and demand will continue to outstrip supply for the foreseeable future.” This trend is due to the largest generation yet — millennials.

Millennials are a huge component of this trend in the sense that the industry has this large demand for apartments that is not able to be met. Eventually, millennials will begin to buy homes, but that will not occur for another several years. The biggest problem is that the criteria to qualify for a home loan have become so burdensome that it is extremely difficult to attain one. People don’t have easy access to home loans, and this is the reality of the regulation pendulum swinging the other way after the housing crisis of 2008.

Learn more about commercial real estate trends and key factors that play an important role by downloading “Perspectives” today.

Clay Grubb is not affiliated with NNP Wealth or its affiliates. The material presented is not considered an endorsement of the professionals and therefore NNP Wealth gives no assurances as to the quality of their services.

The opinions expressed here reflected the judgement of the author as the date of the report and are subject to change without notice.