While Kolbenschlag's firm doesn't prepare his clients' tax returns, he's done a fair amount of consulting to ensure that the business owners with whom he works don't come back with "sticker shock" when they see the amount they owe. He said he's seen PPP funds end up on the company's profit-and-loss sheet, which artificially inflates its income and thus its tax bill.
Nick Kolbenschlag, a wealth strategist at Crown Wealth Group in Charlotte, North Carolina, explains that very rarely do clients ask for help meeting financial benchmarks such as a 7% return on investments. Instead, he says, they'll ask for assistance meeting specific goals like retiring comfortably, putting three kids through college, or buying a beach house. While these goals require prudent investment strategies that produce healthy returns, that's not all the client is really asking for, Kolbenschlag says. "They are asking for education, clarity, and confidence in achieving their most important goals."
Recently I was speaking with a journalist who was writing an article on the topic of value. Specifically, they posed the question: “How can financial advisors demonstrate added value to their clients?”
Crown Wealth Group is excited to announce the addition of Laura Grice to their growing team and Charlotte office.
When you think about your legacy, what comes to mind? How much money your kids will be left with? The property in the mountains you have so many great memories in? Does your impact on the community surface?
According to EducationData.org, the average annual cost of a four-year, in-state public college education is $21,950, which includes $10,440 for tuition and fees and $11,510 for room and board.