Strategic Wealth Partners was acquired by Kovitz Investment Group Partners, LLC ("Kovitz"), a registered investment adviser with the SEC on May 1, 2024. Strategic Wealth Partners is now a division of Kovitz and its registered investment adviser. Materials created prior to this date were created by Strategic Wealth Partners and are accurate as of the time of publishing.

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Financial Planning
The Power of Consolidating Your Investment Accounts

The modern financial landscape is complex and constantly evolving.  However, managing complexity and delivering simplicity can come from consolidating these elements under the stewardship of a knowledgeable professional. A professional…

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Financial Planning
Potential Impacts of AI on the Financial Services Industry

The financial world is no stranger to disruption.  The latest wave comes not from rogue traders or flash crashes, but from silicon and code.  Artificial intelligence (AI) is rapidly transforming many industries, including the world of finance.  But what might this mean for consumers seeking financial guidance?

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Financial Planning
How the Illinois State Estate Tax Works

In the world of financial planning, the federal estate tax tends to get a lot of press, but what often surprises some clients (and will impact more of them) is that states themselves also have their own estate or inheritance taxes. For clarity, an estate tax is levied and paid by the estate of the deceased, while an inheritance tax is paid by the heirs receiving the inherited property (with spouses generally exempt).

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Financial Planning
Nurturing Wealth Across Generations: A Guide to Multi-Generational Wealth Planning

Often referred to as the “Great Wealth Transfer,” studies show that roughly $84 trillion in assets amassed by baby boomers will change hands over the next 20 years. When examined more closely, a third of today’s high-net-worth individuals inherited their wealth.  According to the UBS Billionaire Ambitions Report, in 2023, more new billionaires were created by inherited wealth rather than entrepreneurship. This trend looks to continue in the years to come for many wealthy families (not just billionaires).

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Financial Planning
The Benefits of Being a Co-Trustee on Your Parents or Loved Ones Accounts

As we watch our parents (or any other loved one) make that gradual shift from being totally independent to needing help, there are some steps that can be taken to facilitate family involvement.  Even for those of us who have parents who are 100% capable of managing their affairs, it doesn’t hurt to be prepared for an unexpected circumstance.

The most common solution for being able to manage our parent’s accounts on their behalf is to have an attorney draft a Power of Attorney (“POA”).  A POA is a legal document that authorizes a person to act on another person’s behalf.  We highly recommend them for everyone 18 years and over, so they can have someone act on their behalf when they are no longer able to make financial or health care decisions.   It creates a fiduciary relationship between the Principal (person who created the document) and the Agent (person named to carry out the instructions).  This is my non-attorney understanding of how it works. 

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Financial Planning
How We Find Comfort in Uncertain Times: A Guide for Investors

In the ever-changing landscape of the global economy, investors will be navigating potentially unfamiliar waters during the last couple of months in 2023. Uncertainty seems to be the only constant, with markets fluctuating as geopolitical tensions are rising.
Despite all the question marks on what will happen in the short-term, there are some things that can be done to help keep investors at ease.

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Financial Planning
Time to Revisit Your Medicare Part D (Prescription) Plan

This is the time of year when we are inundated with advertisements regarding Medicare.  Most of these messages can be ignored, but we highly recommend that you take a few minutes to shop your Part D stand-alone prescription plan if you are on original Medicare (Parts A & B) and you have a supplement. 

You currently have until December 7th to change your Part D prescription insurance plan for the next year.  It is possible that a new insurance plan could save you substantial dollars in 2024, even if you like your current Part D prescription plan. 

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