Dollars and Sense

Purchasing annuities can be confusing, and on top of that, they’re often an emotional decision.

In this episode, Nicole Romito breaks down annuities with Steve Merdinger, ChFC®, CFP®, Partner at Private Vista. They give an overview of points to consider and things to be aware of before purchasing them.

Steve discusses: 

• What fixed and variable annuities are
• The importance of understanding what you’re buying
• The general prices of different annuities you can anticipate
• The pros and cons of annuitization and what the exclusion ratio is
• Why purchasing an annuity tends to be an emotional decision
• How annuity contracts are structured
• And more

Connect with Nicole Romito: 

• LinkedIn: Nicole Romito
• MyPrivateVista.com
• [email protected]
• Call: 312-831-4370

Connect with Steve Merdinger:

• LinkedIn: Steve Merdinger
• MyPrivateVista.com
• [email protected]
• Call: 312-831-4426

About our Guest: 

Steve Merdinger is a Partner and experienced Certified Financial Planner (CFP®) and Chartered Financial Consultant (CHFC®). With over three decades in financial planning, he helps individuals and families achieve their goals. Having worked in his family’s business, Steve has valuable insights into family-owned enterprises and succession planning. He holds a Bachelor of Business Administration from the University of Kansas and actively mentors students in the University of KU Business School program. Steve is involved in the Chicago Board of the Positive Coaching Alliance and aspires to become a trainer with the organization. He is a member of the Union League Chicago and the Valley Lo Club.

You could build the best financial plan for your retirement, with enough money for trips and relaxing days for the rest of your life. But what will you do during your retirement? Playing golf and seeing family only takes so much time.

In this episode, Nicole speaks with Sarah Newcomb, author, speaker and founder of Thrive, on the psychology behind satisfying the emotional needs of retirees. Sarah dives into the importance of emotional needs and why they shouldn’t be considered a want when building your retirement plan.

Sarah discusses: 

• Her groundbreaking approach to setting life goals that will revolutionize your retirement planning.
• The profound significance of establishing a financial role model and how it can shape your path towards a prosperous retirement
• The transformative power of Maslow’s hierarchy of needs within the realm of financial and retirement planning
• The hidden secret to a fulfilling retirement: the essential role that hobbies play in bringing joy, purpose, and fulfillment to your golden years.
• And so much more!

Connect with Nicole Romito: 

• LinkedIn: Nicole Romito
• MyPrivateVista.com
• [email protected]
• Call: 312-831-4370

Connect with Sarah Newcomb:

• LinkedIn: Sarah Newcomb
• Twitter: Sarah Newcomb
• Email: [email protected]
• Thrive Financial

About our Guest: 

Sarah Newcomb, Ph.D. is a behavioral economist and Founder of the Thrive Financial Empowerment Center. Through writing, speaking, and coaching, she teaches people of all stripes to build lives they love with the resources they have. As a subject matter expert, Dr. Newcomb has worked with corporate behavioral science teams at HelloWallet, Morningstar, and Edward Jones, where she helps financial advisors understand and respond to aspects of psychology that affect financial decisions. In all her roles, Sarah aims to adapt the findings of academic research to practical use in the financial lives of ordinary people, and to ground innovative approaches to financial advice in well-established psychological theory.

Amidst these unprecedented times, a burning question arises: Should you maintain a diversified portfolio? 

In this episode, Nicole Romito and Bob Westrick, Partner at Private Vista, provide a mid-year market update for 2023. Together they tackle some of the pressing inquiries that have flooded their clients minds. From whether America is already in a recession or heading into one, if it will be different this time around, and whether or not diversification still works during unprecedented times.

Nicole and Bob discuss: 

• Private Vista’s guidance amidst these extraordinary times and the unique challenges they present
• What the difference is between the economy and the markets, and why they don’t always move in the same direction
• The Federal Reserve’s potential measures to disrupt the current inflationary cycle
• What type of recession is expected, and to what severity
• Why it’s better to invest for longer term goals rather than short-term goals
• And more

Resources:

• Preparing For 2023 After A Year Of Market Volatility With Bob Westrick (Ep. 10)

Connect with Nicole Romito: 

• LinkedIn: Nicole Romito
• MyPrivateVista.com
• [email protected]
• Call: 312-831-4370

Connect with Bob Westrick:

• LinkedIn: Bob Westrick
• MyPrivateVista.com

About our Guest: 

In 1983, Bob Westrick left a “Big Eight” public accounting firm to work for one of his audit clients. Eight years later, his entrepreneurial itch was scratched as he started a partnership in the financial services industry. Two years later, Bob co-founded WNA Wealth Advisors, one of the precursor firms to Private Vista. He is a frequent speaker and he is often interviewed on subjects ranging from economic conditions to wealth management. His experience as an accountant, business owner and financial advisor gives Bob a unique perspective to offer his clients.

Navigating personal finances after college can be challenging for many young individuals who lack proper guidance on savings, investments, and managing their 401(k)s.

What are some goals and rules they should follow for the long-term? 

In this episode, Nicole Romito sits down with Carrie Mangan, advisor at Private Vista, to talk about the topic of building healthy financial habits for young adults just starting out in their careers. Carrie shares her expertise and experience to educate them on the importance of starting to save and invest early, maximizing employer contributions to a 401(k), and diversifying retirement savings across different types of accounts.

Additionally, Carrie discusses the importance of having an emergency fund and tracking net worth to be prepared for adverse situations and make better financial decisions.

Carrie discusses: 

• Her background as a teacher and professional in the financial industry
• The basics of 401k contributions, including contribution levels, employer matching, and the benefits of pre-tax deductions
• The importance of understanding how much of your 401(k) balance is vested before leaving a job
• Target date funds and how it provides diversified and professionally managed investment options
• Three important rules of thumb for investing
• The importance of building an emergency fund
• The rule of thumb for housing costs
• Reasons why it’s beneficial to track your net worth annually
• How much to allocate to savings
• And more!

Resources:

• Email at [email protected] to get tools that can help you track your net worth and your cash flows

Connect with Nicole Romito: 

• LinkedIn: Nicole Romito
• [email protected] 
• MyPrivateVista.com
• [email protected]
• Call: 312-831-4370

Connect with Carrie Mangan:

• LinkedIn: Carrie Mangan
• [email protected] 

About our Guest: 

Carrie Mangan is an advisor at Private Vista LLC. Her previous work as a high school teacher emphasized how important it is to build strong relationships as the cornerstone of one’s career. That same principle guides her work as an advisor, where she is able to continue helping people solve problems and make empowered decisions about their futures. Carrie sees her role as a trusted and empathetic source of financial education, and she enjoys working with clients to build up their knowledge and understanding of their options.

Let’s face it, Medicare plans are an alphabet soup. Let’s simplify them together.

In this episode, Nicole talks to Carly Rosswurm, the director of Medicare Solutions at Ash Brokerage, to clear the air about Medicare. With 17 years of experience in Medicare, Carly gives us an overview of the Medicare program and the different types of available plans, and a breakdown of the highest and lowest premiums of 2023. She also explains how you can determine if Medicare is the right insurance option for you when you should start planning to apply for Medicare, how the annual enrollment periods work, and a lot more!

Carly discusses: 

• An overview of the Medicare program and the different types of plans
• When you should start doing your research and speak to a healthcare broker
• What she considers when determining if someone should stay with their employer’s insurance plan
• A breakdown of the lowest and highest Medicare premiums in 2023
• The circumstances when IRMAA charges can be appealed and what the process is like
• How the annual enrollment periods work
• And more

Connect with Nicole Romito: 

• LinkedIn: Nicole Romito
• MyPrivateVista.com
• [email protected]
• Call: 312-831-4370

Connect with Carly Rosswurm:

• Ash Brokerage
• LinkedIn: Ash Brokerage
• LinkedIn: Carly Rosswurm
• [email protected]

Losing a loved one is never easy. It’s a time of sadness and mourning, but it’s also a time to honor and celebrate their life. In fact, memorializing and honoring the legacy of loved ones is an important part of the grieving process.

In this episode, Nicole speaks with Alexandra Koys, founder & CEO of Lighten Arrangements, about creative ideas for honoring and celebrating the lives of those we’ve lost, from creating meaningful memorials to legacy planning and more.

Alexandra discusses: 

• How to personalize your loved one’s memorial to reflect their personal, cultural, and spiritual identity.
• Why meaningful memorials are important for the grieving and healing process
• The importance of initiating conversations about memorials well ahead of time
• What to do if different family members cannot agree upon the ideal funeral ceremony
• Key trends relating to end-of-life planning in the U.S.
• And more

Connect with Nicole Romito: 

• LinkedIn: Nicole Romito
• MyPrivateVista.com
• [email protected]
• Call: 312-831-4370

Connect with Alexandra Koys:

• LinkedIn: Alexandra Koys
• LightenArrangements.com

About our Guest: 

Alexandra Koys is the Founder & CEO of Lighten, a startup transforming the future of the funeral industry. Lighten’s guided planning platform empowers families to break away from somber, cookie-cutter funeral home offerings and plan uplifting life celebrations that represent their loved ones’ unique personal, cultural, and spiritual identities.

Studies have shown that people experience the same level of emotional pain when losing money as they do when experiencing physical pain. Therefore, managing emotions around finances is crucial for making sound investment decisions and achieving financial success.

In this episode, Nicole speaks with Will Howson, CFP®, CPFA about managing our emotions when discussing finances. Will highlights the significance of both traditional and behavioral finance in investment decisions, emphasizing the importance of education and sticking to an investment plan. He also discusses how positive emotions around finances can impact investment decisions and how to identify common biases such as loss aversion, recency bias, and analysis paralysis.

Will discusses: 

• The difference between traditional finance and behavioral finance
• The importance of both education about investing and sticking to your investment plan
• How positive emotions around finances can interfere with investment decisions just as much as negative emotions
• What loss aversion, recency bias, and analysis paralysis are, and how to identify them in someone’s investment patterns
• Some of the common mistakes he helps their clients avoid
• And more

Resources:

• Everything You Need To Know About Private Vista With Nicole Romito (Ep. 1)
• DALBAR Quantitative Analysis of Investor Behavior (QAIB) Index
• DALBAR.com
• Vanguard Advisor® Alpha
• Investopedia: Loss Aversion
• Investopedia: Recency Bias
• Investopedia: Analysis Paralysis 

Connect with Nicole Romito: 

• LinkedIn: Nicole Romito
• MyPrivateVista.com
• [email protected]
• Call: 312-831-4370

Connect with Will Howson:

• Linkedin: Will Howson
• MyPrivateVista.com: Will Howson

About our Guest: 

Will Howson, CFP ®, CPFA is a financial advisor at My Private Vista, based in Chicago. After training at a large asset management firm on the East Coast, he returned home to Chicago as an advisor at a wealth management company, specializing in investment management, financial planning, and qualified plan consulting. Will’s impressive achievements include creating an educational curriculum for institutional and individual clients, showcasing his expertise and dedication to his clients’ success. He is passionate about helping people achieve their life goals and enjoys working with colleagues who share that same enthusiasm at Private Vista.

We’re back with another episode to break the glass ceiling and showcase the incredible achievements of women who are challenging the status quo and paving the way for future generations.

In this episode, Nicole continues the celebration of this past Women’s History Month with Laura Adams, Chief HR Officer for Jones Lang LaSalle. Laura shares her story of how she worked her way up into corporate America, the support she received from her peers and coworkers, how men can help women in the workplace take up the space they need, and how she encourages women to strive to be their best selves.

Laura discusses: 

• The key skills she looks for in developing a leadership team
• How women can leverage their innate skills in the workplace
• How she coaches her colleagues and friends to not feel guilty about a work-life balance
• Why advocation is the biggest thing men can do to support their female colleagues
• What she and JLL have been doing to support women and the growth in their careers
• And more

Resources:

• Why Women Belong in the Wealth Management Industry With Delaney Orozco and Stephanie Nanney (Ep. 15)
• The CEO Test by Adam Bryant

Connect with Nicole Romito: 

• LinkedIn: Nicole Romito
• MyPrivateVista.com
• [email protected]
• Call: 312-831-4370

Connect with Laura Adams:

• JLL
• LinkedIn: Laura Adams

About our Guest: 

Laura Adams is Chief HR Officer for Jones Lang LaSalle. Laura is a single mom who has pushed herself far in her career, transitioning from working for the University of Michigan to a corporate America with JLL. She passionately shares her story and helps other women achieve success in their careers.

Are you curious about the new regulations in the Secure Act 2.0 and how they could impact your retirement planning?

In this episode, Nicole and Laurie Kaplan, CPA, highlights the important changes in the Secure Act 2.0 that were released in late 2022. Laurie explains how these changed regulations affect investors.

Laurie discusses: 

• A breakdown of the 10-year rule
• The new opportunities for IRA and retirement plan holders who are charitably inclined
• What the new regulations are for Roth 401(k) plans
• The ability to rollover assets from a 529 plan into a Roth IRA
• And more

Resources:

• Investopedia: SECURE 2.0 Act of 2022
• MichaelSilver: SECURE 2.0: Now It’s Law – What Individual Investors and Employers Need to Know

Connect with Nicole Romito: 

• LinkedIn: Nicole Romito
• MyPrivateVista.com
• Call: 312-831-4370

Connect with Laurie Kaplan:

• MichaelSilver.com
• Call: 847-982-0333
• LinkedIn: Laurie Kaplan

About our Guest: 

Laurie Kaplan, CPA, has been serving as a trusted advisor to clients for over 25 years, expertly managing and addressing tax and accounting issues within various industries, including manufacturing and distribution, retail, restaurants, real estate, automobile dealerships, and professional service providers. Her background in both accounting and tax, as well as her consultative approach, allows her to partner with clients and develop innovative solutions to address their personal and business needs. She specializes in employee benefit plans, estate and gift tax, like-kind exchanges, and small business start-ups. 

Breaking the glass ceiling: Join us as we delve into the world of finance and showcase the incredible achievements of women who are challenging the status quo and paving the way for future generations.

In this episode, Nicole celebrates Women’s History Month and International Women’s Day with Delaney Orozco, CFP®, and Stephanie Nanney, CFP®, CPFA. Get ready to hear their inspiring conversation about why they believe wealth management is an awesome career choice for women.

Nicole, Delaney, and Stephanie discuss: 

• Why the finance industry is a great career choice for women
• How the industry offers women a successful career and professional life and allows for flexibility to have a fulfilling personal life
• Why more women are joining the finance industry each year
• How their families and male colleagues have shown support throughout their careers
• Why they chose to work in the industry
• How My Private Vista creates a supportive and nurturing work environment
• And more

Resources:

• Women in Insurance & Financial Services (WIFS) 
• Financial Women’s Association (FWA)
• Chicago Finance Exchange
• Women Investment Professionals (WIP) Chicago

Connect with Nicole Romito: 

• LinkedIn: Nicole Romito
• MyPrivateVista.com
• Call: 312-831-4370

Connect with Delaney Orozco and Stephanie Nanney:

• LinkedIn: Delaney Orozco
• LinkedIn: Stephanie Nanney

About our Guests: 

Delaney Orozco, CFP®, began in the financial services industry in 2015 as a service advisor. Throughout her career, she has focused on finding the intersection between the day-to-day processes of the financial world and bigger-picture planning, with the goal of assisting her clients in achieving their private vista. Delaney also has a deep passion for developing guides for her clients, helping them navigate the psychology behind finance and the numbers they see on the page. Her experience as a collegiate athlete has equipped her with the work ethic and dedication necessary to perform at a high level, which she hopes to offer her clients.

Having grown up around the financial services industry, Stephanie Nanney, CFP®, CPFA, knows the value of long-term relationships with clients and the work and reward that comes with helping those clients, and their families, achieve financial goals. Stephanie’s primary goal in helping clients is to listen to them and establish a genuine partnership, providing a strong foundation of financial knowledge that is crucial to achieving their goals. Ultimately, witnessing her clients achieve their Private Vista is the most rewarding aspect of her work.