The Financially Mindful Podcast

In this episode of The Financially Mindful Podcast, entrepreneurs and small business owners get expert advice from TPA Valerie McClendon of FuturePlan on how you can become more conscious of your retirement plan options and how to maximize your benefits in compliance with IRS laws. Valerie offers new ways to think about options including SEPs, SIMPLEs, 401(k)s, Solo 401(k)s, and Defined Benefit Plans. If you are doing well as a small business owner or as a self-employed individual with 1099 income, review your current retirement plan and consider some of the more advanced strategies discussed in this episode of The Financially Mindful Podcast. 

 

Daniel James

Dan is Founder and CEO of CanopyLife, a platform committed to building families’ financial resilience to deal with major life events. Dan founded CanopyLife after experiencing the financial and emotional cost of losing his dad to cancer, and wanting to help families avoid the same pitfalls. A Kellogg School of Management grad, Dan previously led new product development at Capital One and has nearly a decade of experience working in product development at startups focused on consumer, fintech and insurtech. In a prior life, Dan was a consultant at BCG and worked in Equities for Goldman Sachs and ABNAMRO. 

 

James V. Grace

Jim Grace is the Director of Wealth Management at Silver Pine Capital in Medfield, Massachusetts. ​Jim has more than a decade of experience in the financial services industry, leading Silver Pine’s financial planning and broader wealth management service offering. He has worked for MetLife and has managed for First Niagara (LPL Financial) and United Northeast Financial Advisors (Infinex Investments). He is father to two children. 

 

About our Guest:

Valerie McClendon is a qualified plan design and IRS compliance expert with QBI Ascensus FuturePlan. FuturePlan is the largest third party administration provider, where Valerie works with employers to set up and administer 401(k), 403(b), Profit Sharing, Cash Balance, and Solo Defined Benefit plans in compliance with all IRS and Department of Labor rules and regulations. She has over 20 years experience in retirement plan consulting. 

 

Insight from this episode:

Tips to boost your retirement with details on different tiers of retirement plans and the benefit and drawbacks of each. 

Valerie’s recommendations for the best retirement options for a variety of scenarios. 

Strategies for weighing the costs of various retirement plans and how to maximize your cost efficiency. 

Tax savings strategies and the factors that impact what an employer needs to contribute to employees’ 401(k)s.

 

Quotes from the show:

“Knowledge is power, so understand what your options are because it’s not just about the tax deductions, it’s also about that retirement security… it’s important not to lose sight of contributing to that retirement part even as you think you’re investing in the business.” –Dan James The Financially Mindful Podcast Ep. #5 (11:35)

“As income grows, and as the business grows, you want to maximize what it is you’re doing for your own retirement as the business owner, but you also have these other considerations. So we need to take care of our employees-- what does that mean for you?” –Jim Grace The Financially Mindful Podcast Ep. #5 (16:25)

“So many employers just want to select a plan and don’t want to think about it, and they do not realize that their demographics [age and income of the employee base and employer] play a huge role in picking the right type of plan for them.” –Valerie McClendon The Financially Mindful Podcast Ep. #5 (20:43)

“There’s so many tools that the IRS gives us, and it’s having these conversations to get employers to realize what is available to them.” –Valerie McClendon The Financially Mindful Podcast Ep. #5 (25:43)

“SEPs and SIMPLEs are very straightforward. They don’t take that time [until retirement] into consideration. They don’t take the concept of compounding years until

In this episode of The Financially Mindful Podcast, Eric Lazzari of Baystate Fiduciary Advisors joins Dan and Jim to cover the often overlooked ins and outs of what might be your largest asset: your 401(k). Eric shares what employees need to know about enrollment, savings rates, allocations, target date funds, 401(k) loans, and more. If you have your 401(k) on “set and forget” mode, this episode of The Financially Mindful Podcast might have you reconsider!

 

Daniel James

Dan is Founder and CEO of CanopyLife, a platform committed to building families’ financial resilience to deal with major life events. Dan founded CanopyLife after experiencing the financial and emotional cost of losing his dad to cancer, and wanting to help families avoid the same pitfalls. A Kellogg School of Management grad, Dan previously led new product development at Capital One and has nearly a decade of experience working in product development at startups focused on consumer, fintech and insurtech. In a prior life, Dan was a consultant at BCG and worked in Equities for Goldman Sachs and ABNAMRO. 

 

James V. Grace

Jim Grace is the Director of Wealth Management at Silver Pine Capital in Medfield, Massachusetts. ​Jim has more than a decade of experience in the financial services industry, leading Silver Pine’s financial planning and broader wealth management service offering. He has worked for MetLife and has managed for First Niagara (LPL Financial) and United Northeast Financial Advisors (Infinex Investments). He is father to two children. 

 

About our Guest:

Eric Lazzari is Accredited Investment Fiduciary at Baystate Fiduciary Advisors, where he assists plan sponsors in the implementation of fiduciary best practices in 401(k) and 403(b) plans. With over 20 years in the business, Eric works with businesses to make sure they have the right types of plans in place and to help employees enroll and make investment decisions.  

 

Insight from this episode:

Best practices of 401(k) investing at any age or risk tolerance. 

Strategies on setting up an initial allocation strategy, including details to help you understand target date retirement funds.

Tips if you are thinking of actively managing your 401(k) and how to know if this is the right path for you. 

How to advocate for yourself to get the best 401(k) plan options from your employer.

The Dos and Don'ts of taking out a loan from your 401(k).

 

Quotes from the show:

“Where am I on my path, my journey, to becoming financially secure, and am I taking full advantage of this plan that’s available to me and saving enough to get me to where I want to go?” –Eric Lazzari The Financially Mindful Podcast Ep. #4 (6:00)

“3% is not enough for anyone to retire. We want participants to save for 10% for at least 25 years, and you’re going to be in good shape.” –Eric Lazzari The Financially Mindful Podcast Ep. #4 (7:57)

“Am I on track to where the rule of thumb says I’m supposed to be? If I’m not, you need to start doing more. You need to save more. You can be a little more aggressive. You can change your target date from the year you turn 65 to the year you turn 70.. There’s certain steps you can take to get back on track but not get discouraged.” –Eric Lazzari The Financially Mindful Podcast Ep. #4 (10:00)

“20 years ago, we didn’t realize we needed to save this much in our 401(k) plans, so people are behind the 8 ball if you’re in your 40s, 50s, 60s.” –Eric Lazzari The Financially Mindful Podcast Ep. #4 (10:25)

“The more you can get involved in something, the better… You don’t have to take what you have and just deal with it. They can become advocates for themselves as well.” –Eric Lazzari The Financially Mindful Podcast Ep. #4 (29:24)

On 401(k) loans: “If they put the terms and conditions into it like they do a retail loan, you’d probably not agree to it.” –Eric Lazzari The Financially Mindful Podcast Ep. #4 (35:26)

“When it comes to finances, people say I’ll do it myself… It’s one of the few areas that peop

In this episode of The Financially Mindful Podcast, Reverend Libby Boatwright, Palliative and Outpatient Chaplain for Stanford Health Care and author of The Last Things We Talk About, shares her wealth of experience in end of life and legacy planning, touching on advanced directives, inventories, and legacy conversations. What is end of life planning? Where do I start? How can I help my family prepare financially for end of life? These questions and more are answered in this episode of The Financially Mindful Podcast. 

 

Daniel James

Dan is Founder and CEO of CanopyLife, a platform committed to building families’ financial resilience to deal with major life events. Dan founded CanopyLife after experiencing the financial and emotional cost of losing his dad to cancer, and wanting to help families avoid the same pitfalls. A Kellogg School of Management grad, Dan previously led new product development at Capital One and has nearly a decade of experience working in product development at startups focused on consumer, fintech and insurtech. In a prior life, Dan was a consultant at BCG and worked in Equities for Goldman Sachs and ABNAMRO. 

 

James V. Grace

Jim Grace is the Director of Wealth Management at Silver Pine Capital in Medfield, Massachusetts. ​Jim has more than a decade of experience in the financial services industry, leading Silver Pine’s financial planning and broader wealth management service offering. He has worked for MetLife and has managed for First Niagara (LPL Financial) and United Northeast Financial Advisors (Infinex Investments). He is father to two children. 

 

About our Guest:

Rev. Libby Boatwright is Chaplain for Outpatient Oncology Palliative Medicine for Stanford Health Care in Palo Alto, California. With a financial planning certification, Dr. Boatwright desires to be a catalyst for fiscally responsible and sustainable change in care systems involving community, medical, and spiritual centers. She is the author of The Last Things We Talk About: Your Guide to End of Life Transitions, an upcoming book about figuring out what brings you meaning and purpose and how to plot a fiscally feasible path to get there. 

 

Insight from this episode:

Dr. Boatwright’s expert advice and recommendations for end of life planning, from the legal and practical to emotional and spiritual. 

Strategies to starting the end of life planning conversation with loved ones and deciding on the most appropriate plan.

How to “have your house in order” and prepare for end of life and legacy planning before it is too late. 

Details on what needs to be taken care of first in the case of an unexpected medical event. 

 

Quotes from the show:

“Let them start the conversation. Let them be the person that’s going to manage their own life. It may not be what you agree with, but let them speak anyway… The conversation is tough, but it needs to begin.” –Libby Boatwright The Financially Mindful Podcast Ep. #3 (6:33) 

“We don’t know the time, or the day, that this will happen, so before that does happen, can we get everything in order so your family isn’t going through a treasure hunt.” –Libby Boatwright The Financially Mindful Podcast Ep. #3 (13:06)

“You have to ask that question, what happens if I’m not here? What would they look for?” –Libby Boatwright The Financially Mindful Podcast Ep. #3 (15:12)

“The uncertainty of life has made it very clear that we need to plan ahead.” –Libby Boatwright The Financially Mindful Podcast Ep. #3 (16:11)

“Once you get [your end of life plan] done, you can go on and live your life.” –Libby Boatwright The Financially Mindful Podcast Ep. #3 (22:48)

“You have to somehow prepare yourself for the sticker shock. And my feeling is the best thing you can do is think ahead of time, this is what I will tolerate, this is what I will not do. And if going cost me this much, is my life really worth putting my family in debt or can I just say I’m done?” –Libby Boatwright The Financially Mindful Podcast Ep. #3 (31:52

In this episode of The Financially Mindful Podcast, Amanda Mulhall, an estate planning attorney specializing in young families, joins Dan and Jim to discuss what you need to know about estate planning and why it’s important to fight through your discomfort in order to have a proper estate plan, a true gift for your loved ones. Through the power of reframing an estate plan as “Plan B,” Amanda and our hosts will share key tips in the areas of guardianship, beneficiaries, probate court, and many more in this episode of The Financially Mindful Podcast.

In this episode of The Financially Mindful Podcast, Dan and Jim introduce themselves, and explain how their personal and professional experiences motivated them to produce this podcast, and shed light on some of the more pressing issues faces consumers that will be covered over the coming shows in this episode of The Financially Mindful Podcast. 

 

About Your Hosts 

Daniel James

Dan is Founder and CEO of CanopyLife, a platform committed to building families’ financial resilience to deal with major life events. Dan founded CanopyLife after experiencing the financial and emotional cost of losing his dad to cancer, and wanting to help families avoid the same pitfalls. A Kellogg School of Management grad, Dan previously led new product development at Capital One and has nearly a decade of experience working in product development at startups focused on consumer, fintech and insurtech. In a prior life, Dan was a consultant at BCG and worked in Equities for Goldman Sachs and ABNAMRO. 

 

James V. Grace

Jim Grace is the Director of Wealth Management at Silver Pine Capital in Medfield, Massachusetts. ​Jim has more than a decade of experience in the financial services industry, leading Silver Pine’s financial planning and broader wealth management service offering. He has worked for MetLife and has managed for First Niagara (LPL Financial) and United Northeast Financial Advisors (Infinex Investments). Jim graduated from Bryant University and is father to two children. 

 

 

Stay Connected:

Daniel James

LinkedIn: Daniel James

Website: CanopyLife

 

James V. Grace

LinkedIn: James Grace

Website: Silver Pine Capital

 

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