Proquility Private Wealth Partners

12/15/2023

Grateful to Dr. Connie Mariano for our discussion of the question, “What is left behind after our loved one has passed?”
Along with deep and sentimental memories, widows are often left with personal items such as clothes, jewelry, and photographs.

I appreciated the opportunity to discuss how to navigate the emotional and financial aspects of handling the cherished items left behind by our loved ones.

Connie has been my personal concierge physician for the last 22 years, but is best known as "The White House Doctor" having served as an Admiral in the Navy and as the personal physician to the President of the United States during the Bush and Clinton Administrations.

The link for the podcast is in the comments field.

Enjoy, and please pass this on to anyone you think may need to hear it.

12/13/2023

In October, Proquility Private Wealth Partners hosted a table at the annual “Sneaker Ball” benefiting the Boys & Girls Clubs of Southern Nevada.

We’re sharing a couple of fun team pictures with you in the spirit of sharing goodwill forward as we know that many of you are philanthropic as well.

Now is the season of giving and we hope that you and your families revel in the joy of doing so during this holiday season and otherwise.

Happy Holidays from all of us at Proquility!

11/21/2023

In a world where anyone can sue you for anything, the ultra-wealthy are susceptible to being the victim of frivolous lawsuits.

In this article we’re going to cover some ways to help protect yourself and your family’s wealth from being pillaged in superfluous litigation.
https://proquility.com/news-and-insights/protect-yourself-from-frivolous-lawsuits/

11/11/2023

Today our country recognizes Veteran’s Day with parades and memorials, but the real opportunity is to acknowledge the extraordinary service and sacrifice those in our armed forces make to allow the rest of us to sleep well at night.

And of course we are grateful and honored to have one of those veterans on our Proquility team – thank you for your past service Trevor Hooton, and the ideals you represent as an honorably discharged Marine!

Wishing everyone a great weekend and a reminder to tell the veterans in your lives how much you appreciate them!

10/11/2023

If you’re responsible for the care of an elderly relative, you know what an emotionally trying task it can be.

It may feel like you are dealing with someone who challenges your authority, yet at the same time is vulnerable to fraud and other dangerous risks they may not even realize that they face.

Performing in the role of caretaker and advocate is certainly not an easy task, especially in light of the stresses you may face in your own life.

See blog in comments field.

09/13/2023

Don’t let the thrill of something new to cause you to abandon your reasoning.

There are plenty of tried-and-true investments that work just fine.

It may be less exciting, but investing isn’t a form of entertainment; it is a form of sustenance and all that really matters is the bottom line.

What return should you expect, and is it in line with the risk you’d be taking? What is the cost of this investment?

What are the tax implications?

These are the practical aspects that you must keep in mind.

To finish reading, see blog in comments field.

08/08/2023

I have memories of an elderly aunt of mine wrapping her couch in plastic.

To me, this is a reminder of the value that people put on things, to the detriment of actually enjoying those things.

Was it really worth preserving that piece of furniture to the point of being uncomfortable sitting on it?

On the other hand, there’s a particular person I know, a retired woman with six grandchildren, who is always spending her money on them: clothing, toys, school supplies.

When I asked her about it, she said that she’d rather spend their inheritance on them and enjoy seeing them benefit from it, than wait until she’s dead for the inheritance money to be passed on.

It’s a wonderful sentiment and one that I constantly find myself reinforcing to clients.

After you get past the point of self-sustenance, money is just a tool to use to create positive experiences in life.

To finish reading, see blog in comments field.

07/31/2023

Enjoyed my chat with Diamond Consultants on what I love about serving my clients as an independent RIA firm in ways that were not possible under the old regime.

Former Merrill ACTM chairperson Andy Ferguson had an acute view of the changes taking place at the firm and shares how that influenced his decision to opt for independence over Merrill’s retire-in-place program CTP.

07/19/2023

Wealth can be a tough pill to swallow socially, if your immediate circle isn’t at the same level of financial success as you are.

Often this isn’t even something that people consciously are trying to push on you.

Sometimes it’s guilt, other times it’s generosity, or it may just convenience; but it’s not uncommon for the wealthiest person in a group to find him or herself the one picking up the tab for the entire group’s dinner.

It is a real risk, and if you’re not careful, this kind of generosity can take its toll emotionally, resulting in the “giver” feeling unappreciated and even taken for granted.

Moreover, there are financial risks.

No matter how wealthy you are, you still have expenses and obligations.

Being affluent doesn’t free you from taxes, late fees, and the risk of not being able to afford your lifestyle.

Clear communication is the solution.

It’s useful to create advocacy and get other family members involved.

Passivity is not the solution to the problem of being taken advantage of.

Letting it go unchecked allows relationships to become compromised – and they’ll stay that way until there is an intervention.

06/18/2023

If there is one thing I've learned as a dad...
It's that your personal habits, whether they be financial, social, or behavioral, are what your children take from you the most.

04/11/2023

The average retirement age in the United States is 62.

I just turned 62.

Everyone turning 62 in 2023 was born in 1961, and history reminds us how impactful that year in history was – President Kennedy was inaugurated, the Beatles started playing lunch sets at The Cavern, Yuri Gagarin became the first human in space, Roger Maris hit 61 home runs, and the Berlin Wall went up.

I’m not quite ready to “retire,” but this number got me thinking….

I’m in the business of guiding hard working people, hoping for a three-decade retirement, to the best possible outcome. In 40 years of providing advice, it’s often the simplest concepts that help drive home how to get that done.

With 62 years of life under my belt, I keep coming back to three basic questions and answers:

Where did the S&P 500 end the year just past, relative to where it was in 1961?

How much did that index pay in dividends last year versus 1961?

How did both the price performance and the trend of dividend payments stack up in relation to inflation, which really is all that matters?

To finish reading, see blog in comments field.

03/28/2023

The allure of money and status can attract predatory individuals who disguise themselves as friends.
This can lead to emotional, social, and financial ruin.
It’s imperative that as an ultrawealthy family you foster alliances with true friends who share the same values as you because of the threats that exist.
The concept of the family alliance, or a unifying bond between two wealthy families, is one that has been allowed to fade away.
It’s important for wealthy families to reclaim the power of these friendships for the preservation of its values across generations.
To finish reading, see blog in comments field.