Jacob Murphy - Financial Advisor

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Jacob Murphy - Financial Advisor

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Jacob Murphy is a Northwestern Mutual Wealth Management Company-WMC Financial Advisor Enriching Lives

We partner with our clients to help them transform their dreams into attainable goals to become reality. Whether your hopes are establishing financial security, saving for education, retirement or structuring a tax efficient wealth accumulation strategy for your legacy, our team makes it a priority to help you accomplish your goals. Our Foundation:

Our team works with you to understand what you want to accomplish, we take that information to then create a highly customizable plan that are grounded in your beliefs and values. The relationships that we have built help give our clients the faith and trust to find personalized solutions for their financial goals.

20/05/2024

Summer vacation, great time to reflect where you are at personally & professionally.... hard to separate the two for many as they are often intertwined!

Common conversation that is had is around equity compensation and direction companies may be moving towards.

Fundamentally, companies have had a growing emphasis on aligning employee interests with long-term company success.

One of the easiest ways companies connect that is financially through equity compensation!

The compensation generally isn't as straight forward as it may seem as this is all variable compensation as it's dependent upon the firms' profitability, growth and numerous other factors!

Need to remember to break up the compensation package in the respective buckets they should be with what's base pay (what should be consistent and steady) and the variable compensation.

If you are going through a job change, promotion, negotiation, or timing may just be right, send me a message!

30/11/2023

Can you solve this Puzzle????

For me it would take far to long, but with proper coaching, instruction, it would significantly accelerate the timeline in getting it done. Many areas in finance can feel like a difficult puzzle, without proper instruction, things can go wrong. A common area we've seen unintentional mistakes is with account set up / ownership of assets.

Just to look at a couple, Tenants in Common (TIC) vs. Joint Account with Rights of Survivorship (JTWROS)

Ownership Structure:
TIC: Allows for unequal ownership percentages. Each tenant can own a specific percentage.

JTWROS: Equal ownership. Upon the death of one account holder, their share automatically transfers to the surviving account holder(s).

Survivorship Rights:
TIC: No automatic right of survivorship. If one tenant passes away, their share doesn't automatically transfer to others.

JTWROS: Automatic transfer of the deceased's share to the surviving account holder(s).

There are more differences in the above example. This is a common example though of where when someone does pass away, certain assets may not always go the way that people were thinking when that event does happen.

Feel free to share your thoughts or experiences in the comments below!

15/11/2023

Something about fall this year, the exciting world of ESTATE planning has been a common area of conversation.

I know it's not necessarily the most riveting of topics, or one that is probably brought up at the dinner table, especially as holidays approach.

But... it is an important planning area to address and have a plan around.

Without proper planning, set up, structure, it can often times lead to undesirable outcomes that were not meant to be.

Many people we speak with have shared reasons they have avoided, they don't want to talk about mortality, it can be a potentially uncomfortable topic, perceived complexity, think it's not for them, costs money, procrastination.... the list goes on

There's still time in 2023 to get this done!

18/10/2023

ISO....

not "in search of"

but "incentive stock option"

Not many companies offer these, but when they are, they can be great assets for you overtime

There are some unique tax considerations with exercising them, selling them and also being strategic around holding on to some of them for longer term.

Message me if you are ISO (in search of) understanding equity compensation better and how it impacts your financial plan

05/10/2023

Are you a business owner / CXO / leadership / HR?

Have employees that you want to see are taken care of?

Do you have key employees that are important to the success of the firm?

It's not uncommon to meet a business owner / leader and asking them what keeps them up at night professionally and their team members / employees is a common theme.

Seeing they attract and retain the appropriate people for their organization. How to do it appropriately that doesn't tie up too much cash flow. If open to connecting on the challenges you may be facing in your company or role and seeing if there may be a solution that would complement what is in place, let's connect for 15 minutes or message me.

Couple of things that are common to see:
- Changing 401k match
- Changing medical benefits
- HSA contributions
- Deferred compensation
- Bonuses

Lots of others that can be mentioned, anything that you would add?

12/09/2023

Equity Compensation

Incentive Stock Options (ISO's)

This is frequently part of compensation for those involved in start up companies, getting peoples buy in on the future of the company.

Common topics we go over with those that have ISO's.....

- Taxes: how are these taxed to you as the recipient. What are potential advantages and disadvantages to them. What do the different dates (Grant/Award/Vest/Exercise) mean and how you are impacted by them.

- Time frame that these should be viewed as and why employers may offer them to their team members.

- Overall risk and volatility and how to plan around it within your entire portfolio.

ISO's can be a great tool for companies to attract and retain talent but just because it sounds great it's not uncommon that some people may appreciate a different compensation structure that may have a higher consistent pay. It's not to say one is better than the other but if you are currently receiving or considering going down the path where ISO compensation would be in your future. Let's connect for 15 minutes / send me a message.

30/08/2023

A key aspect of modern employee compensation packages have a large portion tied directly into stock options / RSU's / ISO's / PSU's. People regularly looking at what the price is doing today and what news is coming out that may impact the value.

Understanding the tax impacts and choices available to you can have a huge impact on your financial future. Reach out to connect on optimizing your stock comp strategy!

04/08/2023

Entrepreneurship / Bussiness Owners / Highly Compensated - One thing I've learned is owning a business looks very different for a lot of people.... you have your virtual consultants, those in trades running electrical / hvac companies, manufacturing, real estate, the list goes on and on.

But.......

One thing that generally remains consistent across all of them is they are looking for ways to mitigate the taxes.

Not everything is a fit but avenues we explore would be social security optimization, bonus structures, deferred comp plans, real estate....

If you are open to connecting briefly, send me a message / schedule 15 minutes

02/08/2023

Do you have equity compensation and wonder what others in your industry are doing? From understanding vesting, evaluating tax implications and what strategies to implement. I would be excited to connect with you to share some key considerations, send me a message or find 15 minutes!

13/06/2023

If you could live anywhere in the world for an extended period of time, where would it be?

Arriving at your destination begins with a plan to make it happen. Let’s talk.

*Source: Northwestern Mutual Great Realization 2022 Study

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+16513734724

Website

http://jacobmurphy.nm.com/

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