2023 Q3 Chesser Report

2023 Q4 Chesser Report

Paula R. Chesser, CSA
Senior Vice President & Senior Investment Consultant

Hi there,

The Holiday Season is upon us and I hope you find time for quality experiences with those most important in your lives. I know I will!

Baird continues to increase our capabilities for the benefit and convenience of our client's busy lifestyles with enhancements to our Cash Sweep Program and Baird Online.

Cash Sweep Program:

FDIC - aggregate FDIC insurance coverage has been expanded to $2.5 million or $5 million for joint accounts with two or more owners.
Money Market Funds
- Excess FDIC balances above $2.5 million per depositor and ERISA plans may choose Dreyfus Government Cash Management Money Market Fund Wealth Shares.
- $5 million or more of cash within the same household may elect to automatically sweep into Dreyfus Government Cash Management Money Market Fund Institutional Class.

Baird Online:

Direct Deposit - Securely deposit a check to your Baird account 24/7. You no longer need to provide voided checks, bank letters, or statements to have full access to your money.
Bank Transfers - Quickly and securely move money into Baird using our “Transfer Funds In” feature, available in the Baird Online app and desktop version. Set up new or remove old ACH instructions, initiate new transaction requests, and put your money to work for you right away.
Don't have the Baird Online App? You can download it from the Apple App Store or the Google Play Store.

Thank you for your business, trust and sharing your stories. Thank you for choosing me and my team to be part of your life tour! I appreciate and value each one of you and look forward to our conversations in 2024! 😊

Warm Regards,

Paula

Advanced Planning Thought Leadership

The Three Tests Before a Roth Conversion

Because of the up-front costs, you should evaluate if a Roth conversion is in your best interest.

Addressing the Challenges of Giving—and Receiving—Family Wealth

The transfer of wealth from one generation to the next can be fraught with hurdles.

How Insurance Can Benefit Your Business

From succession planning to retirement benefits, insurance can be used to protect your business...

Ask Paula

Hi Paula,

I would really appreciate your expertise given my current situation. To provide you with some perspective, my husband and I divorced after 33 years of marriage. He managed the household along with the kid's schedules through graduation while I worked.

I am turning 62 next month and one of my main concerns now is retirement. I was considering retirement in 3-4 years and with the divorce my financial situation has changed dramatically. My remaining investable assets are a $2,000,000 401(k), a Roth IRA with about $400,000 and a taxable account valued at approximately $2,500,000.

My current Financial Planner is a long time friend of my ex-husband's so I'm not comfortable staying with him and will need to develop a new relationship.

Any guidance you could provide would be greatly appreciated as I work through this major transition.

Thank You,
Jennifer

Hi Jennifer,

I recommend starting by interviewing and choosing a new Financial Planner with the characteristics that fit your needs. Look for longevity in the business, experience working with your age demographic, communication skills you can understand, advanced planning capabilities to handle your specific situation now and in the future as well as transparent fees. Also, listen to your gut - if you feel you have not been heard and understood, move along to the next interview.

Next step is to build your retirement plan, I refer to it as a Lifestyle Wealth Plan. Most plans incorporate all of your concerns, goals, assets, income sources, health care, debts, long-term care costs, capital market assumptions, inflation, income taxes, etc. to determine how much risk is appropriate for you to accomplish your objectives driving the investment decision-making process and incorporating a cash flow analysis for longevity purposes. The Plan provides a visual guidebook that should be revisited throughout the remainder of your life, as we all know life is not static.

Hope this helps and let me know if I can be of any further assistance. Always happy to talk further.

Warm Regards,
Paula

Meet the Team

Paula R Chesser, CSA
Sr Vice President & Sr Investment Consultant
pchesser@rwbaird.com

Dean Brennan

Client Specialist

dbrennan@rwbaird.com

Team Paula’s successful wealth management practice assists Very High-Net-Worth Yacht Owners, Sucessful Business Owners, and Multi-Generational Families in navigating 5 key areas: 1) wealth preservation, 2) tax mitigation, 3) taking care of heirs, 4) protecting assets, and 5) analyzing charitable options. Professional licenses include Series 7, 66 and life & long-term care insurance.

Team Updates

Beautiful sunset over Lake Erie at Catawba Island.
Our Autumn Celebration event at Hale Farm & Village! We all had a blast. 😊