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Questions answered by our Leading Business & Financial Professionals of 2025
What are the advantages of a Roth conversion?
They say the only certainties in life are death and taxes—but with a Roth conversion, you can at least outsmart one of them! By moving money from a traditional IRA or 401(k) to a Roth IRA, you pay taxes upfront at today’s rates. The perks? Future withdrawals are tax-free, even on earnings. No required minimum distributions (RMDs) mean more control over your money in retirement. Plus, it’s a great way to leave a tax-free inheritance to heirs. If you expect tax rates to rise or want tax diversification, a Roth conversion is worth considering. Tax now, freedom later!
Greg Karanzalis, Connect Wealth | Wealth Planner, Partner
What exactly is a Retirement Distribution Specialist?
Most people spend 25 years of the working life accumulating assets in their IRA’s, 401(k)’s, 403(b)’s, 457’s, ROTHs and Brokerage Accounts. This represents a distinct period in your financial life when you’re trying to accumulate wealth. As you’re getting in or near retirement, the accumulation phase becomes less important and you tend to focus more on preserving what you’ve worked so hard to accumulate and developing a strategy for the most efficient distribution for the next 25 years of your life. This requires careful planning and unique knowledge to not fall victim to the multiple dangers of the distribution phase such as longevity, inflation, taxes, market volatility, health risks and sequence of returns. This is what a Distribution Specialist does. Contact us today to take a closer look at your current or upcoming distributions, to see if you are on the right track! BrionHarris@PremierPlanningGroup.com or 443-837-2529.
Securities and advisory services offered through Registered Representative of Cetera Advisor Networks LLC, member FINRA/SIPC, a broker-dealer and a registered investment advisor. Cetera is under separate ownership from any other named entity. 175 Admiral Cochrane Dr, Suite 203, Annapolis, MD 21401 443-837-2520
Brion Harris, Premier Planning Group
Is the way retirees should invest to protect their portfolios changing?
Yes. Things are always evolving. Music has gone from vinyl to cassette to CDs to MP3 players to Digital Streaming. The telephone has gone from rotary to push-button to cordless to cell phone to smartphone. Investing has evolved similarly as well. The problem is many retirees portfolios look like the vinyl or the rotary phone. Being diversified* today means you need to be diversified by the company, by product, by tax benefit, by asset class and with real assets vs. paper assets. This strategy is called Advance and Protect. Contact us today to look at additional options to diversify your portfolio! BrionHarris@PremierPlanningGroup.com or 443-837-2529. *A diversified portfolio does not assure a profit or protect against loss in a declining market.
Securities and advisory services offered through Registered Representative of Cetera Advisor Networks LLC, member FINRA/SIPC, a broker-dealer and a registered investment advisor. Cetera is under separate ownership from any other named entity. 175 Admiral Cochrane Dr, Suite 203, Annapolis, MD 21401 443-837-2520
Brion Harris, Premier Planning Group
What do estate planning attorneys want people with digital wallet accounts to know?
Digital wallet accounts (e.g. Venmo, PayPal, Apple Pay) are often difficult to access if the account holder becomes incapacitated or passes away. Even in cases where the account holder had the proper legal documents in place (e.g. Power of Attorney, Will), tech companies operating in the financial space are still relatively young and continuing to develop internal procedures for handling these scenarios. They also lack brick and mortar locations with in-person customer service departments. Therefore, it is critically important to ensure fiduciaries or trusted family members can access login information for such accounts, including login information for secondary accounts that may be used for verification into the digital wallet account, such as email or third-party authentication apps. In addition, we strongly suggest continuously transferring funds out of digital wallet accounts to more traditional banking institutions. Planning ahead prevents complications and ensures funds aren’t lost or wasted.
Gregory J. Ferra, Liff, Walsh & Simmons
