Archives for December 2022

What Will You Retire To?

As the year wraps up, it’s natural to think about your goals – professionally, personally, and financially. It’s something that you and your household will want to assess and talk about openly and honestly. Use this year-end checklist to make sure you’re on track with your retirement savings goals.

○ Maximize your retirement savings - Consider converting to a Roth IRA or electing the Roth 401k

○ Review or update your beneficiary designations

○ Review tax withholdings

○ Review your insurance needs – life, home, auto and liability – make sure you’re adequately insured

○ Review your portfolio – diversify if need be or offset capital gains with capital losses (Tax-loss harvesting)

○ Plan ahead for education expenses

○ Check in on your emergency savings account

○ Fine-tune your budget – review your credit/debt

○ Think about your legacy goals/estate planning

○ Start preparing for the future

Whether you’re early in your career and building wealth, fine-tuning your future plans or prepping for life in retirement, there are things you may want to consider doing by Dec 31 to tidy you your finances.

If you have questions or need help, we are here for you. Reach out to Scott Higgins direct at (269) 552-3259.

Download Year-End Checklist

For Educational Purposes Only. This material is intended for informational purposes only and should not be construed as legal or tax advice and is not intended to replace the advice of a qualified attorney, tax advisor, or plan provider.

Securities and Investment Advisory: Services offered through M Holdings Securities, Inc., A Registered Broker/Dealer and Investment Advisor, member FINRA/SIPC. Rose Street Advisors is independently owned and operated. Rose Street Advisors is a member firm of M Financial Group. #5357597.1

Scott Higgins

AIF®, CFP®, CPFA® | Financial Advisor

Since 2012 at Rose Street, Scott has been responsible for helping the firm’s individual wealth management clients with income strategies for retirement and consulting with employers with their employee retirement plans. In free time, he enjoys golf, biking, skiing, cooking, and traveling. Fun fact, Scott has a hobby of filling growlers with coins!

Interested in more?

Let's Talk

The end of the year is traditionally the time to plan for compensation adjustments. This year, with the competitive job market and inflation at 7.7%*, there is a whole new level of angst as employers try to determine how much to adjust wages for 2023. The Society for Human Resources Management (SHRM) predicts a 2023 compensation budget increase of 4.6%. While notably higher than the recent year average, this is still significantly less than the cost of inflation for the second year in a row. That means employees will continue to feel the pinch until inflation slows down. The danger is if employees take advantage of the tight job market to increase their income by moving to a new organization. Worse, A SHRM survey of what increases HR professionals think employees want in 2023 came in at 8-10%. Market compensation rates have also been impacted by the opportunity to work remotely. This means that a professional position based out of California, can be performed in Michigan where the cost of living is significantly cheaper. While this may be a cost savings for California based organizations, it increases competition and wage rates for our local talent pool. What does that mean for us? Make certain that you are competitive by looking at the market compensation rates by position to see where you stand. Every year, some positions command higher increases than others. Using good quality data to assess the market is critical to determining appropriate compensation levels. Also, that 4.6% average compensation budget will go further if you focus on the high value and least competitive positions in your workforce versus using a blanket increase approach. Not all is doom and gloom. Remember that compensation is an employee satisfier, not a motivator. If you have a great culture, value your employees, and reasonably compensate them, they are likely to stay in a role where they feel that they belong, even if they could earn a few more bucks down the road. 2022 has been another tough year for leaders. Here’s wishing each of you a restful holiday season. We look forward to seeing each of you back and recharged in 2023. Happy Holidays! *US CPI all items 12 months ending 10/22

Kevin Brozovich

SPHR | CHIEF PEOPLE ADVISOR

Meet Kevin Brozovich, energetic entrepreneur, people-focused team-builder and HR practitioner-turned consultant. For almost 10 years, Kevin was Founder and Chief People Officer of HRM Innovations, a Kalamazoo-based Human Resources consulting firm many would consider the top in the region. After pulling his hair out making daily decisions about running the business (does it matter where the coffee comes from?), Kevin joined forces with the Rose Street Advisors team so he could solely focus on what he loves most: working with clients.

Interested in more?

Let's Talk

With a slight adjustment to the Janet Jackson classic… “what has your broker done for you lately?” How might you rate your most recent benefits open enrollment on a scale of 1-10? What could be improved upon? There’s a laundry list of moving parts and details when it comes to open enrollment. At Rose Street Advisors, we feel that no individual part of the process should be deemed lesser in value than another. It’s the bigger picture and the conversations from the leadership team down to the employees and their families that really make an impact.

Many of the conversations we’re having include stories or instances in which employees and employers alike don’t feel as if they have an advocate within their partnership. The most common feedback we've heard over the past year from employers as to what they’re seeking includes employee education, strategic conversations – those which include managing/reducing costs, staying within compliance, overall HR assistance and technology options and guidance.

So, if we could slightly adjust the previous question; could you share what you love about your existing broker partnership? Would it surprise you if I shared that 62%, compared to 44% two years ago, plan to make changes in their health care broker relationships in the next 12–18 months? It’s true. So why is that?

Personally, client stories have always felt like they have the most substance. Below is just one example that was shared by a member of our employee benefits team regarding a client that recently began a partnership with Rose Street Advisors:

“One story that pulls at the heart strings includes a client’s employee who has a child with a disability. The child has had the diagnosis for a few years now. Upon diagnosis, the employee’s family took a proactive approach and reached out to their medical carrier to run down answers to their questions, assistance with coverage and ultimately inquire on somewhat of a roadmap of what to expect. Unfortunately, there was no response, no assistance. For months that turned into years, their family seemed to run into a brick wall when it came to getting answers on why claims were denied, why what seemed to be logical treatment for her child, was like fighting tooth and nail. Fast forward to this organization making a move to Rose Street Advisors. Within a month of a denied claim, our RSA team had connected with multiple team members of the client's medical carrier. A case manager reached out and the individual began to receive what they were looking for all along… answers. They finally felt like they had someone's ear that would be an advocate for their child and their situation.”

We received a note from this client soon after stating, “Have I mentioned lately how grateful I am to be with RSA?!?” We’re grateful that we have the opportunity to make an impact on organizations, employees and their families.

At Rose Street Advisors, we don't discriminate based on the size of your organization. We provide all of our clients with the same customer service, care, education and dedication It is our mission to be your advocate while providing your employees with the tools and resources to maximize their healthcare in the best way possible.

As you enter a new year, think about what you truly want to get out of your existing partnership(s). If you’re interested in hearing more about how Rose Street Advisors serves our clients, let’s have a conversation!

Shannon Thomas

LIC | EMPLOYEE BENEFITS ADVISOR

Shannon values working closely with business leaders to make a positive impact at their organization. With over 6 years of experience at a major HRIS company, her skills include consulting with organizations on their HR processes and creating efficiencies within the employee lifecycle. She understands the importance of clear communication and meeting deadlines. Her outgoing nature and ability to communicate across many levels makes her an important part of our team.

In her spare time, she enjoys traveling, spending time with family and friends and anything outside during the warmer months.

Interested in more?

Let's Talk

Is having fun at work important? Yes! Navigating our office, you will always pass by a smiling face or hear the sound of laughter at some point in the workday. That is why to me, Rose Street Advisors embodies the core value of fun people creating a fun place to work. Whether it’s our Monthly 3:01, seasonal festivities, or showcasing our golf skills at a golf outing; our team comes together to make the workday enjoyable and feel a lot less like work. Before starting my career at Rose Street Advisors, I had never heard of a “3:01”. As someone who loves to laugh and incorporate fun with work, this was a big benefit to me. A 3:01 is where we close the office at 3:01 and we come together to have drinks, snacks, and socialize. Sometimes our 3:01’s are themed with a scavenger hunt downtown, or we simply gather in our gym area. Having this opportunity to disconnect from work and come together as a firm allows for a boost in creativity, productivity, and morale. The people I work with are more than just co-workers, we are all a family. The bonds and friendships we have with each other were not made by staying in our offices and cubicles. We work hard to not only care for our clients, but also for each other. Rose Street Advisors maintains excellence in all we do, while creating a fun place to work.

PERI KURTZMAN

New Business Coordinator

Peri joined the Rose Street Advisors in 2018 as New Business Coordinator on the Life Insurance team. In this role, she works directly with clients to prepare and implement life insurance and disability policies. In her spare time, she enjoys hunting and spending time with family and friends.

Interested in more?

Let's Talk

A few months ago, a client who recently received a fairly unexpected sum of money asked to meet with me for counsel. He expressed that he really wanted to use it to bless his (very young) kids and asked our team for a recommendation on how to allocate the funds. What an honor to be brought into that discussion! Working with the client to understand the details of their financial life and priorities, we put together a comprehensive plan that helped achieve their goals and minimized their tax liability. In addition to the financial strategy, we shared the importance, and a few tips on how to instill this knowledge into their kids. We shared how even at a young age, helping them understand the importance of managing money will equip them with the tools they need to succeed for years to come. He was very appreciative and left the meeting planning on executing the financial and ‘values passing’ strategies. An old, well-known proverb says, “Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime.” How might this apply to your family? If you have little kids, maybe this starts with introducing them to the ‘save some and spend some’ approach. For school age kids, a benefit could be having their own bank account and learning more about your saving habits. Older kids getting their first jobs might benefit from learning the power of saving 15% of their income for retirement, how you have saved for retirement, and the ins and outs of getting a home loan.” Too often, parents pass their hard earned wealth to the next generation but not the values by which the wealth was earned. In addition to giving your kids gifts this Holiday Season, consider a New Year’s resolution of modeling and teaching financial discipline; giving them a gift that will last FOR THEIR LIFETIME. Securities and Investment Advisory Services Offered Through M Holdings Securities, Inc., a Registered Broker/Dealer and Investment Advisor. Member FINRA/SIPC. Rose Street Advisors is independently owned and operated. #5260906.1

Jeremy Heavey

AIF ® | FINANCIAL ADVISOR

Jeremy is passionate about partnering with individuals and families to identify what is important in their lives and creating a comprehensive financial strategy to help them reach their life goals. This holistic approach allows Jeremy and the wealth management team to ensure the specific needs of the client are front and center as they make investment recommendations and collaboratively design custom-tailored financial plans. Jeremy has a professional track record starting, leading, and managing for-profit and non-profit organizations. He is a graduate of Taylor University and has completed business programs at both Hong Kong Baptist University & Harvard Business School. Jeremy is also formally trained and certified in behavioral assessment, conflict management and life coaching. Jeremy, his wife Kim and their 4 kids reside in Kalamazoo. They love spending time exploring the outdoors, fixing up their farmhouse, and living life with friends and extended family. Fun fact: Jeremy has been playing drums since he was 13 years old and made callbacks for the Blue Man Group.

Interested in more?

Let's Talk

What Will You Retire To?

As an employee, we are recommended to participate in the company provided retirement plan. However, why should one participate and what are we really saving for? Check out the video for a perspective of visualizing retirement and gain clarity to "Why Save?".

https://vimeo.com/776347306/fb129bd087

Scott Higgins

AIF®, CFP®, CPFA® | Financial Advisor

Interested in more?

Let's Talk