The First Financial Consulting Podcast

Greg Welborn, Scott Sommers, Danny Beckwith, Chad Germann, John Griesinger, Chris Siraganian
  • 5.0 (2)
  • Investing
  • Updated Semiweekly

Practical financial insights from the advisors at First Financial Consulting, covering the questions, decisions, and strategies that can help you make more informed choices about your financial future.

  1. 23h ago

    What Is High Net Worth Financial Planning?

    High net worth financial planning involves more than simply managing a larger investment portfolio. As assets grow and financial situations become more complex, decisions involving investments, taxes, estate planning, businesses, real estate, and future generations can increasingly affect one another. In this episode, Greg Welborn of First Financial Consulting explains what high net worth financial planning is, how it differs from traditional financial planning, and some of the challenges families may encounter as their wealth grows. Greg begins by discussing who may benefit from a more comprehensive wealth-planning approach. This can include families with significant investment assets, business owners, executives with equity compensation, people with concentrated stock positions or multiple real estate holdings, and families facing increasingly complex estate-planning decisions. One of the most common problems is uncoordinated advice. High net worth families often work with several professionals, including financial advisors, accountants, estate attorneys, bankers, and insurance professionals. Each may provide valuable advice within a particular specialty, but recommendations made independently can sometimes conflict with decisions being made elsewhere in the financial plan. Greg explains why high net worth planning can benefit from having someone act as a financial “quarterback”—developing the overall strategy and helping coordinate the different professionals involved so that investment, tax, estate, retirement, and family decisions are working toward the same goals. The episode then looks at two real-world planning examples. In the first case study, a couple approaching retirement had approximately $6 million in investments. Their retirement projections indicated that only part of those assets would likely be necessary to maintain their lifestyle, while the remaining assets could potentially be positioned for children and grandchildren. Rather than treating everything as one investment portfolio, Greg discusses using an investment policy statement to identify different goals, time horizons, target returns, risk levels, and liquidity needs. Assets intended to support retirement could be invested differently from assets intended for children or grandchildren decades into the future. That distinction allowed the retirement assets to emphasize liquidity and risk management while longer-term family assets could pursue different growth objectives. It also opened opportunities for coordinating investment decisions with longer-term tax and Roth planning. The second case study involves a family with investment accounts, substantial real estate holdings, and a privately owned business. In this situation, the issue wasn’t simply generating enough retirement income—it was considering how continued growth of the business and real estate could affect the family’s future estate and their ability to eventually transfer those assets to their children. Greg discusses how advanced planning strategies, including family limited partnerships and dynasty trusts, may be considered when appropriate to help address estate-planning, asset-protection, and multi-generational goals. These strategies are highly dependent on the family’s circumstances and require careful coordination with legal and tax professionals. Ultimately, high net worth financial planning is about coordinating the different pieces of a complicated financial life. Investments, retirement income, taxes, businesses, real estate, estate planning, and future generations should not be treated as completely separate decisions. Topics discussed in this episode include: What high net worth financial planning meansWhen traditional financial planning becomes wealth planningCoordinating multiple financial professionalsLifetime tax planningEstate and legacy planningInvestment policy statementsMatching investments to different financial goalsRetirement liquidity and investment riskPlanning for children and grandchildrenBusiness and real estate ownershipMulti-generational wealth planningFamily limited partnershipsDynasty trustsChoosing a financial advisorThe role of a fiduciary wealth advisorTimestamps 00:00 — What is high net worth financial planning?00:50 — Common high net worth planning mistakes02:04 — Coordinating multiple financial professionals03:38 — Tax planning and high net worth families07:09 — Case study: Planning investments for multiple generations09:39 — Using an investment policy statement13:00 — Case study: Business, real estate and estate planning15:00 — Family limited partnerships and dynasty trusts16:34 — Choosing objective financial advice18:38 — When high net worth planning may be appropriate Learn more about First Financial Consulting: High-Net-Worth Financial Planning The information discussed in this episode is intended for educational purposes only and should not be considered individualized financial, investment, tax, or legal advice. Everyone’s financial situation is different, and the strategies discussed may not be appropriate for every investor. First Financial Consulting is an independent, fee-only fiduciary financial advisory firm providing comprehensive financial planning and investment management services. Learn more about First Financial Consulting: https://firstfinancial.is/

    What Is High Net Worth Financial Planning?

  2. 4d ago

    How Trusts Can Help Reduce Estate Taxes

    Having a trust does not automatically mean your estate will avoid estate taxes. In this episode, Greg Welborn of First Financial Consulting explains how trusts work, why revocable living trusts and irrevocable trusts serve very different purposes, and how certain specialized trust strategies may help families reduce the amount of wealth ultimately exposed to estate taxes. Greg begins with the basic structure of a trust. A trust involves a grantor who creates the trust, a trustee who manages the assets according to its terms, and beneficiaries who ultimately receive the benefits of those assets. The amount of control retained by the person creating the trust can have a major impact on how the trust functions for estate-planning purposes. One important distinction is between a revocable living trust and an irrevocable trust. A revocable living trust can be extremely useful for managing assets, providing instructions for beneficiaries, and avoiding probate. However, because the creator generally retains control over the assets, a standard revocable living trust does not by itself remove those assets from the taxable estate. Greg then discusses three more specialized trust strategies that may be used in estate-tax planning: Irrevocable Life Insurance Trusts (ILITs)An ILIT can be structured to own life insurance outside of an individual’s taxable estate. This can make life insurance an important tool for families looking to create liquidity or transfer wealth to beneficiaries as part of a larger estate plan. Charitable Remainder Trusts (CRTs)A charitable remainder trust may be useful when someone owns highly appreciated assets and also has charitable goals. Greg discusses how appreciated assets can be transferred to a CRT, sold and reinvested within the trust, while creating an income stream for the donor and ultimately benefiting a charitable organization. Grantor Retained Annuity Trusts (GRATs)A GRAT can be particularly relevant when someone owns an asset they expect to appreciate significantly in the future. Greg explains how a GRAT can provide payments back to the grantor during the trust term while potentially transferring appreciation above certain IRS assumptions to beneficiaries in a more estate-tax-efficient manner. The larger lesson is that the specific trust matters. Life insurance, highly appreciated assets, rapidly appreciating investments, real estate, and family businesses may each call for different planning strategies. Just as important is the trade-off between tax planning and control. Different irrevocable trust structures require different levels of control to be given to a trustee, so estate planning isn’t simply about minimizing taxes. It also requires thinking carefully about cash flow, future asset growth, family goals, beneficiaries, and how much control you want to retain during your lifetime. Because these strategies involve complex legal and tax rules, they should be coordinated with qualified financial, tax, and estate-planning professionals and tailored to the specific circumstances of the family. Topics discussed in this episode include: Federal estate taxesHow trusts workGrantors, trustees, and beneficiariesRevocable vs. irrevocable trustsLiving trusts and probateIrrevocable Life Insurance Trusts (ILITs)Charitable Remainder Trusts (CRTs)Grantor Retained Annuity Trusts (GRATs)Highly appreciated assetsLife insurance and estate planningTransferring wealth to future generationsEstate-tax planningBalancing control, cash flow, and legacy goalsTimestamps 00:00 — Why estate-tax planning matters05:06 — What is a trust?07:35 — Why a living trust does not reduce estate taxes08:04 — Three trusts used in estate-tax planning08:39 — Irrevocable Life Insurance Trusts12:17 — Charitable Remainder Trusts16:57 — Grantor Retained Annuity Trusts21:47 — Choosing the right trust for the right assets22:31 — Balancing tax benefits and control Learn more about First Financial Consulting: How to Avoid Estate Tax with a Trust The information discussed in this episode is intended for educational purposes only and should not be considered individualized financial, investment, tax, or legal advice. Everyone’s financial situation is different, and the strategies discussed may not be appropriate for every investor. First Financial Consulting is an independent, fee-only fiduciary financial advisory firm providing comprehensive financial planning and investment management services. Learn more about First Financial Consulting: https://firstfinancial.is/

    How Trusts Can Help Reduce Estate Taxes

  3. 5d ago

    The Investment Mistake of Putting Too Much in One Place

    One of the most common investment mistakes isn’t necessarily choosing the wrong investment—it’s putting too much money into a single one. In this episode, Greg Welborn of First Financial Consulting discusses concentration risk and why even an investment that appears attractive can become dangerous when too much of your portfolio depends on its success. Greg uses filmmaker Francis Ford Coppola and his investment in the movie Megalopolis as an example. Coppola had decades of experience, an extraordinary track record in the film industry, and invested heavily in a project within an industry he knew extremely well. Yet the project still resulted in significant financial losses. The broader lesson: expertise and past success do not eliminate risk. That leads to the central issue of the episode: concentration. Greg explains why putting a large percentage of your assets into a single stock, business, project, or other investment can expose your financial future to the outcome of one decision. Even experienced professionals make mistakes, which is why diversification can be so important. Greg also discusses some of the advantages professional money managers may have over individual investors, including dedicated research teams, industry specialization, greater access to information, economies of scale, risk-management tools, and a disciplined investment process.Diversification is about more than simply owning several different investments. Greg explains how a portfolio can be diversified across asset classes and investment categories—including large-cap growth, large-cap value, small-cap stocks, international investments, bonds, and other areas—with the goal of balancing expected return with the amount of risk an investor is willing and able to accept. The episode also looks at the difference between index and actively managed investment strategies. Index managers generally seek to replicate a particular market index, while active managers select a subset of investments they believe can outperform that benchmark. Greg explains that either approach can have a place in a diversified portfolio depending on the investor and the role that particular investment is intended to play. Ultimately, the lesson is straightforward: avoid allowing one investment to determine the success or failure of your financial future. Build a diversified portfolio designed around your goals, risk tolerance, and overall financial plan. Topics discussed in this episode include: Concentration riskDiversificationThe risks of individual stock investingWhy experts can still make investment mistakesPortfolio allocationRisk managementProfessional money managersInvestment research and specializationIndex investingActive investment managementAsset classes and investment categoriesBalancing investment risk and returnTimestamps 00:01 — One of the most common financial mistakes00:35 — Would you take investment advice from a friend?01:06 — The Francis Ford Coppola example02:52 — The real problem: concentration risk04:16 — Why even experts make mistakes04:51 — Advantages professional investors may have09:08 — The solution: diversify10:36 — Using professional money managers11:54 — Index management vs. active management14:14 — The role of a financial advisor14:42 — Avoiding concentration risk Learn more about First Financial Consulting: Eight Biggest Investing Mistakes The information discussed in this episode is intended for educational purposes only and should not be considered individualized financial, investment, tax, or legal advice. Everyone’s financial situation is different, and the strategies discussed may not be appropriate for every investor. First Financial Consulting is an independent, fee-only fiduciary financial advisory firm providing comprehensive financial planning and investment management services. Learn more about First Financial Consulting: https://firstfinancial.is/

    The Investment Mistake of Putting Too Much in One Place

  4. 6d ago

    Mega Backdoor Roth: How It Works for High-Income Earners

    For high-income earners looking for additional ways to build tax-advantaged retirement assets, a Mega Backdoor Roth may be worth exploring. In this episode, Greg Welborn of First Financial Consulting explains the basic mechanics of the Mega Backdoor Roth strategy and why it can be especially useful for people who have already reached the standard contribution limits in their workplace retirement plan. Greg begins by reviewing the difference between traditional and Roth 401(k) contributions. Traditional 401(k) contributions may provide a tax benefit when the contribution is made, while qualified Roth withdrawals can provide tax-free income later in retirement. The Mega Backdoor Roth strategy takes the planning a step further. Greg explains how employees may be able to make additional after-tax contributions to their 401(k) after accounting for their regular contributions and any employer contributions, up to the plan’s overall contribution limit. Those after-tax contributions may then be converted into the Roth portion of the retirement plan, depending on what the employer’s plan allows. Greg walks through the basic process of making the additional contribution and then arranging for the funds to be converted to Roth. The potential benefit is the ability to move additional retirement savings into a Roth account, where future qualified growth and withdrawals may receive favorable tax treatment. For people already maximizing their regular retirement contributions, that can create another opportunity to build tax-advantaged assets for the future. However, not every workplace retirement plan supports this strategy. The plan generally needs to permit the necessary after-tax contributions and Roth conversion features, making the details of the employer’s 401(k) plan an important part of determining whether the strategy is available. As with any tax and retirement planning strategy, the Mega Backdoor Roth should be evaluated in the context of your overall financial situation, cash flow, tax strategy, and retirement goals. Topics discussed in this episode include: What a Mega Backdoor Roth isTraditional vs. Roth 401(k) contributionsRetirement plan contribution limitsAfter-tax 401(k) contributionsConverting after-tax contributions to RothBuilding additional tax-advantaged retirement assetsWorkplace retirement plan requirementsMega Backdoor Roth strategies for high-income earnersCoordinating Roth strategies with retirement planningTimestamps 00:09 — Why high-income earners may consider a Mega Backdoor Roth00:34 — Traditional 401(k) vs. Roth 401(k)01:12 — Contribution limits and the Mega Backdoor Roth01:28 — Calculating available contribution room01:57 — How the Mega Backdoor Roth process works02:36 — Potential advantages of the strategy03:01 — Important employer-plan requirements03:11 — Integrating the strategy into your retirement plan Learn more about First Financial Consulting: Mega Backdoor Roth The information discussed in this episode is intended for educational purposes only and should not be considered individualized financial, investment, tax, or legal advice. Everyone’s financial situation is different, and the strategies discussed may not be appropriate for every investor. First Financial Consulting is an independent, fee-only fiduciary financial advisory firm providing comprehensive financial planning and investment management services. Learn more about First Financial Consulting: https://firstfinancial.is/

    Mega Backdoor Roth: How It Works for High-Income Earners

  5. Sep 29

    High Net Worth Retirement Planning: 4 Key Areas to Consider

    High net worth retirement planning often involves more than simply determining how much you need to save or how much income your portfolio can generate. In this episode, Greg Welborn of First Financial Consulting discusses four areas that can become increasingly important as a family’s financial situation grows more complex: tax optimization, alternative investments, succession and legacy planning, and multi-generational wealth planning. The first area is tax optimization. Greg explains why tax planning shouldn’t necessarily focus on minimizing taxes in a single year. Because tax rates and financial circumstances can change over time, effective planning may require looking across multiple years—and potentially across an entire lifetime—to understand the broader impact of financial decisions. The second area is investment complexity. High net worth families may own more than traditional stocks and bonds. Businesses, real estate, hedge funds, and other illiquid or alternative investments may already represent a significant portion of a family’s wealth. Greg discusses why these assets need to be considered as part of the overall financial and retirement plan rather than treated separately. Third is succession and legacy planning. Wills and trusts can provide an important foundation, but more complex family situations may require additional planning to help manage how assets are protected and eventually transferred to future generations. Finally, Greg discusses multi-generational planning. Income taxes, capital gains taxes, estate taxes, and other considerations can affect family members differently depending on when and how assets are transferred. For families looking beyond their own retirement, planning may need to account for the financial impact across multiple generations. The broader point is that high net worth retirement planning often requires coordination across investments, taxes, estate planning, and family goals. These areas can overlap significantly, which makes it important to evaluate them as part of one integrated financial strategy. Topics discussed in this episode include: High net worth retirement planningTax optimization over multiple yearsAlternative and illiquid investmentsBusiness and real estate holdingsPortfolio diversificationEstate and succession planningWills and trustsMulti-generational wealth planningCapital gains and estate taxesCoordinating financial decisions across generationsWorking with a fiduciary financial advisorTimestamps 00:09 — The unique challenges of high net worth retirement planning00:29 — Four key areas to consider00:44 — Tax optimization01:14 — Alternative investment strategies01:42 — Succession and legacy planning02:07 — Multi-generational planning02:32 — Bringing the pieces together Learn more about First Financial Consulting: High-Net-Worth Retirement Planning The information discussed in this episode is intended for educational purposes only and should not be considered individualized financial, investment, tax, or legal advice. Everyone’s financial situation is different, and the strategies discussed may not be appropriate for every investor. First Financial Consulting is an independent, fee-only fiduciary financial advisory firm providing comprehensive financial planning and investment management services. Learn more about First Financial Consulting: https://firstfinancial.is/

    High Net Worth Retirement Planning: 4 Key Areas to Consider

  6. Sep 29

    How to Retire at 50: 7 Steps to Plan for Early Retirement

    Can you really retire at 50? For many people, early retirement can feel out of reach. But retiring earlier than the traditional retirement age starts with understanding what you want retirement to look like, what it will cost, and what needs to happen financially to get you there. In this episode, Greg Welborn of First Financial Consulting walks through seven key areas to consider when planning for retirement at age 50. The first step is defining your retirement goals. Retirement looks different for everyone, so your plan needs to account for your normal living expenses as well as the things you hope to do with your time—whether that means traveling, giving to family or charities, pursuing hobbies, or simply maintaining your preferred lifestyle. Where you plan to live can also have a significant impact on how much retirement may cost. Greg then discusses assessing your current financial position and comparing it with where you need to be in the future. That includes looking at your assets, income, cash flow, and the size of the nest egg you may ultimately need to support your retirement. Building that nest egg is only part of the equation. Your retirement plan will also depend on the investment returns you assume along the way, which makes diversification and an appropriate mix of investments an important part of the planning process. Once you retire, those assets need to help generate a sustainable income stream. Greg explains why general withdrawal rules can be useful as a reference point, but shouldn’t replace planning based on your own circumstances, spending needs, portfolio, and retirement timeline. Healthcare is another important consideration for someone retiring before traditional Medicare eligibility. Greg also emphasizes the value of bringing the different pieces of your plan together, monitoring your progress over time, reducing inappropriate debt, and keeping expenses aligned with the retirement plan you’ve created. Early retirement requires coordination across savings, investments, income, healthcare, debt, and spending. The earlier you begin putting those pieces together, the more clearly you can see whether retiring at 50 fits your financial situation. Topics discussed: Setting goals for an early retirementDetermining what retirement may costAssessing your current financial positionCalculating the nest egg you may needInvesting and building retirement assetsCreating sustainable retirement incomeRetirement withdrawal strategiesPlanning for healthcare before MedicareManaging debt and expensesMonitoring and adjusting your retirement planTimestamps 00:09 — Can you retire at 50?00:34 — Step 1: Set your retirement goals01:09 — Step 2: Assess your financial readiness01:44 — Step 3: Build your retirement nest egg02:18 — Step 4: Create a sustainable income stream02:59 — Step 5: Plan for healthcare costs03:09 — Step 6: Build a comprehensive retirement plan03:29 — Step 7: Reduce debt and manage expenses03:50 — Working with a fiduciary financial advisor Learn more about First Financial Consulting: How to Retire at 50 The information discussed in this episode is intended for educational purposes only and should not be considered individualized financial, investment, tax, or legal advice. Everyone’s financial situation is different, and the strategies discussed may not be appropriate for every investor. First Financial Consulting is an independent, fee-only fiduciary financial advisory firm providing comprehensive financial planning and investment management services. Learn more about First Financial Consulting: https://firstfinancial.is/

    How to Retire at 50: 7 Steps to Plan for Early Retirement

  7. Sep 28

    How Much Retirement Income Do You Need - and How Do You Generate It?

    In this episode, Greg Welborn of First Financial Consulting walks through both sides of the retirement income equation: determining how much you may need to support your lifestyle and building a plan for generating that income throughout retirement. Greg starts with the importance of understanding your current living expenses and thinking carefully about how those expenses could change once you retire. Some costs may disappear, while others—such as travel, hobbies, or bucket-list goals—may increase. He also discusses why inflation needs to be part of the calculation, particularly when planning for a retirement that could last 20, 30, or more years. From there, the conversation turns to where retirement income may come from. Social Security, pensions, and other regular income sources can provide part of the picture, but each may come with decisions of its own. Pension elections, Social Security claiming strategies, taxes, and other factors can all affect how much money is actually available to support your lifestyle. Greg also explains why it is completely normal for Social Security, pensions, and other guaranteed income sources not to cover every retirement expense. The remaining amount may need to come from your investment portfolio, making your withdrawal rate an important part of the planning process. Finally, Greg discusses the role investments play in a retirement income strategy. A portfolio may need to accomplish two things at once: provide the additional income needed today while continuing to grow enough to help keep pace with inflation over time. That also means a retirement plan shouldn’t simply be created once and forgotten. Your investments, spending, income needs, and overall plan should be monitored as circumstances change. Topics discussed in this episode include: How to estimate your retirement income needsCurrent expenses versus retirement expensesThe long-term impact of inflationPlanning for a retirement that could last decadesSocial Security and pension incomeUnderstanding different pension optionsTaxes on retirement income and withdrawalsUsing investment assets to fill an income gapEvaluating your portfolio withdrawal rateStructuring investments for income and long-term growthWhy retirement income planning requires ongoing monitoringLearn more about First Financial Consulting:https://firstfinancial.is/retirement-income-diversification/ The information discussed in this episode is intended for educational purposes only and should not be considered individualized financial, investment, tax, or legal advice. Everyone’s financial situation is different, and the strategies discussed may not be appropriate for every investor. First Financial Consulting is an independent, fee-only fiduciary financial advisory firm providing comprehensive financial planning and investment management services. Learn more about First Financial Consulting: https://firstfinancial.is/

    How Much Retirement Income Do You Need - and How Do You Generate It?

  8. 11/20/2020

    22. College Planning and Financial Aid - Chris Siraganian

    Parents and students all across the country continue to wonder how they are going to pay for college. Over the last thirty years, the cost of college has risen astronomically. Since 1987 we have had over a 500% increase in the cost of college tuition. In that same time frame, college tuition has risen at a rate 2.5x that of home prices, over 3x that of medium income, and 4x that of general inflation. Because of this, we often have parents who come to us wondering how they are going to afford the rising cost of college tuition. Luckily, there are numerous tools and loans available to help pay for college. Here is our suggested order of operations for how to pay for college. The information discussed in this episode is intended for educational purposes only and should not be considered individualized financial, investment, tax, or legal advice. Everyone’s financial situation is different, and the strategies discussed may not be appropriate for every investor. First Financial Consulting is an independent, fee-only fiduciary financial advisory firm providing comprehensive financial planning and investment management services. Learn more about First Financial Consulting: https://firstfinancial.is/

    22. College Planning and Financial Aid - Chris Siraganian
See All (27)

Trailer

Ratings & Reviews

5
out of 5
2 Ratings

About

Practical financial insights from the advisors at First Financial Consulting, covering the questions, decisions, and strategies that can help you make more informed choices about your financial future.

Information

  • Creator
    Greg Welborn, Scott Sommers, Danny Beckwith, Chad Germann, John Griesinger, Chris Siraganian
  • Years Active
    2020 - 2026
  • Episodes
    27
  • Rating
    Clean
  • Copyright
    © 2014-2026 First Financial Consulting Podcast
  • Show Website
    The First Financial Consulting Podcast