Welcome to Polaris Updates, Powered by Adviser. We’ve launched this monthly newsletter to keep you informed about all the pertinent developments at our organization. From enhanced services and company awards to the latest updates, there’s a lot of exciting news to communicate.
Tax Season Kicks Off
Last week marked the official start of tax season! Although tax year 2022 is behind us, there are some savvy actions you can take today to reduce your tax burden. For instance, we recommend making every effort to max out contributions to your retirement accounts. The cutoff for 401(k) contributions was Dec. 31, but you have a few extra months to fund IRAs and HSAs—up until the tax filing deadline in April.
These contributions lower your taxable income, so talk with your wealth adviser to ensure you are getting the most from tax-advantaged accounts and to decide whether a Roth or a traditional IRA makes more sense given your income level.
Tax season also means that the Polaris tax team is hard at work. Did you know we recently expanded our tax services? From creating a customized tax strategy to preparing and filing returns, our tax team can make that April deadline easier and help improve your financial position throughout the year. (There may be a fee for the service depending on your tax profile and account size.) If you think you could benefit from our expertise, schedule a tax consultation today.
Q&A: Meet Mario
In last month’s inaugural Polaris Updates newsletter, you heard from Adviser CEO Mario Ramos. We thought you’d also like to hear about Mario.
You’ve had a 20-plus-year career in financial services. What led you to Adviser?
I spent 20 years of my career in financial services as a banker, primarily at JP Morgan. I have also held operating roles at Edelman Financial Engines, as chief financial officer, and at CVS, overseeing the acquisition and integration of Aetna. Throughout my career, one thing has remained constant: Prioritizing the needs of clients.
How do you describe your leadership style?
Everything we do is about clients and the people who serve them. My leadership style and the culture we are trying to build is based on “servant leadership,” which is designed to focus on serving the great people at our company who deliver for clients every day. Bernie Marcus and Arthur Blank of Home Depot called it the inverted pyramid.
Why did you choose Adviser?
I saw a unique combination of strengths and opportunities here. Everyone believes in our mission to offer the absolute best service to our clients. Plus, it’s an exciting time to be here. We are looking to grow, and I wanted to be a part of that.
What do you like to do outside of work?
My family and I are big sports fans. I try to attend the World Cup every four years and relive a bit of my youth—I played Division I soccer in college and was part of the U.S. National Under-18 Team. I’m also a New England Patriots season ticket holder and I play golf when I have a chance.
Recent Market Insights Summary
In case you missed it, below is a quick overview of January’s financial planning and market insights.
January 2023 Polaris Outlook
In this quarter’s Polaris Outlook, you’ll find a market/economic recap of 2022, practical analysis on topics from inflation to new tax legislation, and a brief introduction to Tim Clift, Adviser’s new chief investment officer.
Secure Act 2.0 and Your Retirement
Three years after the Secure Act introduced major updates to the U.S. retirement system, more modifications are being implemented courtesy of Secure 2.0. Some of the new legislative rules won’t take effect immediately, but there’s a lot to unpack that we’ll be covering in more depth throughout 2023.
Alternative Minimum Tax Planning
If you fall into a certain income range, you must calculate your normal income taxes and your alternative minimum tax (AMT) and then pay whichever is higher. Here’s how it works and ways to mitigate your exposure.
Looking Ahead
We value your opinion and feedback as we remain focused on helping you achieve your goals in the best way possible. Please reach out to your wealth adviser or email us anytime at info@polariswealth.com. We look forward to hearing from you and wish you all good things in the new year and beyond.
This material is distributed for informational purposes only. The investment ideas and opinions contained herein should not be viewed as recommendations or personal investment advice or considered an offer to buy or sell specific securities. Data and statistics contained in this report are obtained from what we believe to be reliable sources; however, their accuracy, completeness or reliability cannot be guaranteed.
Purchases and sales of securities listed above represent all securities bought and sold in each strategy during the period stated. Each strategy’s portfolio generally includes more holdings in addition to the transactions listed above and in some cases the securities listed above may only represent a small portion of the particular strategy’s complete portfolio. Further, the securities listed above are not selected for listing based on their investment performance; thus it should not be assumed that any of the securities listed above were profitable or will be profitable, nor should it be assumed that future recommendations will be profitable. Clients and prospective clients should only make judgments about a strategy’s performance after reviewing the strategy’s composite performance information. There is no assurance that each security listed above will remain in the strategy’s portfolio by the time you have received or read this email. Securities are listed for informational purposes and are not intended as recommendations. Existing investor accounts may not participate in all transactions listed above due to each account’s particular circumstances.
Our statements and opinions are subject to change without notice and should be considered only as part of a diversified portfolio. You may request a free copy of the firm’s Form ADV Part 2, which describes, among other items, risk factors, strategies, affiliations, services offered and fees charged.
Past performance is not an indication of future returns. Tax, legal and insurance information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice, or as advice on whether to buy or surrender any insurance products. We do not provide legal advice, nor sell insurance products. Always consult a licensed attorney, tax professional, or licensed insurance professional regarding your specific legal or tax situation, or insurance needs.
Companies mentioned in this article are not necessarily held in client portfolios and our references to them should not be viewed as a recommendation to buy, sell or hold any of them.
Third-party publications referenced in this article (e.g., Citywire, Barron’s, InvestmentNews, CNBC, etc.) are independent of Polaris Wealth Advisory Group. Opinions and statements contained in third-party articles are for informational purposes only; they are not investment recommendations.
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