“The nature of the virtual family office enables a wider array of families to benefit from the same synergistic approach and extensive expertise of a single-family office. When done right, a virtual family office can provide with not only coordinated solutions that are in accord with your wants and needs, but a much broader array of high-impact solutions.”
-- Anthony Glomski
“We work with a lot of very wealthy entrepreneurs,” says Anthony Glomski, author of Liquidity & You and founder of the internationally recognized wealth management firm, AG Asset Advisory. “Many of them were told they cannot get more coverage… they can’t get a larger personal umbrella policy. What they’ve really been told is that they need to find another P&C professional. We have extremely knowledgeable and capable specialists as part of my team. We can get them the coverage they require.”
According to Anthony Glomski, founder of the internationally recognized wealth management firm, AG Asset Advisory and author of Liquidity & You, “By focusing on what business owners want to accomplish, we’re able to – with great regularity – come up with innovative, extremely cost-effective ways to achieve their personal financial objectives. With every possible financial strategy and product at our disposal, it’s possible to help our clients get sensational outcomes, and it’s all because we spend enormous time and effort understanding them.”
A fallen stock price looks like a bargain and makes it easier to amass a lot of shares, but it doesn’t mean you’re getting a steal, noted Brian Thomas, chief investment officer of AG Asset Advisory in Los Angeles.
“This is a classic fallacy,” Thomas said. It’s tied to what he called the “anchoring bias” of incorrectly viewing the low price — relative to the higher price the stock used to trade at — as an indication of a value stock opportunity. “A $50 stock that went to $5 lost half its value three times while falling and can do it again,” he said.
Anthony Glomski, principal and founder of AG Asset Advisory in Los Angeles, says investors just entering the rental property arena should fully understand the tax implications of the deduction. “Each person’s situation is going to be different,” he says. “For example, fully depreciated property may not qualify for the deduction, but a simple fix may be exchanging into another property with a higher basis.” Your financial advisor or accountant can help with determining whether you qualify for the deduction.
On the show, Anthony discusses important factors to consider as both an entrepreneur building a business, and as an investor. Anthony talks about surrounding yourself with the right people to build your business on secure footing to produce a successful exit, and what questions to ask when considering investing in a startup to maximize your investment.
Many business owners and entrepreneurs are looking to realize value from the companies they've created, but don't know how, says Anthony Glomski, who sees a major role for accountants in guiding these clients through a liquidity event.
The accounting profession can be a lot like the wave-riding community. Everyone is smart, motivated and passionate about what they do. But a small group of accounting partners seems to be making a disproportionate share of the money. By the way, research shows you don’t have to be a partner at a Big Four or large regional firm to be earning a seven-figure net income
After years of long hours and struggle, research shows that only a tiny fraction of the CPAs who rise to the level of partner will consistently earn $1 million a year. What makes them different from the rest of the profession? Do they have superhuman stamina, exceptional intelligence or superb technical competence? Not necessarily.
“Nowadays this is very much a direction of how businesses are formed, and in some cases, what’s happened is that the profits of companies have lined up with social causes,” said Anthony Glomski, principal of AG Asset Advisory, a Century City financial advisory firm, who studies business donations and giving.
“Most clients who have experienced a financial windfall aren’t going to ask you, ‘Hey, can you get me into an Opportunity Zone Fund?’ explained Anthony Glomski, founder of Los Angeles-based AG Asset Advisory. “They’re looking for ways to minimize their tax hit. And, that’s where you come in — knowing your clients well enough to suggest a solution that most tax preparers and other advisors would not have considered.”
According to Anthony Glomski, principal of AG Asset Advisory, a leading wealth management firm and author of Liquidity and You: A Personal Guide for Tech and Business Entrepreneurs Approaching an Exit, “The sale price of the tech company and how much of it is owned by the entrepreneur are usually the most critical factors in determining his or her personal wealth. However, it’s often possible to structure the entrepreneur’s personal financials to mitigate taxes on the sale and thereby maximize his or her wealth. Unfortunately, most tech entrepreneurs understandably get so wrapped up in the sale that they overlook these tax saving wealth management strategies.”
“The sale price of the tech company and how much of it is owned by the entrepreneur are usually the most critical factors in determining his or her personal wealth. However, it’s often possible to structure the entrepreneur’s personal financials to mitigate taxes on the sale and thereby maximize his or her wealth. Unfortunately, most tech entrepreneurs understandably get so wrapped up in the sale that they overlook these tax saving wealth management strategies.” -- Anthony Glomski
"One of the benefits of ESG investing is impacting the world positively, beyond just making personal choices. ESG isn't simply the latest trend in avoiding sin stocks; rather, a new generation has the power to influence the way corporations do business, shape society and influence the environment," Glomski says.
As a successful entrepreneur, you're in a unique situation. As such, there are specific steps you should take to ensure your family's financial well-being, and they center around capital preservation rather than exponential growth.
"I know there's a lot of excitement around Pokemon, so I don't want to rain on the parade," says Anthony Glomski founder of AG Asset Advisory in Los Angeles. "But in the app world it's important to understand that space is dominated by VCs [venture capitalists]."
“Founding CEOs are unique individuals full of drive, creativity and passion. In transition (whether this occurs due to a sale, an acquisition, etc.), this is likely the first time their thoughts, ideas and beliefs are questioned. It can be off-putting and somewhat insulting to a founder. Understandably, this causes a stir of emotions. We see this during the due diligence phase when shopping a company.” -- Anthony Glomski
Tech entrepreneurs are embracing philanthropy to solve key global challenges. Selecting the right approach to charitable giving requires careful consideration of the pros and cons of the various giving vehicles.
So you sold your technology startup or enjoyed some other event that produced a lot of liquid assets (cash). Now you've got excess money to put to work or just enjoy, and engage a financial advisor to help you. But how do you keep your money safe? By asking your advisor some hard questions up front.
Maria Shriver: Is the Stock Market Broken?
Chances are you've been tuned into the media the past couple weeks, and are aware that the stock market experienced some traumatic swings. In fact, it was nearly impossble to tune our the barrage of information. It is often times difficult to determine: What is going on? Does it affect me personally?
Cash on the sidelines—an idea that implies money moves from one asset class to another, always in search of a home—is a myth. There are two sides to every transaction. When Investor A wakes up one day and decides to "take his money out of the market," he must find Investor B who is willing to put his in.
If you are currently employed, your employer may offer a retirement plan in the form of a 401(k). A lot of confusion exists about what it is and how it works. A 401(k) is a type of retirement savings account and is considered a qualified plan in the eyes of the IRS. This type of retirement plan is also referred to as a defined contribution plan.
Barrons: Look For a Tradable Low
No bull or bear market travels in a straight line. After five down months in a row, it's smart to take a little more risk in stocks even if we have begun a new bear market. The last time the market posted five consecutive monthly declines, it marked the start of the 2008 bear.
I get this question all the time, and my response is always the same, “First, let’s get your financial house in order.” If you answer yes to the following three questions, it may be time to take the plunge. Otherwise, set your goal on converting any “no” to a “yes”. Simply doing this may land you in a much better financial position in the future.