May 2024 – Newsletter
Don Named on Forbes Best-in-State Wealth Advisor List
WHAT YOU’LL FIND INSIDE:
- BEST-IN-STATE AWARD
- CALENDAR
- CLIENT SPOTLIGHT
- PAPER SHREDDING EVENT
- FUN MAY FACT
- CLIENTS IN THE COMMUNITY
- ESTATE BLUNDERS
The Forbes Best-In-State list ranks and recognizes advisors that have demonstrated great success, integrity, and levels of professionalism in their practice. Developed by SHOOK Research, Forbes’ methodology includes insights gleaned from telephone and face-to-face interviews. It also considers revenue trends, assets under management, compliance records, industry experience, and the advisor’s dedication towards clients’ best interests.
“It’s truly an honor to once again be recognized among the foremost independent financial advisors in Michigan and the country”, expressed Don. “This achievement underscores the dedication of every member of the Paramount Wealth Management team. Our commitment to delivering exceptional service, fostering enduring relationships, and consistently going above and beyond is what drives us daily. I couldn’t be more proud of our collective efforts.”
Calendar
May 10 – Paper Shred Event 11:30 am – 1:30 pm at our office in Jackson, MI
May 27 – Paramount office and financial markets closed for Memorial Day
June 19 – Financial markets are closed for Juneteenth. Paramount office will be open.
July 4 – Paramount office and financial markets closed for Independence Day
Client Spotlight – Dallen Reber
Meet an entrepreneur who went from unhappily employed to relentlessly pursuing his dreams
Dallen earned a master’s degree in Kinesiology (the scientific study of human movement and how physical activity and sport affect our quality of life) and was working at a sports research facility in Florida. There were two sides to the business, coaching professional athletes and researching the effects of training and nutrition on the body. It sounds like the perfect job for someone with a Kinesiology degree, but Dallen hated his job. He realized a career change was necessary when his wife was expecting their second child. “How will I be able to teach my kids to be courageous enough to pursue their dreams if I’m not living that myself?” he asked.
Dallen’s first step was to begin working on personal development practices, including journaling. He joined a month-long “journal challenge” that was hosted by a podcast that he listened to. During this process, Dallen felt he had more control over his work and life. After the journal challenge was complete, he decided journaling was having a positive impact on his life and was something he wanted to continue. However, he couldn’t find a journal with a format that he liked. So…he created his own.
Dallen realized he had created a great product and wondered if others would like it as well. To gain proof of concept, Dallen printed paper copies with just 10 pages each and gave them out to friends and family for feedback. The final product, Self-Mastery Journal for Men, ended up being a 13-week daily journal to maximize drive, focus, and clarity. He decided to take a chance and run with it.
After finalizing the design, he used an on-demand book printing company and sold the journal through his website. An old college friend became his mentor and showed Dallen how to get the journal on Amazon. As the journal grew in popularity he began ordering in bulk, storing them in his garage, and sending batches to the Amazon fulfillment center as needed. He has since outgrown the garage. Currently, the journal has a 4.7 out of 5 stars with 569 individual ratings on Amazon.
So what are next steps for Dallen? He hopes to increase the product line, establish a presence outside of Amazon, and begin driving more traffic to his own website.
Dallen has moved back to his home-state of Michigan and lives with his wife, Molli, and their children, Brynlee (age 5), Beckham (age 4) and Bailer (age 1).
“I now live a life of purpose-driven action, fulfillment, and priorities; family first, always. Plus, time to live life on my own terms”.
Paper Shredding Event
Friday, May 10, 11:30 am – 1:30 pm
The Shred Truck will be in the parking lot of our office located at 420 South Brown Street in Jackson. Stop by and enjoy FREE paper shredding on us!
Click the link below to download a Paper Shredding Timeline.
- No need to remove staples
- Cardboard like file folders and the back of a checkbook can be shredded
- No cardboard boxes
- All shredding is recycled
Fun May Fact – How a Buttonwood Tree is Tied to the NYSE
In 1792, America had just undergone a financial crisis. Easy credit and wide-spread speculation lead to an unsustainable rise in the price of securities. Furthermore, securities were bought and sold in unregulated auction houses. Prices were unpredictable and commissions were high.
On May 17, 1792, a group of 24 stockbrokers and merchants gathered to initiate a set of guiding principals. They were attempting to build back confidence in the financial system and keep the less scrupulous out of trading. What became The Buttonwood Agreement set rules for how stocks could be traded and established set commissions. The two main points of what ended up being The Buttonwood Agreement were:
- They agreed to only trade with each other.
- They agreed to charge a set commission rate of .25% for their services.
As legend has it, this agreement was named after the Buttonwood Tree, where these stockbrokers traditionally met to make their trades. A Buttonwood Tree still stands today in front of the New York Stock Exchange.
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Don’t Let Estate Blunders Get In The Way Of Your Wishes
These cautionary tales of estate planning mistakes offer a few important lessons.
You’ve worked long and hard to build your estate. Don’t let blunders keep your wishes from being carried out and leave your family – and wealth – in the lurch.
No plan in place
Prince Rogers Nelson did a lot of things right in his life, leaving an indelible musical legacy that spanned generations. Unfortunately, his financial legacy wasn’t as successful. The artist formally, and formerly known as Prince, passed away in 2016 without an estate plan in place. Years of legal battles ensued.
The Paramount Wealth Management Team
The Paramount Wealth Management Team
420 South Brown Street
Jackson, MI 49203
517-787-4444
517-795-2530 (F)
www.paramountwealth.com
Don Hershberger CFP®, AIF®, CRC®, Founder and President, PWM, was named on the 2023 Forbes Top Wealth Advisor Best-in-State list. 2023 Forbes Top Wealth Advisors Best-In-State, developed by Shook Research, is based on the period from 6/30/2021 to 6/30/2022 and was released on 4/4/2023. 39,007 nominations were received and 7,321 advisors won. Neither Raymond James nor any of its advisors pay a fee in exchange for this award. More: https://go.rjf.com/3KsXbF7. Please see https://www.forbes.com/lists/best-in-state-wealth-advisors/?sh=181ba856ab97 for more info.
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