The Wealth Stream Podcast

As a business owner, it’s important to understand what drives the value of your business. In this episode of the Wealth Stream Podcast, Tim Scannell returns with part two of his series on value drivers to share how to get the most out of your business when you exit.  In this episode, you will learn: The final six value drivers to be aware of when exiting your business Why having great interna...

Do you know what drives the value of your business? In part one of this miniseries, Tim Scannell explains what value drivers are, and shares how understanding them may be of benefit to you should you choose to sell your business.  In this episode, you will learn: The first three value drivers to be aware of Why making the business successful  without  you increases its value Why hav...

What is your plan for retirement? Will you lock the doors and close your business on your last day? Have you considered a successor to carry on your legacy? In this episode, Tim Scannell takes us through the top 10 questions as a business owner; your financial team should be asking you, especially as you move closer to retirement. You need to surround yourself with the right team that through adva...

When you eventually pass on your estate to the next generation, do you know if your loved ones will be protected from creditors?  In this episode, Tim Scannell is joined by John Wiktor from HMB Legal Counsel to answer the most common questions about advanced planning for estates. Together, Tim and John share experiences and examples from the client accounts they mutually work on. In this epis...

Are you hoping to give more to your favorite charities and save money in taxes at the same time? In this episode, Tim Scannell uncovers strategies that may allow you and the recipients of your generosity to get the best bang for the buck. Contributing straight from your required minimum distribution (RMD) or even donating an asset are just two of the many options that you will hear about in t...

Tim Scannell’s clients generally have five primary concerns around wealth preservation, wealth enhancement, wealth protection, charitable giving, and transferring wealth. As it turns out, business owners in the commercial industry are no exception.  In this episode, Tim Scannell shares the takeaways from his study that identifies the biggest concerns of family business owners in the commercia...

Are your children — your heirs — clearly passionate about your business? Do they express their vision for the future? Will they problem-solve their way to prosperity? In this episode, Tim Scannell uncovers six traits that entrepreneurial kids tend to possess. Using examples from his own life and that of his clients, Tim shows you how to prepare your children for success, especially if they are sho...

Wouldn’t it be great to have the confidence of knowing your wealth is preserved, your assets are protected, or even that the next generation is equipped to manage their wealth? In this episode, Tim Scannell discusses how entrepreneurial business owners, even with the most complicated financial situations, can achieve their optimal financial world. Listen in as Tim walks you through questions that...

Everyone wants to protect their wealth, no question about it. But have you considered that if you’re a high-income earner, you’re more vulnerable to litigation? In this episode, Tim Scannell unwraps strategies for shielding your wealth, with a special focus on asset protection strategies. This is a must-listen conversation in which Tim walks you through three takeaways that not enough high-earners...

What separates the rich from the not-so-rich?  In this episode, Tim Scannell uncovers the answers by sharing four major things the super-rich do to manage, grow, and protect their wealth. He also shares how the HighTower Great Lakes team helps their clients address the primary concerns that inspire these four habits. In this episode, you will learn: About the five concerns that people tend to...

Protecting client data is of great importance to the HighTower Great Lakes team. That’s why they’ve enlisted Sarah Khan to help protect clients and advisors from digital threats. Today, Tim Scannell is joined by Sarah, HighTower’s chief information and security officer, to explore how she works behind the scenes to protect clients. Sarah also shares steps you can take today to keep yourself and yo...

HighTower Great Lakes has a highly certified and diverse team of professionals — including Steve Billimack. When serving high-net-worth clients, the core of HighTower Great Lakes’ planning always boils down to investment consulting. As someone who focuses the most on the investment process, Steve joins Tim Scannell today to discuss what he does and what he brings to the table for clients. In this...

Once you’ve finished the discovery part of HighTower Great Lake’s wealth management process, it’s time to dive into planning. In part two of his mini-series, Tim Scannell gives you an exclusive preview of how the wealth management process unfolds across the next four meetings. This is your chance to explore the process and find out how you could benefit from Tim’s thorough, client-centric approach...

Get ready for a tour of HighTower’s process that addresses clients’ advanced planning needs! In today’s episode, Tim Scannell discusses the wealth management process at HighTower Great Lakes. He sheds light on how he gets to know clients during the first stage called the discovery process and which types of information he is most interested in gathering.  In this episode, you will learn: What...

Are you looking for a way to ease your tax bill and attract employees to your company?  In this episode, Tim Scannell interviews special guest Mary Stines of Crowe LLP. Mary uses her immense knowledge of taxation and years of experience to answer all of your questions about cash balance plans (CBPs). She even provides highlights from a real-life example of how a company has benefitted from th...

Did you know that the pen is mightier than the sword? The power of the pen is eternal, which means that thinking and communication can greatly impact people’s lives.  In this episode, Tim Scannell discusses how writing is the key to preserving your history and legacy.   In this episode, you will learn: How good communication works to create transparency, which helps other generation...

When you only focus on rate of return, you’re focusing on the future. But it’s possible that you’re not spending money to enhance your life  today.   In today’s episode, Tim Scannell tells you about the survey he and his team use to measure satisfaction in three areas: well-being, progress, and freedom. Listen in as Tim explains each area and how the experience of taking this survey can...

Are you overly concerned with your return on investment? Well, it turns out that there are more life-altering factors to consider than ROI.  In today’s episode, Tim Scannell introduces a perspective-changing approach called “return on life.” He explains how this process differs from a return-on-investment focus and explains why ROI is only one part of the equation. In today’s episode, you wil...

Would family office services make your life easier? If so, what is the first step to getting started? In part two of his mini-series, Tim Scannell explores these questions and talks about which tasks clients are most excited to hand over to his family office service. In this episode, you’ll learn: Some of the most common services families seek out within the family office services About the differ...

In what instances would you need family office services? There are straightforward situations and then there aren’t. The latter is where family office services come in. Today, Tim introduces the family office services at HighTower Great Lakes and explains what the services involve for different clients. In this episode, you’ll learn: Why HighTower Great Lakes offers family office services What the...

In part two, Tim Scannell covers another major topic under advanced planning: asset protection. He discusses how children or grandchildren with special needs can be supported by their families without experiencing an interrupting in the benefits they receive.  In this episode, you’ll learn: What is involved in wealth protection for special-needs beneficiaries Solutions to prevent special-need...

Change is inevitable and the way we deal with it can have a far-reaching impact on our lives. According to Tim Scannell, this is where advanced planning comes in. In part one of his mini-series, Tim discusses how advanced planning can help prevent future problems that usually arise from four tough situations. Tim offers guidelines in today’s episode to help you handle two of these scenarios: prepa...

Do you know about the softer side of financial planning? Planning isn’t all about conducting technical quantitative analyses. In fact, Tim Scannell and his team spend half of their time helping clients with more subtle planning items, called “transition points.” Today, Tim explains how you can prepare for two major transition points—downsizing and retirement. In this episode, you’ll lear...

There are many terms used in the financial industry, and differentiating between similar ones can be confusing. Do you know the difference between a “fiduciary” and a “broker”? Today, Tim Scannell answers that very question. Not only that, but he also gives insight into how the fiduciary process works, particularly at Hightower Great Lakes. In this episode, you’ll learn: The key differences betwee...

Inheriting wealth is harder than it sounds. Too often, younger generations misuse wealth because they don’t know how to preserve it or how to make wise spending decisions. The family bank could be the solution. In today’s episode, Tim Scannell gives you a behind-the-scenes look at how clients use family banks to educate their children, protect their assets, and channel money in a direction that al...