Worcester Business Journal

wbjournal.com | December 23, 2024 | Worcester Business Journal 19 WBJ: Does Provo Wealth Management help with broader financial issues such as capital gains, income, and estate taxes? CP: Provo financial advisors provide guidance and strategies to address broader financial issues listed above however our focus is often on investment management. We will work with other licensed professionals such as tax advisors and estate planners at the clients written request. Some of the areas we can assist in include, but are not limited to, capital gains management or tax harvesting, recommending tax-efficient investments and tax advantaged accounts such as an IRA or 401(k)s for example. Advanced estate planning such as Trusts, CRUTs, ILITs, and other tactics are utilized for complex cases. WBJ: Speaking of estate taxes and succession planning, how do you work with your family- owned business to come up with a successful plan for the next generation? CP: We assess the situation of both the business and the family. We research their market position, organizational structure and analyze strengths and weaknesses. We evaluate the family readiness for a succession plan by learning about each members interests, skills, and qualifications. Many family dynamics come into play so we have to navigate this carefully and diligently. Financial and Legal considerations such as tax planning, legal protections, financial stability, family meetings and stakeholder engagements require the development of a contingency plan and implementation and monitoring of the plan. I myself am currently working on my third succession plan. Things are always changing and you need to adapt your plan. WBJ: Why Provo? What do you do differently than some of the large financial planners and wealth managers? Can you provide a much more in depth relationship with your clients? CP: As a smaller firm and family business we have lower overhead allowing for more competitive and flexible structures. We can avoid layers of management and extensive infrastructure costs and we can pass our savings on to our clients. Larger firms have higher overhead due to large office spaces, extensive staff, and marketing budgets. A lot of our clients come from word of mouth. We also offer a highly personalized service due to our size and tailor our strategies to individual client needs. Larger firms rely on standardized processes and automated tools; and client interactions are often delegated to junior advisor or client call centers. We maintain a much closer and more direct relationship with our clients making it easy for them to communicate directly with their advisor. As a smaller firm we can provide more flexibility in accommodating unique client requests or circumstances. You will rarely get a recording when you call our office. As a smaller firm our flexibility and adaptability to changes in market conditions, client preferences, or regulations, can be handled much more quickly due to less bureaucracy as we can implement new technologies, investment strategies, or operational improvements at a faster pace. Larger firms would require longer timeframes and multiple layers of approval reducing agility and scale which can be a challenge when adjusting to individual client's needs. One of the biggest advantages we have over larger firms, in my opinion, is that we rely on personal reputation. We are a local presence, and we rely on word of mouth for business, and I feel that clients place value in the close connection with our firm's leadership. Larger firms have a tendency to rely on a national presence using extensive marketing while our focus is centered on the client's needs, objectives, and growth! WBJ: What do you see as the big trends in 2025? Are there areas for growth and investment you see on the horizon for next year and year's to come? CP: The trends we are seeing are artificial intelligence, less government bureaucracy, decreased government spending, less contribution to foreign wars, reducing taxes, renewable energy, electric vehicles and green technology. Other trends we've seen are found in the healthcare industry including biotechnology, drug development and robotics, as well as inflation resistant assets such as real estate, private equity and venture capital to diversify portfolios. However, any trends have to be evaluated for strategic investment: risk vs reward while keeping in mind economic and regulatory challenges and changes. S P E C I A L A D V E RT I S I N G S E C T I O N 385 South Street, Shrewsbury, MA 01545 | (508) 842-0539 | www.ProvoWealth.com Review your portfolio with a member of our team to find out if you are on the best financial path

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