Archive for the ‘client-news’ Category

Kevin Painter Earns Accredited Investment Fiduciary (AIF) Designation from fi360

Monday, January 25th, 2010

Maryville, Tenn. – Kevin Painter, managing partner of Alcoa-based LeConte Wealth Management, has been awarded the Accredited Investment Fiduciary® (AIF®) designation from Fiduciary360 (fi360), an organization offering training, tools and resources to promote a culture of fiduciary responsibility and improve the decision-making processes of fiduciaries.

Fiduciary responsibility can be defined as the ethical and/or legal relationship of confidence or trust between two or more parties. The AIF designation signifies knowledge of fiduciary responsibility and the ability to implement policies and procedures that meet a defined standard of care. The designation is the culmination of a two-day course and examination.  

 “The AIF designation will allow me to consult with retirement plan trustees and business owners on their fiduciary responsibility to their employees,” Painter said.   

Fi360, based near Pittsburgh, Pa., is the first full-time training and research facility for fiduciaries and conducts training programs at universities throughout the United States and abroad.


ABOUT LECONTE WEALTH MANAGEMENT, LLC:
Established in 2007 and located at 269 Cusick Road, Alcoa, Tenn., 37701, LeConte Wealth Management, LLC helps clients develop a plan to accumulate and preserve their wealth in pursuit of their unique financial goals.  With more than 30 years of cumulative experience, the firm’s team provides asset management, retirement planning, estate planning, risk management and business planning. Securities and Advisory Services offered through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser.

About fi360
Fi360 offers training, tools and resources to promote a culture of fiduciary responsibility and improve the decision making processes of investment fiduciaries – individuals who manage money for others. It licenses the Prudent Practices for Investment Fiduciaries from the Foundation for Fiduciary Studies. Fi360 provides investment education and training programs and awards the Accredited Investment Fiduciary® (AIF®) and Accredited Investment Fiduciary Analyst™ (AIFA®) professional designations through the Center for Fiduciary Studies. It develops sophisticated Web-based tools and reporting, including the innovative Fiduciary Score™ and the Family Fund Fiduciary Rankings™ for trustees and investment professionals through Fiduciary Analytics.

LeConte Provides Insights on Setting Realistic Goals to Achieve Financial Fitness in 2010

Monday, December 21st, 2009

Alcoa, Tenn. — New Year’s resolutions are tough to keep.  Most resolutions deal with losing weight or quitting smoking, but what about financial fitness? 

“Wishful thinking won’t get the job done when it comes to improving one’s financial health,” said Hoy Grimm, managing partner at Alcoa, Tennessee-based LeConte Wealth Management. 

In order to help community members make positive changes to their monetary belt, LeConte suggests following the below five simple steps:

Resolution No. 1:  Take control of your financial future.
Stop hoping that you will have enough money (or income) to fund your future — start saving more money now. The economy may get better or it may get worse, but you can take control of your individual situation to prepare either way. Find the one thing that is sucking the financial life out of you and get rid of it! It could be a hobby, your house or your car.

Resolution No. 2:  Take control of your spending.
If you do not know where your income is going, you probably won’t have any left to save! Look back at the money you spent in 2009. Find one habit, activity or thing that you paid good money for that you now regret. Resolve to replace it with one new behavior that will improve your financial future in 2010.

Resolution No. 3:  Assess the limits of your fiscal self control.
Are you a saver or spender? Do you budget and balance your checkbook or do you rely on “retail therapy” more than financial discipline? Take some time at the beginning of the year to be realistic about your behavior and what you need to change to make 2010 a financial success. Either from a friend or professional, seek help in addressing your greatest behavioral weakness. Do you realize that large retail businesses spend millions on research, store design and product displays to induce you to spend more than you intend? You can counter this by not giving them the chance to work their marketing magic. In other words, stay off the enemies “turf.”

Resolution No. 4: Take control of your credit score.
For better or worse, financial institutions weigh your credit score heavily before extending an offer to you. You cannot change the past, but you have total control of your financial future. Make 2010 the year that you learn what your credit score is and how to improve it. Some improvements are very easy and with a small effort you can save money by reducing your cost of credit. Armed with your improved credit score, call all of your banks, credit card companies and insurance companies to bargain for their best rates. Be aggressive. Lenders are more eager to keep their best customers than they are to terminate their worst. Lenders more than likely will offer you an incentive to stay if you have a high credit score. 

Resolution No. 5: Assess the risks in all your investments.
Many investors spend most of the time looking at the potential return of a particular investment while dismissing the risks. They ask, “How much can I make on this?” If they see a stock chart, they instinctively imagine the line ascending instead of declining. In 2010, try asking, “How much risk will I have to assume for the potential to make a certain return?” Professional money managers live in the world of “risk adjusted returns” and if you are serious about your financial future you should too. Risk is defined in many different ways. You are aware of the risk of capital loss. Are you equally aware of interest rate risk, reinvestment risk, inflation risk, liquidity risk and currency risk? Which one is exerting the greatest influence on your investments? What can you do about it in 2010?

“Even making small financial adjustments can yield worthy results,” said Kevin Painter, managing partner at LeConte Wealth Management.

Visit LeConte Welath Management’s web site for free financial calculators and additional information.

ABOUT LECONTE WEALTH MANAGEMENT, LLC:
Established in 2007 and located at 269 Cusick Road, Alcoa, Tenn., 37701, LeConte Wealth Management, LLC helps clients develop a plan to accumulate and preserve their wealth in pursuit of their unique financial goals.  With more than 30 years of cumulative experience, the firm’s team provides asset management, retirement planning, estate planning, risk management and business planning. Securities and Advisory Services offered through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser.

Blount Education Initiative Urges Post-High School Training and Commitment to Lifelong Learning for Job-Competitiveness

Monday, December 7th, 2009

Maryville, Tenn.Clayton Homes’ Controller David Jordan attributes his success to a solid educational background – which, interestingly, did not follow a traditional path.

Jordan went straight to the workforce from high school, and he soon realized that he needed additional education to advance in his career. After spending five years working in the railroad business, Jordan took time to complete his undergraduate degree through the Univ. of Tennessee Evening School. A short time later – and older than most of his classmates – he received his Bachelor of Science degree at the age of 30. Nine years later, Jordan graduated from the very first Executive MBA class at the University of Tennessee.

Jordan has worked for Clayton Homes for 26 years; he said he believes the foundation of his professional successes can be attributed to education. 

Regardless of age, background or job interests, Blount Countians who want a lifetime of rising income potential, career control and growth opportunities cannot end their education with high school graduation. In fact, according to the Blount Education Initiative (BEI), a high school diploma is only the beginning.

In this day and age, a high school diploma is not just a minimum educational requirement; it’s the starting line to a whole lifetime of job-related training and other forms of education to remain competitive,” said Bonny Millard, BEI executive director.

“Research has proven lifelong personal and financial benefits to those with post-high school training or college,” Millard said. “Those who continue throughout life with additional training, certifications and any form of continuing education – even if it’s attending conferences or non-credit classes – can keep a leg-up on the job competition and gain more personal control over their job prospects and economic future. That’s empowering.”

These benefits don’t just help individuals and families achieve good quality of life. The entire community benefits, too.

According to a report entitled “Education Pays—The Benefits of Higher Education for Individuals and Society” by Sandy Baum and Jennifer Ma, students who attend institutions of higher education obtain a wide range of personal, financial and other lifelong benefits. Likewise, taxpayers and society as a whole gain a multitude of direct and indirect benefits when citizens have access to postsecondary education.

“This research also confirms that higher levels of education correspond to lower unemployment and poverty rates,” said Matt Murray, BEI president. “In addition, higher education levels correlate with higher levels of civic participation, including volunteer work, voting and blood donation as well as with greater openness to the opinions of others.”

David Jordan recently answered a few education-related questions from BEI:

What is the value of investing in our children’s educational lives?
“In a broad context, providing a good education to our children is essential to the health and well-being of our society. It is truly an investment in the future. Looking at it from the perspective of a Blount County-based employer, the education level of the local population from which we draw most of our home office team members is an important part of Clayton Homes’ ability to remain competitive.”

Do you believe education has been the foundation of your success?
“I was very appreciative of my educational opportunities. My working background, particularly as a union employee and, later, a collector, underscored to me the value of a good education. There is no question in my mind that my educational experiences are the foundation of any success that I have had in my career.”

Who were the influencers in your life who encouraged you to strive for knowledge? 
“My parents always encouraged my curiosity. There always were books around the house. My mother was a reader and instilled in me a keen interest in current events and history. I can remember vividly watching the Senate Watergate hearings with her in 1973. Being Tennesseans, we were very proud of the role played by our own Howard Baker and his young lawyer from Nashville, Fred Thompson.”

Do you have any favorite teachers, professors or administrators – and why?
“Not only was Miss Margaret Jenkins the band director and English teacher at my high school, she also was the choir director at my church.  Although we belonged to a small church in a small town, we had a great choir because of her. Our group traveled all over the place to perform. Miss Margaret loved all of her choir kids and encouraged our musical talents. She introduced us to classic literature in high school – we read Shakespeare aloud (being a band director, she called Trebonius, from Julius Caesar, Trombonius) – and classical music in band. 

“Anyone who attended Hollow-Rock-Bruceton Central High School from the 1930s until the early 70s was influenced by her. Her area of expertise is not my field, but she encouraged reading, art and music – not to mention more than a little discipline. My life is richer because of these interests that she helped spark.”

Explain your personal view on the importance of education in order to get a good job and ultimately improve one’s quality of life. 
“Clearly, there can be no question as to the correlation of an education to the quality of life.  Most manufacturing jobs today require skills that are acquired through education. Mathematics, computer literacy, reading comprehension, writing and team dynamics are but a few of the skill sets higher-paying employers are looking for today.”

If you could give one piece of advice to children in school now, what would that be?
“Be curious about things and people, and develop the habit of reading.  Books, magazines, newspapers – it doesn’t matter so much what you read as long as you read.”

About Blount Education Initiative
The Blount Education Initiative’s (BEI) mission is to make education the Blount County community’s top priority by developing a sustained public awareness campaign focusing on the critical issues related to education, supporting local schools in their efforts to provide a top-notch education for all students and serving as a bridge between the educational community and businesses to develop meaningful collaborations. 

Achieving consensus about education’s vital importance, and what forms of support are required to achieve educational excellence, requires an organized, concerted campaign involving information exchange, dialogue, learning and persuasion.  That’s why BEI exists – to facilitate this process.

East Tennessee Native and Knoxville Interior Design Expert Todd Richesin Honored by House Beautiful as One of the “Next Wave of Top 20 Designers”

Tuesday, November 24th, 2009

Knoxville, Tenn. – With over 20 years’ experience working as an interior designer who has built a sizeable portfolio of upscale client projects throughout East Tennessee and the United States, Todd Richesin‘s passion for design has been officially recognized on a nationwide level. 

Richesin was selected as one of House Beautiful’s “Next Wave of Top 20 Designers” in the just-released December / January 2010 issue, hitting newsstands today, Nov. 24.

“I’m thrilled about the opportunity to share my work with House Beautiful readers and to represent my home state in such a prestigious publication,” said Todd Richesin, owner of Knoxville-based Todd Richesin Interiors.

Richesin grew up in Sweetwater, Tenn., and manages a fully appointed studio located in West Knoxville at his French manor house, which for the past ten years has played host to a complete interior design service. It is here where clients will find one of the South’s most exclusive fabric and furniture resource libraries.  

Todd also travels to furniture and accessory markets worldwide, as well as to many antique shows to keep up-to-date on design trends and new product introductions. 

“I truly focus on expressing each client’s unique individual style in my projects,” Richesin said. “Getting to know a client’s personality helps me to provide them with fresh ideas and one-of-a-kind designs.” 

Since early childhood, Todd has had a knack for interior design.  In fact, his first project happened by accident at the age of 7.  He selected an Oriental rug that is still in his parents’ home library today – even after the room has been redecorated three times.

Todd’s philosophy of design is simple — starting with personal collections or design elements that a client loves and building from there.

“More beautiful, more comfortable, more livable – that’s my motto,” Richesin said. “Design should be fun.  My goal is simply to take a client’s dream and make it a reality.”

No one in East Tennessee knows better about making their design dreams come true than Knoxville resident Melinda Story.  Melinda has worked with Richesin over the past 10 years on four different interior design projects, including a room-by-room design project for her main home in Knoxville; restoration and complete interior design of an 1840’s house in Key West, Fla.; design and furnishing of her mountain home in Highlands, NC; and a remodeling and interior design project for an historic loft in downtown Knoxville.

“We would not consider undertaking a project without the benefit of Todd’s consultation,” Story said.  “His vision, talent and creativity are gifts. You can see it in everything he does and everything he is.”

Doretta Sperduto, decorating director of House Beautiful, says Todd’s work speaks for itself.  “He is obviously talented and deserves to be featured in this article.”

Recently, Todd integrated social media tools to give back to supporters interested in gaining interior design knowledge, along with offering helpful decorating tips and answering design-related questions.  Todd’s blog, “On the Fringe,” hosts a variety of colorful blog posts.  Todd’s fan page on Facebook is also growing daily.

“Spreading design knowledge, along with providing the best customer service possible has always been my top priority,” Richesin said.  “I try my best to go above and beyond what a client wants to make them happy.”

About Todd Richesin Interiors, LLC
Based in Knoxville, Tenn., Todd Richesin Interiors, LLC , is a full-service interior design studio that utilizes custom furniture, antiques and luxury fabrics to express each client’s individual style.  The firm’s services include floor plan design; pre-construction analysis of floor plans and furniture layouts; flooring, plumbing, tile and lighting selection; selection of all interior finishes; cabinetry consultation and design; custom furniture, draperies, rugs and accessories; artwork selection and antiques. 

Richesin is also a business partner with Bobby Brown in Bobby Todd Antiques.  Founded in 1999 and located in the heart of downtown Sweetwater, Tenn. (near Interstate 75 between Knoxville and Chattanooga), Bobby Todd Antiques features unique furniture pieces, garden accessories and gifts as well as intangibles such as scent and sound to enhance the design of every home.

LeConte Provides Insights on Financial Care for Elder Family Members

Monday, November 9th, 2009

Alcoa, Tenn. — It’s an overwhelming question many adult children must face at some point: “How can I care for my elderly family members well when I don’t feel financially prepared or have the right expertise?” 

With November recognized as National Family Caregivers Month, people with aging parents or elder family members should consider the issues their loved ones face and what types of support will be needed, both in the near-term and long-term, according to Alcoa-based LeConte Wealth Management.

“Most families are not financially prepared to take care of their parents,” said Andy Oakes, financial adviser for LeConte Wealth Management. “But as parents grow older, it’s likely they will need help and assistance making important decisions.  That’s why it’s critical to begin a dialogue and a planning process early on that involves both the elder family members and their care-givers to identify issues and challenges requiring attention.”

Recent statistics demonstrate that elder care family needs facing young to mid-life adults are significant and growing:

  • According to AgingStats.gov, there were more than 90 million people over 60 years of age living in the United States as of 2004.  
  • The Administration on Aging estimates that, out of roughly 106 million households in the United States existing in 2003, more than 22 million (or roughly one in five) were providing informal care to one or more elderly persons.
  • Statistics also suggest that approximately one in 10 workers were employed in elder care related fields.

“These sobering statistics demonstrate that the need for elder care is universal,” Oakes said.  “As with any financial reality that you know is coming down the road toward your family and loved ones, it’s smart to begin addressing it sooner rather than later.” 

According to Oakes, procrastination can be a costly enemy – especially for older family members who can participate in conversations about their care and their finances today but may not be able to do so a year from now due to health issues.

“Adult family care-givers must be aware of these timing concerns and initiate conversations about planning, allowing elder loved ones to remain empowered and to exercise control over as many decisions as feasible,” he said.

LeConte Wealth Management offers several tips for families to get started on the most appropriate financial path for providing elder care:

Be proactive in developing a realistic plan. 
Determine what financial assets are available for elder care and then ask, “What will these assets cover and for how long will they cover my loved one’s specific needs?”

Be aware of options.
What levels of care are available and appropriate?  If transitioning to an assisted living facility, research the types of additional government assistance available (i.e. veterans benefits, Medicaid).

Think ahead. 
Though it might be feasible to have an elderly family member move in with one of their children, what will happen if their health deteriorates?  What are likely to be the next stages of health concern, and what will these demands require in terms of transitioning to more advanced care?

Tips for someone caring for an elderly family member at home:

  • Medicare does not cover long-term care expenses.  Medicaid, based upon financial need, may provide support, but the type and manner of covered care is limited.
  • Secure powers of attorney.
  • Attend medical appointments with the patient.  Consider taking notes or even keeping a journal record of doctor visits to help manage complicated medical information.
  • Be realistic about what is affordable and for how long.
  • Be respectful of the elder family member’s desire to remain in charge of personal affairs, but be aware of diminishing capacity to fulfill them.
  • Seek outside help when needed.

What are the financial steps one should take when preparing to care for an elderly family member?

  • Assess the financial impact of the loved one’s current and likely future needs.
  • Determine what financial resources are available to meet these needs and how they should be accessed (from what accounts, in which order, and how much).
  • Secure financial and healthcare powers of attorney (POA).  Ensure that financial providers and insurance carriers are aware of POA role.
  • Clearly define ongoing financial roles (i.e. who will be paying regular bills, who will review nursing home expenses, what role can the elderly family member continue to play in directing their own affairs?).

What advice do you have for someone caring for an elderly family member by way of their retirement savings?

  • Recognize the shift in priorities to generating current income and providing liquidity.  Portfolio risk should be minimized.
  • Assess the financial impact of their current and likely future needs.
  • Determine what financial resources are available to meet these needs.

What is an ideal scenario (in terms of finances) when taking care of an elderly family member?
The key elements should include:

  • A realistic plan of care
  • Resources sufficient and invested appropriately to provide for that care
  • Respect for the family member’s participation in making ongoing decisions and desire to remain independent as appropriate
  • Division of responsibilities in providing ongoing financial monitoring, medical supervision and emotional support

What is a worst-case scenario (in terms of finances) when taking care of an elderly family member?  (Example:  elderly family member has no financial funds or huge medical debt.)  Any tips for a worst-case scenario?
Some negative scenarios might include the following:

  • Emotional barriers can sometimes prevent families from exercising control, resulting in unintended financial negligence by elderly family members, leaving them unable to support themselves financially.
  • Existing investments are not structured to take advantage of applicable tax deductions and government aid.
  • Available government aid, insurance benefits or other supplemental income are forfeited because no one knows to apply for them.

Across many of these different situations, it’s important to try to take out the emotional factors that might lead to bad decision-making.  To the extent that a person can remove financial considerations or deal with them separately, emotional stress can be reduced.

Please visit LeConte Wealth Management’s web site for more financial information and access to free financial tools and calculators.

ABOUT LECONTE WEALTH MANAGEMENT, LLC:

Established in 2007 and located at 269 Cusick Road, Alcoa, Tenn., 37701, LeConte Wealth Management, LLC helps clients develop a plan to accumulate and preserve their wealth in pursuit of their unique financial goals.  With more than 30 years of cumulative experience, the firm’s team provides asset management, retirement planning, estate planning, risk management and business planning. Securities and Advisory Services offered through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser.

BEI Forum on Education in Tennessee Provides Excellent Dialogue

Tuesday, October 27th, 2009
By Mary Beth West, APR

Hats off to our client, the Blount Education Initiative, on its Oct. 26 Gubernatorial Forum on Education, featuring Nashville businessman Ward Cammack (Democrat); Knoxville Mayor Bill Haslam (Republican); former Tennessee House of Representatives Majority Leader Kim McMillan (Democrat); and U.S. Rep. Zach Wamp (Republican).

The event — which our team orchestrated in collaboration with BEI Executive Director Bonny Millard — proved to be insightful on many aspects of educational improvement in the state of Tennessee and what the near-term priorities would be based on each candidate’s platform. Our media relations team thanks all of the media that covered the event and brought these important issues to the forefront for our regional East Tennessee community.

BEI’s mission is to make education the Blount County community’s top priority in order to accomplish a host of quality-of-life and economic development outcomes for the local area. We’re also proud to work in partnership with Sen. Bill Frist’s Tennessee State Collaborative on Reforming Education (SCORE) to facilitate BEI’s mission and to carry it forth on a statewide level.

BEI Gubernatorial Forum on Education to be Broadcast Live on WBIR’s 10News2 and at www.wbir.com

Monday, October 12th, 2009
Maryville, Tenn. — Citizens throughout Tennessee who are interested in the state’s educational future will have live television and web access to Blount Education Initiative’s (BEI) upcoming community forum with several gubernatorial candidates on Monday, Oct. 26.  The forum will explore the topic, “Making Education Tennessee’s Top Priority: The Roles of State Government, Local Governments, and all Tennessee Citizens.”
WBIR will cover the event live from 7 p.m. to 8:30 p.m. on its 10News2 television channel and via live streaming at www.wbir.com. John Becker, an award-winning journalist who is the co-anchor of WBIR’s Action 10 News at 6 and 11 p.m. and the moderator of the station’s political roundtable “Inside Tennessee,” will serve as the forum moderator.
The forum – which is open to the public – will take place in the auditorium of William Blount High School at 219 County Farm Road in Maryville, Tenn. Anyone interested in personally attending the event should be seated by 6:50 p.m.
The public is encouraged to submit questions for the candidates by Thursday, Oct. 22, through BEI’s Web site, www.blounteducation.org, or to BEI Executive Director Bonny Millard at bonny@blounteducation.org.  BEI welcomes questions that will stimulate a discussion about education’s strategic role in charting a path of future economic success for both the state and individual citizens versus dissecting the state’s policy and funding issues.
As of Oct. 9, the following gubernatorial candidates have committed to participate in the forum:
Knoxville Mayor Bill Haslam (Republican)
Former Tennessee House of Representatives Majority Leader Kim McMillan (Democrat)
Tennessee Lt. Gov. Ron Ramsey (Republican)
U.S. Rep. Zach Wamp (Republican)
About Blount Education Initiative
The Blount Education Initiative’s (BEI) mission is to make education the Blount County community’s top priority by developing a sustained public awareness campaign focusing on the critical issues related to education, supporting local schools in their efforts to provide a top-notch education for all students and serving as a bridge between the educational community and businesses to develop meaningful collaborations.  Achieving consensus about education’s vital importance, and what forms of support are required to achieve educational excellence, requires an organized, concerted campaign involving information exchange, dialogue, learning and persuasion.  That’s why BEI exists – to facilitate this process.  For more information, visit www.blounteducation.org.

Maryville, Tenn. — Citizens throughout Tennessee who are interested in the state’s educational future will have live television and web access to Blount Education Initiative’s (BEI) upcoming community forum with several gubernatorial candidates on Monday, Oct. 26.  The forum will explore the topic, “Making Education Tennessee’s Top Priority: The Roles of State Government, Local Governments, and all Tennessee Citizens.”

WBIR will cover the event live from 7 p.m. to 8:30 p.m. on its 10News2 television channel and via live streaming at www.wbir.com. John Becker, an award-winning journalist who is the co-anchor of WBIR’s Action 10 News at 6 and 11 p.m. and the moderator of the station’s political roundtable “Inside Tennessee,” will serve as the forum moderator.

The forum – which is open to the public – will take place in the auditorium of William Blount High School at 219 County Farm Road in Maryville, Tenn. Anyone interested in personally attending the event should be seated by 6:50 p.m.

The public is encouraged to submit questions for the candidates by Thursday, Oct. 22, through BEI’s Web site, www.blounteducation.org, or to BEI Executive Director Bonny Millard at bonny@blounteducation.org.  BEI welcomes questions that will stimulate a discussion about education’s strategic role in charting a path of future economic success for both the state and individual citizens versus dissecting the state’s policy and funding issues.

As of Oct. 9, the following gubernatorial candidates have committed to participate in the forum:

  • Knoxville Mayor Bill Haslam (Republican)
  • Former Tennessee House of Representatives Majority Leader Kim McMillan (Democrat)
  • Tennessee Lt. Gov. Ron Ramsey (Republican)
  • U.S. Rep. Zach Wamp (Republican)

About Blount Education Initiative

The Blount Education Initiative’s (BEI) mission is to make education the Blount County community’s top priority by developing a sustained public awareness campaign focusing on the critical issues related to education, supporting local schools in their efforts to provide a top-notch education for all students and serving as a bridge between the educational community and businesses to develop meaningful collaborations.  Achieving consensus about education’s vital importance, and what forms of support are required to achieve educational excellence, requires an organized, concerted campaign involving information exchange, dialogue, learning and persuasion.  That’s why BEI exists – to facilitate this process.  For more information, visit www.blounteducation.org.