By Richard W. Stout III

A new year is almost upon us and it’s all too easy to mentally jump ahead to 2020 and start making plans for the coming months. But how you finish something is just as important as how you start it. So, amid holiday events, travel, and the busyness of the season, give yourself a leg up on next year’s financial goals by crossing these 5 things off your year-end checklist.

1. Celebrate Victories and Set New Goals

Chances are, you set some financial goals for the year when you rung in 2019. Have you checked in on those goals throughout the year or did they get swept under the rug? Take a look at the past year to mark how far you’ve come and celebrate your progress, no matter how small! Then evaluate your saving and spending from the past year, set some new goals, and adjust your financial plan, taking into account any life changes such as marriage, relocation, or a job change.

2. Invest in Your Future

If possible, max out your contributions to your 401(k) by the end of the year to make the most of your retirement savings. For 2019, you can contribute as much as $19,000 (or $25,000 if you are age 50 or older). Remember, these are your contribution limits and any employer match would be in addition to this. You might also consider contributing to a Roth IRA. For 2019, you can contribute as much as $6,000 (or $7,000 if you are age 50 or older). Finish the year strong by investing in your future!

3. Take Advantage of Your Employer Benefits

While every employer has different rules that apply to the benefits they offer their employees, many benefits expire or reset at the end of the year. You work hard for these perks, so be sure to use them!

Medical and Dental Benefits

At the beginning of 2019, did you have good intentions of taking care of some dental work, blood tests, or other medical procedures lingering on your to-do list? Now’s the time to take advantage of all your healthcare needs before your deductible resets. Dental plans in particular often have a maximum coverage amount. If you haven’t used up the full amount and anticipate any treatments, make it a priority to set an appointment before December 31st.

Flexible Spending Account

Like your health insurance benefits, you’ll want to use up as much of your FSA (Flexible Spending Account) dollars by the end of the year as possible. You are only allowed to carry over $500 to the next plan year. Check the restrictions on your account to see what the money can and cannot be used for and take care of any needs you may have as allowed by your plan

Sick and Vacation Time

Depending on your company, your sick or vacation time might expire at the end of the year. Check with your HR department to learn about any expiration dates. If it does expire, fit in a last-minute vacation or even a staycation. If you need to make any trips to the doctor in the near future, schedule those appointments now to make use of these benefits before you lose them.

4. Make Some Updates

To your estate plan and insurance coverage, that is. If you have taken the time and energy to create an estate plan, you’ll want to check in periodically to ensure all the documents are up to date and no major details have changed. Any significant life event is a good time to think about updating your estate plan documents. If you change any of the beneficiaries in one place, such as a life insurance policy, make sure that they are consistent with the other documents so that there is no confusion.

Your insurance needs may have changed as the year has gone on, which is why it’s important to regularly review your insurance coverages and your designated beneficiaries to make sure they are up to date and reflect your current financial situation. For example, if you’ve paid off debt and your youngest child has just graduated from college, you may not need as much life insurance coverage since your family’s needs and liabilities have decreased. You might also want to evaluate your need for other types of insurance you may not currently have, such as long-term care insurance.

5. End the Year on a Generous Note

If gifting is one of your long-term financial goals, it’s never too early to start planning for the legacy you want to leave your loved ones without sharing a good portion of it with Uncle Sam.

Each year you can gift up to $15,000 to as many people as you wish without those gifts counting against your lifetime exemption of $11.4 million. If you’ve yet to gift this year or haven’t reached the $15,000 limit for a particular recipient, make sure you do this by December 31st.

If you’re planning to itemize deductions on your 2019 tax return, be sure to make your charitable contributions before the end of the year. This includes donating appreciated securities, which may help you avoid paying taxes on the gains. Along with your other tax documents, find and organize any receipts you have from donations to charities, whether made in cash, as a securities contribution, or other type of gift.

Let’s Finish 2019 Strong!

Which of these steps do you need to take before the ball drops on New Year’s Eve? The team at Benchmark Wealth Management would love to help you finish the year off strong and set you up for a successful 2020. If we are currently working together, know that I appreciate your trust. If you are interested in learning more about how I work, who I serve, and how I may be able to assist you, I encourage you to reach out. Please call 860.434.6890 or email me at richard.stout@bwmllc.net and let’s discuss ways we can work together to make 2020 your best year yet!

About Rick

Richard W. Stout III is managing director of Benchmark Wealth Management, LLC, with 23 years of experience in the financial industry. He specializes in financial planning and asset management for individuals, families, and institutions seeking to build and monitor durable and sustainable plans for their financial futures. Rick is a Certified Financial Planner™ (CFP®) professional. He has earned a Master of Science degree in Personal Financial Planning from the College for Financial Planning. He obtained his MBA from Rensselaer Polytechnic Institute and his BA in Economics and Anthropology from the University of Connecticut. He also completed the Accredited Wealth Management Advisor (AIF®) program through the Estate and Wealth Strategies Institute at Michigan State University. He has extensive background experience in lending, credit review and analysis, and real estate and partnership management. Learn more about Rick by connecting with him on LinkedIn.

Additional information, including management fees and expenses, is provided on our Form ADV Part 2, available upon request or at the SEC’s Investment Advisor Public Disclosure site, www.iapd.com, searching with our company name or unique identifier, CRD # 160192. Past performance is not a guarantee of future results.

Securities offered through Private Client Services, Member FINRA, SIPC in the following states: AR, CA, CT, FL, KY, MA, ME, MI, MN, MO, NH, NJ, NM, NY, OH, PA, RI, TN, WA. (Securities-related services may not be provided to individuals residing in any state not previously listed) Advisory services offered through Benchmark Wealth Management, LLC a registered Investment Advisor. Private Client Services is an unaffiliated entity

By Richard W. Stout III and Thomas Britt

You don’t have to look far to find financial advice or so-called proven formulas that promise to bring you financial success. And while there’s plenty of general advice you would be wise to take, your finances don’t exist in a bubble. They are an extension of you, your values, your dreams, and your life circumstances; as such, they deserve a personal touch.

That’s where we come in. At Benchmark Wealth Management, the driving force behind all we do is to offer financial planning and investment advice that is independent, highly personalized, and specifically tailored to your needs.

What We Do

In a nutshell, we work with our clients and their families to address all aspects of wealth management. If you need help reducing taxes, we’ve got you covered. If you are worried about how volatile markets could affect your retirement, we can help. And if you want to create a secure estate plan, we’ll get you started.

In other words, we act as your family’s Chief Financial Officer, your go-to resource when questions, issues, or worries arise. We don’t just invest your money and call it a day. We take a holistic approach that extends far beyond planning and investment advice.

Like a family office, we offer highly personalized, almost limitless services to our clients. While we do not provide tax or legal advice, we strive to deliver the same high-touch service by working with your other professional advisors; providing timely, courteous service for all your financial needs.

How We Work

At Benchmark Wealth Management, our greatest investment is our relationship with you. That’s why we use a personalized approach to financial management as the foundation of our services, taking into account both your individual goals and your entire financial situation. Before we look at any numbers or dive into strategizing, we get to know you and what you want out of life. We ask deep questions and seek to understand the nuances of your financial situation. As time goes on, we compound our understanding of you and your needs, allowing us to deliver independent, objective, and tailored strategies that help you rest easy today and in the long term.

Who We Serve

Our clients have investable assets of $1 million or greater and come to us for help because they desire a customized, disciplined strategy and a holistic approach to managing their assets and reaching their realistic long-range goals. Because we prioritize personal relationships with our clients, relationships that often extend for generations, many of our clients find their way to us through referrals from existing clients! While we serve clients of different ages and from a variety of professions, the majority are business owners, professionals, entrepreneurs, executives, and retirees. Despite their differences, they have all worked hard for their wealth and created their own path to success.

The Benchmark Difference

In case you haven’t noticed already, we do things differently than the average financial firm. We believe our clients choose us because of our unparalleled level of care for them as individuals. We are proud of our personalized approach and work hard to make each client feel important. This may be a bold statement, but outside of your family, no one cares more about you than we do.

Our clients also know that we are a true partner, delivering what is expected, as it is expected, and when it is expected, and working diligently to preserve and build your assets as you move through life’s transitions.

Our integrity also sets us apart. Our fee-based compensation structure allows us to offer objectivity and advice that is free from conflicts of interest. Our commitment to your success and our dedication to proactive and responsive service allows you to feel confident that your money is in good hands.

Ready to Partner Up?

We hope so, because you are at the center of all we do. Our goal is to provide you with honest, thoughtful guidance to help you visualize and realize your goals. If you’re ready for a personalized approach to wealth management and a partner who is your biggest supporter, we’d love to meet with you. Please call 860.434.6890 or email us at richard.stout@bwmllc.net or thomas.britt@bwmllc.net to schedule a consultation.

About Rick

Richard W. Stout III is managing director of Benchmark Wealth Management, LLC, with 25 years of experience in the financial industry. He specializes in financial planning and asset management for individuals, families, and institutions seeking to build and monitor durable and sustainable plans for their financial futures. Rick is a Certified Financial Planner™ professional and holds the Accredited Investment Fiduciary (AIF®) designation. He has earned a Master of Science degree in Personal Financial Planning from the College for Financial Planning and holds the Master Planner Advanced Studies^SM (MPAS^®). He obtained his MBA from Rensselaer Polytechnic Institute and his BA in Economics and Anthropology from the University of Connecticut. He also completed the Accredited Wealth Management Advisor (AWM®) program through the Estate and Wealth Strategies Institute at Michigan State University. He has extensive background experience in lending, credit review and analysis, and real estate and partnership management. Learn more about Rick by connecting with him on LinkedIn.

About Thomas

Thomas J. Britt is managing director of Benchmark Wealth Management, LLC, with 20 years of experience in the financial industry. He specializes in executive financial planning, retirement planning, investing, as well as the management of trusts and endowments. Thomas is a Certified Financial Planner™ (CFP®) professional and holds the Master Planner Advanced Studies^SM (MPAS^®), Certified Investment Management Analyst (CIMA®), and Chartered Retirement Planning Counselor (CRPC®) designations. He earned a Bachelor of Science in Finance from the University of New Haven, an MBA in financial technology from Rensselaer Polytechnic Institute, and a Master of Science in Personal Financial Planning from the College for Financial Planning. He is also a proud veteran of the United States Navy Submarine Force. Learn more about Tom by connecting with him on LinkedIn.

Additional information, including management fees and expenses, is provided on our Form ADV Part 2, available upon request or at the SEC’s Investment Advisor Public Disclosure site, www.adviserinfo.sec.gov/firm/160192

Securities offered through Private Client Services, Member FINRA, SIPC in the following states: AR, CA, CT, FL, KY, MA, ME, MI, MN, MO, NH, NJ, NM, NY, OH, PA, RI, TN, WA. (Securities-related services may not be provided to individuals residing in any state not previously listed.) Advisory services offered through Benchmark Wealth Management, LLC a registered Investment Advisor. Private Client Services is an unaffiliated entity.

By Thomas Britt

Life is full of unexpected twists and turns. While we may start off in one career, our experiences might show us other areas we want to pursue or open doors to new opportunities. That’s exactly how I found my way into my career as a financial advisor.

Career Beginnings

I started my first career about as far from the financial industry as possible—as a submariner and diver for the United States Navy Submarine Force. This incredible experience lasted 6 years, after which I took the hands-on experience gleaned in the Navy and began a decade-long career in engineering as an operations supervisor for a Fortune 500 subsidiary. During this time, I also earned a Bachelor of Science degree in Finance from the University of New Haven and an MBA in financial technology from Rensselaer Polytechnic Institute.

In 2000, I decided to use the start of a new millennia to begin a new career as a financial planner. I joined the Merrill Lynch team as a wealth management advisor, gaining a solid investment foundation and building confidence in navigating market ups and downs. As time went on, I realized that my focus and passion were not necessarily conquering market challenges, but that instead my greatest satisfaction came from guiding others through life’s financial twists and turns, freeing them to worry less and enjoy more success and peace of mind. In 2007 my partner and I formed Benchmark Wealth Management, where I have spent the last 12 years helping individuals and families achieve their financial and life goals.

Teacher and Guide

I specialize in executive financial planning, retirement planning, and investing, as well as the management of trusts and endowments. I enjoy getting to know each client on a personal level, understanding what makes them tick, what they want to accomplish in life, and what matters most to them. I ask the questions many people haven’t considered and spend a lot of time listening. Developing and maintaining such close relationships with my clients is very fulfilling to me personally, but more importantly, I take great pride in knowing that our work together brings them clarity and confidence so that they can focus on what matters most in their life.

To ensure I’m delivering the highest level of service to my clients, and given the ever-changing state of the economy, markets, laws, and technology, I prioritized continuing my education and training. I earned my second Master’s degree, a Master of Science in Personal Financial Planning from the College for Financial Planning. I hold the CERTIFIED FINANCIAL PLANNER® (CFP®), Master Planner Advanced Studies^SM (MPAS^®), and Chartered Retirement Planning Counselor (CRPC®) designations. I have also earned the Certified Investment Management Analyst (CIMA®) designation through coursework at the Wharton School of Business,

Hurdles and Triumphs

Every job has its challenges, and mine is no exception! When you’re dealing with money, things can be stressful. The unpredictability of our markets can cause anxiety and strain. I work to ensure that all my clients are educated and aware about how to stay focused on the long term, assuage any fears they have when the markets get dicey, and help them remain confident no matter what’s going on. Assisting clients in developing this heightened awareness and confidence brings me great personal and professional satisfaction

What About You?

Navigating the maze of life’s financial ups and downs can be less stressful if you have a knowledgeable partner by your side. If you have questions about your current financial situation, or if you are interested in learning more about how I work, who I serve, and how I may be able to help you, I encourage you to reach out. Please call 860.434.6890 or email me at thomas.britt@bwmllc.net to arrange a consultation.

About Thomas

Thomas J. Britt is managing director of Benchmark Wealth Management, LLC, with 19 years of experience in the financial industry. He specializes in executive financial planning, retirement planning, investing, as well as the management of trusts and endowments. Thomas is a Certified Financial Planner™ (CFP®) professional and holds the Master Planner Advanced Studies^SM (MPAS^®), Certified Investment Management Analyst (CIMA®), and Chartered Retirement Planning Counselor (CRPC®) designations. He earned a Bachelor of Science in Finance from the University of New Haven, an MBA in financial technology from Rensselaer Polytechnic Institute, and a Master of Science in Personal Financial Planning from the College for Financial Planning. Tom has been named as a Five Star Wealth Manager for the years 2012 & 2013 by Connecticut Magazine. He is also a proud veteran of the United States Navy Submarine Force. Learn more about Tom by connecting with him on LinkedIn.

Additional information, including management fees and expenses, is provided on our Form ADV Part 2, available upon request or at the SEC’s Investment Advisor Public Disclosure site, www.iapd.com, searching with our company name or unique identifier, CRD # 160192. Past performance is not a guarantee of future results.

Securities offered through Private Client Services, Member FINRA, SIPC in the following states: AR, CA, CT, FL, KY, MA, ME, MI, MN, MO, NH, NJ, NM, NY, OH, PA, RI, TN, WA. (Securities-related services may not be provided to individuals residing in any state not previously listed.) Advisory services offered through Benchmark Wealth Management, LLC a registered Investment Advisor. Private Client Services is an unaffiliated entity.

By Richard W. Stout III

There’s not much in life that induces more feelings of anxiety or vulnerability than finances. Whether you experience it or not, financial security can significantly affect your quality of life. Your financial situation determines what options are available to you, drives your decision-making, and can either bestow freedom or cause stress.

I became a financial planner so I could make a difference in people’s lives. With my knowledge, expertise, and commitment to my clients, I am able to help them feel confident not just about their financial future, but about the rest of their lives, too. My goal is to relieve the burden of wealth management so that they have the freedom to do those things they really enjoy.

Starting My Career

After high school, I attended the University of Connecticut and earned a bachelor’s degree in Economics and Anthropology. In the years following, I earned a Master of Science degree in Personal Financial Planning from the College for Financial Planning and an MBA from Rensselaer Polytechnic Institute and obtained the CERTIFIED FINANCIAL PLANNER™ (CFP®) and Accredited Investment Fiduciary® (AIF®) designations.

After working for several financial firms in a variety of roles, I wanted something more. While much of the financial services industry follows the “production mode,” where personal compensation is driven by selling, I was drawn to the idea of providing a higher standard of care to clients, with a focus on service. In 2007, my partner Tom Britt and I formed Benchmark Wealth Management, LLC, bringing to fruition a long-held desire to provide financial planning and investment advice that is independent, highly personalized and specifically tailored to our clients’ needs.

Branching Out/My Career Today

As an advisor, I work with my clients and their families to address all aspects of wealth management, including wealth protection and enhancement, reducing taxes and volatility in retirement, and tax-efficient estate planning. Typical clients are successful small business owners, professionals or retirees who have been referred to our firm by existing clients and fit our client profile. My clients have worked hard to create their wealth and I strive to make sure their wealth works for them.

Hurdles and Triumphs

While there are stresses, such as having a difficult conversation with a client, I can’t imagine having another career; it’s incredibly fulfilling. I am relentless in my commitment to providing clients with a genuine understanding of their unique needs. I work hard every single day because of the enduring relationships I’ve developed with my clients and my dedication to strengthening their financial life. In all that I do, I live by this motto: “Why be mediocre when you can strive to be great?” I aspire to do all things with excellence so that my clients can live their ideal lives. It’s deeply satisfying to me when someone tells me that I’ve helped them live a life that is meaningful and impactful to them.

Taking the Next Step

Working towards a secure future can be less strenuous if you have a knowledgeable partner by your side. If we are currently working together, know that I am grateful for your trust. If you are someone interested in learning more about how I work, who I serve, and how I may be able to help you, I encourage you to reach out. Please call 860.434.6890 or email me at richard.stout@bwmllc.net to schedule a consultation.

About Rick

Richard W. Stout III is managing director of Benchmark Wealth Management, LLC, with 23 years of experience in the financial industry. He specializes in financial planning and asset management for individuals, families, and institutions seeking to build and monitor durable and sustainable plans for their financial futures. Rick is a Certified Financial Planner™ (CFP®) professional. He has earned a Master of Science degree in Personal Financial Planning from the College for Financial Planning. He obtained his MBA from Rensselaer Polytechnic Institute and his BA in Economics and Anthropology from the University of Connecticut. He also completed the Accredited Wealth Management Advisor (AIF®) program through the Estate and Wealth Strategies Institute at Michigan State University. He has extensive background experience in lending, credit review and analysis, and real estate and partnership management. Learn more about Rick by connecting with him on LinkedIn.

Additional information, including management fees and expenses, is provided on our Form ADV Part 2, available upon request or at the SEC’s Investment Advisor Public Disclosure site, www.iapd.com, searching with our company name or unique identifier, CRD # 160192. Past performance is not a guarantee of future results.

Securities offered through Private Client Services, Member FINRA, SIPC in the following states: AR, CA, CT, FL, KY, MA, ME, MI, MN, MO, NH, NJ, NM, NY, OH, PA, RI, TN, WA. (Securities-related services may not be provided to individuals residing in any state not previously listed) Advisory services offered through Benchmark Wealth Management, LLC a registered Investment Advisor. Private Client Services is an unaffiliated entity