San Diego, CA - Centura is proud to announce that Derek Myron, the company's Managing Director, was featured in the recent wealth management roundtable organized by the San Diego Business Journal (SDBJ).
The roundtable discussion brought together eight of the region's leading financial planners and wealth managers to share their expertise and advice on retirement planning and estate planning management.
Derek Myron's Experience and Commitment to Helping Others:
With over 25 years of experience, Derek Myron has been serving high net-worth individuals and families since 1998, assisting them in the creation and implementation of carefully crafted plans to achieve both their financial and life goals. His dedication to helping others reach their highest potential, both professionally and personally, has been his guiding principle throughout his career.
Strong Foundation and Qualifications:
Growing up in a two-parent-teacher household that emphasized academic excellence and community service, Derek developed a strong foundation of values centered around education and helping others. He earned his undergraduate degree in Business Administration with a Finance concentration from the University of Washington and has held the Certified Financial Planner (CFP(R)) designation since 2001.
Passionate about Liberated Wealth® Plans:
Passionate about making a positive impact on his clients' lives, Derek finds great joy in developing and implementing Liberated Wealth® plans for Centura Wealth Advsiory’s clientele. By facilitating an impactful change to their financial well-being, he helps them achieve their life goals with a focus on long-term prosperity.
The Great Retirement: Insights From Wealth Management Expert, Derek Myron
The latest issue of the San Diego Business Journal magazine's Wealth Management section explores the challenges faced by Baby Boomers, the generation born between 1946 and 1964, who currently represent 28% of the U.S. population. With retirement rates rapidly accelerating, approximately 75 million Baby Boomers are expected to retire by 2030, marking a significant shift in the demographic landscape.
Top Concerns for Retirement Planning
As Baby Boomers approach or enter retirement, ensuring financial stability throughout their golden years becomes a paramount concern. Factors such as longer life expectancy, rising healthcare costs, and market volatility contribute to the complexity of retirement decisions. Navigating the financial path during retirement presents challenges that require careful consideration and expertise.
The Largest Intergenerational Wealth Transfer in History
In addition to retirement planning, Baby Boomers face the task of transferring wealth to their children, marking the largest intergenerational transfer of wealth in history. However, despite the magnitude of this responsibility, a majority of U.S. households lack sufficient plans in place to effectively manage this transition. Many individuals overlook the opportunity to seek guidance from wealth managers and financial planners who possess the expertise to structure comprehensive plans that facilitate the growth and management of wealth.
Let’s review Derek’s insights.
What potential challenges can arise during the transfer of a family business, and what are the associated complexities? When passing on a business, what are the primary goals to consider: fairness or equality?
Derek Myron explains the complexities associated with passing on a family business: "A family business can be extremely complicated to pass on and continue running after the death of the primary owner. This often arises due to family dynamics, disproportionate involvement in the business, and various other factors... Should it be passed on to those involved, benefiting them more than others? Or should it be divided equally... The right solution depends on the facts, circumstances, and preferences of the business and family. Proper business succession planning is crucial..."
What are common issues/problems heirs may encounter that wealth managers can help with?
Derek Myron sheds light on the issues heirs may face and how wealth managers can assist: "A good estate plan allows heirs to inherit wealth with help and support in how to manage it... Certain assets can pose challenges for heirs... Having a competent, experienced, and qualified financial advisor will help assess whether your current estate plan aligns with your goals and make necessary modifications as needed. They can also assist in setting up business succession plans, facilitating the sale of directly managed real estate assets, and transitioning into syndicated deals where management is delegated... without proper planning, wealth can become burdensome."
What actions can be taken to Mitigate Tax Exposure in a Trust/Estate Plan?
Derek Myron provides insight on actions that can be taken to mitigate tax exposure in a trust/estate plan. He explains: "At present, gift tax and estate tax exemptions are around $13 million per individual and around $26 million per married couple... the exemptions will sunset on Jan. 1, 2026, back down to the level pre TCJA; adjusted for inflation... anyone with assets expected to exceed these estate tax exemption levels in 2026... should consider the design and construction of their current wealth transfer plans."
Centura’s Ranking in San Diego Business Journal’s List of Wealth Management Firms
Centura Wealth Advisory has secured the notable position of #22 on the San Diego Business Journal's list of wealth management firms. SDBJ’s list was ranked by assets managed locally for fiscal year 2022.
Read on for the full San Diego Business Journal article, here.
Connect With Centura
At Centura Wealth Advisory, we go beyond a traditional multi-family office wealth management firm to offer advanced tax and estate planning solutions which traditional wealth managers often lack in expertise, knowledge, or resources to offer their clients.
We invest heavily into technology and systems to provide our clients with fully transparent reporting and tools to make informed decisions around their wealth plan.
Read on to learn more about our 5-Step Liberated Wealth Process and how Centura can help you liberate your wealth.
Centura Wealth Advisory does not make any representations as to the accuracy, timeliness, suitability, or completeness of any information prepared by any unaffiliated third party, whether linked to or incorporated herein. All such information is provided solely for convenience purposes and all users thereof should be guided accordingly.
We are neither attorneys nor accountants and no portion of this material should be interpreted by you as legal, accounting, or tax advice. We recommend that you seek the advice of a qualified attorney and accountant.
SDBJ’s Wealth Management list was ranked by assets managed locally for fiscal year 2022. The ranking should not be viewed as representative of any one client's experience and should not be taken as an indication of performance by Centura and any of its clients. SDBJ requested Centura to participate in the special report. Centura paid a fee to participate in the special report.
For additional information about Centura, please request our disclosure brochure as set forth on Form ADV using the contact information set forth herein, or refer to the Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov). Please read the disclosure statement carefully before you engage our firm for advisory services.