In the media
CLEVELAND (WJW) -- The banking industry, like many others, is responding to the coronavirus pandemic and starting to put new measures in place.
Nik Wearsch, a financial advisor with Carver Financial Services in Mentor, said he always encourages clients to be prepared for the unexpected but not to panic.
“If you’ve got your immediate provisions set aside, food, a little cash, and then within your account you have money to carry you through a few months of needs, then there’s no need to make an immediate change,” Wearsch said.
He noted the federal government made changes after the 2008 financial crisis to support banks.
“I don’t think people should be worried about the bank not having enough money because the government’s already putting a lot of that emergency procedures in place,” Wearsch said.
He said most banks are federally insured. At FDIC-insured banks, all deposit accounts are covered up to $250,000 per depositor, per insured bank.
Any opinions are those of Nik Wearsch and not necessarily those of Raymond James. Expressions of opinion are as of this date and are subject to change without notice. There is no guarantee that these statements, opinions or forecasts provided herein will prove to be correct.
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Business owners who fail to consider the tax implications of selling their business are asking for trouble, says Randy Carver, president and CEO at Carver Financial Services, Inc.
“If you structure the sale incorrectly and the proceeds are deemed income as opposed to capital gains, there can be 50 to 100 percent more tax paid,” Carver says. “Depending on what you’re doing, there may be ways to avoid the tax altogether, or defer it. If you’re selling to another company and you don’t need as much cash, maybe you do a stock exchange. There may be no tax implications at all.”
While it sounds like an easy mistake to avoid, Carver says he has seen far too many business owners take a less-than-committed approach to developing a comprehensive exit strategy before putting their company on the market.
“Everyone who comes here is working with a team; no one has their own clients. The idea is we’re building the next generation.” - Randy Carver
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Carver Financial 10,000-square-foot expansion underway
Carver Financial Services Inc. of Mentor began a 10,000-square-foot expansion June 12.
In 2012, Carver Financial launched a five-phase improvement program and phases one through four have been completed. Read article.
MENTOR, Ohio, June 12, 2019 - The 10,000 Sq. Ft. Carver Financial Services Inc. expansion has begun at our Center Street location in the heart of Mentor.
“This expansion is part of our
continuing commitment to provide our clients, team and community with a
comfortable state-of-the-art building,” says Randy Carver, President of Carver
Financial Services Inc., an independent practice, and Branch Manager with
Raymond James Financial Services. The expansion will double the existing
building size and is expected to be complete by the end of October.
In 2012, we began a planned five-phase improvement program for the building and behind-the-scenes infrastructure. Phases 1 through 4 are now complete.
- Phases 1 and 2 were undertaken and completed in
2012. This involved the complete renovation of computer systems and an update
to the file center and basement conference center. This work also involved the
complete demolition and remodeling of the second floor on the east side of the
building. This upgrade allowed for an update to wiring, network and data
technology while adding seven office spaces.
- Phase 3 involved the renovation of the reception
area and exterior of the east side of the building. The new exterior is an
energy-efficient exterior insulation and finish systems (EIFS) system. This
phase of the project also entailed adding new servers and digital
infrastructure for the building. Both handicapped accessibility and general
access were improved, and parking was expanded.
- Phase 4 was the largest part of the project and
was completed in October 2013. In this phase, the original one-story building
was demolished and replaced with a state-of-the-art two-story facility.
“We appreciate everyone’s patience and
understanding as we complete these improvements,” commented Carver. “As with
our financial planning strategy, we want to be proactive with our facilities so
we can continue to provide exceptional service and a great experience to our
clients, and future generations, for decades to come!”
Since 1990, Carver Financial Services Inc. has been helping clients in Lake County and around the world enhance and maintain their standard of living while simplifying their lives. Randy Carver and his team manage more than $1.4 billion in assets, providing comprehensive financial planning with a focus on retirement income.
Carver Financial Services recognized for success and growth.
See the full article in the News Herald by clicking here.
Opinions expressed in this article are those of the author and are not necessarily those of Raymond James. All opinions are as of this date and are subject to change without notice.
*Barron's Top 100 Independent Financial Advisors Source: Barron's “Top 100 Independent Financial Advisors,” September 2018. Barron's is a registered trademark of Dow Jones & Company, L.P. All rights reserved. The rankings are based on data provided by over 4,000 individual advisors and their firms and include qualitative and quantitative criteria. Data points that relate to the quality of practice include professionals with a minimum of 7 years financial services experience, acceptable compliance records, client retention reports, charitable and philanthropic work, quality of practice, designations held, offering services beyond investments offered including estates and trusts, and more. Financial Advisors are quantitatively rated based on varying types of revenues produced and assets under management by the financial professional, with weightings associated for each. Investment performance is not an explicit component because not all advisors have audited results and because performance figures often are influenced more by clients' risk tolerance than by an advisor's investment picking abilities. The ranking may not be representative of any one client's experience, is not an endorsement, and is not indicative of advisor's future performance. Neither Raymond James nor any of its Financial Advisors pay a fee in exchange for this award/rating. Barron's is not affiliated with Raymond James.