Mid-Year Business Review: The Key to Success in the Second Half
National Referral Network
Professional referral community dedicated to helping each other create more value for your clients.
As we reach the year's halfway point, it's an opportune time for business owners to conduct a thorough mid-year review. This pivotal checkpoint allows you to evaluate your progress, reassess your goals, and make necessary adjustments to ensure continued success.
This edition provides insights and strategies to help you and your clients navigate this crucial mid-year assessment. From leveraging new financial tools to enhancing operational efficiencies, the articles and professional insights shared here are designed to equip you with the knowledge needed to thrive in the latter half of the year.
Let’s seize this mid-year moment to reflect, readjust, and recharge our efforts for a successful finish to the year. Remember, we're here to support you in achieving your business goals.
Feel free to reach out if you need introductions or assistance crafting your strategy for the months ahead.
Featured Articles: Essential Strategies for Mid-Year Financial Optimization
This week's featured articles offer expert insights into key financial planning and management areas. These areas can be reasons to reach out to your clients to show that you're taking a proactive approach to their financial well-being.
If you're a business owner reading this, it's an opportunity to evaluate the members of your team and determine whether they can take your business to the next level.
Whether you're navigating the complexities of inherited IRAs, empowering women through financial literacy, or exploring the strategic uses of life insurance in estate planning, these articles provide valuable knowledge to guide your mid-year review and future planning.
Navigating the Complex World of Inherited IRAs: Strategies and Implications – by Mike Clark, MBA - Inheriting an IRA is more than just a financial boon — it’s a rich mix of opportunities wrapped in a labyrinth of rules.
The Role of Tax Planning in Financial Advice – by Brenda Schans - Taxes and inflation are the top eroding factors of money. Incorporating tax planning into financial planning creates a more comprehensive approach
Empowering Women Through Financial Literacy: A Path to Financial Independence – by Cheryl Blakey - Financial literacy enables better money management, wealth building, and overcoming economic barriers.
How a Virtual Family Office Can Optimize Your Financial Plan – by Mike Clark, MBA - Assembling a team of trusted financial professionals is essential. This collaborative approach ensures that experts handle every aspect of your financial plan.
Strategic Uses of Life Insurance in Estate Planning – by Jim Crump - Life insurance is a powerful tool in estate planning, providing financial security for beneficiaries and facilitating the efficient management and distribution of assets.
What Is Captive Insurance? – by Ram C Patel - Unlocking the Benefits and Challenges of Captive Insurance for Effective Risk Management.
Stay tuned as we explore these topics further, offering you actionable strategies and fresh perspectives to help you navigate the rest of the year with confidence and clarity.
Professional Insights Series: Navigating Mortgages for Business Owners with Romy Nourafchan
The Professional Insights segment features a compelling interview with mortgage expert Romy Nourafchan from Insignia Mortgage. Romy delves into the complexities of navigating the mortgage market for high-net-worth individuals and self-employed homebuyers.
In this interview, Romy discusses these groups' unique challenges, such as securing loans with fluctuating incomes and non-traditional financial backgrounds. He emphasizes the importance of tailored lending solutions and provides essential tips for balancing tax planning with income to secure the best mortgage terms.
Whether you are a prospective homebuyer or a financial advisor, Romy's expert advice will equip you with the knowledge to make informed decisions and ask the right questions when dealing with mortgage providers. Don't miss this opportunity to gain valuable insights into the mortgage process for business owners and high-net-worth clients.
Watch the Interview: Dive into the full interview with Romy Nourafchan to unlock expert strategies for navigating complex mortgages.
Need an Introduction? If you or a client could benefit from Romy’s expertise, contact us for a direct introduction to enhance your mortgage strategy.
Closing Thoughts: Share the Wealth of Knowledge
We hope you found this week's insights valuable as you conduct your mid-year business review. We understand that not every article or interview will directly apply to your situation each week. However, the information we share could be what someone in your network needs to make better financial decisions.
If any articles or professional insights resonated with you, please consider passing them along to colleagues, clients, or friends who might benefit. Your simple act of sharing could make a significant impact on someone’s financial journey.
Let's continue to support each other in achieving financial success and stability. As always, feel free to contact our experts if you need further assistance or introductions.
Until next time, stay informed and stay empowered!
领英推荐
Top 5 Things To Watch In Markets In The Week Ahead
Friday’s all important non-farm payrolls report will be the highlight of the economic calendar in the coming week as markets try to gauge the future direction of U.S. interest rates. The European Central Bank is likely to deliver a rate cut that will put the Eurozone on a diverging rate path from the U.S. Meanwhile, OPEC is to decide on output cuts and the Bank of Canada will deliver its latest rate decision. Here's your look at what's happening in markets for the week ahead.
1. ?Jobs numbers
Friday's closely watched nonfarm payrolls report is expected to show that the U.S. labour market remained strong again in May. Economists are expecting the economy to have added 185,000 jobs, a modest uptick from the prior month.
Investors had been worried that an overly strong economy might prevent the U.S. Federal Reserve from lowering rates this year at all, or even require a rate rise. But those concerns were alleviated last month, albeit temporarily, by data showing slowing inflation and a cooling labour market.
Still, policymakers have urged patience on rate cuts, saying they would like to see several months of data to be sure inflation is heading back towards their 2% target. The employment report could prove the economy is losing steam if it shows the slowdown in job creation has continued.
2. ECB rate decision
The ECB is all but certain to become the first major central bank to cut interest rates this cycle on Thursday.
With a 25 basis point rate cut all but promised by policymakers market watchers will be focusing on what ECB President Christine Lagarde has to say about what comes next.
Inflation in the bloc's dominant services sector remains sticky and its economy is recovering faster than expected, while a closely watched wage growth figure accelerated last quarter, leaving the outlook beyond June less certain.
Markets are still expecting the ECB will cut rates multiple times this year compared the Fed and the Bank of England though bets on future moves have been trimmed back.
They now expect two cuts and less than a 50% chance of a third - compared with three when the ECB last met and at least five at the start of the year.
3. OPEC output cuts
OPEC+ will likely agree on Sunday to prolong its deep oil output cuts into 2024 and possibly 2025 Reuters reported, as the group seeks to shore up the market amid tepid global demand growth, high interest rates and rising rival U.S. production.
Oil prices are trading near $80 per barrel, below what many OPEC+ members need to balance their budget. Worries over slow demand growth in top oil importer China have weighed on prices and oil market analysts expect OPEC+ to extend cuts to balance supply.
The Organization of the Petroleum Exporting Countries and allies led by Russia, together known as OPEC+, has made a series of deep output cuts since late 2022.
OPEC+ members are currently cutting output by a total of 5.86 million barrels per day (bpd), or about 5.7% of global demand.
4. Wall Street
Despite all three major U.S. stock indexes posting losses last week they still ended the month higher, with the S&P 500 rising about 4.8%, the Nasdaq jumping 6.9% and the Dow climbing 2.4%.
While it’s been a banner year for the major U.S. stock indexes, one economically sensitive corner of the market remains a sore spot.
The Dow Jones Transportation Average has fallen about 5% so far this year and some investors have said the struggles for the 20-stock transport index - which includes railroad operators, airlines, package shipping companies and trucking firms - could signal weakness in the economy or prevent the broader market from making significant further gains unless they bounce back.
The Dow transports are "a barometer for future economic activity," Chuck Carlson, chief executive officer at Horizon Investment Services told Reuters. "They may be indicating that while a recession isn't imminent, that there is probably a slowdown in the economy that's ahead here."
5. Bank of Canada
The BoC is widely expected to deliver a 25-basis point rate cut at its upcoming meeting on Wednesday after data on Friday showed the country’s economy expanded at a slower than expected pace in the first quarter.
The GDP report indicated that Canada's economy did not rebound from a soft patch last year as strongly as data initially suggested and may convince the central bank to start lowering borrowing costs
"All ducks appear to be in a row for the Bank of Canada to kick-start the policy easing cycle and lower the overnight rate by 25 basis points to 4.75% on Wednesday," RBC said in Friday note.
At the central bank’s last meeting in April Governor Tiff Macklem noted that the requirements for a rate cut appeared to be in place but that officials needed to see more evidence on slowing inflation.
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