- Kwesi and Jim : Lessons from the ultra rich Screw The Stock Market 55:48
Kingstowne Advisor’s founder Kwasi Robotham and Operation’s Director Jim Roessner work on multifamily offices that specialize in wealth preservation and growth, with a focus on CPA services, asset protection, legal services, financial advice, and insurance. Their goal: how can they help folks save for their future and their money. Kwesi and Jim are from Ghana and Philadelphia, respectively, and both have backgrounds in engineering and management consulting. Kingstowne Advisors started after Kwasi realized that he didn’t want to compromise his money on risky investments during the 2008 financial crisis, looking for an alternative to secure the future of his family. Now, their focus is helping wealthy individuals to everyday folks to increase their wealth and secure their financial future as Kwasi once did.
Join us to hear the great advice, experiences, and stories that Jim and Kwasi have to share with us!
[00:05 – 07:43] Alternative Investments: Kingstowne Advisors
• Kingstowne Advisors is a virtual multifamily office that provides advice on alternative investments outside of the stock market.
• Robotham and Roessner are from Kingstowne Advisors and are excited to talk about success without relying completely on the stock market.
• Kwasi’s mother’s side of the family is from Ghana and he was born in Ghana. His father is Jamaican and they lived in Ghana before Moving to the United States.
[07:43 – 14:19] The Ultimate Guide to Creating a Family Office
• There is about $6 trillion in wealth controlled by family offices, more than the entire hedge fund industry combined.
• The multifamily office is a type of family office that exists to grow and preserve the wealth of a single family.
• The CPA that the family office trusts, the asset protection attorney they trust, the financial advisor they hire, and the insurance guy they have in-house are all brought together to help with the management of the wealth.
• Traditional family offices typically cost millions of dollars a year to operate, and this is prohibitive for most people.
[14:19 – 20:50] Life Insurance Can Be Used as An Investment Vehicle
• Life insurance can be an excellent investment, with tax-free access to the money, and no exposure to market losses.
• There are many different types of life insurance policies available, with different features and benefits.
• Term life insurance is like renting a property: the payment goes towards the landlord, who then has more ownership in the property. Permanent life insurance builds equity over time.
[20:50 – 28:46] 3 PhDs and no job? How they can do it?
• Our guests discuss the idea of risk and how important it is to have something steady in your life while you’re investing in risky ventures.
• Universal life insurance is a newer type of life insurance that is designed for people who are more risk-takers.
• The text shares the story of a man who became financially secure after having financial conversations with his family members from a young age.
[28:48 – 35:32] 5 Ways to Maximize Your Deductions During Tax Season
• Capital gains tax can be significant, and there are ways to defer paying it
• One way to avoid paying capital gains tax is through a 10 31 exchange
• There are other tax mitigation opportunities available, such as charitable donations.
[35:32 – 42:43] Tax Strategies to Save on Your Bank Account Deductions
• There are annual limits on how much of a tax deduction you can get as an individual, which is set by the IRS.
• You need to work with an advanced planning expert to make sure that some of these strategies fit your specific situation.
• You can get a tax deduction for more than what you actually gave directly from your bank account.
[42:43 – 49:02] How to avoid market risk when investing
• The key to successful financial planning is to have a holistic approach that takes into account the individual’s unique situation.
• A financial advisor who can help you invest your money in ways that will provide you with long-term returns.
[49:02 – 55:46] The Third Risk Few Advisors Look At: Market Volatility
• The traditional financial advising industry has looked at growing your money over time as a three-risk process: stock market volatility, income tax impact, and allocation risk.
• Asset allocation only accounts for about 26% of your return, with the other 74% dependent on how much work you put in.
• Kingstowne Advisors focuses on capital allocation, which is the most important factor in determining your return. They provide active portfolio management to their clients so they can minimize the impact of market volatility.
● Want to connect with Kwesi and Jim?
○ Follow Kwesi through Facebook and email him at kr@kingstowneadvisors.com
○ Follow Jim through LinkedIn and email him at jr@kingstowneadvisors.com
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Tweetable Quotes:
“And that’s really what drives me more than anything else, is to be able to impart the information so that people. I feel like my mission is really to help other people achieve what they’ve set out to do in life.” – Kwesi Robotham
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