BRIX Wealth Management
Born and raised in Charleston, South Carolina, Will is dedicated to helping individuals and their businesses achieve their goals through comprehensive financial planning and education. While constantly furthering his own education, Will obtained his Certified Financial Planner designation as well as an Advanced Degree in Financial Planning from New York University and B.A. in Political Science from Trinity College. Early in his career Will achieved the Super Starter award for exceptional business development.
A lifelong athlete, he was an All New-England lacrosse player at St. George’s School and The Gunnery. He is now a struggling golfer and devoted fan of the Carolina Panthers. An adventure enthusiast, he spent six months attempting to surf while travelling between Australia, New Zealand, and Southeast Asia.
Will currently calls Manhattan home and enjoys working with clients all over the country to bring clarity and simplicity to their many complex financial needs.
BA, Political Science, Trinity College
Advanced Degree, Financial Planning, New York University
Assets Under Management:
This is a great question, and one with endless potential answers and opinions. The first steps we suggest when deciding to start a business is asking yourself the following questions:
- Why are you deciding to start the business?
- What liquid capital do you have available?
- What do you know how to do and what are your skills?
- Are you willing to quit your primary job?
- If the business fails, will you be ok?
These questions should help you narrow down your selections at least a little bit. The next step we recommend is running a SWOT analysis on your participation in each business in order to detrmine the risk/ reward.
If you contribute to a traditional IRA, you would typically have to pay a ten percent penalty on any distribution before you turn 59½. However, you can take up to $10,000 penalty-free as a distribution over your entire life to buy or build a first home for yourself or any direct family member including: your spouse, your kids, your grandchildren or even your parents. You are not required to show proof to the IRA administrator that you are using the funds for the purchase of a first home, but you are required to file IRS Form 5329 with your tax return in the year of the distribution.
Yes, but you will need to split contributions and stay below the $5,500 aggregate limit. There is also a catch up provision of $1,000 if you are over 50 years old. If you have a 401k you are able to contribute the maximum to that plan, as well as the Roth.
The answer to this question can be different for everyone depending on their own unique situation. There are several questions you may want to ask before deciding which account to draw from:
- Is paying the least amount of income tax important to me? If so, you will want to use your Roth IRA initially in your higher spending year, and let the traditional continue to grow.
- Is one of the IRAs heavily balanced toward one assett class? If you cannot balance both accounts according to your risk tolerance, you may want to consider (depending on market conditions) drawing from the more aggressive account as you try to decrease risk in your retirement.
- Do I want to leave a legacy to my children and grandchildren? If so, you may want to keep your Roth IRA intact and draw from the traditional.
In many cases the best strategy is to distribute a little bit of funds from both accounts. You will have to start Traditional IRA required minimum distributions in a few years after you startyour retirement anyways, so that will be part of the strategy. You can attempt to carefully allocate your distributions to keep your taxable income under higher income brackets.
Of course! You can purchase equities as frequently or as infrequently as you would like. Depending on the platform you are using, you may be paying on a trade by trade basis, so be sure you are keeping track of the cost.