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Author Archives: LarsonFinancial

Move an Existing Practice

Job Description 

Our hope is that Financial Advisors at Larson Financial Group can help their clients spend more time with their four-year old child or grandchild and less time worrying about their 401(k)s. We believe that healthy financial habits are created through a solid financial plan, and the role of a Financial Advisor is to steward our clients through that process.

At Larson Financial Group, we have a turnkey program to help you grow your practice into one that specializes in working with Physicians and other HNW families.  Our in-house TAMP, Insurance Processing Department, full-back office and financial planning-focused tech stack allows you to focus on your existing clients as well as the benefits of expanded lead flow and solutions available to your clients. If you are wanting to make a transition for the long term, looking for a potential Succession Plan, or selling your practice — Larson Financial is here to help.

Larson Financial Executive Summary

This role will report to the Sales Director.   Click here for an Executive Summary of Larson Financial Group.

Responsibilities Include: 

  • Work various lead sources, conduct client meetings, offer and advise on product solutions that fit Clients’ financial needs  
  • Run insurance illustrations, construct financial plans, report investment performance 
  • Communicate investment advice and execute financial plans  
  • Work jointly with operations teams and others to ensure concierge Client experience 
  • Manage and foster all Client relationships in a healthy manner 
  • Abide by all legal and regulatory requirements of the Advisor role 

Competencies: 

  • Adaptable and highly flexible to adjust to ever-changing financial market conditions, industry standards, compliance regulations, and evolving technology.  
  • Willing to increase knowledge of products and services as the company and industry evolves.  
  • Capable of working collaboratively and respectfully with all levels of personnel in the company. 
  • Capable of working independently and in a team environment.    
  • Self-starter who has a strong work ethic and is results driven. 
  • Able to set goals and track to them. 
  • Quick problem solver, solutions-based thinker.   
  • Excellent interpersonal and customer service skills.    
  • Excellent communication skills with the ability to build and maintain rapport and relationships with Clients and colleagues. 
  • High integrity with the drive to act in the Client’s best interest in all situations. 

Qualifications: 

  • Bachelor’s degree or equivalent in Marketing, Finance, Sales, Business, or related Field 
  • Prior experience Financial Planning and/or Sales fields preferred, but not required. 
  • Knowledge of insurance/financial services industry preferred, but not required 
  • Prior designations (CFP) and licenses held (Life and Health, Series 6, 7, 63, 66, etc.) preferred, but not required.  Position will require licensing and registration to be obtained shortly after being hired. 
  • Must be able to pass background, FINRA, and other Finance industry checks 
  • Apply for this Position

    If you feel you’re the right fit for this position, please fill out this form to apply. You'll receive a confirmation email upon submission.
  • Drop files here or
    Accepted file types: doc, docx, pdf, txt, Max. file size: 50 MB.

    Lead Financial Advisor

    Job Description 

    Larson Financial Group is a nationwide planning and investment advisory firm that specializes in serving the financial needs of physicians, dentists, and other families with complex financial needs. We are looking for highly ethical and tenacious individuals to become a part of our rapidly expanding team. Larson Financial Group offers competitive salaries, bonus programs that reward success on high individual performance and meeting/exceeding sales goals, a generous benefits package and one of the best teams to work with. We are a faithful and integrity driven company looking for the right candidates to join our firm.

    Our hope is that Financial Advisors at Larson Financial Group can help their clients spend more time with their four-year old child or grandchild and less time worrying about their investments. We believe that healthy financial habits are created through a solid financial plan, and the role of a Financial Advisor is to steward our clients through that process.

    Larson Financial Executive Summary

    Click here for an Executive Summary of Larson Financial Group.

    Responsibilities Include: 

    • Work various lead sources, conduct client meetings, offer and advise on product solutions that fit Clients’ financial needs  
    • Run insurance illustrations, construct financial plans, report investment performance 
    • Communicate investment advice and execute financial plans  
    • Work jointly with operations teams and others to ensure concierge Client experience 
    • Manage and foster all Client relationships in a healthy manner 
    • Abide by all legal and regulatory requirements of the Advisor role 

    Competencies: 

    • Adaptable and highly flexible to adjust to ever-changing financial market conditions, industry standards, compliance regulations, and evolving technology
    • Willing to increase knowledge of products and services as the company and industry evolves
    • Capable of working collaboratively and respectfully with all levels of personnel in the company
    • Capable of working independently and in a team environment
    • Self-starter who has a strong work ethic and is results driven
    • Able to set goals and track to them
    • Quick problem solver, solutions-based thinker
    • Excellent interpersonal and customer service skills
    • Excellent communication skills with the ability to build and maintain rapport and relationships with Clients and colleagues
    • High integrity with the drive to act in the Client’s best interest in all situations

    Qualifications: 

    • Results driven and a desire to continually improve
    • Bachelor’s degree or equivalent in Marketing, Finance, Sales, Business, or related Field 
    • Prior experience Financial Planning and/or Sales fields preferred, but not required. 
    • Knowledge of insurance/financial services industry preferred, but not required 
    • Prior designations (CFP) and licenses held (Life and Health, Series 6, 7, 63, 66, etc.) preferred, but not required. Position will require licensing and registration to be obtained shortly after being hired. 
    • Must be able to pass background, FINRA, and other Finance industry checks

    Larson Financial Group offers a generous employee benefits & perks package:

    • Training & Education
    • Lead Flow
    • Resources to help clients reach their financial goals
    • A proven recipe for success
    • Profit Sharing Bonus Program
    • 401(k) Employer Match up to 4%
    • Medical Insurance (HDHP HSA plans are 100% paid for the employee)
    • Dental Insurance
    • Vision Insurance
    • ER PD Disability Insurance
    • ER PD Life Insurance
    • ER PD EAP
    • Paid time Off (128 hours after 90 days)
    • Holiday Pay (10 Holidays)
    • ER Events, Awards, Activities
    • Apply for this Position

      If you feel you’re the right fit for this position, please fill out this form to apply. You'll receive a confirmation email upon submission.
    • Drop files here or
      Accepted file types: doc, docx, pdf, txt, Max. file size: 50 MB.

      Digital Marketing Advisor

      Job Description 

      Our hope is that Financial Advisors at Larson Financial Group can help their clients spend more time with their four-year old child or grandchild and less time worrying about their 401(k)s. We believe that healthy financial habits are created through a solid financial plan, and the role of a Financial Advisor is to steward our clients through that process.

      Since the dawn of our industry, Financial Advising has often occurred with an advisor and client sitting at a conference table in an austere bookshelf-lined boardroom. But times are changing as technologies evolve and enable us all to connect from the comforts of our own home. This role will work in a primarily educational capacity on forums, social media sites, and elsewhere online, providing advice to prospective clients and helping others around the nation as they seek to further their own financial goals.

      Larson Financial Executive Summary

      This role will report to the Sales Director.   Click here for an Executive Summary of Larson Financial Group.

      Responsibilities Include: 

      • Work various lead sources focusing on using digital media channels to bring in new leads and promote visibility of Larson Financial, conduct client meetings, offer and selling product solutions that fit Clients’ financial needs  
      • Run insurance illustrations, construct financial plans, report investment performance 
      • Communicate investment advice and execute financial plans  
      • Work jointly with operations teams and others to ensure concierge Client experience 
      • Manage and foster all Client relationships in a healthy manner 
      • Abide by all legal and regulatory requirements of the Advisor role 

      Competencies: 

      • Adaptable and highly flexible to adjust to ever-changing financial market conditions, industry standards, compliance regulations, and evolving technology. 
      • Willing to increase knowledge of products and services as the company and industry evolves.  
      • Capable of working collaboratively and respectfully with all levels of personnel in the company. 
      • Capable of working independently and in a team environment.    
      • Self-starter who has a strong work ethic and is results driven. 
      • Able to set goals and track to them. 
      • Quick problem solver, solutions-based thinker.  
      • Excellent interpersonal and customer service skills.    
      • Excellent communication skills with the ability to build and maintain rapport and relationships with Clients and colleagues. 
      • High integrity with the drive to act in the Client’s best interest in all situations. 

      Qualifications: 

      • Bachelor’s degree or equivalent in Marketing, Finance, Sales, Business, or related Field 
      • Prior experience Financial Planning and/or Sales fields preferred, but not required. 
      • Knowledge of insurance/financial services industry preferred, but not required 
      • Prior designations (CFP) and licenses held (Life and Health, Series 6, 7, 63, 66, etc.) preferred, but not required.  Position will require licensing and registration to be obtained shortly after being hired. 
      • Must be able to pass background, FINRA, and other Finance industry checks

      • Apply for this Position

        If you feel you’re the right fit for this position, please fill out this form to apply. You'll receive a confirmation email upon submission.
      • Drop files here or
        Accepted file types: doc, docx, pdf, txt, Max. file size: 50 MB.

        Junior Financial Advisor

        Job Description 

        Our hope is that Financial Advisors at Larson Financial Group can help their clients spend more time with their four-year old child or grandchild and less time worrying about their 401(k)s. We believe that healthy financial habits are created through a solid financial plan, and the role of a Financial Advisor is to steward our clients through that process.

        This position is responsible for building and maintaining long-term relationships by developing and nourishing new clients and prospects. This role will partner with a more experienced advisor and on their own. One-on-One mentorship with a Lead Advisor, as well as a team-based learning through weekly trainings to help you develop and flourish.

        Larson Financial Executive Summary

        This role will report to the Sales Director.   Click here for an Executive Summary of Larson Financial Group.

        Responsibilities Include: 

        • Work various lead sources, conduct client meetings, offer and advise on product solutions that fit Clients’ financial needs  
        • Run insurance illustrations, construct financial plans, report investment performance 
        • Communicate investment advice and execute financial plans  
        • Work jointly with operations teams and others to ensure concierge Client experience 
        • Manage and foster all Client relationships in a healthy manner 
        • Abide by all legal and regulatory requirements of the Advisor role 

        Competencies: 

        • Adaptable and highly flexible to adjust to ever-changing financial market conditions, industry standards, compliance regulations, and evolving technology.  
        • Willing to increase knowledge of products and services as the company and industry evolves.  
        • Capable of working collaboratively and respectfully with all levels of personnel in the company. 
        • Capable of working independently and in a team environment.    
        • Self-starter who has a strong work ethic and is results driven. 
        • Able to set goals and track to them. 
        • Quick problem solver, solutions-based thinker.   
        • Excellent interpersonal and customer service skills.    
        • Excellent communication skills with the ability to build and maintain rapport and relationships with Clients and colleagues. 
        • High integrity with the drive to act in the Client’s best interest in all situations. 

        Qualifications: 

        • Bachelor’s degree or equivalent in Marketing, Finance, Sales, Business, or related Field 
        • Prior experience Financial Planning and/or Sales fields preferred, but not required. 
        • Knowledge of insurance/financial services industry preferred, but not required 
        • Prior designations (CFP) and licenses held (Life and Health, Series 6, 7, 63, 66, etc.) preferred, but not required.  Position will require licensing and registration to be obtained shortly after being hired. 
        • Must be able to pass background, FINRA, and other Finance industry checks 
        • Apply for this Position

          If you feel you’re the right fit for this position, please fill out this form to apply. You'll receive a confirmation email upon submission.
        • Drop files here or
          Accepted file types: doc, docx, pdf, txt, Max. file size: 50 MB.

          SBA Loans & CARES Act Implications

                  Mueller Prost, one of our trusted CPA resources, conducted a webinar that answers questions about SBA Loans and planning opportunities surrounding the CARES Act that are available to practices and small business owners. Check out their Q&A below and click the link to receive a recording of their webinar.   [/vc_column_text][/vc_column][/vc_row]

          As always, if you have additional questions, please contact your advisor or schedule a consultation.

          General Loan Q&A

          Provided by Mueller Prost. Written by MaryPat Davitz
          *This content was published April 7, 2020 and is continually evolving. Please reference Mueller Prost’s original site for the latest source of any updated information.

          Q: If I have 3 companies with separate EIN, can I apply for a SBA loan for each company? How will SBA treat this considering the “affiliates” as defined by SBA?

          A: Yes, you can apply for and EIDL or PPP loan for each separate company with separate EIN. Each applicant should have payroll tax filings to support gross wages used to calculate the monthly payroll costs for PPP and other information may be requested for EIDL. The SBA will consider affiliate relationships to ensure that each entity that applies meets the SBA requirements as a small business as appropriate giving consideration to the requirements of the CARES Act.

          Q: Can an S-Corp apply with only one shareholder/owner apply?

          A: An S-Corp with only one shareholder may apply for either, or both the EIDL and the PPP loan.

          Q: Understanding “double dipping” concerns by the government, how will this align with the FFCRA, which allows dollar for dollar tax credits for those who take COVID related sick leave, up to 12 weeks? Technically that pay is “forgiven” with the tax credits. Now we have a PPP loan forgiven.

          A: Wages paid or expected to be paid under the FFCRA should be excluded from the calculation of payroll costs. PPP loan funds should not be used to pay wages that will be considered for the tax credit available under the FFCRA.

          Q: If I get the PPP loan, can you also take advantage of the 6.2% payroll tax deferral program?

          A: You cannot utilize the payroll tax deferral program for wages paid using PPP funds. You can utilize other programs as long as you do not “double dip”. So, wages that qualify for other programs cannot also be paid from PPP loan funds if you are receiving a benefit under those other programs.

          Q: To confirm, the SBA loans need to go through the government website directly, and the PPP loan needs to go through a banking partner?

          A: Correct. The EIDL is a direct loan with the SBA and you must apply through their website. The PPP loan is funded by banks and guaranteed by the SBA, so applications must be processed by banks.

          Q: Can an employer apply for both EIDL and PPP loans?

          A: Yes, a business entity, including sole proprietors, independent contractors and some not-for-profit organizations can apply for both EIDL and PPP.

          EIDL Loans

          Q: If you qualify for a loan for $10k, will it be 100% forgivable?

          A: The $10,000 advance on the EIDL is 100% forgivable. However, there is no guidance currently available as to requirements or timing for forgiveness.

          Q: Does there have to be a COVID-19 disaster declaration in your state before you can apply for EIDL?

          A: The EIDL is available on a nationwide basis now. You do not have to have a separate declaration by the State to apply.

          Q: Is EIDL is personally guaranteed?

          A: EIDL amounts under $200,000 do not require a personal guarantee.

          Q Should we apply for the EIDL now, or wait till we actually have losses? (i.e. commercial real estate would anticipate a losing rents due to tenants unable to pay.) So should we apply now or wait a month or two when tenants unable to pay?

          A: Apply now. The SBA will request additional documentation including explanation and demonstration of need when you are contacted.

          Q: Can a 501C (6) get EIDL?

          A: 501C(6) are now eligible for the EIDL only.

          PPP Loans

          Q: Are there going to be P&I or interest only payments on PPP loan up until the point it is forgiven?

          A: Principal and interest payments are deferred for six months after disbursement of loan proceeds under PPP. Loan amounts not forgiven will have a maximum amortization of 2 years and a maximum interest rate of 1%.

          Q: Can anyone confirm at this time what constitutes forgivable?

          A: There is current guidance related to the amount of the PPP loan that is forgivable. However, there is no guidance available related to how or when forgiveness will occur, or what documentation will be required to demonstrate compliance. Basically, the funds must be used to cover payroll costs and not more than 25% of the funds can be used to cover certain other allowable costs like rent, mortgage payments or utilities. We recommend that you carefully document the use of the funds and continue to monitor guidance related to forgiveness as it becomes available.

          Q: Can you verify, the company paid health insurance benefit and the 401k match benefit should be individually calculated and added to each employee’s medicare wages?

          A: Yes, to calculate payroll costs for the PPP, you should add the company paid portion of health insurance (including dental and vision) and the company contribution to 401k plans. The compensation component of total payroll costs is capped at $100,000 per individual employee. So, you should back out the excess wages or other qualified compensation for anyone included in the calculation with payroll costs over that cap amount.

          Q: If “average monthly payroll” is based off 2019, but some have resigned at the end of the year, do you include their salary in the calculation? Likewise, what if you added employees in January or February of 2020?

          A: The intention of the PPP loan is to retain your workforce by covering payroll costs for the 8 weeks following disbursement of the funds. Current guidance suggests that estimating average monthly payroll costs by using information from the prior year or the same period from the prior year or the most recent 12 months may be appropriate depending on specific circumstances and depending on the nature of your business. Your bank will ask you to provide supporting documentation to support the monthly payroll cost and may also ask for 941 forms to verify that information. Payroll costs include total medicare taxable compensation plus employer paid portion of insurance and 401k contributions.

          Q: How are the number of employees calculated? Is it full-time equivalents or every employee, whether full-time or part-time, counts as 1?

          A: The PPP loan application requires applicants to certify that documentation supporting the number of full-time equivalent employees as the payroll costs used to calculate the average monthly payroll underlying the amount of the loan requested. The number of employees reported on the application should represent the number of FTE employees used to compute the average monthly payroll costs.

          Q: Banks are asking for documentation showing a total of all health insurance premiums paid for group health plan. What are companies providing that are self-insured?

          A: The PPP allows you to include the employer portion of health insurance in payroll costs covered by the program. If you have a self-insured health plan in place, you may use actual historical information representing the employer paid portion of medical claims and premiums paid for stop loss coverage under the plan. You may estimate an average cost per FTE and use that amount to add to the calculation. Note that you will need to provide documentation supporting these costs if you include them in the calculation of average monthly payroll costs.

          Q: Can you include temporary labor expenses when calculating your monthly average payroll costs?

          A: In determining the number of FTE and wages for the calculation of payroll costs, all employees reported as such and included in wages for reporting payroll taxes on federal Form 941, other than those with primary residence outside the U.S. should be included. Independent contractors or outsourced/temporary workers who are not classified as employees for payroll tax purposes should be excluded.

          Q: Can you include worker’s comp in the calculation of compensation on the PPP?

          A: Yes. The calculation of payroll costs begins with gross wages. Current guidance indicates that gross wages includes: salary, wage, commissions or similar compensation; cash tips or equivalent; vacation, parental, family, medical or sick leave; dismissal or separation allowance; payment of any retirement benefit; payment of state or local taxes assessed on employee compensation subject to a cap of $100,000 per individual.

          Q: Can guaranteed payments to LLC members be included in wages up to the $100,000?

          A: Yes, guaranteed payments are the equivalent of compensation for certain types of organizations and can be included for the purpose of calculating average monthly payroll cost for the PPP.

          Q: Are union payments for benefits and other fees included in payroll expenses for PPP?

          A: The amount of union fringes that constitute health insurance and retirement benefits can be included in the calculation of payroll costs. Other fringe benefits, fees or costs for union employees may not be included.

          For more details on the PPP, click here.

          SP – 1099

          Q: If a sole proprietor’s taxes have not been filed yet for 2019, can 2019 payroll numbers be used?

          A: Yes. The payroll tax forms for 2019 should have been filed and available to support and verify wages paid in 2019 for calculation of payroll costs for the PPP loan.

          Q: I’m a 1099 person that has no payroll. Do I do PPP or EIDL??? I can’t make any money and will not be able to pay bills.

          A: The PPP loan amount is determined by payroll costs. If you are an independent contractor, your payroll costs may not have been paid to you in the form of a salary or wages. However you may still be eligible for the PPP loan based on 1099 payments you received. You may also be eligible for EIDL if you have lost revenue and can demonstrate need. You can apply for both programs.

          Q: How can the EIDL help independent contractors?

          A: The EIDL is available to independent contractors. This loan provides funds to cover working capital in the event of financial need. You may apply for this loan based on actual or expected losses and you may be required to provide information such as a financial forecast.

          For more details on SBA Loans, visit Mueller Prost’s CARES Act landing page.

          Advisory services offered through Larson Financial Group, LLC, a Registered Investment Advisor. Securities offered through Larson Financial Securities, LLC, member FINRA/SIPC.
          Larson Financial Group, LLC, Larson Financial Securities, LLC and their representatives do not provide legal or tax advice or services. Please consult the appropriate professional regarding your legal or tax planning needs.
          By clicking on any of the links above, you acknowledge that they are solely for your convenience and we are not responsible for the content, availability or privacy policies of these sites, and shall not be responsible or liable for any information, opinions, advice, products or services available on or through them. The opinions expressed by featured authors are their own and may not accurately reflect those of Larson Financial Group. This article is for general information only and is not intended to serve as specific financial, accounting or tax advice.