Welcome to the 9Innings Podcast where we Educate, Empower and Engage.

ON THIS WEEKS PODCAST: Kevin describes why he decided to open his own RIA, and what lead to his move. He also talks about what he discovered after the move was made, and talk some "Fact vs Fiction". Companies will often make you feel as if you cannot live without them, Kevin takes you on his journey and why that "may" not be true. Website: http://www.9icapitalgroup.com

In this episode of the 9inngs Podcast, host Kevin Thompson interviews Manish Katta from Potomac about transition to becoming a Registered Investment Advisor (RIA). They explore the pros and cons of moving from a broker-dealer to an RIA, emphasizing the importance of self-awareness in making this decision. Manish shares insights from his experience, noting that not all advisors want to be business owners; many prefer focusing solely on advising clients. They also discuss the financial implications, infrastructure needs, and emotional challenges of running an RIA, stressing the significance of understanding one's value proposition.

The Role of Arrogance (00:02:11)

Understanding RIA Benefits (00:06:05)

Cost of Ownership (00:09:27)

Payout Changes in the Industry (00:12:29)

Scaling Advisory Services (00:15:59)

Concerns in Going Independent (00:19:23)

Revenue Generation Focus (00:22:19)

Tech Integration Challenges (00:25:06)

Potomac's Growth Story (00:30:11)

Business Aspirations (00:34:26)

Social Media Caution (00:37:11)

Podcast Conclusion and Reflection (00:38:08)

Follow Us: youtube: / @9icap

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facebook: / mlb2cfp

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Corrections: Editing by http:/SwoleNerdProductions.com

Website: http://www.9icapitalgroup.com

Corrections: Editing by http://SwoleNerdProductions.com

In this podcast episode, Kevin Thompson, founder and CEO of 9i Capital Group, emphasizes the importance of a tax-savvy financial plan for business owners. He discusses how many owners miss out on tax benefits due to uncoordinated strategies. Kevin highlights key benefits of effective tax planning, such as minimizing tax liability, freeing up cash flow, preparing for unexpected expenses, and facilitating retirement.

He shares personal experiences and advises on choosing the right business structure, maximizing deductions, and managing cash flow. Kevin encourages proactive, year-round collaboration with financial advisors and tax professionals to optimize financial strategies.

Choosing the Right Business Entity (00:02:10) Explains how selecting the correct business structure can save money on taxes.

Unique Tax Challenges for Business Owners (00:03:29) Highlights the unique tax challenges business owners face, including estimated taxes and compliance issues.

What a Tax Savvy Financial Plan Can Do (00:04:49) Describes the benefits of a tax-savvy financial plan, including minimizing tax liability and freeing up cash flow.

Top Tax Challenges (00:05:34) Discusses common tax challenges such as choosing the right structure and maximizing deductions.

Cash Flow Management and Tax Payments (00:07:21) Emphasizes the importance of understanding tax liabilities and making proper quarterly payments.

Common Misconceptions (00:10:48) Debunks myths about when advisors and tax professionals should be involved in financial planning.

Actionable Tips for Business Owners (00:12:04) Provides practical advice for business owners on tax planning and working with professionals.

Follow Us: youtube: / @9icap

Linkedin: / kevin-thompson-ricp%c2%ae-cfp%c2%ae-74964428

facebook: / mlb2cfp

Buy MBB2CFP Here: https://www.amazon.com/MLB-CFP%C2%AE-

Hit the subscribe button to get new content notifications.

Corrections: Editing by http:/SwoleNerdProductions.com

Website: http://www.9icapitalgroup.com