What is Values-Based Financial Planning and How is it Implemented at Syverson Strege?

By Matt Roberts, MFM, CFP®, CAP®, Chief Planning Officer

This is going to sound strange, but at Syverson Strege we believe that money is only important to the extent that it allows you to enjoy what you want to do. As our co-founder, David Strege, says, “Money is just a tool.” We refer to this concept as “values-based financial planning” which is based on a book written by Bill Bachrach in 2000 titled “Values-Based Financial Planning: The Art of Creating an Inspiring Financial Strategy.” If you are an existing client, you may have heard us bring this up before. But what is it exactly?

Required Minimum Distributions: What Are They and How Do They Work?

By Mike Murkins, CFP®, Financial Planner

In December 2022, the SECURE 2.0 Act was signed into law with the primary goal of making retirement savings more accessible for Americans. Some of the more significant changes that came from this legislation are the rules around the Required Beginning Date (RBD) for retirement account distributions. For individuals who are still uncertain about when and how much should be distributed from retirement accounts to avoid paying unnecessary penalties, this article will break down the pertinent rules as they relate to Individual Retirement Accounts (IRAs).

Podcast

Compound Interest vs. Simple Interest

There is a significant difference in simple interest and compound interest, and it’s easily evident when it comes to investing. In this short Finance Moment podcast episode, Financial Planner Mike Murkins shares some examples of how to make compound interest work for you as part of your investment strategy.

Listen here

Financial Updates

Schwab Transition

We are happy to share that after months of preparing for the transition of our investment accounts from TD Ameritrade to Schwab that the transition was completed over Labor Day weekend, and everything seems to be running smoothly. All Syverson Strege client investment accounts are now housed at https://client.schwab.com/.

401(k) Catch-up Contributions

In late August 2023, the IRS announced that the 401(k) catch-up contributions provision – included in Secure 2.0 Act in December 2022 – will NOT change until 2026. This means that you can contribute your catch-up amount pre-tax in 2024 and 2025. You should consult with a tax professional in conjunction with your personal financial planning team to determine whether you should make pre-tax or post-tax 401(k) contributions.  

Inside Look

Syverson Strege in the News

Occasionally, we serve as a source or resource for various media outlets when they want to cover a financial planning or investment management topic. Our most recent interview was with the Iowa Ag Podcast for an episode titled “A Thoughtful Business Plan for the Family Farm is a Gift to the Family.” In this episode, Syverson Strege Chief Planning Officer Matt Roberts and Rena Striegel with Transition Point Business Advisors, discussed why farmers need a financial plan, how Syverson Strege can help farmers, the importance of succession planning and much more! If you have any questions about these topics, you can listen to the episode here. 

We also recently added an In the News page on our website where we will post all interviews/coverage that Syverson Strege and its team members receive.

David Strege’s Volleyball Team Wins Gold in Pittsburgh

Senior Financial Planner David Strege played on the United States Youth Volleyball League (USYVL) team with players from all over the U.S in the National Senior Games in Pittsburgh July 16-18. There were 11 teams in this Men’s 65s division, and David’s team went on to win gold in the double elimination playoffs.

Events

UPCOMING EVENTS:

• Tuesday, Oct. 17: “Is Real Estate Investing Right for You?”, 11:30 a.m.-1 p.m. at Syverson Strege, 4125 Westown Parkway, Ste. 104, West Des Moines. Lunch will be provided. Register here. 
• Tuesday, Oct. 24: “Challenges of Aging: Cooking for 1-2 People & Disease State Shopping/Nutrition,” 11:30 a.m.-1 p.m. at Royal Flooring (demo kitchen area), 11801 Hickman Road, Urbandale. Lunch will be provided. Register here.
• Thursday, Nov. 9 (NEW DATE): Southeast Iowa Client Appreciation Event (3:30-6:30 p.m.) – Sonny’s Other Side, West Point, Iowa (details to come).
• Tuesday, Nov. 14: Schwab Overview: What Does an Investment Custodian Do and How Do We Work Together? This event will be held virtually via Zoom. The event is free, but registration is required. Register here.

For any of the above events, you can also register by contacting Deb Longseth at (515) 225-6000 or [email protected].

Philanthropy

Cy-Hawk “Penny Wars” Competition Benefits DMARC

The Syverson Strege team celebrated the Iowa vs. Iowa State game with our annual employee lunchtime tailgate party, including a “penny wars” competition which raised more than $360 for the Des Moines Area Religious Council (DMARC) and its food security program. You can learn more about DMARC here. 

Contributors Breakfast Club Charity Golf Outing

We were proud to sponsor this year’s Contributors Breakfast Club Charity Golf Outing. CBC is a local group of more than 40 businessmen in Des Moines who together fund impactful local charities such as Genesis, Freedom for Youth, First Tee, Wildwood Hills Ranch, and many more! Learn more about CBC here.