Episodes

Financial planning is important, no matter what stage of life you are in. So as a youth who has just begun accumulating wealth, what are some key financial decisions you need to think about? In this episode, Tim Scannell and Justin McCurdy, associate wealth advisor at Hightower Great Lakes, answer this question. Going through the investment management and advanced planning process, Tim and Justin address the challenges that the next generation might face in managing their finances, and how to de...

At a year under lockdown, new and innovative virtual platforms have now made several opportunities accessible from the comfort of your home. We believe that this virtual trend is here to stay. In this episode, Tim Scannell takes a break from the financial planning side of things. Instead, he shares exciting virtual opportunities that he has either experienced firsthand or learned from his clients. Whether it’s traveling, learning, exploring nature, or attending various eating and drinking events...

Have you heard of the “pandemic puppy?” The pet adoption rates saw a sharp spike during COVID-19. After all, a furry friend would make the lockdown less lonely, right? But – owning a pet comes with several financial responsibilities! In this episode, Samantha Pietruszynski, an associate wealth advisor at Hightower Great Lakes, helps you navigate through life as a pet owner. Samantha shares her own experience in raising two pets, a cat and a dog, and discusses some of the major costs involved, bo...

We want to be able to serve our clients not just now, but for countless generations that follow. That’s why we focus on preparing a technology-embracing, communication-focused, next-gen team at Hightower Great Lakes. In this episode, Tim Scannell is joined by Justin McCurdy, associate wealth advisor at Hightower Great Lakes. Justin is a critical part of the next-gen team, and today, he discusses his current role at the company, his continuing education as a financial advisor and his long-term vi...

When you’re planning to sell your business, it’s extremely important to factor in the impact of taxes – both on the federal and the state level. In this episode, Tim Scannell is joined by returning guest John Wiktor, head of the Trusts and Estates Group at HMB Legal Counsel. John dives into the tax-planning side of every business sale, and talks about how you can minimize your state taxes by either changing your residency or through trust planning. You will learn: How the new tax proposal under...

Are you emotionally prepared to leave your work? Have you thought about the next great adventure you wish to pursue? In this episode, Tim Scannell is joined by a very special guest, his wife, Nancy Scannell, who recently retired from teaching. Nancy discusses the emotional impact of retirement, how she managed to cope with it, and how you can discover your inner passion to help you decide the next step in your life. You will learn: How Nancy overcame the challenges in leaving a job that she rea...

Some people retire early, some at the traditional age of 65, and some keep following their passion even after retirement. But in every scenario, it’s important to plan for it – both financially and emotionally! In this episode, Tim Scannell answers the most frequently asked questions about retirement. He discusses several strategies that help you create a solid parallel path for a time when you’re finally ready to finish work and live your dream retirement. In this episode, you will learn: How ...

During COVID, a lot of people needed to take a step back and re-evaluate their business plans. But what is it exactly that you should focus on while planning the future of your business? In this episode, Tim Scannell goes through a list of the 10 most important questions that every business owner should consider while planning their business exit, whether it’s in the near future or several years down the line. He also discusses how you can determine your post-retirement needs, and ways to align ...

Do you know what all successful people have in common? They set audacious goals and strongly commit to it. In this episode, Tim Scannell explores the power of aiming towards the highest goal possible and talks about how audacious goals instill an incredible sense of perseverance and focus in you. He also shares several tips on developing a set of activities and intermediate goals that guide you along your journey! You will learn: How to overcome the common mindset that stops most people from se...

Wealth transfer, wealth protection, and wealth enhancement – all of these aspects have one important component in common –– cash flow! In this episode, Tim Scannell discusses why managing cash flow is critical for your business in the long-term, especially for your exit strategy. Join him as he dives into seven key ways in which it can affect the value of your business. You will learn: How you can ensure a smooth transfer of ownership – internal or external The importance of having various empl...

Did COVID-19 slow your business down drastically? Although you can never fully prepare for the unexpected, one way you can protect your business is through scenario planning. In this episode, Tim Scannell discusses how scenario planning can be a valuable addition to your business process. He provides a step-by-step guide to evaluate the possible alternative futures, and set your business up to face them if and when they arise. In this episode, you will learn: Effective ways to deal with simple ...

Eventually, everyone will approach the end of their career, but preparing well before it arrives can make the transition a lot easier! In this episode, Tim Scannell talks about an article by Arthur Brooks that provokes the audience to think about the declining phase of their career. He also discusses several ways to help you cope with the decreasing productivity and happiness that may arise as your career approaches an end. In this episode, you will learn: How a reverse bucket list can help you...

Following our merger to form HighTower Great Lakes two years ago, we have added so many additional services and benefits for our clients! Today, Tim Scannell is back with the second part of his State of the Union mini-series, where he shares why he decided to merge, and how it has enabled him to extend lots of additional benefits to his clients, especially during the ongoing pandemic. In this episode, you will learn: How the merger has increased their operational efficiencies in multiple areas ...

Will working from home become the new normal? In part one of this three-part mini series, Tim Scannell shares some of his best practices when it comes to working remotely, and mentions key takeaways you can incorporate into your daily work life. In this episode, you will learn: Why having the right equipment is necessary when working from home How to find or establish your home workspace Why you need to create firm boundaries How to be transparent with your workflow Why it’s essential to revisi...

Have you ever wondered what goes into relationship management for financial advisors? In this episode, Tim Scannell introduces Samantha Pietruszynski, a financial planner at Hightower Great Lakes, who shares what she does to ensure that her clients feel confident and comfortable in the financial advising relationship. In this episode, you will learn: What Samantha does in her role at Hightower Great Lakes The importance Hightower Great Lakes places on relationship management How Hightower Great...

Building a successful business begins with building a successful management team. In part two of this mini-series, Tim Scannell continues his discussion of why as business owners it’s crucial to have the right management team. He shares the importance of defining objectives, creating a vision, developing the right skills, and lists the various tools to improve, manage, and assess your key management team. In this episode, you will learn: The seven step process for exit planning Why you should h...

Do you have a key management team that’s ready to take over your business? In part one of this new mini-series, Tim Scannell talks about what business owners have to lose by not locking in and training successors NOW. Tim shares insights from his experience with finding a key person to take over his business and uncovers the risks of doing nothing. You will learn: The differences between succession planning vs exit planning Why waiting to find your successor is a mistake How business owners ben...

Do you know how to generate the greatest value for your business? In this episode, Tim Scannell is joined by Greg Clark, a certified valuation analyst, CVA and a CPA. Together they discuss the benefits of acquiring the services of a valuation analyst, and answer commonly asked questions and concerns surrounding business valuations. In this episode, you will learn: What the valuation process is Why someone buying/inheriting a business would want a valuation Why business owners hesitate on gettin...

One of the greatest gifts you can give to your beneficiaries is by having things all planned and buttoned up. In this episode, Tim Scannell discusses the importance of appointing an executor, why they are so important, what they do and some of the key variables you may want to consider when selecting one. In this episode, you will learn: What an executor is Three ways to choose the best executor for you and your family The importance of a successor What “pulling strings” from the grave is in te...

Given COVID-19 lockdown circumstances, families are seeing much more of each other than usual. Have you thought about how this can affect your family business? In this episode, Tim Scannell sheds light on the importance of identifying potential conflicts in the family business, how these conflicts can accelerate and what the potential repercussions of conflicts are. He discusses the key steps to reducing and resolving such conflicts, and shares tips on how to resolve them if they come up. In thi...

Having a financial advisor is great but having one who understands and works towards your goals is even better. Tim Scannell reveals the many types of financial advisors available and how each can benefit various financial situations. He discusses the importance of finding someone who fits with your goals and the importance of open communication with your advisor to get the most out of your financial plan. In this episode, you will learn: The different types of financial advisors The importance...

The average person is likely to change careers 5-7 times in their lifetime. As a business owner, what are you doing to ensure your top employees want to stay? In this episode of The Wealth Stream Podcast, Tim Scannell dives into incentive programs and how they help business owners retain key people. In this episode, you will learn: The importance of retaining key personnel The different types of incentive plans The difference between business equity and cash as an incentive How incentive plans ...

Once you understand the value of your business and your goals for the future – how do you sell your business? In part two of this mini-series, Tim Scannell continues his seven steps of exit planning. He discusses the steps to selling your business once you understand its value and your goals. Tim reveals the taxes added when selling internally and factors you should review when looking at an external sale. In this episode, you will learn: The importance of understanding your business’s value Fa...

When looking into retirement, business owners have a few extra steps to complete. One thing to consider is if you have created a plan for your business after retirement. In part one of this mini-series, Tim shares the first two of seven steps when planning for retirement as a business owner. He recounts the process he follows with clients and important ideas all business owners should be thinking about. In this episode, you will learn: Why small business owners may want to sell What SWOT stands...