Description

About Frank Rekas: Frank Rekas is a Partner and Financial Planner at Palm Wealth Partners, specializing in tax-efficient wealth strategies for attorneys, law firm owners, and business professionals. With over 30 years of experience, he focuses on minimizing taxes, managing risk, and building long-term financial security through a highly personalized approach. A member of the Personal CFO Network (PCFO) and an active AHEPA board member, Frank is known for simplifying complex financial concepts and creating lifelong client relationships.

In this episode, Ryan and Frank Rekas discuss:

• The importance of financial planning for attorneys and business owners
• Strategies for tax minimization, risk management, and wealth growth
• Common financial pitfalls attorneys face and how to avoid them
• The role of a financial advisor as a personal CFO for individuals

Key Takeaways:

• Many attorneys and business owners unknowingly create a disorganized financial structure by purchasing life insurance, retirement plans, and other assets separately, leading to inefficiencies that a comprehensive financial plan can resolve.
• Long-term care planning is often overlooked, yet without proper protection, individuals risk depleting their savings—one client’s family spent over $400,000 on care expenses, a financial burden that could have been mitigated with early planning.
• Tax minimization strategies go beyond simply maxing out a 401(k), as law firm owners and business professionals can take advantage of specialized savings plans that, if structured correctly, could result in six-figure tax savings over a decade.
• Many financial advisors focus on selling specific products rather than understanding a client’s full financial picture, but a truly effective advisor acts as a personal CFO, aligning financial decisions with long-term personal and business goals. 

"Attorneys have all these different pieces of the financial puzzle, but they don’t know how they go together." — Frank Rekas

Connect with Frank Rekas: 

Website: https://palmwealthpartners.com/

Email: frank@palmwealthpartners.com

LinkedIn: https://www.linkedin.com/in/frankrekas/

Schedule your free 1:1 Profit Breakthrough Session with Ryan here: https://go.oncehub.com/profit

Connect with Ryan Kimler: 

Net Profit CFO Home Page:www.netprofitcfo.com

Email: ryan@netprofitcfo.com

Facebook:www.facebook.com/rkimler

LinkedIn:www.linkedin.com/in/ryankfinancialclarityllc/

LinkedIn NPC Company:https://www.linkedin.com/company/netprofitcfo/

LinkedIn FC Company:https://www.linkedin.com/company/financial-clarity-llc/

Show notes by Podcastologist Andy Santiago

Audio production byTurnkey Podcast Productions. You're the expert. Your podcast will prove it.