Echelon Professional Magazine Q3 2024

Professional

ECHELON

Q3.24

SOUTHERN CALIFORNIA EDITION

PRECIOUS METAL

Finding Gold with Sean Hart

SO YOU WON THE LOTTO Now What?

PRACTICAL AI

Tools You Can Use

CONNECTING WITH DENA

Meet Attorney Dena Klotz

About and By Echelon Professionals

ECHELON PROFESSIONAL

Q3 2024

1

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BIOGRAPHIES 10

Q3.24

CONTENTS

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Connecting with Dena

Meet attorney Dena Klotz, Senior Counsel and Managing Attorney at Lagerlof, LLP in Encino. She’s not a typical trust and estate attorney.

Her skills in law, therapy, and real estate make her quite unique.

16 Precious Mettle for Precious Metal

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Sean Hart’s tenacity and creativity have helped him find gold as a prospector and a top mortgage professional.

FEATURES 22 So You Won the Lotto Now What?

It is a situation that many dream about, but few experience—the world of winning the lottery. But if it happens, here is a five-step action plan to protect instant wealth.

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22

Practical AI

Tools that you can use today.

COLUMNS 32

Finance Building A Strong Future For Your Growing Family

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ash Flow C 3 Ways Small Businesses Can Reduce Spending

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randing B What’s Your Professional Personal Brand?

DEPARTMENTS 4

FROM THE CHAIR

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CHECK IT OUT: BLOG BITS

Cover Photo: Jerri Hemsworth

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Professional

ECHELON

FROM THE CHAIR

Echelon Professional Magazine is a publication written exclusively by and about the members of Echelon Business Development Network.

ECHELON BUSINESS DEVELOPMENT NETWORK

JUST A NOTE:

On Being Inspired People we see and work with on a daily basis have amazing stories.

Inspiration is just one question away:

T

“What are you passionate about?”

There are several definitions for the word “inspiration.”

Cambridge Dictionary has two of my favorites: “someone or something that gives you ideas for doing something;” and “someone that people admire and want to be like.”

As I have gotten older and wiser, I seek to be inspired on a daily basis. I love that rush feeling of connecting with someone and hearing them talk about their ideas and passions. It’s that feeling that makes me want to immediately tell someone else about the inspiration I just received. Super excited, super pumped. I have to do something about it. I have to spread that joy.

In this case, I have to tell their stories. Cover subject Dena Klotz, senior counsel at Lagerlof, has one of those stories. She’s a mom, friend, attorney, therapist, and real estate broker. How the heck did she get all that under her belt? Read her story on page 10.

Mortgage broker Sean Hart is another incredible story. His passion for working difficult lending situations for his clients is extremely inspiring. So, too, is his hobby: gold mining.

WHAT? Yep, good old fashioned panning for gold. How did he get into that? Read his story on page 18.

What inspires you on a daily basis? Whose story gives you a rush? Let me know. I LOVE a good story.

Jerri Hemsworth Chair, Echelon Business Development Network

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Chair

Jerri Hemsworth, Newman Grace Inc.

Managing Members

Jim Cagle, Allegent Group Matt Coletta, M&A Business Advisors

Echelon Advisory Board

Davis Blaine, The Mentor Group Mark Fishman, Actuaries Unlimited Adam Grant, Grant Shenon Brian Hemsworth, Newman Grace De Ivett, 5D Spectrum Renee Jacobs, Echelon Business Development David Joyce, iCare4Macs Robert Klein, The Law Offices of Robert M. Klein Brian Rabinovitz, Proactive Professional Solutions Robert Sniderman, HR Focus Terry Sternberg, Law Offices of Terence M. Sternberg Steve Weber, HW Premier

Publisher

Newman Grace Inc.

Editor

Brian Hemsworth

Assistant Editor/Social Media Taryn Gray-Delahunty

Editorial Consultant Linda Weg

Design Direction/Production J erri Hemsworth Arturo Medina

Editorial Contributors Jaime Davison Thao Truong De Ivett Alex Bruno, Esq.

Editorial/Advertising Offices

Newman Grace Inc. 6133 Fallbrook Avenue, Woodland Hills, CA 91367 P: 818.713.1678 Volume Q3 2024. Copyright ©2024 by Newman Grace Inc. and Echelon Business Development Network LLC. All rights reserved.

Reproduction in whole or in part without written permission is prohibited. Advertising rates and information sent upon request.

Acceptance of advertising in Echelon Professional in no way constitutes approval or endorsement by Newman Grace or Echelon Business Development Network of products or services advertised. Echelon Professional Magazine, Newman Grace or Echelon Business Development Network reserve the right to reject any advertising. Opinions expressed by authors are their own and not necessarily those of Newman Grace or Echelon Business Development Network. Echelon Professional Magazine reserves the right to edit all contributions for clarity and length, as well as to reject any material submitted. Not responsible for unsolicited manuscripts. This periodical’s name and logo along with the various titles and headings therein, are trademarks of Echelon Business Development Network LLC. PRODUCED IN U.S.A.

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With Top-Quality, Marketing-Driven Benefits

NextGen has a home at Echelon. Echelon was born from the collective expertise of networking and marketing professionals who understand firsthand the challenges and frustrations you face.

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CHECK IT OUT

Blog Bits

Excerpts from our most popular Echelon Member blog posts

Addressing Employee Burnout Employees around the world are becoming more and more exhausted, which is leading to a rise in burnout.

By Don Jones, DMJ Insurance Services

T

here is a high danger of burnout among employees (82%), according to the 2024 Global Talent Trends report, because of financial stress and severe workloads. Serious health problems including heart disease and insomnia are among the symptoms of burnout, which occurs when an employee’s coping systems are overwhelmed by prolonged stress. This leads to decreased productivity, negative attitudes, and a poorer sense of effectiveness in the workplace.

In order to create a safer and more productive work environment, it is critical for employers to recognize the signs of burnout and take measures to avoid them.

Spotting Signs of Employee Burnout

Look out for these signs of burnout in your team: ŚChronic fatigue and low energy ŚDecreased efficiency, creativity, and productivity ŚWithdrawal from coworkers and lack of interest in work Ś Increased irritability, anxiety, and depression ŚFrequent headaches, muscle pain, and stress-related illnesses.

Tips for Preventing Employee Burnout

Ensuring the safety and well-being of employees must be a top priority. Think about putting these strategies into action: ŚPrompt brief periods of rest and exercise every day. ŚMake it safe to talk about stress, foster an accepting and welcoming environment. ŚAsk your staff how they are doing on a regular basis. ŚStaff members who are at danger of burnout should be identified and helped by leadership. ŚRethink ways of working together to make communication easier for staff. ŚKeep an eye on everyone’s workload and make sure it’s balanced.

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ŚWhen it comes to work schedules and deadlines, be flexible and understanding. ŚRemind workers that they have time off and that they should unplug while they’re not on the clock. ŚTo keep people motivated and fight against job stagnation, offer opportunities for career progression. ŚTo maintain a healthy work environment, it is important to regularly recognize and reward employees for their accomplishments. ŚDisseminate information about how to enhance one’s physical and mental well-being.

Companies often face the problem of employee burnout and its devastating implications. Companies must reevaluate their policies and put the health of their employees first. •

The Rams Have Landed The team’s new home in Woodland Hills is up and running.

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ccording to Stu Jackson, Senior Staff Writer for the L.A. Rams, the Los Angeles Rams have officially moved into their new practice facility in Warner Center. The facility features two full-size, natural grass fields, as well as a weight room, training room, locker room, media room, and a meal room. This is a significant upgrade from their previous practice facility in Thousand Oaks.

Jackson noted on the team website that “The team started practice on August 26 in the new location. It marked the team’s first practice at its new Woodland Hills football headquarters, a little over ninth months after the November 14, 2023, ceremony at Topanga Village—part of the nearly 100-acres in Woodland Hills acquired last year by Los Angeles Rams Owner/ Chairman E. Stanley Kroenke—in which they officially touched down in the area and announced the plans to move there in advance of the 2024 season.

“What an amazing tribute to so many people behind the scenes getting this place ready to go,” Head coach Sean McVay said. “You look at just the leadership from so many people in operations... [Senior Director of Operations] Sophie Harlan [and] [Equipment Director] Brendan Berger in equipment. [Vice President, Football & Business Administration] Tony Pastoors [and] [Rams President] Kevin Demoff deserve a ton of credit as well as [President of Kroenke Holdings] Otto Maly. We’re really excited. You come in here and getting over here yesterday

and the amount of work that’s being done [and] that’s still to be done. Just the functionality, the thoughtfulness that went into this... It’s going to be helpful for us. I think the players are excited about it. I know the coaches and everybody else feels that way.”

“But this is the first step for the Los Angeles Rams, and it’s important to have a physical presence within the city limits of Los Angeles,” Demoff said. “While I love SoFi Stadium, and we all do, and the city of Inglewood, Inglewood has been a great home, but this gives us a true physical presence in the city of Los Angeles.”

Second, Demoff said it’s a “great step working with all the residents and our neighbors in the San Fernando Valley to bring professional sports headquarters to the San Fernando Valley, which has never occurred in the history of the city.”

And third is the potential of the area.

“There’s so much unbelievable longterm potential here at Warner Center,” Demoff said. “And when we have 100 acres, which includes the Village at Topanga, which is currently open and driving as an outdoor mall, and then you add in the 65 acres we’ve acquired, to go develop a true sports and entertainment district around our practice facility. I think it gives a sense of permanence and place to this organization and the first steps of a long-term vision. This is not just a new temporary facility. This is a temporary facility at our long-term home, and I think that makes all the difference in the world.”

Economic Impact of the Facility The economic impact of the Rams headquarters being in Woodland Hills is expected to be significant. Here are some of the key areas where it is likely to have a positive impact:

JOB CREATION

Direct Jobs The Rams’ headquarters will create direct jobs in various areas, such as facility management, security, and administrative support.

Indirect Jobs The increased tourism and economic activity will also create indirect jobs in related industries, such as hospitality, retail, and transportation.

ECONOMIC DEVELOPMENT

Property Values The presence of the Rams is expected to increase property values in the Woodland Hills, West Hills, and Calabasas areas.

Business Growth Local businesses, such as restaurants, bars, and shops, will benefit from the increased foot traffic and spending.

Community Development The Rams’ headquarters can contribute to the overall development and revitalization of Woodland Hills. •

CHECK IT OUT

A Guide to Marketing During Election Years

By Nicole Moser

B

usinesses that are trying to figure out how to advertise face some unique hurdles during election years.

Political ads are expected to cost $10 billion in 2024, so there will be a lot of competition for ad space and attention from consumers. This guide gives you useful tips on how to change your business’s marketing plan and ad spending to work better during this busy time.

Recognizing the Landscape of Election-Year Advertising Digital

Digital advertising has changed dramatically since 2020: 2020: The primary methods of advertising were cable television and the initial digital platforms.

2024: Social media and streaming services are now indispensable, providing a wide range of focused advertising opportunities.

Utilize emerging channels such as social media and streaming services to establish diverse and impactful connections with your audience.

Ad Exposure and Scheduling

In 2024, anticipate a spike in political advertisements, as in 2020, as the election approaches: 2020: Roughly $8.5 billion was spent on political advertisements.

2024: Over $10 billion in spending is anticipated, a 17.6% increase, and more competitiveness.

To prevent your advertisements from being overtaken by political advertising, carefully consider the timing and location of your advertisements.

2024 vs. 2020 Side-by-Side

Ad spending has grown, so political ads cost a lot more in 2024 than they did in 2020. This makes the advertising area more competitive. Streaming services and social media have taken the place of traditional TV as the most important advertising platforms. More ads will be shown in 2024, which will make the battle tougher, especially on large digital platforms.

Advice on How to Run Your Marketing Campaign

Make Use of Low-Competition Platforms and Streaming People often switch to streaming services to avoid seeing political ads. You can reach them more successfully by advertising on Connected TV (CTV) and

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sites like YouTube. Some platforms, like LinkedIn, Spotify, and TikTok, don’t allow politics ads, which means that your ads will stand out more.

Provide uplifting content for popular platforms

Adding positive, upbeat content to your ads can help them stand out from the standard undesirable political ads on sites like X (formerly Twitter), Snapchat, and Meta. ŚShowcase success stories, community stories, or good customer feedback. ŚTo get people’s attention, use pictures that are inviting and vivacious.

Quickness and Protections

Negative Keyword Lists Utilization—By removing particular terms, you can prevent your advertising from showing up in unsuitable circumstances.

Implement Exclusion Lists for Placement—Disqualify any particular channels, apps, or websites that might not be consistent with your brand’s values.

Use Exclusions for Sensitive Categories—To preserve a positive brand image, steer clear of categories that deal with delicate or divisive subjects.

Observation and Adaptability

Refine your keyword and placement strategy by staying up to date on current affairs. Ad fatigue or performance difficulties should be quickly identified and addressed by keeping an eye on Key Performance Indicators (KPIs).

Getting Past the Noise

When navigating an election year’s intricacies consider: ŚLooking into options for streaming and audio. ŚMaking changes to your budget as needed. ŚPlanning when to spend your money.

While safeguards are essential for preserving the message’s integrity, they may also restrict your audience.

Even while election years complicate your marketing, you may set yourself up for long-term success with a proactive strategy.

With any luck, this guidance will assist your company in thriving through the special difficulties that come with an election year. Even amidst all the noise of political advertising, you may effectively reach your audience and accomplish your company goals by proactively altering your marketing plan and ad expenditure. •

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Dena

Connecting WITH

Meet attorney Dena Klotz, Senior Counsel and Managing Attorney at Lagerlof, LLP in Encino. She's not a typical trust and estate attorney.

Her skills in law, therapy, and real estate make her quite unique.

Interview By Jerri Hemsworth

H

er giant smile and warm demeanor are the first things you notice about Dena Klotz. She is quick to put people at ease, and you may soon feel the need to welcome her into your closest friend groups. As Senior Counsel and Managing Attorney at Lagerlof, LLP in Encino, she specializes in estate planning, trust administration, and probate cases. But her degrees in law, marriage and family therapy— topped off with a broker's license in real estate—make her uniquely qualified to assist her clients in all their estate matters.

Dena graduated from UCLA, then attended Pepperdine University, School of Law. She began her legal career practicing estate planning. In time, Dena took a break from practicing law to prioritize her family and raise her three children.

Her personal experiences of parenting, marriage, and familial issues led her to a journey of self-discovery and curiosity motivating her to earn a master’s degree in Marriage and Family Therapy. Dena worked as a therapist, specializing in conflict resolution and communication within families and couples.

Passionate about helping people and utilizing her diverse skills, Dena has since returned to practicing law. Her relatability allows her to connect with clients on a personal level, understanding their unique circumstances while assisting them in creating estate plans to protect and pass down their family wealth. Her vast skills also help clients navigate trust administration following the passing of a loved one.

Jerri Hemsworth recently caught up with Dena to talk about life, love, and being an attorney who loves connecting with clients and friends.

ECHELON PROFESSIONAL

Q3 2024

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Dena

Connecting WITH

So, you’re with Lagerlof which is a law firm. Tell us about what you do. And tell us about Lagerlof.

Lagerlof is the largest and oldest law firm in Pasadena.

And what’s interesting is it’s kind of going through a rebranding. I don’t remember exactly the year, but around 2020, a bunch of smaller firms merged into Lagerlof. So now, there’s this infusion of younger attorneys.

We have about 100 people at the firm, about 50 attorneys and 50 staff. We’re a full-service law firm.

We do estate planning and trust administration, which is what I do. We also have real estate, corporate, public agency, litigation, bankruptcy, elder law, and employment law departments.

What’s it like?

I think Lagerlof is a special place. I’m really happy to be there. One of the firms that merged in had a managing partner that would make breakfast for the firm every Friday. So now that they’ve merged in, every Friday morning, he still comes to the office with a couple support staff. They don’t bring in breakfast. He literally makes everything! Every Friday, for whoever wants a fresh cooked breakfast or just to hang out together and connect. I think that whole feeling kind of permeates through the law firm. Yeah…I’m really happy to be there.

I had a career.

Then I took a break from my career to stay home and raise my kids.

I went back to school and had another career, and now I have come back to practicing law.

You mentioned you’re not at the Pasadena office often. Why is that?

Correct. One of the things Lagerlof has been looking to do is to expand. So prior to me coming on, they had a Seattle office. And they opened an Encino office. They hired me to run, manage and grow the Encino office.

We’re growing in a really healthy way. I personally work in the Encino office. And in our office, there is myself, another attorney, and support staff. However, I do everything with the Pasadena office. They like to say it’s like I’m down the hall, not down the freeway.

Your area of practice is estate planning, correct?

Correct. I don’t do any litigation. I’m purely transactional. I create a lot of estate plans. The other thing that I do a lot of is trust administration.

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You know, a lot of attorneys do estate planning and will dabble in a trust administration when a client dies. My practice is just as heavy in trust administration as it is on the estate planning side.

I do think it’s something that stands out because I correct a lot of mistakes that people do. And a lot of people do nothing when there is a first death of a couple. They’re just not aware that something needs to be done, right. So, I do a lot on the trust administration side, which I really enjoy.

What is it about trust administration that you enjoy so much?

I really enjoy it because there’s a lot of interaction with the clients. I enjoy that part of my practice. And with 50% of my practice being estate planning, it’s a nice balance. Plus, I’m also managing the office, and I’m out here doing business development. In Pasadena, it’s a very wellknown firm, but now we’re spreading the word about Lagerlof to a wider area.

How does it feel for you to have been asked to head up the Encino office and grow it? It’s got to be a little bit scary.

Interesting question. It actually brings tears to my eyes; I have a very interesting history. I had a career. Then I took a break from my career to stay home and raise my kids. I went back to school and had another career, and now I have come back to practicing law. I always thought that my full-time job was being a mom. I was blown away to have somebody come in and say, “We’re going to trust you to do this, you’re exactly who we’re looking for.” Because of all these things, including the fact that I was a stay-at-home mom, I think that’s part of the overall package.

What size clients do you typically work with?

You know, it’s funny that I get asked that a lot.

In this area of law, attorneys identify themselves by the size of the estates their clients have. Some people say they work with estates worth a couple million dollars, and then some people say they work with $5 to 20 million estates. I have worked on estates as small as a half a million dollars, up to literally half a billion dollars. So, the range of clients that I’ve worked with is vast. For me, what I love about my profession is the relatability when working with my clients—the relationship. It’s not about the size of the estate. It’s about, “Do I really connect with this client? And can I help them?”

To answer your question, my favorite client is a youngish couple that has a house worth probably

$5 million-ish, has their first child, or one or two kids, and who have never had an estate plan. I know that I’m teaching them the value of what they’re doing. They’re looking to me for guidance.

I’m not someone just coming in to draft a trust for them. We actually have deep conversations. That’s probably my very, very favorite client.

What career did you have before law?

I got a master’s in marriage and family therapy. It fed my fascination with couples and relationships. I just find relationships in general fascinating.

I have a certification for a specific type of couples therapy called Imago, which is very communication based. I worked primarily with

couples, which now works very well in my legal profession. It gives me a unique skill set. Estate planning often involves tricky conversations. So just having the ability to step back and not look at it just from an estate planning point of view, but to really dig in with them.

Also, during the time that I was staying home with my kids, my mom was in the real estate field.

I thought that could be fun. Plus, my ex-husband and I would buy and sell a lot of houses for ourselves. We were moving a lot so I got my broker’s license and dabbled in it personally until I can’t remember what year that was. But at some point, for a while, I did work within the real estate field out in Calabasas.

Trust and estate attorney Dena Klotz has a Masters Degree in Marriage and Family Therapy along with a real estate broker's license.

ECHELON PROFESSIONAL

Q3 2024

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Dena

Connecting WITH

A lot of attorneys can draft estate planning documents, you know. But the difference is what I bring to the table. I now realize what a special skill set I have.

You’ve mentioned mountain biking and biking, and that you like to be outdoors and physically active.

Have you been that way since you were a kid?

I’ve always been physical. Older people will remember the Jane Fonda days. My mom used to go to Jane Fonda’s exercise class with Jane Fonda, and I would sit in the corner of the studio. I think that helped integrate the idea of exercise into my life. And so I’ve always exercise. Not outdoors, per se, but exercise has always been a part of my life.

It’s funny, right after law school, I just started practicing. I had just gotten married. I thought, “I need A lot of attorneys something active.” And can draft estate I don’t know why, but I planning documents, saw something about the California AIDS ride. I think you know. The difference is what it was the second AIDS ride they ever had that went I bring to the table. from San Francisco to L.A. I I now realize what a impulsively thought, “I’m special skill set I have. gonna do that!” I didn’t even own a bike. I hadn’t been on a bike since I was a kid. And you had to raise money. I think back then you had to raise $7,000.

But that started my love of cycling, which I put on hold while my kids were young, because it can be such a dangerous sport.

I think for me, I’m sitting at a desk all day. So as soon as I’m out of away from my desk, I just want to be outside. I want to be at the beach. I want to be riding or hiking. I just want to be in nature with my phone off.

I also love to go out dancing. Yeah. Anytime Boogie Nights is playing at the Canyon Club, you’ll find me there with my sparkly dress and Converse shoes on the dance floor.

We’ve heard you have a group of friends you do game night with? What type of games?

I like intimate gatherings. So, I’ll have maybe 10 or 12 various friends over for dinner. They’re really fun. We play Scattegories, Pictionary, Tellestrations. Sometimes we play games that are kind of made up. And we pick different games, and different people just get to know each other.

It’s great for connecting.

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Also, because I’m single, I’ve met a lot of other women who are single. What’s interesting is most of them will tell me they don’t have any other single friends or don’t really have anything to. And I will often tell them to just come over and play.

Then somebody new is integrated into the friend group, and they’ll maybe connect with one or two people. It’s not even meant to be a personal or professional networking, but it just kind natural.

I do want to say that in terms of Echelon, you guys have done such an amazing job of creating something that is a little different. My Calabasas Echelon group has spent the summer doing our meetings on boats in Westlake and tooling around.

To your point, it’s networking. But there’s an informality to it. And we actually go much more to the backside of the card. It feels like this is much more personal. And now these are people that you really want to know and that you really want to do business with.

Dena Klotz is Senior Counsel and Managing Attorney at Lagerlof, LLP. She can be reached at (818) 8044691, dklotz@lagerlof.com.

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PRECIOUS METTLE FOR PRECIOUS

METAL

BY BRIAN HEMSWORTH

“Y

OU NEED TO KNOW WHERE TO LOOK, and you need to know what to look for,” says Sean Hart.

“Sometimes there’s a nugget right in front of you but hiding in the shadows. Then you turn over another rock, and bam, there it is. Gold.”

Just when I thought Sean was talking about prospecting for gold, he says, “That’s why I’m successful in the mortgage business. I don’t like taking no for an answer.

I’ve made a career by looking for every possible advantage for my clients and getting them the right mortgage at the right rate for the home of their dreams. It takes a lot of hard work, and creativity, but it’s worth it.”

With a quarter century of experience, Sean is no stranger to the mortgage business. Nor is he a stranger to finding gold. Real gold. Not figurative gold—we’re talking actual nuggets!

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Sean Hart’s tenacity and creativity have helped him find gold as A prospector and a top mortgage professional

EARLY INCLINATIONS Sean’s parents met in college, fell in love, got married, and started a family. Sean’s early days were spent in Missoula, Montana. If it wasn’t school time or the dead of winter, Sean was outside, in the hills, streams, and fields. His relatives were rugged individuals—folks that repeatedly pulled themselves up by their bootstraps.

While Sean never had the good fortune of meeting his great-grandfather, he learned a lot about him from family stories. His great-grandfather was hard-working man, a stonemason in the Yellowstone area. He built fireplaces, staircases, and walkways for some of the great Yellowstone lodges and homes in the area. And he was an infamous miner.

That DNA didn’t stray far from Sean, who from an early age adopted a strong work ethic, a love of the outdoors, and curiosity about prospecting and mining.

When Sean was in the fourth or fifth grade, his family was part of the 1960’s “Boeing migration,” where many families moved to Seattle for better work. Before long, his stepfather, an insurance professional, entered the picture and the family moved to California.

LEARNING LENDING Once Sean grew up, he followed his stepfather and ventured into insurance. Despite the example of his stepfather’s success and experience, Sean realized that the industry

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wasn’t for him. He began to look for a path that included his work ethic and his emerging finance sensibilities.

“I was looking at purchasing real estate at the time. There were a lot of foreclosures,” Sean remembers. “And I was looking at buying those foreclosures to fix and flip. That led me to think, ‘Why don’t I just do real estate sales or mortgage?’ Well, my wife was a real estate agent, and I thought, two of us doing the same thing, probably not good.

Okay, I’ll do the financing!”

Sean wasn’t one to wait, so shortly after his gestalt, he marched into the office where his wife worked and met with the head broker. Sean told him he was interested in the lending side of real estate. “He took one look at me, and he said, ‘I’ll give you a desk and a phone. Good luck, kid.’”

FINDING MORTGAGE GOLD Lucky for Sean, there was another mortgage agent in the office who thankfully was willing to help him learn the ropes. A blessing in disguise, the mortgage agent would hand off hard accounts which Sean gladly took. And that’s when and where the tenacity, work ethic, and gold mining DNA in his blood found its mettle.

Finding ways to get challenging deals done is what began to set Sean apart from most mortgage professionals. Rather than wait for the easy ones, Sean loved the challenge.

“I had to research and learn how to overcome client

Sean Hart is quite a successful gold miner. While Mine Operator does all types of mining, his truck is complete with all the gear for placer mining (the mining of stream bed deposits for minerals).

He also has found success with metal detectors. “There is so much gold just within 50 miles of Los Angeles, and it’s found in places you would never dream of.” Some of his treasure is evident in his distinctive green pan used in gold panning.

qualification challenges,” tells Sean of his early mortgage experience. “Now it has become the gold mine of my mortgage business. It’s hardwired into me that when I’m presented with an obstacle, I am six ways to Sunday about how to get around it. So my closing percentage is one of the highest in the industry. It’s because I just don’t take no for an answer.”

LOOKING FOR REAL NUGGETS There is a sparkle in Sean’s eyes when he talks about helping someone get a great home loan. That sparkle is just as bright when he speaks of panning or prospecting for gold, the precious metal.

While the seeds of prospecting for gold were planted in Sean as a young boy hearing about his long-gone gold-prospecting relatives, the real urge came years later.

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One day, while flipping channels on cable television, he chanced upon a show about prospecting for gold. Sean noticed that there were gold locations in many of the same places he frequented as a lifelong outdoorsman. If he’s not fishing or camping, he’s likely riding dirt bikes or ATVs, hiking, or hunting.

“Seeing this show about searching for gold in places I knew very well, I wondered just how much gold I had walked over or fished over or hunted around that I didn’t even know was there?”

Sean’s neighbor had seen the same TV show. So, the two decided to go the next step and joined a prospecting club. They packed up a tent and a couple small gold pans and headed out.

They didn’t really know how to pan or prospect, or even how to set up and use their tiny initial investment into gear.

“We were so raw, so new, and there was a gentleman there from the Salvation Army,” Sean recalls. “He actually showed us how to set the equipment up and how to use it because we had no clue what we were doing.”

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When the first day in the field with the prospecting club ended, the man who had helped came by and glanced in their sluice box. The man smiled. Sean and his friend looked in the box. Low and behold there was gold in the box!

“I can tell you the hook was set! I mean, I was hooked from that moment on!”

Since that time some years ago, Sean has become a highly accomplished, highly successful miner. He now works with a team of like-minded souls under the group name of Mine Operator. Their YouTube Channel is https:// www.youtube.com/@mineoperator.

His efforts are spread not only around California, but around the western United States, and even internationally. He has mining adventures have taken him to distant lands such as Cambodia and Thailand.

Mining comes in various forms, done as individuals with little more than a pan and pickaxe, or done in teams, with various forms of sophisticated equipment. More weekends than not, you will find Sean and his partners “out there.”

Sean Hart’s mining company Mine Operator is featured in the fourth season of Gold Rush: Mine Rescue with Freddy & Juan on Discovery+. “These two guys are the real deal. They helped our company improve tremendously.

It was an honor to be on their show,” says Hart.

Where is “there?” Well, that’s not so easy to say. Miners keep their best locations a secret. But Sean did let us know that there’s gold less than 20 miles from his home in the Los Angeles area. Sometimes Sean and company travel for hours, and sometimes just a short distance.

You may find the Mine Operator crew using metal detectors, which are now very sensitive and specialized.

Waving the detector over the ground, they monitor the sounds. When there is a “hit,” a quick shovel can reveal a find…a bottle cap, an old rifle cartridge, or even a small nugget of gold.

There are two primary ways of finding, or “recovering” gold as miners might say. One is “hard rock.” This is when the gold is found embedded in rock, which might come from digging in a mine. The other is Placer mining, where the gold is already loose, freed from a host rock or the substrate. Placer gold is typically found in or around a river or stream. Mine Operator does it all!

Sometimes Sean just goes and looks, with detectors, picks, shovels, etc. But on another weekend, Sean and his partners could likely be found with a high-tech setup along a stream, using sluice boxes and pans to find placer gold. Because gold is heavier than anything that runs through the sluice box, it gets trapped by gravity and separated from the lighter material. The concentrate then transfers to finishing equipment, which is most likely a gold pan. Being a skilled gold panner is critical in the value of a gold claim.

It makes one wonder what gold is out there. Here in California, it’s nearly everywhere…coast, deserts, and mountains. According to Fox News’ Ashley J. DiMella’s article entitled “Top US states where you’re most likely

to strike gold,” California is number one. Sean says, “There’s so much gold here. California is full of gold. I mean, we could pay the national debt off with the gold in California.”

Sean, nicknamed “Mr. Hollywood” in the gold community, has met with some pretty significant success.

The hit TV show on Discovery+ Gold Rush: Mine Rescue with Freddy and Juan recently featured Sean and the Mine Operator team in an episode. It airs in October 2024.

He’s found his share of nuggets in various sizes and weights, as well as a fair amount of gold flakes. Much of his find gets reinvested into the mining operation, but some of the nuggets are arguably worth more in sentimental value to Sean than monetary value.

Finding The Real Treasure Spending just a short amount of time with Sean, it’s easy to see that while finding gold can be quite profitable, don’t bet on that being the reason for doing it. It’s very hard work and physically demanding. Finding the next nugget is what gives him the energy to keep going.

So, too, is the case with Sean and mortgages. He talks of real estate lending with an honesty and passion rarely found today.

During our time with Sean, someone jokingly said, “Finding gold in them thar hills.”

“That’s not far from the truth,” quipped Sean.

“Sometimes it’s gold in the river, and sometimes it’s helping someone find the gold in home ownership.”

Two ways to strike it rich.

Sean Hart is a mortgage broker with CMG Home Loans in Thousand Oaks, Calif. He can be reached at seanh@cmghomeloans.com, 805-551-0149.

ECHELON PROFESSIONAL

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21

So

you

won

the Lotto 22

ECHELONPROFESSIONAL.COM

It is a situation that many dream about, but few experience— the world of winning the lottery. But if it happens, here is a five-step action plan to protect instant wealth.

By Alex Bruno, Esq.

I

n California, the chances of winning a Powerball ticket of at least $100,000 is about 1 in 12 million. Of that number, a majority of winners might end up bankrupt. There are many factors as to why someone who receives a significant financial windfall would lose it all. One factor is the lack of preparation and planning.

During your career, you may have to advise a friend, family member or client who wins the lottery. For most, it is a completely foreign process. If the wrong steps are taken, it can result in loss of money, loss of privacy and can feel like a burdensome rather than beneficial process.

Fortunately, our office has assisted individuals who have won the lottery in payouts exceeding eight figures. Based on insights and strategies that we developed, we describe a fivestep action plan on how to speak to your client and help navigate the complexities of instant wealth.

Keep It Under Wraps When you win the lottery, your best friend is discretion. There are too many cautionary tales of people who end up physically hurt or killed for

their luck. Take Jack Whittaker for example, a West Virginia contractor who was drugged and robbed of $545,000 outside of a strip club.

Similarly, Craigory Birch Jr. was shot and killed in his home two months after winning. The very first thing a lotto winner should do is to not to share the news immediately. This is not the time to post on social media about your good fortune. If you publicize a win, you can attract unwanted attention. As mentioned above, such attention can bring danger to you and your family. While people in your immediate family need to know, that is the extent of the announcement we recommend.

Additionally, you should never feel obligated to speak to the press.

There is no requirement to have a press conference when you win.

There is also no requirement to pose for a picture with you and an oversized check that shows your name and the amount of your winnings. You should keep in mind that there is not an urgency to announce or claim your winnings.

In California, you now have at least 180 days before you have to submit a claim. For some drawings such as the Powerball, the actual time limit can be up to one year.

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Lockdown that Ticket!

In order to claim your winnings, you need to have your original ticket. If you do not, your claim will likely be invalid. The ticket serves as part of the proof that you won. Without it, ownership is in question. So, you need to take steps to secure and safeguard the original ticket. You need to make sure that you place the ticket in a place that is secure from theft such as a safe deposit box or a home safe. You should also consider making copies of the ticket.

Additionally, in some instances, it may make sense to sign the ticket with your contact information and signature to further protect it.

legal entities, resolving debt, estate planning and overall strategy. Tax professionals can assist in identifying and establishing methods and plans to minimize tax liability. Insurance professionals can help not only in risk management, but providing funding sources for taxes and gifting.

Your financial professionals will assist in the planning for this newfound wealth as well as setting up the accounts needed to hold this money.

Plan Before You Go After assembling your team, you need to get with your team to create a plan.

This plan is not only focused on how to claim the winnings, but on what to

“When you have a plan that accounts for what to do before, during and after, you can feel confident you are doing the utmost to protect what you won.”

Assemble Your Team The influx of money from a lottery win can create a lot of issues. Some of these issues have already been discussed such as privacy and safety. Winning the lottery can also complicate the winner’s financial situation and expose them to new risks. How do you reduce any tax liability? How do you protect yourself from legal claims? How do you resolve pre-existing debt? How do you create a legacy of gifts to family and charity?

To navigate these questions, it is important to put together a team of professionals who will help you through this new wealth. These professionals will include attorneys, accountants, insurance and financial professionals, among others.

Attorneys can help with structuring

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do with the money once you receive it. In our work with a lotto winner, we craft a comprehensive plan that outlines the steps that need to be taken to not only receive the winnings, but what to do with them once received.

For one of our clients, we outlined the itinerary for the day that they were going to make their claim. We structured the day from the time we left the winner’s home to travel to the lottery office to the time he completed his deposits at the bank.

For many, the goal is to stay as anonymous as possible. In states that allow anonymity, creating a “blind trust” or some other similar vehicle can help with that. In other states, like California, it is important to make sure a lottery win does not attract a

lot of attention. For one client, we did a “surprise” visit to a lottery division office to submit claim documents.

This visit, which was unscheduled, allowed my client to submit the proper paperwork without any media around.

Despite what someone might say, a media conference is not needed to collect your winnings. When you have a plan that accounts for what to do before, during and after, you can feel confident you are doing the utmost to protect what you won.

Execute Your Plan Execution is key. Not only is it important to have a plan, but it is even more important to implement the plan crafted by your team of professionals.

As already discussed, you put together a team to help with strategy and tactics to minimize taxes, protect from personal liability, maintain/limit privacy and to leave a legacy. Whether it involves real estate holdings, establishing trusts, or other strategies, executing the plan ensures that the generational wealth created by the lottery win is protected and sustained.

Winning the lottery can be life changing. If that does happen to you or someone you care about, make sure you encourage them to be proactive in their approach to receiving their winnings.

Preparation will be your friend as you enter into your “Lotto era.”

Alex Bruno, Esq. is the Founder of Bruno Group Inc., where he helps entrepreneurs and business owners in their growth by taking care of their legal needs. He can be reached at (818) 280-8460 or at alex@brunogroupinc.com.

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Practical

Practical w

Tools that you can use today

By De Ivett

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ECHELONPROFESSIONAL.COM

I or “Artificial intelligence” has been all the hype in recent years, specifically with the release of publicly available AI tools like OpenAI’s popular ChatGPT, Google Cloud Speech-to-Text, Gemini for Google Workspace, and my personal favorite, Grammarly.

But how do you choose the AI tools that are practical for your everyday use? It’s simple—first, you define the need and then find the solution!

What AI tools work for me?

Speech-to-text Yes, Please! As a terrible typer, I have grown to love all speech-to-text applications. I love that I can speak to my messenger app on my iPhone to send a complicated message quickly. The downside of that feature is when your Dad discovers he can send his life’s story to you over Messenger without the use of his fumbley thumbs. Then you are at the mercy of the “autocorrect” feature which can put quite a spin on any text message, if you know what I mean… I love the speech-to-text “Voice Typing” feature found in the Google Docs app. I am using it right now as I create this article! For me, it is much easier to dump a stream of consciousness into Google Docs so I don’t forget my initial thoughts, and come back later to clean it up using my favorite AI tool, Grammarly.

Choosing the right AI tools can supercharge your productivity, and I’ve found a few that have truly transformed my workflow. These tools not only make my life easier but also unleash my creativity, turning writing into a fun and engaging process.

What AI tools are best for you?

Grammarly

ChatBots

For me, adding Grammarly to my arsenal of tools was a “no-brainer”. Grammarly uses a combination of AI and NLP (Natural Language Processing) to provide its grammar and spell-checking services. If there are no typos in this blog post or grammar errors, I can give Grammarly full credit as I am a terrible typer and horrible speller! (Thank you Grammarly for making me look smart!)

A chatbot is a software application designed to simulate human conversation through text or voice interactions.

Chatbots can perform various tasks, ranging from answering simple questions to providing customer support, executing commands, and even engaging in more complex interactions. They are commonly used in websites, messaging apps, and customer service platforms Chatbots have been around for years and were an early implementation of publicly available AI tools. The early chatbots required a lot of programming to teach the bot how you wanted it to respond to your customer’s inquiries.

Today chatbots use AI in various ways to understand and respond to customers with less programming by using a dialog management technique.

Dialog management involves maintaining the flow of conversation between the chatbot and the user. AI-powered dialog managers enable chatbots to understand the context of the conversation, keep track of the state of the conversation, and generate appropriate responses based on the current context. It keeps the chatbot on target.

ChatGPT I also have been experimenting with OpenAI’s ChatGPT engine. I have found it to be a great tool for generating checklists and step-by-step instructions. It also is helpful when I am working on creative writing projects or developing marketing language. For example, if I create a concept for a marketing campaign, I can quickly ask ChatGPT to provide alternative ideas based on my original concept. It is faster than a traditional creative meeting where we all gather in a conference room and throw out ideas to see what sticks. Ultimately, it triggers the creative process so I can generate additional ideas, making it the perfect “little helper” app. We are also a big fan of Copy.ai for the same reason—it empowers us to work fast and costeffectively for our clients.

LEFT—Image served up for the AI prompt "Futuristic artificial intelligence mesh robot pointing at the screen of a computer to help solve a problem while a businesswoman relaxes in a chair watching with a smile."

There are so many AI tools to choose from that it would be nearly impossible to cover all of them in a single article.

Instead, I’d like to cover some AI tools that have made a difference for myself or my clients.

Other ways Chatbots use AI Chatbots are revolutionizing the way we interact with technology, thanks to their advanced AI capabilities. By harnessing the following techniques, these digital assistants are becoming increasingly sophisticated in understanding ECHELON PROFESSIONAL

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Practical

and

ABOVE—Image served up for the AI prompt "A hologram robot image in front of a computer screen."

responding to human queries.

Let’s explore some of the key AI methods that empower chatbots to deliver smarter, more personalized experiences.

Natural Language Processing. NLP enables chatbots to understand and interpret human language by parsing, analyzing, and understanding the meaning of the text input by users. NLP allows chatbots to extract intent, entities, and context from user messages, helping them to provide relevant and accurate responses.

Machine Learning. Chatbots often leverage machine learning algorithms to improve their performance over time. By training on larger sets of conversational data, chatbots can learn to recognize patterns in user queries and their responses. Machine learning

allows chatbots to provide informative and relevant responses to user queries. Knowledge base applications are commonly found on web applications, but when powered by AI, can go one step further to helping customers find what they are looking for without having to interact with customer service, and therefore saving companies time and money.

Deep Learning. Deep learning techniques, such as neural networks, are increasingly being used in chatbots to improve their language understanding and generation capabilities. Deep learning models can learn complex patterns in textual data and generate more human-like responses, enhancing the conversational abilities of chatbots.

And what about voice command services like Alexa and Siri?

Amazon’s Alexa and Apple’s Siri use AI to interpret language and perform tasks like managing electronics in your home and finding the best Mexican food restaurant in your current location. What did we do before Siri? We got out the ol’ Yellow Pages and let our fingers do the walking!

How can Alexa streamline your day?

Alexa uses Natural Language Understanding (NLU) techniques powered by AI to interpret user input or commands. Alexa’s AI algorithms continuously analyze user interactions and feedback to adapt and improve its performance over time. I recently visited Puerto Rico (one of my favorite vacation spots) and my super host had wired his Airbnb up so that guests could tell the “Suite” how to "AI-driven tools and platforms will assist creatives in control the lighting with some simple commands. “Alexa, turn Suite to 75%,” generating, refining, and exploring new ideas, leading turned the lights down to 75%. “Alexa, to innovative and compelling creative outputs." turn Suite off,” turned the lights off. It took a minute to train myself how to use the commands, then I never had to enables chatbots to adapt and improve their accuracy and touch the lights again. Of course, the host had to program effectiveness based on experience. the devices in his home to understand the commands, but Sentiment Analysis. Chatbots can use sentiment analysis it also gave me, as a guest, a sense of fun control over my techniques to analyze the sentiment or emotion expressed environment. What could you program Alexa to do in your by a user’s text input. By understanding the emotional tone home to save a few minutes here and there? of user interactions, chatbots can tailor their responses accordingly, providing empathetic and personalized How does Siri simplify your day? assistance to users. How does that make you feel?

Apple’s Siri also uses Natural Language Understanding Knowledge Representation and Reasoning.

(NLU) techniques to understand and interpret user Some chatbots use AI techniques to store and retrieve queries and commands spoken in natural language. This information from knowledge bases or databases. This enables users to interact with Siri using conversational

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RIGHT—Variety of images served up for the one AI prompt "Transparent mesh robot working on a computer."

speech, allowing for a more intuitive and user-friendly experience. Aside from quickly locating the closest Mexican food restaurant to the user’s current location, it can also be used to automate processes like setting reminders, sending messages, making calls, scheduling appointments, and much, much more.

Future of AI You’ve probably been using AI for quite some time and just didn’t realize it. Here are some key areas where AI is expected to make significant contributions in the future:

Gemini for Google Workspace

This article was written before Gemini became available for Google Workplace, but it made a big enough impression on me that I wanted to mention it here. Gemini is great for composing quick messages via email. I use the integrated search which I find handy while I am in my Gmail account so I can stay focused. The summarize email tool is great for turning a long-winded email into an actionable to-do list. It just might replace ChatGPT for me!

Enhanced Automation. AI will continue to drive automation across industries, revolutionizing processes and workflows. This includes tasks such as manufacturing, logistics, customer service, healthcare diagnostics, and more, leading to increased efficiency, productivity, and cost savings. What part of your business model is repetitive and could benefit from AI workflow automation?

Personalized Experiences. AI will enable highly personalized experiences including personalized recommendations, content curation, product recommendations, and targeted advertising. This will enhance user engagement and satisfaction by delivering tailored experiences based on individual preferences and behaviors. No more looking at ads you have no interest in seeing!

Advancements in Healthcare. AI will play a crucial role in revolutionizing healthcare by improving diagnostics, treatment planning, drug discovery, personalized medicine, and remote patient monitoring.

AI-driven technologies such as predictive analytics, medical imaging analysis, and virtual health assistants will help enhance patient care, optimize workflows, and reduce healthcare costs.

Autonomous Systems. AI-powered autonomous systems, including self-driving cars, drones, and robots, will continue to evolve, enabling safer, more efficient, and more autonomous transportation and logistics operations.

These advancements will have profound implications for mobility, urban planning, and supply chain management.

Ethical and Responsible AI. As AI becomes more pervasive, there will be a growing emphasis on developing ethical and responsible AI solutions that prioritize fairness, transparency, accountability, and privacy. This includes addressing biases in AI algorithms, ensuring responsible AI deployment, and fostering trust between AI systems and users. This is an example of yet another technology that when used inappropriately can go terribly wrong. What goes in is what comes out, so what goes in better be highquality, truthful information that is inclusive and diverse.

Natural Language Understanding and Generation.

AI will continue to enable more sophisticated conversational AI systems, language translation services, and content generation tools. This will facilitate more natural and intuitive human-computer interactions and enhance communication across languages and cultures, at least until we are using global symbols to communicate with one another across the planet.

AI-Augmented Creativity. AI will increasingly be used to augment human creativity across various creative domains, including art, music, design, and storytelling.

AI-driven tools and platforms will assist creatives in generating, refining, and exploring new ideas, leading to innovative and compelling creative outputs. The key art for this article was generated using AI. ECHELON PROFESSIONAL

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LEFT—Another image served up for the AI prompt "A hologram robot image in front of a computer screen."

Climate Change Mitigation. AI can identify opportunities to optimize energy consumption, improve renewable energy production, monitor environmental changes, and enhance climate modeling and prediction.

Education and Skill Development. Much like the “Young Lady’s Illustrated Primer”, a highly advanced and interactive educational tool designed to teach and guide the young protagonist, as defined by my favorite author Neil Stephenson in “Diamond Age,” AI-powered personalized learning platforms and adaptive educational tools will revolutionize education and skill

development, catering to individual learning needs, preferences, and pace. Now if that wasn’t a run-on sentence I don’t know what is!

Last—but not least—global collaboration is needed to support the responsible development, deployment, and governance of AI technologies.

Global Collaboration and Governance. The future of AI will require global collaboration and governance frameworks to address ethical, regulatory, and societal implications effectively. International cooperation, interdisciplinary research, and stakeholder engagement will be essential for shaping AI technologies.

Google.com and chat.openai.com were used to assist with research and copywriting for this article.

De Ivett, founder of 5D Spectrum, has 30+ years experience in advertising, graphic design, interactive media, software development and programming.

She has worked with brands that include Red Bull, Kodak, Intel, American Express, Daisy Rock Girl Guitars, Microsoft, Sony and Live Nation. She can be reached at (818) 487.2504 or at de@5dspectrum.com.

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Subscribe now to stay be at the forefront of what’s happening Inside The Valley and join a community of informed and inspired readers! Echelon members will also be extended a special rate.

To subscribe and learn more contact Mikel Petrossian at (323) 556-8344 or mpetrossian@labusinessjournal.com

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NextGen and ExecOne NEW GROUPS FORMING

FINANCE

Building A Strong Future FOR YOUR GROWING FAMILY

Nine things to consider when planning for a new family member

BY THAO TRUONG

A

dding a new member to your family is an amazing and transformative experience. It’s important for new parents to think about the financial ramifications of raising a child, even in the middle of the happiness and restless nights. With the application of sound financial planning techniques, you can overcome obstacles and arrange your financial resources for a secure future.

Budgeting, insurance, and college planning are some of the important topics of financial preparation that families must consider.

Formulate a Thorough Spending Plan Make a thorough budget and evaluate your existing financial status first.

Make sure to budget for additional expenses like formula, diapers, daycare, and medical bills. Find places where you can make financial adjustments or reallocate assets to cover these supplemental costs. A strong budget serves as the cornerstone of a successful financial strategy.

Examine Employee Benefits To assist newlyweds, several companies provide extra advantages.

These perks could include employee help programs, flexible work schedules, paid parental leave, and childcare support. Examine your

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employee handbook or speak with your HR representative to learn about the advantages that are offered to you. The following are some typical social benefits for which you might qualify:

for assistance programs like WIC and SNAP, which offer low-income families nutritional support. These initiatives can guarantee your youngster has access to wholesome food and assist with the cost of shopping.

Paid Family Leave

Insure the Future of Your Child

A few states have put in place paid family leave policies, which offer a portion of one’s income back when an employee takes time off to care for a new baby or adopt a child.

States have different programs, so it’s important to find out if your state provides this benefit and to learn about the conditions and duration of coverage.

Review your insurance policies to be sure you have enough protection for your expanding family. This covers insurance against illness, death, and incapacity. There can be a specific enrollment time for health insurance after having a new baby.

In order to make sure your child has adequate healthcare coverage, you can use this to add them to your health insurance plan or look into alternative coverage possibilities.

To protect against unforeseen circumstances and provide your loved one’s financial security, think about raising the amounts of your life and disability insurance coverage.

In the event that you die today or become incapacitated and are unable to support your child, consider how you will ensure that they have access to adequate insurance to cover their living expenses, medical expenses, and educational expenses until they are an independent adult.

Family and Medical Leave Act (FMLA) This law offers up to 12 weeks of unpaid, job-protected leave to qualified employees in the event of a child’s birth or adoption. This eliminates the worry that a parent would lose their employment if they take time off to care for their infant. It’s crucial to remember that the FMLA does not restore lost pay; rather, it merely ensures job security.

Women, Infants, and Children (WIC) and Supplemental Nutrition Assistance Program (SNAP) If you satisfy certain income requirements, you may be eligible

Emergency Fund Having money set aside for unforeseen costs or an abrupt

loss of income is essential. Three to six months’ worth of living expenses should be saved in a different savings account. Having an emergency fund on hand offers comfort and security in trying times.

College Planning To capitalize on the compounding effect, begin preparing for your child’s education as early as possible.

Do some research and think about starting a 529 college savings plan, which is a tax-favored investment account for paying for schooling.

You might potentially save taxes and build up money for your child’s future education expenses by making regular contributions to a 529 plan.

In lieu of toys, stuffed animals, dolls, or clothing, your friends and other family members can also contribute to this account as a gift or an investment for your child’s future. You may read more about preparing for college here.

Extra Push for Their Financial Future To help manage and grow assets for your child’s future, think about setting up a trust or custodial UTMA or Roth account if you can provide your child the ability to save and invest beyond their college education. There might be certain tax benefits for these accounts. To find the best solutions for your situation, speak with a financial counselor or tax expert, or read this article for more details.

Safeguard Your Child with Appropriate Estate Planning As soon as you become a parent, you should create or revise your estate plan. Consider this: “If something were to go wrong, who would be best to take care of my kids financially and/or physically?” These duties might be divided up among several persons. This includes creating a power of attorney, health proxy, guardians for your children, wills, and, if needed, trusts. To make sure your preferences are recorded

and your child’s financial future is safeguarded, speak with an estate planning attorney.

Tax Planning Research new parent tax credits and advantages. Take advantage of the Child Tax Credit, for instance, which lowers taxes on each eligible child.

To determine your eligibility and potential tax savings, it’s crucial to check the most recent tax legislation and speak with a tax specialist.

The credit amount and qualifying requirements may vary. To save on taxes, you should also think about making the most of your contributions to tax-advantaged accounts, such flexible spending accounts (FSAs) and health savings accounts (HSAs).

Modify Your Financial Objectives Review and modify your long-term financial objectives to take into account the new dynamics of your family. Consider things like raising your emergency fund, saving for a bigger house, or contributing more to retirement funds.

Proactive financial planning is crucial for new parents to establish a stable foundation for their expanding family. You may confidently handle the financial duties of motherhood by making

a detailed budget, examining your insurance coverage, setting aside money for emergencies and college, and preparing your taxes and estate.

As the demands of your family change, don’t forget to periodically examine and modify your financial plan. Consult a planner or financial counselor for advice on creating a plan that works for your unique situation. You can provide your new bundle of joy with a secure financial future with thoughtful planning and conscientious implementation.

Information presented is for educational purposes only. You should consult with your financial, tax and legal advisors to thoroughly review all information before implementing any transactions and/or strategies concerning your finances or estate plan.

Thao Truong is a Wealth Advisor for Morton Wealth and a CERTIFIED FINANCIAL PLANNER™, with over 12 years of experience in the wealth management business. She graduated magna cum laude with a B.S. in finance and economics from the University of New Hampshire. She can reached at (818) 206-2956 or at ttruong@mortonwealth.com ECHELON PROFESSIONAL

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CASH FLOW

3 Ways Small Businesses

Can Reduce Spending

How can businesses reduce costs and increase cash flow?

Here are three expense-reducing techniques to try.

BY JAIME DAVISON

T

he number one reason that small businesses fail is cash flow. Poor cash flow management can lead to difficulties in paying bills, investing in growth, and handling unexpected expenses. In today’s competitive business landscape, managing costs is crucial for small businesses to manage cash flow and thrive. Over the years, we have crafted budgets and implemented sound spending strategies that have saved our clients' businesses from closure. By implementing effective strategies to reduce spending, entrepreneurs can increase profitability and ensure long-term sustainability. Here are three proven methods to help small businesses cut costs:

Don't be afraid to negotiate with suppliers to get better prices. Building strong relationships with suppliers can also lead to more favorable terms, such as volume discounts or extended payment terms.

Consolidate suppliers If possible, reduce the number of your suppliers to simplify your supply chain and potentially negotiate better deals.

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Implement Cost-Cutting Measures Reduce overhead costs

Identify redundant or inefficient tasks and find ways to streamline them. This can involve automating manual processes, consolidating departments, or implementing lean manufacturing techniques.

Examine your overhead expenses, such as rent, utilities, and insurance, and look for ways to reduce them. Consider downsizing your office space, switching to a more energyefficient plan, or shopping around for better insurance rates. While insurance rates are at an all-time high, talk with your insurance professional to see if it’s at all possible to reduce those rates.

Reduce waste

Visit your marketing expenses

Minimize waste in all areas of the business, from materials to energy. This can be achieved through careful inventory management, energy-efficient equipment, and recycling programs.

Evaluate your marketing efforts and identify channels that are not delivering a positive return on investment. Are you paying too much for SEO or website functions? Analyze if there are more effective and cost-efficient marketing strategies, such as content marketing and social media.

Not all businesses can use social media to market, so talk to your marketing professional about doing an audit on your marketing expenses to make sure you’re not wasting money going in the wrong direction.

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Optimize Operations and Efficiency Streamline Processes

Utilize technology Invest in technology that can improve efficiency and reduce costs. For example, cloud-based software can streamline operations and reduce the need for expensive hardware.

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Renegotiate Contracts and Suppliers Review contracts

Regularly review existing contracts with suppliers, vendors, and service providers to ensure you are getting the best possible deals. Look for opportunities to renegotiate terms or explore alternative options.

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Negotiate prices

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Optimize employee benefits Review your employee benefits package and consider ways to reduce costs without compromising employee morale. This could involve offering more flexible options or exploring alternative health insurance plans. Offering HMO plans vs. PPO plans may be a viable alternative.

By implementing these strategies, small businesses may significantly reduce their spending and improve their bottom line. It's important to approach costcutting measures strategically and consider the long-term implications of each decision. By carefully analyzing expenses and identifying areas for improvement, small businesses can achieve sustainable growth and financial success. Have a heart-to-heart conversation with your CPA or accounting professional about long-term survival and keeping cash flow healthy.

Jaime Davison, CPA, CGMA is a CFO Consultant specializing in healthcare, biotech, tech and start-ups.

My Finance Resource provides an outsourced finance/accounting team solution with offices in Thousand Oaks, CA and near Manila in the Philippines. Jaime has more than 25 years of progressive leadership and management experience. She has worked with start-ups to fortune 500 companies, such as Gannett and Quest Diagnostics. She can be reached at (805) 719-1132 or by email at jaime@myfinanceresource.com.

The Leader in Business Sales & Acquisitions M&A Business Advisors is a full-service Business Brokerage and M&A Advisory Firm. We specialize in the CONFIDENTIAL sale of privately owned businesses in a wide range of industries including Manufacturing, Distribution, Service, E-Commerce, Technology, Software, Health Care, Construction, Automotive, Food & Beverage related businesses as well as other industries. We have multiple offices in California and Nevada.

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www.mabusinessadvisors.com Or contact us at (818) 999-9621 for a complementary consultation

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Q3 2024

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BRANDING

WHAT'S YOUR PROFESSIONAL

Personal Brand?

How to leverage your own “secret sauce” to get more clients, increase your billings, and become a recognized expert in your field!

BY BRIAN HEMSWORTH

A

sk someone if they know a good Italian restaurant or a great pizza place. You will likely hear something like, “Oh, go to Luigi’s down on Grand Avenue. They make the BEST pizza.”

Tell someone you are having trouble with pain in your knee, and you might have them say, “I used to have knee problems, I tried lots of doctors, but I found Dr. Johnson at Cedars. I was all set to quit tennis, but he treated me and now I play twice a week.”

Mention you are shopping for a new car, and you someone might volunteer, “Oh, don’t go to City Motors.

They were terrible when we went there.”

These are all examples of the power of a brand. Create a great product or service, one that people love, and they will help promote your brand for you. But it works the other way to—sell a bad product or provide bad service, and that becomes a part of your brand.

SO, WHAT IS A BRAND? Very simply, a brand is everything about a product or brand. Traditionally it starts with a logo, typefaces, colors, maybe a slogan. But in the modern era of marketing, it means a lot more. It begins with those same attributes, and the things the brand says about itself. More importantly, today’s brands shift the emphasis to the consumer, and include all the things a consumer might know or think about a brand. A consumer's perception of a brand has become the true basis of that brand.

Here’s an example everyone will know. BMW’s brand uses the slogan “The ultimate driving machine.” It’s what they say on their website, brochures, and in all their advertising and promotion. But if someone had a BMW that broke down, in that customer’s mind, it was NOT the ultimate driving machine!

So a brand begins with the “stuff”—logos, colors, jingles, etc. But it continues to grow (or decline) in the hearts and minds of customers.

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WHAT IS A PERSONAL BRAND AND WHY IS IT IMPORTANT? Just like a product, people can be brands. Steven Spielberg is known as a great director. Taylor Swift is a known as a great singer/songwriter and performer.

Michael Jordan is known as one of the greatest basketball players of all time.

Well, professionals and advisors, we’re all brands as well. Some might be very specific and well known, while others are not as defined, and not as well known.

The more you are known, the more you are liked, and the more people understand who you are and what you do, the more valuable you become to potential customers and clients. Strong personal brands make it easier for clients to hire you or refer you to others.

When you develop your personal brand in positive ways, three important things happen: 1) You become more well known—you are more seen and more recognizable for what you do; 2) You add value—to your brand and to your customers; 3) You are able to monetize your brand by increasing your rates.

Building a strong personal brand is one of the best things a professional advisor can do to build his or her practice and book of business.

HOW TO BUILD A PERSONAL BRAND Three of the most powerful ways to build your brand include specialization, visible expertise, and reinforcing your brand with powerful marketing. Let’s look at each of these three ways to build your brand.

First, let’s talk about specialization. If we need a doctor, nine times out of ten we want a specialist, not a generalist.

The more serious the issue, the more we want (and need) a specialist. Many professional fear specialization, thinking that a long laundry-list of practice areas will bring more

business. Unfortunately, not specialized is a quick way to being special to no one.

I developed a concept of the “Strategic Sweetspot.”

Finding your strategic sweetspot is a great way of specializing. Here’s the formula I use when consulting with professional and business advisors. 1) determine what you do really well, 2) determine what your competitors don’t do well, and 3) identify what your customers and clients really want and need. The intersection of those three things is your sweetspot. It’s also the place you are most likely to be seen as a specialist and valued for your work. In practice, when done properly, it’s a license to really boost your business development.

Here’s an example. Let’s say you are a wealth manager.

Instead of simply saying you manage people wealth, you might say, “I’m a wealth manager focusing on families and individuals in their pre-retirement years.” It says what you do, specifically, and how you do it for.

In terms of visible expertise, there are three typical ways of achieving this. They are public speaking, publishing, and teaching. While doing these does not make you an expert, each of these positions you as an expert. People will perceive you as an expert. And as famous quote states, perception is reality.

Public speaking works very well, but it requires time, effort, and investment. It can be hard to control when and where you can speak. That’s usually handled by

groups seeking speakers. Business groups, college classes, conferences, and community organizations are a few of the easiest public speaking opportunities.

Teaching is another way, but again, it takes time to do, but worse, it often takes a lot of time to line up teaching assignments.

Arguably the best way to reinforce your brand with powerful marketing is to publish. What do I mean by that?

Write. Blogs, articles, social media posts, news releases, and books are just a few of the ways you can get the ball rolling. And the great thing is, you determine your time involvement. A great way we recommend to clients is to start with blogs on two or three topics around your area of expertise. Blog several times on each topic, and then gauge the response. Use social media to promote the blog posts. In time, choose the more popular blog and social media posts and assemble them into a longer piece, such as an article for a business or trade journal, or even a book. We’ve worked with clients who have written weekly blog and social media posts, which, but the end of a year, became the material for a book to publish.

LEVERAGE YOUR THREE L’s Finally, as you work on developing your own personal (professional) brand, know that a brand is manifested in what we call “Your 3 L’s.” This includes your look, your language, and the way you live your brand. Everything ECHELON PROFESSIONAL

Q2 2024

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BRANDING you do as a professional either builds or hurts your brand, so be very aware of these three L’s.

Your look can be as simple as the clothes you wear, such as suits, colors, unique ties, cool shoes, etc. But it also refers to where you are seen. Are you seen at networking events, at conferences, or in interviews by the press?

The language you use refers less to say English versus a foreign language (though it can include foreign language).

It’s more about your style of speech. Are you friendly or professorial? Do you use slang, or jargon, or technical words? Do you talk animatedly?

And how you live your brand is just that, how you act as a professional. Are you accessible? Is your firm “client friendly?” Are you prompt with work delivery? Do you return phone calls quickly? Do you spend adequate time with clients explaining things?

FINAL THOUGHTS A great first step is to identify your strategic sweetspot, and then to begin building upon that. If you have trouble

finding that sweetspot, there’s a simple way jumpstart your thinking: ask co-workers, referral sources, and even clients.

They’ll tell you how you are perceived and what your perceived strengths (and weaknesses) are.

Once you find that sweetspot, and you begin promoting it, lean in. Don’t give up easily. Great brands aren’t built in days or weeks, but rather in months or years. The payoff of a powerful brand is there, and just like a wise financial investment, done properly, it will continue to grow in value over time..

Brian Hemsworth is a marketing and brand professional who works with clients on creating powerful marketing strategies at Newman Grace Inc. He has taught business and marketing at numerous universities, and is a frequent author and speaker on marketing topics. He is currently a professor of advertising and marketing at Pepperdine University. He can be reached at bhemsworth@newmangrace.com.

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HAVE YOU HEARD? What three shows are trusted advisors talking about?

Listen to the Echelon Radio Podcast.

Available wherever you listen.

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Or at echelonbizdev.com/echelon-radio-podcast

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