Up and Adam - A BerganKDV Podcast

In this episode of Up and Adam, Adam is joined by BerganKDV's Chief Investment Officer, Derek Hoyt, along with David Peyton, a Portfolio Manager at the firm. In their discussion, the group reflects on the first quarter of 2023, touching on equity and bond markets, liquidity challenges, the Federal Reserve's trajectory, banking relationships, and the U.S. dollar.

In this episode of Up and Adam, Adam is joined by BerganKDV’s Chief Investment Officer, Derek Hoyt along with David Peyton, a Portfolio Analyst at the firm. In their discussion, the group reflects on 2022, focusing on the 4th quarter issues of rising interest rates and inflation along with sharing their insights on what’s to come as we move into 2023.  If you have additional questions about investment strategies and mitigating risks for your investment portfolio; BerganKDV can help. Contact our team to set up an introductory call with our Wealth Management team to discuss your financial planning needs.

In this episode of Up and Adam, Adam is joined by Kyle Nelson, Senior Retirement Plan Advisor at BerganKDV. They discuss how employers are leveraging retirement plans to help attract and retain talent, different ways to customize plans, the value of educating plan participants, how our team collaborates with other subject matter experts at BerganKDV to provide additional value and more.If you have questions about our business retirement plan services, are interested in a free fee benchmark or competitive analysis, contact our team!

For this episode of Up and Adam, Adam is joined by Derek Hoyt, Chief Investment Officer at the firm and David Peyton, a Portfolio Analyst at the firm. In their discussion, the group reflects on 3rd quarter market activity and shares their insights on an array of wealth-focused topics centered around the current state of the market.If you have additional questions about investment strategies and mitigating risks for your investment portfolio; BerganKDV can help. Contact our team to set up an introductory call with our Wealth Management team to discuss your financial planning needs.

For this episode of Up and Adam, Adam is joined by Steve Wischmann, who serves as Shareholder oversees the BerganKDV’s Fraud and Forensic solution. In their discussion, the two talk about Fraud Prevention Week which begins the week of November 14. Steve shares about the importance of fraud awareness within an organization, helpful tips to preventing fraud and common red flags of fraud in the workplace.  If you have additional questions about BerganKDV’s fraud and forensic services including our new fraud hotline, PlainSight, contact us today! We’d be happy to discuss how our services can prevent fraud at your organization and establish a culture of fraud awareness. Additional resources: How to be a Fraud Fighter // Fraud Prevention Checklist

Podcast Notes: Wealth Management with Thomas Pargett  For this episode of Up and Adam, Adam is joined by Thomas Pargett, Senior Wealth Advisor and Managing Director of Private Clients at BerganKDV. In their conversation, the two discuss the responsibilities of being a senior-level advisor of the firm. They dive into the private client experience at BerganKDV, the mission behind the firm’s wealth offerings, and the strong tie that exists between our wealth and tax teams that allows us to provide tax-efficient advisory all under one roof. If you have ever wondered what it’s like to engage with a financial advisor, this episode is for you! If you have additional questions about BerganKDV’s wealth management solutions, contact us and set up an introductory call with our Wealth Management team to discuss how we can best accomplish your financial goals. 

In this episode of Up and Adam, Adam talks with Lorilei Christner, Director of Process Improvement at BerganKDV. In their discussion, Lorilei shares with Adam a brief history of LEAN and how she’s leading the LEAN implementation journey at BerganKDV. Lorilei explains the “why” behind embarking on the journey; wanting to improve processes to help increase the bottom line, employee engagement and client satisfaction.Lorilei shares that BerganKDV has experienced early success with the process including cost and time savings. The firm’s mid-term goal is to ensure the LEAN culture is invigorated so it becomes a natural way of thinking. Instead of focusing on metrics, asking how can we look at the process differently and rally the team to focus on how to get to the desired outcome. The long-term magic of LEAN is that it’s ongoing improvement, it’s never really complete as you strive to constantly strengthen all areas.Lorilei concludes with a piece of advice for companies that are looking to implement LEAN; the most important factors are strategy and approach. The first step is to build a framework which consists of three pillars: people, process and technology. Ensure that people are involved and have a voice, construct solid processes that are integrated into the LEAN framework and utilize technology to facilitate communication, idea sharing and efficient management of process.Want to learn more about BerganKDV’s LEAN journey? Connect with Lorilei Christner on LinkedIn!

In this episode of Up and Adam, Adam talks with Laura Gebauer, Director of Business Intelligence and Analytics (BIA) at BerganKDV. In their discussion, Laura shares with Adam how BIA insights allow clients predict versus react to financial data and give a more comprehensive view of their business.The essence of BIA is leveraging technology to transform financial data into actionable insights, which helps organizations set smart goals and make more confident and timely decisions. It takes them on a journey from hindsight to insight to foresight using real time data.BIA can include a variety of solutions to achieve results, but the BerganKDV team uses the following to deliver meaningful advisory to a client’s organization:KPI and MetricsBudgeting/Financial ModelingWorkforce PlanningCash Flow AnalysisComparison ReportingWant to learn more about how utilizing BIA can transform the way your organization views its financial data and evolve your business procedures? Contact our team today!

In this episode of Up and Adam, Adam sits down with Lee Roberts, the Director of Sales at BerganKDV to talk about how to best launch a sales team at an organization. To begin their conversation, Lee talks a bit about his journey at BerganKDV. When he started at the firm 16 years ago, there were only 60 team members, and he was the only salesperson. Lee talks about his personal experience of being the initial salesperson and what he needed to do to build a successful sales solution.Lee and Adam then discuss how the sales process has changed over the years and what selling looked like before the technology advancements we have today. A lot of times it involved the business owner conducting sales by networking, word on the streets, or cold calling. Lee shares how important it is for a business owner to change their mindset and be more of an educator and coach when they begin building out a sales team, rather than the doer. He talks about the biggest mistakes he sees when businesses start a sales team and how to avoid them.What does modern-day discovery look like? Lee discusses the two major components of the current discovery process. He talks about how crucial it is to have an educational component as part of the process and what steps a sales team can take to establish credibility and trust with their prospects. To wrap up their conversation, Lee emphasizes the time and effort required to kick start a solid sales team. It’s a full-time endeavor that requires at least a 12–18-month commitment to start seeing results and to set the foundation for a successful future. Have additional questions regarding sales team best practices? Connect with Lee on LinkedIn and send him your questions, he would be happy to assist you! 

Cori Power, BerganKDV’s Learning and Development Manager comes on the show to talk to Adam about everything employee development and how organizations can help their team members further their job skills and careers.To begin their conversation, Cori discusses the impact that a remote work environment has had in the learning and development (L&D) landscape and how she has adjusted her training to be virtual but remain engaging.  Cori also talks about the process of launching L&D efforts at BerganKDV a couple years ago, and what considerations organizations should make before launching a program of their own, including timing, vendors, available resources, intended audience and more.Adam and Cori dive into what factors can drive a business owner to start focusing on learning and development. These factors can vary, but a common one is growth. They then talk about how an L&D program is a great recruiting and retention tool because it can demonstrate to team members that your organization is invested in their future and continuous improvement. L&D programs also have the potential to define your organization’s culture and can unite team members with a common idea or theme.The two wrap up their conversation by sharing what next steps an organization can take to evaluate their current L&D offerings. It’s key to identify what is working and what is not working within your program so that it can evolve with your workforce. Contact us if you'd like to learn more about learning and development programs.

In this episode of Up and Adam, Adam sits down and talks with Derek Hoyt, Chief Investment Officer, and David Peyton, Portfolio Manager, with the BerganKDV Wealth Management Solution’s Investment Team to reflect on 2021 market activity and results. 2021 was a great year for risk assets. The S&P gained 28.7% while hitting a record high 70 times throughout the year and volatility was relatively absent. Domestic markets led global returns and narrow leadership pulled indexes higher in the second half. Adam asks David and Derek to explain the discrepancy between domestic and international returns. David talks about how domestic returns have outpaced international returns for a long time. There are some instances where international will catch up, but over the long haul that hasn’t happened in a while.The three then pivot to discuss fourth quarter market activity in 2021 and how it looked different compared to earlier in the year.  Adam goes on to ask about price to earnings (PE) ratio, where it sits right now and if 2022 could be a little quieter compared to last year.  Derek gives his insight on why PE is tough to use as a predictor. Adam transitions the conversation to discuss tax reform, a common topic on the minds of his clients. Adam asks David and Derek how might potential tax reform and changes to capital gain structure impact the market. He then asks the two about midterm elections and if they have an effect on market activity.If you have additional questions about investment strategies and mitigating risks for your investment portfolio; BerganKDV can help. Contact our team to set up an introductory call with our Wealth Management team to discuss your financial planning needs.To wrap up their conversation, Adam asks Derek and David to make predictions on what 2022 may bring to the market. They share how the new year brings new uncertainties as inflation remains elevated, markets are fully valued, the Fed looks to pivot, mid-term elections are approaching, and taxes changes remain a question. These dynamics make returns in the coming year a challenge, but not impossible.   

Get the episode notes hereIf you have additional questions about investment strategies and mitigating risks for your investment portfolio; BerganKDV can help. Contact our team to set up an introductory call with our Wealth Management team to discuss your financial planning needs.

To kick off the conversation, Adam asks Jake about the recent large-scale ransomware attacks in the news and how they illustrate the importance of having cybersecurity protocols and prevention tactics in place at an organization. Jake talks about the security gaps he often sees at organization during he discovery phase of managed IT implementation including old credentials and former employees still having access to private information. He also shares how most cyber-attacks aren’t about your business specifically, it’s all about how much information they feel like they can gather from your organization. Adam and Jake emphasize the importance of being proactive instead of being reactive based off the stories being shared in the news. Jake encourages listeners to consider the investments they are making to protect their company data, including the caliber of their current technology, what cybersecurity training measures they have in place and having a business continuity plan just in case. Jake then dives into the details of having a business continuity plan so that you can mitigate and limit the exposure of a potential cyber-attack and how these plans often work. Finally, Adam and Jake touch upon utilizing cyber liability insurance and the advantages of having a policy for an extra layer of protection and how polices have evolved to become more robust to account for the growing number of attacks. If you have additional questions about cybersecurity strategies and mitigating security risks at your organization; BerganKDV can help. Contact our team to learn more about what cybersecurity solutions we offer to protect your organization.

To kick start their conversation, Adam asks the two about their perspective on where the economy is sitting currently and the state of the current market. David talks about how the market is rebounding as compared to where it was at the beginning of the pandemic in March 2020, especially with the COVID-19 vaccine being rolled out. He also emphasizes that while the overall market is stable and supportive of equities as of now, that the main risk driver of potential volatility is stemming from of inflation and changes in federal policies. The conversation is then transitioned to the booming of the housing market, even with the increased prices of materials. Adam asks the group for their views on the housing market and if they suspect it to slow down any time soon. They talk about the key differences in the housing market today as compared to the 2007-2009 recession. After discussing the markets, they shift gears and dive back into inflation metrics and how it will be impacted as unemployment benefits start to wear off and people start returning to the workforce. Derek discusses how differently the government printed additional funds due to the pandemic through stimulus packages as compared to the recession in 2007-2009 and what that means for the markets. For the remainder of the episode, Derek and David discuss the daily processes of the Wealth Management team at BerganKDV and how they execute their allocation strategies and maintain portfolios to account for market expectations.If you have additional questions about investment strategies and mitigating risks for your investment portfolio; BerganKDV can help. Contact our team to set up an introductory call with our Wealth Management team to discuss your financial planning needs.Investment advisory services and fee-based planning offered through BerganKDV Wealth Management, LLC, an SEC Registered Investment Advisor.

To begin their conversation, Chris gives a refresh on what state and local taxes are and specifically how sales taxes have become the main area of focus due to the Wayfair ruling. He then explains what the Wayfair ruling is and how it has greatly impacted countless business who sell goods online to varying states since passing in 2018. Andrew and Chris talk about how before the ruling, the internet was the “wild west” of sales tax where many companies had loopholes to avoid addressing it and many states simply weren’t collecting on it. Since the ruling, many online retailers have had to rethink how they file their taxes to ensure they are compliant to the tax policies of the various states they sell goods in. Chris also gives insight into the different types of online sales including marketplace facilitators such as Amazon and the sales tax laws that have been created for these types of companies. Later in the episode, Adam asks Chris about other taxes that have added to the complexity of sales tax such as BNO (Business and Opportunity) taxes in Washington state and gross receipts taxes which are all in addition to standard sales taxes but need to be handled in specific ways when it comes to filing.  He further discusses the intricacies of sales taxes and how his team helps clients calculate their taxes and navigate the complexities with the help of robust technology. Chris then gives his recommendations on the best software out there to help calculate state and local tax and the benefits of utilizing technology and an advisor to avoid missteps in tax filing.If you have additional questions about sales tax compliance and are not sure where to start; BerganKDV can help. Contact our team to discuss how our team of tax experts can assist you and your unique needs. 

Melinda talks about the importance of supervisors using guidelines and company policy as reference when dealing with problem employees and how the definition of problematic depends on employee behavior. Whether that is being toxic to co-workers, not following company values or not treating clients well, the way an employee can be problematic often varies and there’s not one singular fit. Melinda then goes on to share how many times employers procrastinate when managing problem employees because they are worried about escalating the situation or being sued. Melinda encourages employers to document and address the situation in a timely manner to avoid escalation. Melinda stresses that equipping managers and supervisors with proper protocol and guidelines is key to dealing with problem employees so they have the right tools at hand to get the employees up to speed or moving on. She mentions other strategies that employers can utilize to work with difficult employees, and tactics her firm uses when partnering with employers to handle potential lawsuits if termination is the solution. For the remainder of the episode, Melinda talks about resources and preparation plans employers should have to ease the overall process of terminating problem employees and the importance to having an attorney at hand to collaborate with if needed.

To kick off their discussion, Andrew gives an update on the PPP and discusses how the program is coming to a close soon and urges those who haven’t applied to move quickly. He and Adam then talk about what the ERC is and how it will be used to help companies who can show that they tried to retain their employees during the past year’s events. Andrew goes into more detail on the eligibility requirements for applying to the ERC so businesses know if it’s something they can consider. He clarifies that the application process and calculating the credit amount isn’t as simple as it appears and how there are elements to the process that are complicated. Adam then asks Andrew about how much the credit looks like to companies and how they can roughly calculate so that they know the impact of the credit for their needs. For the rest of the episode, Andrew dives into the combination of the PPP and the ERC and how they overlap and what methodical approach companies can take to effectively make use of both. 

Bonus episode of Up and Adam, the Cut Through Fraud week is a dedicated week aimed to support businesses with tools and education to better protect their organization from fraud risks. Join Steve Wischmann, CPA, CFF, MAFF, CGMA and Michael Bösl, CPA, CFE to learn more about the impact fraud has on organizations. What can organizations do? Be Proactive. Adopt a code of ethics for management and employees. Evaluate your internal controls for effectiveness and identify areas of the business that are vulnerable to fraud. Establish Hiring Procedures. When hiring staff, conduct thorough background investigations. Check educational, credit and employment history (as permitted by law), as well as references. Train Employees in Fraud Prevention. Do workers know the warning signs of fraud? Ensure that staff members know basic fraud prevention techniques. Implement a Fraud Hotline. Fraud is still most likely to be detected by a tip. Providing an anonymous reporting system for your employees, contractors and clients will help uncover more fraud. Increase the Perception of Detection. Communicate regularly to staff about anti-fraud policies, ways to report suspicions of misconduct, and the potential consequences (including termination and prosecution) of fraudulent behavior. If you have questions about implementing any of the above learn more on our website and reach out to our forensic team!   The views and opinions expressed in this podcast are those of BerganKDV Wealth Management and are subject to change at any time. The content herein is general and educational in nature and should not be considered legal or tax advice. We recommend that your consult with an attorney, tax or investment professional regarding your specific situation. Investment advisory services and fee-based planning offered through BerganKDV Wealth Management, an SEC Registered Investment Advisor.

The SBA issued a notice regarding its intent to release two new forms regarding loan necessity for borrowers of the Paycheck Protection Program (PPP).  The SBA is now creating these forms (known as Loan Necessity Questionnaire) that lenders will be required to distribute to PPP borrowers who together with their affiliates, received loans greater than $2 million.  The questionnaire forms have not been officially released by the SBA, which means they may change, remain the same, not be used at all, or could be replaced.     We sat down with Andrew Howe, CPA with BerganKDV and Steve Dickinson, Attorney with Cozen O'Connor Law Firm to discuss what we anticipate to happen with Form 3509 and what organizations should be doing to prepare.   The views and opinions expressed in this podcast are those of BerganKDV Wealth Management and are subject to change at any time. The content herein is general and educational in nature and should not be considered legal or tax advice. We recommend that your consult with an attorney, tax or investment professional regarding your specific situation. Investment advisory services and fee-based planning offered through BerganKDV Wealth Management, an SEC Registered Investment Advisor.

Adam is joined today by BerganKDV resident expert in the Paycheck Protection Program (PPP), Andrew Howe. Adam and Andrew sit down to discuss a brief history of the PPP, covering how it was rolled out with the first two rounds of funding. Many questions still surround forgiveness and there are also many uncertainties around how future stimulus legislation could change the PPP including a new round of funding. Andrew explains some of the known and unknowns surrounding forgiveness and what businesses should take note of to maximize their opportunities for forgiveness. At timestamp 22:39 they discuss the "Certification of Need" which has been noted as a requirement of loan forgiveness that borrowers of 2 million or more will likely need to provide including: proof of quarterly revenue loss, the need to significantly reduce operations due to COVID, and several qualification questions that may make it difficult for borrowers to retain forgiveness eligibility. BerganKDV will continue to monitor the legislation and will keep you informed on the provisions impacting businesses and individuals in addition to the PPP. Please reach out to discuss strategies to ensure your business is making the right decisions as changes continue to be made to this program. Contact Our Team.   The views and opinions expressed in this podcast are those of BerganKDV Wealth Management and are subject to change at any time. The content herein is general and educational in nature and should not be considered legal or tax advice. We recommend that your consult with an attorney, tax or investment professional regarding your specific situation. Investment advisory services and fee-based planning offered through BerganKDV Wealth Management, an SEC Registered Investment Advisor.