Carlson Capital Management

Integrated Wealth Management

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Philanthropic Planning

Articles and resources related to Philanthropic Planning.

If You’re Going to Give it Away, Be Intentional Above All Else

Matthew Rich
Matthew Rich, CFP®, J.D.

Senior Integrated Wealth Advisor
507.321.4030
Email Matthew

  Our clients deserve our best at every stage in the relationship, and it is exciting to be part of a firm that embraces that responsibility and is constantly looking for new opportunities to deliver an extraordinary client experience.  

Professional Biography
Matthew Rich is a Senior Integrated Wealth Advisor at Carlson Capital Management. As a Senior Advisor, Matthew partners with clients and their families providing the firm's fully integrated wealth management experience including investment management, retirement modeling, estate, philanthropic, and educational planning and all other aspects of general financial planning and client care. In this role, Matthew also connects clients with the firm's specialists for overall portfolio management as well as direct access to expertise in areas such as tax planning and insurance analysis.

After earning a Bachelor of Arts degree from Gustavus Adolphus College, Matthew went on to receive his Juris Doctor from William Mitchell College of Law. He also holds the Certified Financial Planner™ designation granted through the Certified Financial Planner Board of Standards. Before joining CCM, Matthew practiced as an attorney helping individuals and small businesses develop practical solutions to complex legal issues. Throughout his career, he has sought opportunities to merge advocacy and leadership, and currently serves on the board of the Northfield Retirement Community. Matthew is a former board member of the Community Action Center of Northfield, HealthFinders Collaborative, and the Northfield Hockey Association. He has also served as President for both Northfield Rotary and Northfield Sertoma. He and his wife, Leah, reside in Northfield, Minnesota, with their four children.

Personal Thoughts
Success can be measured by the quality of the relationships one keeps. Relationships are built on trust and integrity, and the former is established through the unyielding execution of the latter. That is how I approach my work, and I appreciate the opportunity to partner with clients and colleagues who share my values. Our clients deserve our best at every stage in the relationship, and it is exciting to be part of a firm that embraces that responsibility and is constantly looking for new opportunities to deliver an extraordinary client experience.

Matthew and other members of the CCM Advisory Team regularly post articles of interest on financial planning which you can find here.

Matthew Rich
Matthew Rich, CFP®, J.D.
Senior Integrated Wealth Advisor

Chuck Feeney has finally achieved his goal—he’s broke. More importantly, Chuck Feeney is proud of his accomplishment. Feeney, the 89-year-old who amassed billions as the cofounder of airport retailer Duty Free Shoppers in 1960, has spent the last few decades of his life disbursing his financial wealth (upwards of $8 billion) to worthy nonprofits around the world. He has championed the concept of Giving While Living, which is the notion that it’s better to make a charitable impact while you’re ... [Continue Reading]

Published October 22, 2020 Topics: Charitable Giving, Philanthropic Planning, Wealth Equation

The Billionaire Who Wanted to Die Broke … is Now Officially Broke

James Yaworski
James Michael Yaworski, CFA

Senior Investment Strategist
507.206.2804
Email James

Professional Biography
James Michael Yaworski serves as Senior Investment Strategist at Carlson Capital Management. In this role, James is responsible for investment research, portfolio management, and client investment education. James monitors and reviews client portfolios to maintain balance across asset classes, makes recommendations for portfolios when out of alignment with models, reviews daily cash positions, and places trades through the custodial trading platform. He also provides new client portfolio analysis, asset class/portfolio research and analysis, prepares and presents client education materials, and manages other activities in support of overall client portfolio management.

James is a graduate of Northern Illinois University where he earned his degree in Finance. While studying at NIU, he gained insights into his future career as part of a student-managed portfolio team. Prior to joining CCM, James’ experience included working in the roles of investment manager, project manager in investment research, and financial analyst in both large and small financial organizations. James holds the Chartered Financial Analyst (CFA Charter) designation, granted by the CFA Institute, which entails a rigorous exam requirement. He also represents CCM as chair of the investment research committee of Zero Alpha Group, a national network of eight independent wealth management firms.

In addition to the research James conducts related to building strong client portfolios, he is engaged in research on approaches that enhance institutional experiences as well. His most recent work sets out to provide institutional investors with a more robust way of constructing spending policies. In a paper published in the Financial Analysts Journal, James shows how current practices create poor long-term outcomes, resulting in declining support for beneficiaries over time. He also demonstrates how current methods expose trustees to significant fiduciary risk, and how small errors in implementation can have significant long-term ramifications on portfolio growth. His in-depth and thoughtful research stems from his genuine interest in providing university, public and private foundations, and endowment trustees with an approach that not only optimizes the outcomes of their portfolio’s performance, but also addresses their fiduciary responsibility with regard to spending policies. [You can read the accepted manuscript of James' paper here.]

James enjoys being engaged in the community with Habitat for Humanity and Paws & Claws. In his free time he also enjoys golfing and playing softball. James grew up in Crystal Lake, Illinois and now resides in Rochester, Minnesota with his wife, Brittany, their two young children, and two dogs, Frankie and Jordy.

Personal Thoughts
“I can do things you cannot, you can do things I cannot; together we can do great things.”  -Mother Teresa

I have grown to appreciate the importance of collaboration and teamwork in this industry. A group of individuals, each dedicated toward expertise in their respective fields, can help to piece together the puzzle of a family’s financial lives in an incredible manner. The end result is one which truly connects the math of an individual’s personal finances with the why that makes up who they are and what they want to achieve in life.

As a member of our investment team, I enjoy every aspect of this process; from our discovery meetings where we learn about financial goals, to the analysis and construction of a financial plan, to the educational meetings where we help put all the pieces into place. Ultimately, building a relationship with clients that centers on creating financial security and establishing confidence in their financial plan is extremely gratifying.

James and other members of the CCM Investment Team regularly post articles of interest including investment insights, recommended reading on timely topics, and articles on portfolio management which you can find here.

Posted on October 12, 2020
 

We often talk with clients about a concept called the "Wealth Equation," a formula we custom-created at CCM. The formula is paired with a process we encourage clients to apply in guiding them through identifying and accomplishing what is most important to them. Applying the Wealth Equation often results in meaningful conversations about life, legacy, priorities, and making a lasting difference in the lives of those who are most important to us. Our recommended reading today comes from Forbes, ... [Continue Reading]

Charitable Remainder Trusts: A Win-Win Strategy for Donors and Charities

Kim Diemer, CFP®

Integrated Wealth Advisor
952.230.6714
Email Kim

  As a daughter of two perpetual volunteers, my greatest satisfaction is when I can create a positive impact on the lives of others.  

Professional Biography
Kim Diemer serves as an Integrated Wealth Advisor at Carlson Capital Management. As part of the advisory team, Kim partners with clients and their families, providing the firm's fully integrated wealth management experience including investment management, retirement modeling, estate and educational planning, and all other aspects of general financial planning and client care. In this role, Kim also connects clients with the firm's specialists for overall portfolio management as well as direct access to expertise in areas such as tax planning and insurance analysis.

Kim holds a Bachelor of Arts degree from Tulane University. During her time at Tulane, she served as a student government representative and was President of the Women’s Ultimate Frisbee team. Following college, Kim served for a year as an AmeriCorps Fellow in New Orleans, Louisiana. She then went on to earn a Master of Science Degree in Personal Financial Planning from Texas Tech University, where she was Vice President of Red to Black Peer Financial Coaching, a group that provided one-on-one financial coaching for other students. Kim holds the Certified Financial Planner™ certification granted through the Certified Financial Planner Board of Standards.

Kim joins CCM with experience as a financial planning intern with a Twin Cities wealth advisory firm, and three years’ experience working as an office manager for the Public Defender’s Office in New Orleans. In her free time, Kim likes to explore running trails and restaurants in the Twin Cities and spend time with friends and family. Kim is originally from Grand Junction, Colorado, and now resides in South Minneapolis.

Personal Thoughts
Pull out a $20 from your wallet. You don't have to look at the number to know what denomination it is, with the familiar face of Andrew Jackson on the front. When you look at details of his face, you see a furrowed brow, a slightly dropped chin, unconstrained hair, and eyes looking toward the future. Cold, hard cash seems to soften in the hand when you contemplate the expressions of a man at the center of conflict and hopes of someone who led a nation.

I find that for the vast majority of people, wealth is not about the number on the bill or the size of the number on the statement. Achieving financial success is about the same concerns of the face on that bill. Having financial success represents hopes that are unique to each person -- it could mean quality time with loved ones, a comfortable life, exploration through travel, or joy in generosity.

As a daughter of two perpetual volunteers, my greatest satisfaction is when I can create a positive impact on the lives of others. Through building trusting relationships, I am committed to helping achieve well-being in whatever form that takes for our clients.

Kim Diemer
Kim Diemer, CFP®
Integrated Wealth Advisor
Paige Woods, CPA

Senior Tax Advisor
952.230.6716
Email Paige

Professional Biography
Paige Woods serves as a Senior Tax Advisor as part of the Carlson Capital Management team as well as with CCM Tax & Trust Administration, a wholly-owned affiliate of Carlson Capital Management. Paige works closely with the advisory team to deliver clients fully integrated wealth management services, lending her experience to proactive tax-related planning. As a member of the Tax Team, Paige has responsibility for preparation, review, and completion of individual and trust tax returns and tax projections. She also participates in client meetings and serves as a tax resource for clients. Paige provides service both individually and collaboratively with other advisors to develop customized recommendations.

Paige’s most recent experience includes four-and-a-half years as a tax senior for a Minneapolis CPA firm. In this role, she worked in a variety of capacities providing tax compliance services—preparing and reviewing individual, fiduciary, partnership, and corporate returns. She also reviewed complex gift tax and estate returns and assisted in subsequent tax planning related to estate administration, as well as provided consultative scenario-based tax planning services for clients. Paige also served in a coaching role for early senior-level consultants, providing hands-on technical skills training, mentorship, and professional development. Paige is a Certified Public Accountant (CPA) and a member of the American Institute of Certified Public Accountants.

Paige is a graduate of the University of North Dakota, where she earned her Bachelor of Accountancy, graduating cum laude. Outside of work, she enjoys spending time checking out the foodie and brewery scene in the North Loop neighborhood of Minneapolis with friends and family, especially the pet-friendly places so her bulldog, Cash, can join. Paige grew up in Thief River Falls, Minnesota, and now resides in downtown Minneapolis.

Personal Thoughts
“I read of a man who stood to speak at the funeral of a friend. He referred to the dates on her tombstone from the beginning ... to the end. He noted that first came the date of her birth and spoke the following date with tears, but he said what mattered most of all was the dash between those years; for that dash represents all the time she spent alive on earth, and now only those who loved her know what that little line is worth … so when your eulogy is being read with your life’s actions to rehash, would you be proud of the things they say about how you spent your dash?"

The above excerpts from “The Dash,” by Linda Ellis may hit home for each of us. For me, these words are a reminder that life is finite and fleeting.  Each day that I am lucky enough to wake up, I will behave intentionally and purposefully, always asking myself if my next move will get me a small step closer not only to where I ultimately envision myself, but also if that move will help to get those around me closer to their big picture goals.

We each have the same 24 hours every day that we choose what to do with. My colleagues and I choose to spend our hours each work day serving our valued clients by cultivating relationships and learning their unique stories, cohesively making every decision in each client’s best interests, so they can, in turn, spend their hours continuing to pursue their lifetime passions with peace of mind, knowing their thoughtfully developed wealth plan is in trusted hands.

The CCM Tax Team regularly posts articles of interest on tax planning topics which you can find here.

Paige Woods
Paige Woods, CPA
Senior Tax Advisor

Charitable remainder trusts (CRTs) can create wonderful opportunities for charities, while providing significant benefits to donors and their families. In addition to allowing donors the opportunity to have a substantial impact on a cause they care about, CRTs provide the ability to positively impact an investment portfolio and cash flow while reducing taxes. In fact, with recent tax law changes, a CRT can be used to stretch out the tax deferral of retirement accounts for heirs. A key ... [Continue Reading]

Published August 20, 2020 Topics: CCM Women's Initiative, Charitable Remainder Trust (CRT), Philanthropic Planning, Retirement Planning, Tax Planning

Transformational Philanthropy

Justin Stets
Justin Stets, AIF®

President
507.645.8887
Email Justin

  Placing the client in the center of all our actions is not just a nice business slogan to have, it is rooted in the fabric of who we are as individuals, and what we believe as a firm.  

Professional Biography
Justin D. Stets is President of Carlson Capital Management. As a Management Team member, Justin oversees the company’s day-to-day operations, providing direction to CCM’s functional areas, as well as leadership on the direction and vision of the firm. Justin is also actively engaged as an integrated wealth advisor. Before joining CCM in 1998, Justin spent 11 years with Wells Fargo Corporation. Principal experiences at Wells included lending to high net worth clients and brokering commercial banks. Justin graduated from St. Olaf College cum laude in 1985 with a Bachelor of Arts degree in Latin, Greek, and religion. He is a Phi Beta Kappa alumnus. In 1987, he received his master’s degree in theological studies from Harvard University.

Justin is also Chief Compliance Officer for the firm and holds an Accredited Investment Fiduciary professional designation, awarded by the Center for Fiduciary Studies. The AIF designation affirms the highest in fiduciary standards of care for CCM clients. Combining expertise with a Zero Alpha Group colleague, Justin is co-author of Fiduciary Matters, Relationships of Trust, an informative paper outlining the role of a fiduciary within a wealth advisory relationship.

Community involvement and professional leadership engagement are a priority for Justin. In recognition of his significant contributions, Justin was named a 2021 Notable Leader in Finance by Twin Cities Business. He is a former chair and current board member of Zero Alpha Group. On the nonprofit side, Justin is a board member of Northfield Shares, an organization founded to advance philanthropy, inspire volunteerism, and promote collective leadership. Justin is also on the board of the Center for Courage and Renewal, a charitable organization grounded in the works of Parker Palmer and whose mission is to reconnect the heart and soul of who you are with how you live in the world. In addition, he is active in the Catholic community of St. Dominic in Northfield. Justin and his wife, Kristin, are also philanthropically committed to the success of international projects located in Iringa, Tanzania, and El Rosario, Guatemala.

Previous roles for Justin include serving as vice president of the board of Friends of Africa Education, board president of the Community Action Center of Northfield, as well as former president and board member of the Ronald McDonald House of the Twin Cities. He also recently completed a term on the Schwab Advisor Services Advisory Board. In addition, he co-founded 5th Bridge, a Northfield organization dedicated to promoting volunteerism, which later merged with Northfield Area Foundation to become Northfield Shares.

Justin and Kristin live in Northfield, Minnesota, where they raised their four children.

Personal Thoughts
I strongly believe that knowing someone’s personal history creates a window of insight for a client. Three pieces of information may help describe who I am. First, I am the last child of 10 college-educated siblings raised in northeast Ohio during the 1960s and 1970s. Second, our family of 12 lived in a three-bedroom, one-bathroom apartment above a store which was owned and run by my mother. Third, I was raised and educated until high school as a Catholic, graduated from a Lutheran college, and attended a nondenominational theological graduate school.

With these three data points, you and I can have a great deal of conversation. We can discuss the value of money, as represented by a household of 12 that rarely ate meat (because it was so expensive), drank powdered milk, and gave recycled birthday cards out as gifts. We can discuss hard work–a mother who simultaneously raised 10 children and ran a successful business. We can converse about the value of an education and the persistence and stick-to-itiveness required to accomplish such goals. We can talk about the political stress of the 1960s and the economic hardships of the 1970s. Our dialogue could cover sibling relationships, how to pay for college, how to care for elderly parents, and issues of ethical and moral responsibility. Because no one is immune, in my opinion, from the wanderings of the human spirit, we could enjoy conversation about the role of spirituality in one’s life, our community, and our global environment.

All of these conversations are part of who Carlson Capital Management is, but perhaps not identified in a traditional format. Along with the years of experience and hundreds of stories of my colleagues, all the influences and experiences that we have collectively received dramatically shape our current philosophy and relationship with our clients. Placing the client in the center of all our actions is not just a nice business slogan to have, it is rooted in the fabric of who we are as individuals, and what we believe as a firm. Advocating for a transparent, clear, and academically proven investment philosophy is not a marketing gimmick, it is the foundational equivalent of a “bible” for us as investment advisors. Establishing delivery channels for our trust, tax, and philanthropic work so that our clients are truly experiencing an integrative wealth management platform points to our philosophy of broad-based thinking and intelligent, holistic planning and action.

I am hopeful that when you come to Carlson Capital Management and meet our team, you experience not only competency and quality, but also deep care. This is what gets us up every day. To be of service to you!

Justin Stets
Justin Stets, AIF®
President

Transformational Philanthropy: Integrated Planning, Intentional Giving In an economic climate that challenges investors to be even more creative in their approach to giving, this paper provides steps to creating a Personal Philanthropic Plan - and achieving the satisfaction of experiencing how philanthropy can move from being a result of integrative planning to a reason to plan. ... [Continue Reading]

Published July 10, 2017 Topics: Charitable Giving, Financial Advisors, Financial Planning, Philanthropic Planning

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