At the latest Networking Breakfast on March 19 about 45 attendees heard some valuable tips about financial investing for retirement, wise tax preparation and planning, and how to choose a financial advisor from an expert panel of Arcadia Chamber of Commerce members: Allen Tsay, Waddell & Reed; Emmy Hernandez, EH Financial; Kim Arnold, Books by Kim (Chamber bookkeeper); and Yachen Sun of New York Life.
Also at the monthly program held at the Sunset Room of the Santa Anita Golf Course and sponsored by Rose Hills Memorial Park & Mortuary, Ernesto Jimenez and his son Hector of Ernesto’s Barber Shop received a tribute as an Arcadia Business Icon and Juliana Licata of Wells Fargo Bank presented the Business Spotlight talk.
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As always, attendees of the Networking Breakfast (third Thursday of each month), hosted by Rod Salazar of Stubbies Promotions, not only enjoy a great breakfast buffet and valuable networking with dozens of others but also introduce themselves one at a time with a 30-second “elevator pitch.” In addition, they have a chance to win one of multiple gifts donated by members and attendees for a business card drawing (please bring a raffle prize to next Breakfast and introduce yourself and the gift), one of which is a free three-minute Business Spotlight.
Ernesto and Hector Jimenez were very happy to accept the Business Icon tribute from the Chamber and Arcadia Historical Society for Ernesto’s Barber Shop, which has been around for 24 years. The shop is a real throwback with a barber pole in the front. It is also the place to go for a trim and a shave! Very old school and friendly, where you can sit and talk about sports and get your hair cut. Ernesto’s Barber Shop is located at 44 E. Live Oak Avenue in Arcadia 91006. The phone number is 626.445.3478.
Business spotlight winner Juliana Licata Of Wells Fargo Bank indicates that Wells has been in business 163 years and is rated one of the 100 best banks. They are lending! In fact are the #1 small business lender. They loan money even on stated income and they can help businesses get a credit card. Juliana can be reached at 909-612-1214. The business spotlight winner for next month is John Sun of Budget Blinds.
Arcadia Chamber CEO Scott Hettrick moderated the panel, with each panelist introducing themselves and then answering a couple questions from Scott and several from the audience. The following is a summary of comments by the panelists:
- Allen Tsay of Waddell & Reed indicates that is important to plan for the future and that it is very important to feel good about your financial advisor. If you feel that someone is too pushy it might not be the right person for you. Allen went on to state that failing to plan is planning to fail. You need to have a strategy and you should involve a financial advisor who can help you navigate the waters.
- Kim Arnold of Books by Kim has her own bookkeeping business and does not advise people to wait till the last minute to file their taxes. You should start your tax planning strategy early, like in June, in order to know how the end of the year will impact your tax return. Kim indicates that she connects really well with smaller clients. These clients can bounce decisions off of her as the bookkeeper. Kim indicates that a bookkeeper can really help you and your business thrive and grow.
- Emmy Hernandez says that it is very important to have a financial plan and an estate plan. She said that a couple of common financial mistakes include too much exposure to one sector. It is important to re-balance your portfolio from time to time so you are not too weighted into any one investment. The other mistake individuals make is borrowing from your 401(k) plan. Emmy indicates that it is very important to regularly review your estate plan. Sometimes it is necessary to amend/update your living trust. Emmy states that every two to three years you should have a review done on your estate plan.
- Yachen Sun of New York Life Insurance Company indicates that it is a very good idea to consider purchasing long-term care insurance. Medicare will only cover intermediate days. So, we should be thinking about coverage that goes beyond that intermediate time period. Yachen went on to say that whole life insurance is another product to consider as part of your long term financial planning. With whole life insurance you build equity.
Donors and Winners of the Business Card Drawing:
- Carol Libby from the Arcadia Historical Society donated her Faces & Footprints book won by Linda Colley of Civitan.
- Richard Zook of Douglass & Zook donated a health basket won by Emmy Hernandez of EH Financial
- Jason King of Choicess donated a wine accessory kit won by Juliana Licata of Wells Fargo Bank.
- Joshua Thai & Yachen Sun of New York Life donated a tower of Treats won by Joanne Bockian of Stars Athletics.
- Arolyn Burns of The A Treatment Center donated a Journal Notebook with a $50 off Coupon won by Karen Hou of the Arcadia Historical Society.
- Vicki Knight of Century Rooter donated a $20 Starbucks card won by Allen Tsay of Waddell & Reed.
- Sue Cook of the Arcadia Performing Arts Foundation donated a Tote bag & 2 tickets to the show of your choice won by Richard Zook of Douglass & Zook.
The next Networking Breakfast will take place on Thursday, April 16, 2015, in the Sunset Room of the Santa Anita Golf Course, and will feature Larry Blank of Pasadena Symphony and Pops.
Take note that the June Networking Breakfast will be moved to Dave & Buster’s sports lounge in the Westfield Santa Anita mall for a theme about the Arcadia Host Town for the Special Olympics World Games.
Tickets to the breakfast, which runs from 7:30 a.m. – 9 a.m., are $20 in advance ($25 at the door) and discounted to $15 for Chamber members who pay by the previous Friday ($20 at the door for Chamber members). No charge for those holding a Chamber All Access Pass.
Tickets: 626-447-2159 or in the “Shop” area at www.ArcadiaCaChamber.org, or at Chamber office, 388 W. Huntington Drive, Arcadia, during regular business hours.