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Strategic Alliances

No one can do it all and know it all. At Family Legacy Concepts, we coordinate additional resources and expertise to address the challenges of your financial journey.

The following are financial professionals and organizations with whom we team to understand your needs and to provide appropriate services and products:

PLEASE NOTE: The information being provided is strictly as a courtesy. When you access any links leaving our website, you assume total responsibility for your use of outside website(s). We make no representation as to the completeness or accuracy of information provided on outside websites, nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to, or your use of, third-party technologies, websites.


Accountants, Attorneys, Realtors, and Insurance Agents


At Family Legacy Concepts, we coordinate with and add to the professional services provided to our clients by their Accountants, Attorneys, and/or Insurance Agents. FLC's role is to build on the effectiveness of these specialized professional advisors and to bring the team into integrated and focused action. For the smoothest transition, we recommend introducing your FLC planner to your other advisors when you start your relationship with us

Certified Public Accountants

The educational requirements for Certified Public Accountants is 150 semester hours that mixes accounting with business and general education. Typically, one additional year after a 4-year Bachelors program accomplishes this. CPAs must pass the 4 sections of the accounting exam, with typical study time of over 100 hours for each.

Enrolled Agents (EA) can represent tax-payers with the IRS, often being deployed after someone else originally filed the tax return in question. They must pass 3 additional sections of examinations to become an EA, which takes an estimated 200 hours of study time.

Consider utilizing a proactively-oriented CPA who helps you to anticipate and to make tax-smart maneuvers over multi-year periods. Many of the most potent tax and insurance strategies involve much more time than one income tax year. Your FLC planner can help your CPA identify the investment routes that best fit your needs. 

At Family Legacy Concepts, we are sensitive to the busy seasons of annual income tax filing, with the deadlines of April 15 and October 15.  We make every effort to communicate with clients’ accountants in a helpful and non-disruptive manner.

Attorneys

The standard degree for attorneys, upon completion of 3 years of law school is a Juris Doctor (J.D.).  You may find additional value provided by attorneys who extend their education to include a Masters of Law degree (LL.M., from the Latin Legum Magister), which takes an additional year of full-time academics. Master degrees are concentrated on a particular topic, such as bankruptcy, criminal, or financial services. Our allied attorneys have Taxation and Estate Planning and Real Estate specialties.

As one of our consultative lawyers describes it:

“Estate planning is a process that allows you to appoint a representative to make financial and medical decisions for you, if you become incapacitated; choose a guardian for your minor children; choose who will get your property and how you would like it transferred at your death; and finally to set things up in a way that minimizes taxes and prevent your assets from going through a lengthy probate process.”

Another attorney states on his LinkedIn profile:

“I frequently advise people on their wills, trusts, powers of attorney, and more sophisticated estate planning techniques. … I frequently give advice on … litigation in the Probate Court concerning disputes over will and trusts, and handling conservator and guardianships through the Probate Court.”

Realtors

In South Carolina, the exams for becoming a realtor involve course 30-60 hours in length. Continuing education involves an additional10 hours annually. For residential properties realtors, the Certified Residential Specialist (CRS) designation is well-regarded; 30 hours and 16 hours of education are required for 2 levels of this credential. For commercial and investment properties realtors, the Certified Commercial Investment Member (CCIM) is a robust credential. The education requirement spans 6 courses, Negotiations training, and Ethics. You can learn more at the National Association of REALTORS® website nar.realtor.

Insurance Agents

In South Carolina, The initial requirements to become a Life, Accident, and Health (LA&H) insurance agent include a 40-hour preparation course, an exam, and an application. Annuity product training is required on a product-specific level. The ongoing requirements include 21 hours biennially of general Continuing Education and 3 hours of Ethics CE, along with annual renewal state and record-keeping fees. Initial and ongoing Long Term Care (LTC) insurance education is required of agents offering LTC insurance.

Insurance Agents must also maintain current education in Anti-Money Laundering practices.

To learn more about the insurance regulation in your state, use a web browser search engine to go to NIPR.com


Money Managers


Family Legacy Concepts utilizes third party Money Managers. Many of these firms operate with their own securities custodian and clearing platform. The wide variety of managers available are on the following platforms (subject to change): AssetMark, Orion, and Eqis.

For information of specific Money Manager offerings, reach out to FLC via the Contact Page 

ADV Brochures and SEC Form CRS provide you with information about your Investment Advisor Representative and Cambridge Investment Research Advisors. Review the applicable documents before investing. For the tax consequences of investment vehicles as they specifically relate to your circumstances, consult with your income tax accountant or attorney.

Note that minimum amounts to open new accounts are subject to change. Minimums of $25,000, and $150,000 are common.


Mutual Fund Companies


Diversification of management is a factor in each client’s program selection(s). Passive management of portfolios typically tracks broad market returns and volatility with less expense, while active management might produce better results with less volatility.

There are thousands of mutual funds that you can acquire, and 529 Plans for the 50 states and DC. Mutual funds are offered by Prospectus. 529 Plans are offered by Program Statement. Review the applicable documents before investing. Note that minimum amounts to open new accounts are subject to change, though $50 per month is a common threshold.

For information of specific offerings, reach out to us via the Contact Page, specifying your interest in Mutual Funds and 529 Plans.


Alternative Investments Providers


There are required Annual Income and/or Net Worth minimums pertaining to investors who acquire Alternative Investment securities. FLC is happy to help you or your financial team to identify if these are a good fit for your portfolio. If you are unsure if you qualify, first review the definition of Accredited Investors and Qualified Investors. If you are an accounting or legal advisor and want to know more about the  Alternative Investment securities offered, use the Have A Question? section of the Contact Page, and a Family Legacy Concepts rep-advisor will call.

By proceeding to the links below you acknowledge that you are an investor meeting the definitions of the Securities and Exchange Commission (SEC) and Cambridge Investment Research. For any further information, Compliance standards require that the Family Legacy Concepts advisor speak with you one-on-one. To proceed to the following links, you will need to input a PIN. Accredited Investors who are interested in learning more should reach out to FLC for access:

Family Legacy Concepts does not offer Alternative Investment Products to the general investing public.  Investors must be "Accredited Investors" or "Qualified Client" to obtain these products.  Suitability review includes investors' experience, understanding, and securities diversification.  Each product is reviewed by Cambridge Investment Research and involves Program Offering documents, such as a Private Placement Memorandum, which investors review before committing any money.  Clients will only obtain program descriptions from a duly licensed Series 7 advisor at Family Legacy Concepts, with comprehensive product training.


Trust Service Providers


FLC is happy to connect you to several Trust Service Providers through our Broker-Dealer Cambridge Investment Research. The service can include trust planning and administration, income tax assistance, and estate/gift tax assistance. Trusts are available for a wide variety of needs, such as for children with special needs or charitable enterprises. FLC and Cambridge ask you to consider finding a professional, independent corporate trustee to accept the responsibilities and potential liabilities of managing trust assets and obligations, as enrolling a family member or friend can lead to conflicts of interest and personalities.

Consult with Scott Wells at Family Legacy Concepts for additional details, including minimum account size. 


The Advisor Group (TAG) Operations Support


FLC proudly operates within TAG Advisors, one of the largest branches at Cambridge Investment Research. Cambridge is one of the nation’s top independent Broker/Dealers, recognized in the industry for their innovative financial solutions and values of integrity, commitment, flexibility and kindness. TAG Advisors has over 280 registered financial professionals located throughout the United States and over $6 billion in assets under advisement. As a leader in the financial services industry, this ensemble of independent financial professionals brings over 40 years of experience in comprehensive financial planning and client support. This combination of knowledge and independence allows TAG to fully serve their clients’ needs with customized financial solutions.

TAG Assist Virtual Support

As part of the TAG Advisors branch, our valued clients are supported by a team of experienced client service professionals who specialize in client engagement and streamlined account creation and support.


Cambridge Investment Research


With over 3000 rep-advisors that it supportsCambridge Investment Research has built, and operates, a comprehensive set of systems for client financial planning and investing. This means that clients of FLC receive the personalized service from the rep-advisor and the benefits of the substantial organization backing by Cambridge. 

Learn more about FLC's values here.


Donor Advised Funds Provider


Through our Broker-Dealer, Cambridge Investment Research, Family Legacy Concepts offers a Donor Advised Fund called the Cambridge Charitable Gift Fund.

A Donor Advised Fund is a fund operated by a qualified public charity. It is created when a donor makes gifts of cash or securities to pursue philanthropic and tax reduction goals.


The following are several benefits of using a Donor Advised Fund:

  • Organize your philanthropy
  • Deduct contributions from income tax as charitable gifts, subject to Standard Deduction limitations
  • Avoid capital gains through the charity taking ownership of appreciated assets
  • Optionally recommend grants anonymously
  • Pass on personal charitable values among family members to build your legacy

To have Scott Wells at Family Legacy Concepts contact you, be sure to specify that you are interested in Donor Advised Funds in the Have A Question? section of the Contact Page.


Insurance Product Providers


The products provided by insurance companies are available through individual insurance agents licensed with the state where the client resides. At Family Legacy Concepts, Scott Wells is licensed in Life, Accident & Health and will review in-force coverage and recommend new coverage of the following products:

  • Annuities 
  • Life Insurance – for personal and for business continuity purposes
  • Disability Income Insurance – for personal and for business continuity purposes
  • Long Term Care Insurance – for individuals or married couples for Activities of Daily Living limitations. Note that the insurance industry expanded the ways it helps people with Long Term Care expenses by offering hybrid annuity and life insurance products.

Specify your interest in Insurance capabilities using the Have A Question? section of the Contact Page.


Borrowing Arrangements: Utilizing Securities as Collateral


At Family Legacy Concepts, we typically do not encourage our clients to take on more debt. For many people, emotional and psychological contentment is best realized when all debts are paid off. If you reach a point to refinance existing debt for a quicker payoff, or if you need to gather liquid money for a timely purchase of an asset, FLC will help you with your debt management.

Many securities accounts can have “Margin” lending privileges. The Securities and Exchange Commission establishes the rules of engagement, including amount of borrowing that securities can support. Our Broker-Dealer, Cambridge Investment Research and the custodian of the securities, National Financial Services, establish the lending interest rate.

Retirement accounts are subject to many rules and restrictions, when it comes to borrowing from them. Certain 401(k) plans allow for limited borrowing by participants.

Special assets such as home, planes, and boats can involve direct loans from banks.

Consult your tax accountant or attorney to understand the tax deductibility treatment of interest paid in your borrowing scenario.

Use the Have A Question? section of the Contact Page to specify your interest in Borrowing capabilities.