Tripp Yates, CFP®, CPA/PFS Eaglestrong Financial

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About Tripp Yates, CFP®, CPA/PFS

Tripp has extensive experience in financial planning and investment management, and he diligently uses his credentials of CPA and CFP® to benefit his clients. Over the last ten years, he has managed over $100 million in assets for individuals and families.

Tripp’s interest in investments started when he was young and was intrigued by his grandfather’s savvy investment knowledge. When he realized staying in public accounting was not his ultimate goal, he was excited to take his career in this direction.

His passion for financial planning is evident to each and every client he meets with. His desire is to help his clients organize their finances, save taxes, and invest wisely. Tripp strives to work in a humble and transparent way.

When he is not managing his firm and his clients, Tripp enjoys spending time with his family, running, and cheering on the Rebels and the Cubs.

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Recently Published

Practice ownership: The sword to slay student loans

September 24, 2019

 

My latest article in the September issue of Dental Economics, Practice Ownership: The Sword to Slay Student Loans (with co-author Brian Hanks), encourages new dentists not to put off owning a practice just because of rising student loan balances.

 

Read the article to see a comparison of an employee-dentist vs. an owner-dentist and find out why we say:

 

"the fastest way for a dentist to pay off student loans is to own a good dental practice."

Read the full post →

3 Keys to Maximize Your Life Insurance Coverage & Cost

September 14, 2019

cost of life insurance

 

September is life insurance awareness month. While we don’t sell life insurance, we do analyze the type of coverage and the amount needed based on your age, income, assets, and family size. By not selling life insurance, we are able to give our clients unbiased advice to obtain necessary and adequate coverage. Especially for young families, life insurance is an important part of the overall financial plan.

 

1. How much coverage should you have?

 

A common rule of thumb is to obtain life insurance coverage for 10x your income. However, the amount of coverage a young earner with a family needs is 15-20x their income. For example, if your annual income is $150,000, then you would obtain $3,000,000 in coverage. The idea is that the beneficiary of your life insurance could invest the benefit and withdraw 5% annually which would equate to $150,000 to replace the income. This is by no means a perfect analysis but it is a quick “back of the envelope” way to estimate the amount of coverage you need.

 

If you have had time to accumulate investment and/or retirement assets, then it is likely that you would require less coverage. In the same way, if you save a lot of your income then the amount of coverage you need may focus more on your spending instead of income. Dual income in households can also impact the coverage calculation. The general idea is that as you approach retirement and/or no longer have minor children, the need for life insurance goes away.

 

Other factors that can affect the amount of coverage needed:

  • Spousal Coverage: If only one spouse works outside the home and you have young children, it is important to have coverage for the stay at home spouse to account for the cost of care for your children. For example, $500,000 received as a life insurance benefit and invested would equate to around $25,000 annual sustainable spending for childcare. 
  • Business Owners: For those with ownership in a business, it is important to consider additional life insurance for a couple of reasons:

    • Pay off associated business debts

    • If you have partial ownership, life insurance provides a way for the other partners or owners to pay your beneficiary your ownership share

2. What are the policy types?

 

The two main types of life insurance are term and whole life.

  • Term: This policy is straightforward life insurance coverage for a specified term such as 10, 20 or 30 years. At the end of the term, the life insurance is no longer in force.

  • Whole Life: This policy tends to be more expensive because it remains in effect for your “whole life.” Usually, it will have a cash value associated that you can receive if you terminate the policy. You can also take loans from the policy cash value.

We recommend term life insurance for our clients because we encourage getting the most coverage at the lowest cost. There may be unusual times where whole life insurance makes sense for a specific client, but term insurance is optimal the majority of the time.

 

3. What does coverage cost?

 

Selecting the type of policy and term coupled with your age and health will determine the cost. We’ve included some estimates below (from Quotacy) to give you an idea of the cost at the age of purchase.    

life insurance cost

 

If you are a member of a professional organization for your occupation, check to see what rates they have available. For example, because I’m a CPA and a member of the American Institute of Certified Public Accountants I can purchase life insurance through that group. I have also worked with dentists who are able to purchase coverage through the American Dental Association. Many times, the member groups rates are lower than other coverage providers. Also, your employer may offer group coverage up to 3 times your salary.

 

Ensure you have adequate and cost-effective coverage in place. The younger and healthier you are, the lower the cost of insurance. If we can help you analyze your life insurance, let us know.

Tripp Yates, CPA/PFS, CFP®

901.413.8659  tripp@eaglestrong.com

 

Tripp’s passion for financial planning is evident to each and every client he meets with. His desire is to help his clients organize their finances, reduce taxes, and invest wisely. As a fee-only fiduciary advisor, Tripp strives to work in a humble and transparent way. 

 

With extensive experience in financial planning and investment management, Tripp diligently uses his credentials of CPA and CFP® to benefit his clients. Over the last ten years, he has managed over $100 million in assets for individuals and families. In 2017, he founded Eaglestrong Financial, specializing in helping dentists and business owners. Outside of work, Tripp enjoys running, spending time with his family, and cheering on his favorite sports teams. He is an active member of Harvest Church. 


 

References

https://www.nerdwallet.com/blog/insurance/average-life-insurance-rates/

 

https://www.kiplinger.com/article/insurance/T034-C032-S014-when-rules-of-thumb-for-life-insurance-dont-work.html

 

 

Disclaimer

Eaglestrong Financial, LLC is a Registered Investment Advisor offering advisory services in the states of TN and MS and in other jurisdictions where exempted. The information contained herein is not intended to be used as a guide to investing or tax advice. This material presented is provided for educational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. Past performance is no guarantee of future results.

 

 

#eaglestrong #eaglestrongfinancial

 

 

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Playing the Long Game

August 6, 2019

best financial advisor for dentists

 

 

Recently, a dentist shared an article from Aegis Dental Network with me. The article is titled Playing the Long Game. I’ve read it several times because it is so comprehensive in covering a lot of the financial planning issues surrounding dentists today. The article begins by talking about creating a retirement strategy. However, if retirement is a long way off for you, keep reading because you will find valuable information on saving, investing, tax minimization, and practice transitions. To me, all of these things surround your quest for financial freedom whether you are just starting practicing dentistry or in the later stage of your career. I will highlight a few statistics and quotes below from the article, but I encourage you to read the complete article here.

 

  

 

Currently, 40% of dentists are age 55 years or older, whereas just 27% were in that age demographic in 2001.

 

 

According to the ADA Health Policy Institute, the average dentist currently retires just before turning 69, whereas in 2001, the average retirement age was about 65.

 

 

Lee Ann Brady, DMD, a private practitioner in Glendale, Arizona, started thinking about her retirement as soon as she started her career. “I work with both an accountant and financial advisor. I take advantage of both tax-advantaged and other savings vehicles. I have an employer-based plan at my office, which also includes my team as a benefit for them. The process has included HSA plans, disability and life insurance policies, and IRA and 401(k) plans,” she says.

 

 

John Cranham, DDS, clinical director at The Dawson Academy, started working with an investment advisor just 5 years into his practice. “I knew I was not good at managing money, and I knew I needed to save for retirement, but I had no idea how much,” he says. Planning early and effectively is an important component of ending up where you want to be. “I just listened and did what the financial services firm said to do. Time, discipline, and sound, conservative advice have worked well. This process also really removed my stress. Once I took care of my retirement savings each year and kept up with my bills, I didn’t worry about spending money. It definitely made life more enjoyable,” says Cranham.

 

    

If you would like to discuss or learn more, schedule a call or meeting with me using the link below:  

Memphis, TN financial advisor

Tripp Yates, CPA/PFS, CFP®

901.413.8659  tripp@eaglestrong.com

 

Tripp’s passion for financial planning is evident to each and every client he meets with. His desire is to help his clients organize their finances, reduce taxes, and invest wisely. As a fee-only fiduciary advisor, Tripp strives to work in a humble and transparent way.

 

With extensive experience in financial planning and investment management, Tripp diligently uses his credentials of CPA and CFP® to benefit his clients. Over the last ten years, he has managed over $100 million in assets for individuals and families. In 2017, he founded Eaglestrong Financial, specializing in helping dentists and business owners. Outside of work, Tripp enjoys running, spending time with his family, and cheering on his favorite sports teams. He is an active member of Harvest Church. 


 

References

https://www.aegisdentalnetwork.com/id/2019/02/playing-the-long-game 

 

 

 

Disclaimer

Eaglestrong Financial, LLC is a Registered Investment Advisor offering advisory services in the states of TN and MS and in other jurisdictions where exempted. The information contained herein is not intended to be used as a guide to investing or tax advice. This material presented is provided for educational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. Past performance is no guarantee of future results.

 

 

#eaglestrong #eaglestrongfinancial

 

 

Share with others:

Read the full post →

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Ideal Clients

  • Business Owners
  • Gen X
  • Medical Professionals

Ways Advisor Charges

  • Monthly Fee
  • Flat Fee
  • Assets Under Management

Fee Options

  • Monthly Fee: $200+/month
  • Flat Fee: $500+ one-time packages
  • AUM: 1%

SEC Records

States Registered

  • Tennessee

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