What does ProNOVA do?
ProNOVA is an independent wealth management firm providing financial planning, investment management, retirement plan management, insurance planning, tax advisory services, and business owner planning. The firm develops personalized strategies based on each client's financial situation and goals.
What makes ProNOVA different?
ProNOVA is an independent wealth management firm that is not owned by or affiliated with a large bank or brokerage firm. This independence provides greater flexibility when developing investment strategies and financial solutions based on each client's individual needs.
Who does ProNOVA work with?
ProNOVA works with individuals and families as well as professionals with specialized financial needs. This includes airline pilots and employees, military members, law enforcement professionals, first responders, government and nonprofit employees, business owners, and participants in 401(k), 403(b), and 457 retirement plans.
What is comprehensive financial planning?
Comprehensive financial planning looks at your entire financial picture rather than addressing individual accounts separately. ProNOVA's planning process can incorporate income, investments, taxes, insurance, estate planning, retirement, cash flow, and other financial priorities into one coordinated strategy.
When should I start financial planning?
Financial planning can be valuable at many stages of life. Preparing for retirement, changing careers, growing a business, saving toward a major goal, or simply wanting greater clarity about your finances can all be good reasons to develop or revisit your financial plan.
How do I know if I am financially prepared for retirement?
Retirement readiness depends on your savings, investments, employer benefits, expected expenses, income needs, taxes, and desired retirement lifestyle. A comprehensive retirement plan can help evaluate these factors and identify whether adjustments may be appropriate.
How can I create income that lasts throughout retirement?
Retirement income planning considers how your savings, investments, employer retirement benefits, Social Security, and other income sources can work together. Your strategy should also consider taxes, inflation, investment risk, and your expected spending needs throughout retirement.
Can ProNOVA help manage my 401(k), 403(b), or 457?
Yes. ProNOVA works with eligible participants whose employer sponsored retirement plans offer a Self Directed Brokerage Account, or SDBA. This feature may provide access to additional investment choices and allow participants to receive professional guidance for assets held within their employer sponsored plan.
What is a Self Directed Brokerage Account?
A Self Directed Brokerage Account, or SDBA, is a brokerage window available within certain employer sponsored retirement plans. It can provide eligible participants with investment options beyond those offered in the core portion of their 401(k), 403(b), or 457 plan.
How do I know if my retirement plan offers an SDBA?
Not every employer sponsored retirement plan provides a Self Directed Brokerage Account. You can review your plan documents or speak with your plan administrator to determine whether an SDBA is available and whether you are eligible to participate.
Can ProNOVA help New York State employees with their Deferred Compensation Plan?
Yes. ProNOVA provides NYS Deferred Compensation Plan management for eligible participants. Their services are particularly relevant for first responders, government employees, and nonprofit employees who want additional guidance with their 457 retirement savings.
What is a 457 plan?
A 457 plan is a tax advantaged retirement plan commonly available to government and certain nonprofit employees. It can provide an additional way to save for retirement alongside other benefits, including defined benefit pension plans.
Can I have a pension and contribute to a 457 plan?
Many public sector employees have access to both a defined benefit pension and a 457 plan. A 457 can provide an additional source of retirement savings and may offer features such as catch up contributions and additional investment opportunities.
Does ProNOVA specialize in financial planning for airline pilots?
Yes. ProNOVA works with airline pilots and employees who may face specialized financial considerations involving employer retirement plans, variable schedules, income planning, benefits, and preparing for retirement from the airline industry.
Why might airline pilots need specialized financial planning?
Airline pilots can have complex compensation, benefits, retirement plans, and career timelines. Financial planning can help coordinate these resources with investments, taxes, insurance, retirement goals, and other aspects of their financial lives.
Does ProNOVA work with military members and veterans?
Yes. ProNOVA works with active duty military members, reservists, and veterans. Financial planning can help address military benefits, retirement, deployments, transitions to civilian employment, investments, and long term family financial goals.
Does ProNOVA work with law enforcement and first responders?
Yes. ProNOVA works with law enforcement professionals and other first responders. Planning can help coordinate pensions, 457 plans, investments, retirement goals, insurance, and other benefits that may be unique to public service careers.
What is investment management?
Investment management involves creating, monitoring, and adjusting an investment portfolio based on your financial goals and circumstances. ProNOVA builds customized portfolios rather than relying solely on generic portfolios or target date funds.
What types of investments does ProNOVA use?
Depending on a client's circumstances, ProNOVA's investment strategies may incorporate separately managed accounts, custom indexing, ETFs, individual stocks and bonds, alternative investments, defensive strategies, concentrated stock management, and other investment solutions.
What is tax loss harvesting?
Tax loss harvesting involves strategically selling certain investments at a loss to potentially offset taxable investment gains. When appropriate, it can be incorporated into a broader investment and tax planning strategy.
What is custom indexing?
Custom indexing provides an opportunity to build a personalized portfolio designed to track or modify an index while taking an investor's individual preferences, tax circumstances, or investment objectives into consideration.
Why is tax planning important?
Taxes can affect investment returns, retirement income, business decisions, and your overall financial strategy. Proactive tax planning looks for opportunities to coordinate financial decisions with your tax situation rather than waiting until it is time to file a return.
Does ProNOVA provide tax advisory services?
Yes. Tax advisory is one of ProNOVA's core services and can be incorporated into comprehensive financial planning alongside investments, retirement planning, estate planning, insurance, and cash flow analysis.
Can ProNOVA help business owners?
Yes. ProNOVA provides planning for business owners that considers both personal and business finances. This can include managing liquidity, investment and tax considerations, business value, financial exposure, succession planning, and preparing for a future sale or transition.
What is business succession planning?
Business succession planning prepares for the eventual transfer, sale, or transition of a business. Planning ahead can help a business owner evaluate potential buyers, family or employee transitions, liquidity needs, taxes, charitable goals, and the impact the transition may have on their personal financial future.
When should I start planning to exit my business?
Business succession planning is generally most useful when it begins well before an expected transition. Starting early provides more time to understand the value of your business, evaluate potential exit options, manage financial risks, and coordinate the transition with your personal financial goals.
Why is insurance planning part of a financial plan?
Insurance can help manage financial risks that could otherwise disrupt your long term strategy. Reviewing insurance within your broader financial plan can help determine whether your existing coverage continues to align with your family, income, business, and financial obligations.
Do I need a financial advisor if I already have investments?
Investments are only one part of your financial life. A financial advisor can help coordinate your investments with retirement benefits, taxes, insurance, estate planning, cash flow, employer sponsored plans, and other long term financial goals.
Can I work with ProNOVA digitally?
Yes. ProNOVA emphasizes a digital approach that allows clients to access services conveniently. Their financial planning technology can also help clients organize accounts and view assets, liabilities, and net worth in one place.
How often should I review my financial plan?
Your financial plan should evolve as your circumstances change. Retirement, career changes, business transitions, changes in income, marriage, family changes, and other significant events may create reasons to revisit your strategy.
What is the goal of working with ProNOVA?
ProNOVA's approach is designed to bring clarity and confidence to financial decisions through intentional, personalized strategies. The goal is to coordinate the different areas of your financial life and create an actionable path toward the future you want.
