BOSTON, MA / ACCESSWIRE / August 2, 2021 / Boston-based financial advisor, Nicklas Nagengast, is dedicated to making people's lives better through his passion for finance. Nick specializes in helping individuals and their families who work in the biotechnology and pharmaceutical industries. His clients include executives, scientists, healthcare workers, and anyone else dedicated to the medical industry who work hard every day to make advances in research, technology, and medicine. Because these professionals are committed to their work, they do not always have the time, knowledge, desire, or discipline to properly manage their personal finances.
Nick believes that the greatest asset his clients have is their ability to wake up each morning and earn an income. It is his job to make sure they properly plan to make the most of their financial potential. This is where Nick applies his expertise and can help give people peace of mind knowing their financial situations are analyzed and planned out for the next 40 years.
He points out three areas of personal finance to be aware of if you work in biotech or pharma.
- What equity compensation is received and how it is taxed - This is important for a variety of reasons, namely because different types of grants can be taxed differently, have major impacts on cash flow, and possibly move one into a different tax bracket. It is possible to lose thousands of dollars in this type of compensation each year on taxes if it is not appropriately planned for. These can include Incentive Stock Options (ISOs), Restricted Stock Units (RSUS), Non-Qualified Options (NQOs/NQSOs), performance stock units, stock appreciation rights, employee stock purchase plans (ESPP), and more. Nick analyzes each client's specific equity compensation structure to ensure they are being as tax-efficient as possible and helps guide them to the most beneficial decisions regarding their cash flow and what those dollars can be used for to optimize their financial situation. Equity compensation can get even more complex in smaller private biotech companies, and those navigating acquisitions or Initial Public Offerings (IPOs).
- Optimizing company benefits to create a strategic plan - Nick highlights the point that no area of financial planning is an independent element, they all work together. Biotech and pharma companies are generally known for having good benefit structures; however, it is important to have each situation analyzed, and interpreted based on what is best for that individual. Often there are savings options like the Traditional or Roth 401(k), employer match programs, deferred compensation, and the like, that can be taken advantage of. Nick often speaks with his clients about the importance of looking into private life and disability insurance to supplement the insurance offered by their employer, as it is an area that a gap typically exists and is important to address in order to protect one's future income and family.
- Negotiating your compensation when thinking about changing jobs/employers - Biotech, healthcare, and pharma are industries people often move around in a lot. It is vital they know how to negotiate compensation, so they are being appropriately paid for their expertise and specialized skills, etc. Benefits and real dollars can be left on the table simply because they are not asked for. Having the knowledge and confidence to negotiate a pay structure and benefits package that meets one's individual needs is powerful, and not something many people are comfortable with. Additionally, people often overlook or forget about their 401Ks and retirement savings accounts from previous employers and have the opportunity to roll those plans into an IRA with more investment options available to them. This is an area Nick works with his clients often to make sure they are consolidating everything in their financial situation and getting compensated for the value they bring.
There are several reasons consulting a financial advisor can be beneficial in any profession. They can be a guide toward reaching financial stability and understanding cash flow management, asset allocation, how to save, invest, plan for retirement, efficiently transfer wealth, and more. Nick gets to know every client personally so he can understand their specific situation and story. Then, he will develop a total financial needs analysis, looking at every aspect of their situation, create a comprehensive financial plan, and then monitor changes moving forward. His intention is to define their long-term financial goals and then help them reach those goals as efficiently as possible, as well as ensure financial security for years to come. He serves as a support and a trusted guide for them throughout their career and financial journey.
Nick is originally from the Albany, New York area, and attended college at Bentley University. In his senior year of study, he decided to commit to financial planning, wanting to help those who work in the field of medicine, biotech, and pharmaceuticals. His dedication to this group of professionals comes from his experience as a teenager when his life changed after being diagnosed with Type 1 diabetes shortly after he turned 16. That experience defined the person he has become today and sparked in him a lifelong interest in the medical field, and a desire to help others. Especially those who were there for him when he needed it. Nick works through Baystate Financial where he guides his clients through the different areas of financial management and planning. He is Boston-based, however works with and takes on new clients all over the country. Giving people the knowledge and confidence they need to empower themselves and build a better financial future is simply part of who Nick is.
If you work under the umbrella of biotech, pharma, life sciences, or healthcare you can connect with Nick on social media, or send him an email to see how he can assist you with your financial management needs.
Securities and investment advisory services offered through qualified registered representatives of MML Investors Services, LLC. Member SIPC. www.sipc.org OSJ: 200 Clarendon Street, 19th & 25th Floors, Boston, MA 02116. 617-585-4500.
Company Name: Baystate Financial
Contact Person: Nicklas Nagengast
Address: 200 Clarendon Street, 19th Floor, Boston, MA 02116
Phone Number: (617) 239-8070
Website Link: https://www.baystatefinancial.com/
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SOURCE: Baystate Financial
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