David Baker - Phoenix Private Wealth

David Baker - Phoenix Private Wealth Currently a CERTIFIED FINANCIAL PLANNER™ professional and Senior Partner of Phoenix Private Wealth, I Equal Opportunity Employer M/F/D/V.

Phoenix Private Wealth is not owned or operated by Equitable Advisors or Equitable Network

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The most beautiful thing trees do is let go. 🍂October is nature’s annual masterclass in the art of release.We often clin...
10/09/2026

The most beautiful thing trees do is let go. 🍂

October is nature’s annual masterclass in the art of release.

We often cling tightly to things—habits, worries, clutter, or old plans—thinking that holding on makes us strong. But if you look around right now, the trees are showing us that "letting go" isn't an act of quitting; it’s an act of survival.

They drop what they no longer need so they can rest, survive the winter, and grow again in the spring.

If there is something heavy you’ve been carrying this year, maybe this is the season to finally let it drop. Make room for what comes next.

10/09/2026

Your compensation package may be golden, but is it quietly limiting your financial flexibility? 🔐💰

Today's episode of Overtime Earnings is now available and we discuss the topic of "Golden Handcuffs"

🎙️Listen below:

Spotify 🔗- https://open.spotify.com/show/4Bu8IcKnBqRz1x6wpYjRwb?si=1y8Nt3HJTiWEbJ056kh3Pw

“Golden handcuffs” come in many different forms. Tune in to hear about the benefits, drawbacks and other thoughts that come into play with this topic.

A thoughtful strategy may involve many levels as well! The appropriate approach depends on your complete financial picture.

A valuable compensation package deserves an equally thoughtful strategy and we're happy to be a part of the discussion! Have questions about your executive compensation? Contact Greg Foster, Director of Marketing and Client Engagement. He will help coordinate a conversation with me or an advisor on the team!

📧 [email protected]
📞 410-309-3675

10/08/2026

A large equity vesting event can change a founder's or executive's tax picture in a single year.

We often see executives and business owners focus on retirement account contributions first. Those contributions are one of several areas worth reviewing before year end.

Here is what we walk through with executives and CEOs ahead of Q4:

▪️ How a large vesting event may affect income for the year
▪️ Which year-end deadlines apply to different decisions
▪️ How charitable giving, retirement contributions, and investment placement fit together
▪️ What each decision means for liquidity, legacy goals, and family

We often see people hesitate when a decision is permanent. Giving up access to capital, even for a purpose that matters to them, can feel significant. That reaction is understandable, and it is part of the conversation.

There are pros and cons to any year-end decision. Some choices may reduce taxable income. They may also limit flexibility, reduce liquidity, or carry deduction limits and rules that vary by situation. Deadlines can also create pressure, which is one reason to start the conversation early.

Our role is on the investment side. We work alongside each client's attorney and tax professional, who determine the structure and the tax treatment.

Every decision is made custom to the individual, their portfolio, and current market and world conditions. We help executives and owners work through these decisions daily. Having a trusted person to walk through the details can change the narrative around why it may or may not make sense to act, and that can shape the long-term trajectory of decisions made close to a deadline.

Follow along for more on wealth management and legacy planning for executives, founders, and business owners.

10/08/2026

Many founders expect their company's value to grow. We also tend to see many also keep all of the ownership in their personal name until a liquidity event.

We often see business owners and executives say, "Let's revisit this closer to an exit." It is an understandable position. They built the company, and ownership is closely tied to control.

Here is the timing question we help founders and CEOs work through:

▪️ Value that builds while shares are held personally may become part of the taxable estate
▪️ Planning earlier may allow more future growth to be treated differently than planning later
▪️ The structure, timing, and tax rules are set by the family's estate planning attorney and tax advisors

Our role is on the investment side. After the attorney creates a trust, we help manage how the assets inside it are invested, and we coordinate with the rest of the team.

There are pros and cons to acting earlier. It may place more future growth outside the estate. It may also use part of a lifetime exemption, reduce flexibility, and change how control and liquidity needs are handled. The company's value could also grow less than expected, or decline.

Every decision is made custom to the individual, their portfolio, their company, and current market and world conditions. We help founders and owners work through legacy planning decisions daily. Having a trusted person to walk through the details can change the narrative around why it may or may not make sense to act, and that can shape the long-term trajectory of decisions made under a deadline.

Follow along for more on wealth management and legacy planning for founders, executives, and business owners.

10/08/2026

A retiring executive told us the hardest part of their plan wasn't the numbers.

It was treating two very different children fairly.

A founder and his wife had built an 8-figure net worth, with most of it tied to the company he helped grow. Their oldest child is a surgeon who has always been careful with money. Their youngest is a freelancer who has often found money stressful.

Their estate planning attorney had already drafted the trusts. But the accounts stayed unfunded. Both parents worried that equal lump sums could overwhelm one child, while a different structure could feel like favoritism to the other.

We often see business owners and executives pause here. The love is equal, so any structure that looks unequal feels risky, and the paperwork waits.

Here is how our team worked alongside their attorney and CPA:

1️⃣ Their own retirement first. We often see an executive's wealth concentrated in one company stock. We built a gradual, multi-year plan to reduce that position and secure their retirement income.

2️⃣ Long-term growth for money they did not plan to use. We use growth stocks for this, because a business compounding earnings over time has more room to grow than cash does, even though the short term is nearly impossible to predict. Valuation matters too, so price and buying at attractive prices are part of every decision.

3️⃣ One family conversation. The attorney's trust provisions applied the same way to both children, with steady support over time instead of a single lump sum. Our part was placing the investments inside those trusts and aligning the accounts and beneficiary designations with the attorney's framework.

Every decision has trade-offs. Reducing a concentrated stock lowers reliance on one company. It also means the stock could keep rising without them. Waiting carries its own trade-off, because the stock could also decline. These choices are custom to the individual, their portfolio, and current market conditions.

What mattered most to this family was harmony: a steady foundation for both children that would not become a source of conflict.

Having a trusted person walk through a decision can change the narrative and the reasons behind why it may or may not make sense to act. Over time, that can shape the trajectory of short-term decisions.

We help founders, executives, and business owners with these decisions every day. Follow for more on legacy planning and wealth management.

10/08/2026

Executives 50 and older: the 401(k) catch-up rules changed this year.¹

If your prior-year Social Security (F**A) wages from your employer were above $150,000, your catch-up contributions ($8,000, or $11,250 for ages 60 to 63) now go into a Roth account instead of pre-tax.¹ ²

We often see executives and business owners focus on that change right as Q4 bonus and RSU vesting season begins.

We also see that the plan's total limit is a separate number from the employee deferral limit. For 2026, employee deferrals are capped at $24,500. The total limit, which includes employer contributions and after-tax employee contributions, is $72,000 before catch-ups, $80,000 for ages 50 and over, and $83,250 for ages 60 to 63.²

Whether a plan allows contributions beyond the deferral limit varies by employer, so a good first step is reviewing what your plan document permits. Every decision is custom to the individual, their full financial picture, and current tax law.

Each day, we work with founders, CFOs, and other professionals on how equity compensation, bonus income, and retirement plan elections fit together with the long-term plan.

Follow along for more on wealth management and legacy planning for high-net-worth executives.



¹ Consolidated Appropriations Act, 2023, Pub. L. 117-328, Division T (SECURE 2.0 Act of 2022), Section 603, adding Internal Revenue Code Section 414(v)(7), U.S. Congress, enacted December 29, 2022.
² "2026 Amounts Relating to Retirement Plans and IRAs, as Adjusted for Changes in Cost-of-Living," IRS Notice 2025-67, Internal Revenue Service, November 13, 2025.

10/08/2026

A coffee pushcart in Grants Pass, Oregon grew into a publicly traded company with hundreds of locations. How it franchised is worth a closer look for founders and business owners.

Brothers Dane and Travis Boersma started Dutch Bros in 1992 with a mobile espresso pushcart. As the company grew, it offered franchising opportunities only to existing franchisees and current employees.¹

That approach gave franchise ownership to people who had already worked inside the business. They understood the daily operations and the economics before they signed an agreement.

Here is what we often see founders and CEOs weigh when they consider growth through franchising or similar models:

▪️ Operator experience may shape how prepared each owner is for the business
▪️ A franchisor's royalty income is tied to how well each operator performs
▪️ Culture and standards may be easier to carry forward through people who already know them
▪️ Growth can be funded through reinvestment, outside capital, or a mix of both

There are pros and cons. Franchising can expand a brand's reach with less capital from the founder. It can also reduce direct control over daily operations, and results vary from one operator to the next.

For founders and business owners, there is a personal balance sheet side to this as well. A business that grows, and the royalty or ownership income that comes with it, can make a family's wealth more concentrated in one company. We help founders and executives look at how their personal plan fits alongside the business, including legacy planning, which we coordinate with their estate attorney and CPA.

Every decision is made custom to the individual, their business, and current market and world conditions. We help founders and owners work through these decisions daily. Having a trusted person to walk through the details can change the narrative around why it may or may not make sense to act, and over time that can shape the long-term trajectory of short-term decisions.

Follow along for more on wealth management and legacy planning for founders, executives, and business owners.



¹ Janna Reid, "Dutch Bros. Coffee Company," The Oregon Encyclopedia, Oregon Historical Society. oregonencyclopedia.org/articles/dutch_bros_coffee_company

10/08/2026

A senior executive couple retired from corporate careers and took the first few years to unplug, volunteer, and spend time at their cabin.

Their taxable income dropped sharply. Their tax return looked like that of someone just starting out. As a professional, it is natural to see that as a win, and the husband did.

We often see founders, executives, and business owners reach this point and ask whether they should keep reported income as low as possible for as long as possible.

Here is what we looked at together:

▪️ Their pre-tax retirement accounts made up most of their wealth
▪️ Later in life, required distributions and Social Security could raise their income at the same time
▪️ A surviving spouse may face a different tax picture than a couple does
▪️ The early years offered room that may not be available later

Together with their tax professional, we reviewed whether using some of that room earlier made sense for them. We also built a plan to fund their living expenses from cash reserves so they would not need to sell long-term holdings during volatile periods, which are nearly impossible to predict.

For money they did not plan to use for a long time, we use growth stocks and buying at attractive prices, because the price you pay matters too.

The outcome was a plan that spread their tax picture across more years, instead of concentrating it later.

There are pros and cons. Paying tax earlier means paying it sooner than required. Tax rules can change, markets can decline, and some decisions are difficult to reverse.

Every decision is made custom to the individual, their portfolio, and current market and world conditions. We help executives and business owners work through these decisions daily.

Having a trusted person to walk through the details can change the narrative around why it may or may not make sense to act, and over time that can shape the long-term trajectory of short-term decisions.

Follow along for more on wealth management and legacy planning for executives, founders, and business owners.

10/08/2026

A founder or executive retires with income needs already covered. Their pre-tax retirement accounts are not needed for spending. The goal is legacy.

Many of these families have adult children who are professionals in their peak earning years. We often see parents ask a fair question: what happens to those accounts when the children inherit them?

Under federal law, many non-spouse beneficiaries must withdraw an inherited pre-tax retirement account within ten years.¹ Those withdrawals are generally taxed as ordinary income, and they may land on top of the beneficiary's salary.

Here is what we walk through with executives and business owners:

▪️ Which accounts are likely to be spent and which are likely to be passed on
▪️ How the tax picture may look for children in their highest-earning years
▪️ Whether paying some tax during their lifetime may change the picture for the next generation
▪️ How beneficiary designations align with the estate attorney's documents

The estate attorney creates the trusts. The CPA handles the tax work. Our role is the investment side, including how assets are positioned and how the beneficiary designations line up.

For money a family does not plan to use, we use growth stocks. Long term, a business compounding earnings faster than cash can gives more room to grow, even though the short term is nearly impossible to predict. Buying at attractive prices matters too.

There are pros and cons. Paying tax earlier means paying it sooner than required. Tax laws can change, markets can decline, and some decisions are difficult to reverse.

Every decision is made custom to the individual, their portfolio, and current market and world conditions. We help executives and business owners work through these decisions daily. Having a trusted person to walk through the details can change the narrative around why it may or may not make sense to act, and over time that can shape the long-term trajectory of short-term decisions.

Follow along for more on wealth management and legacy planning for founders, executives, and business owners.



¹ Setting Every Community Up for Retirement Enhancement (SECURE) Act, Pub. L. No. 116-94, Division O, Title I, § 401 (December 20, 2019), amending Internal Revenue Code § 401(a)(9). U.S. Congress; administered by the Internal Revenue Service.

10/08/2026

A well-drafted legacy plan is an important step. For many founders, executives, and business owners, it is also the start of the work, not the end.

We often see families who have worked with an estate planning attorney and have the documents in place. The attorney creates the trusts and legal documents. What can remain open is whether the accounts and designations match what those documents say.

Here is what we walk through when we coordinate with a family's attorney and CPA:

▪️ Whether account titling lines up with the trust and the attorney's instructions
▪️ Whether beneficiary designations match the intended plan
▪️ How family members have discussed the plan, including the harder conversations
▪️ How income and distributions are expected to work over the coming years

Cash is another area we often see. After a period of market ups and downs, many families hold a large cash position. Cash can serve a purpose for near-term needs. Over long periods, it may lose purchasing power to inflation.

For money a family does not plan to use for a long time, or money intended to keep up with inflation, we use growth stocks. Long term, a business compounding earnings faster than cash can gives more room to grow, even though the short term is nearly impossible to predict. Valuation matters too, and buying at attractive prices is part of that approach.

For money needed in the short term, we may use a different approach that has protections involved, depending on the circumstances. The right fit depends on when the money is needed and how much flexibility the family wants.

There are pros and cons to any change. Moving out of cash may add exposure to market declines. Staying in cash may offer stability and less growth. A protected approach may offer more certainty and may also limit upside or carry its own terms and costs. Titling and beneficiary changes may also have legal and tax effects, which is why we work with each family's attorney and tax professional.

Every decision is made custom to the individual, their portfolio, and current market and world conditions. We help families work through these decisions daily. Having a trusted person to walk through the details can change the narrative around why it may or may not make sense to act, and over time that can shape the long-term trajectory of short-term decisions.

Follow along for more on wealth management and legacy planning for founders, executives, and business owners.

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