Beck BodeWhat's Your passion?
As we step into February and shake off the chill of January, we thought we’d warm things up by dedicating this issue to passion! Not just the romantic kind, but the things that truly excite and inspire you in life.
This month, we asked the Beck Bode team to share what they’re passionate about. The responses were so inspiring that we’ve decided to feature one passion each month going forward. We’re thrilled to share the first one with you in this issue.
Passion is at the heart of our work. When you begin your financial planning journey with us, we talk about what drives you—your passions. And as life unfolds, new passions emerge, or old ones may need rediscovering. It’s always a good idea to check in with yourself (and us!) to revisit what motivates you. If we haven’t spoken lately about what inspires you, we’d love to hear from you—reach out for a “passion check-in!”
We hope you enjoy this issue and wish you a very happy Valentine’s Day!
Your Beck Bode Team
In this issue
- My Passion, featuring Andy Martone
- Meg’s Financial Planning Corner: Is it really tax time, again?
- Wodapalooza : Testing our fitness in Miami
- Meet the latest addition to our team!
- The Kitchen: Super Easy Baked French Toast
- Featured Blog: Ask For What You Want: A College Decision and Financial Planning Story
- Featured Blog: Pander, We Will Not: Our Financial Advisor Fiduciary Duty
my passion, featuring andy martone
By Andy Martone
Sr. Client Advisor
My passion for most of my life has been the sport of hockey. The passion has evolved from just wanting to play the game and get to a high level of competition, to coaching the game, so that I could pass on the hockey knowledge and life lessons that I learned by playing this team sport.
When my playing career ended and my business career developed, I had a strong desire to give back to the sport that gave me so much. I began coaching youth hockey, starting with my sons' teams and progressing up to junior hockey, where players were looking to get to the college level.
Over the years, our family has also housed out-of-state high school-age players, who come for the school year and are trying to reach the college level of play. There are numerous players who I have coached that have not only played hockey, but they’ve also gone on to start careers in this industry (and others.)
This is me at my first hockey camp, The Billy Harris Dave Keon Hockey Camp! |
More recently! After a Salem State Alumni game with my sons, Paul (left) and Jack (right) |
Meg’s Financial Planning Corner: Is it really tax time, again?
Director of Financial Planning - Dedham, MA
Hi Everyone,
It’s that fun time of year we all love so much – tax filing!
A few key things to keep in mind:
- Most tax documents must be provided by January 31st, BUT
- Consolidated 1099s for brokerage accounts are not due until February 15th
- Review your 2023 tax return for what you reported last year to be sure you receive forms from each of these same issuers UNLESS you know the account was closed in 2023.
- For new clients who joined us in 2024, remember you will receive statements from the prior custodian as well as from the new custodian with whom we work. (LPL, Altruist, or Schwab)
- Did you change jobs in 2024? If so, remember you will have two employer W-2s.
- Open your documents when you get them and make sure they are reporting accurate information (see the real-life stories below!)
- Make an appointment with your accountant now – even if the appointment is not until late February, March or April. (They will appreciate it, and so will you!)
Real life examples for why you should open your tax documents upon receipt:
- Before I made this career change, I worked in high tech for a company that granted stock options. A friend at this company had exercised some of her options. She didn’t look at her W-2 until early April when she went to file her taxes. She discovered the option transactions were not being reported correctly. She was upset that the department who needed to make the correction was not going to be able to update payroll for a corrected W-2 before the filing deadline. (Apparently, I knew even back then I had a knack for taxes since I knew one reason for the January 31st deadline is so that any errors could be corrected.)
- Ironically, the opposite happened to me. I checked my W-2 in January, and my options transactions were reported appropriately. I then was away for an extended period and upon my return discovered a corrected W-2 had been issued that was wrong! I believe I had to file for an extension since the window was too tight for the department to update payroll by April 15th.
- Here’s a scenario that’s worse. I was doing tax prep work and within days of the April 15th deadline, someone came in with all his paperwork, and I saw that none of the envelopes had even been opened. I entered everything and then informed him of a large balance due. He was shocked. When I went through his return line by line, he stopped me when I explained that an IRA distribution was likely the cause. Wait, he said, I didn’t take an IRA distribution!
Upon closer review, we both saw that…
- It was not a small amount,
- taxes had not been withheld, and
- he was too young to withdraw, so was subject to the 10% early distribution penalty.
I directed him back to the bank that had issued the 1099-R since he claimed he had not taken this distribution. He returned a few days later and let me know that the bank had researched this, and confirmed he was right – it was really for a different person with the same name! Unfortunately for my client, the address and social security number were his – though this was the bank’s problem it caused this man a lot of stress. Fortunately, the bank was able to correct the 1099-R for him, to reflect he had not taken any distribution, and eventually, it was all sorted out.
Had he reviewed the information when he’d received it, it would have been far less stressful for him. And I always wondered what happened to the person who had taken the distribution. They, too, should have remembered this transaction and should have contacted the bank to ask for their 1099-R.
As always, if you have any questions or concerns, don’t hesitate to reach out!
Wodapalooza : Testing our fitness in Miami
In late January, Ben, Vinny, Erik and Josh ventured to Florida to attend Wodapalooza . (If you know, you know.) For the rest of us, Wodapalooza is the largest fitness festival in the world! Wodapalooza descends on Miami Beach for 4-days every January and brings together thousands of athletes, spectators, and fitness fanatics to celebrate fitness, community, and life.
How tough it must have been for these guys to go to the beach while the rest of us were sitting in the cold! By all accounts, they had a fantastic time, got in some excellent workouts, and met other fitness enthusiasts who share our passion for finance. Though they did report that their visit coincided with a rare cold snap that saw days hitting 50 degrees on the thermometer. They didn’t mind… they brought their own sunshine!
Meet the latest addition to our team!
Laura Soares
Executive Assistant to Jim Bode
This month, we are thrilled to introduce Laura Soares, who joined our team in January. Laura comes to us from the medical world, after a stint raising her young children.
We spoke with Laura recently about her background and her path to Beck Bode. In her own words…
“My path to Beck Bode has been anything but traditional, blending years of professional experience with my life as a mom to three busy kids.
Before taking time off to focus on raising my family, I spent seven amazing years at Boston Children’s Hospital managing their Simulator Program. It was a role that combined my love for organization and my background in science to make a real difference in patient care. Using lifelike robotic mannequins, we trained clinicians on everything from individual procedures to team communication during high-stress situations. It was incredible to see how this work improved patient safety outcomes, not just locally but internationally. I even traveled to places like London, Barcelona, and Italy to help other hospitals create their own simulator programs.
When my first child was born, I made the decision to step away from my career to focus on my family. Fast forward eight years (and a total of three kids!), I’m thrilled to be reentering the professional world in a role that feels like the perfect fit.
At Beck Bode, I’ve found a culture that aligns perfectly with my priorities: family-first values, a welcoming environment, and meaningful work. My job focuses on keeping Jim Bode organized and effective, managing schedules, streamlining tasks, and ensuring he can focus on what matters most. Providing support to Jim while he also takes a leadership role in Breakthrough T1D, adds even more purpose to what I do every day”.
Please join us in welcoming Laura to the Beck Bode team!
The Kitchen - Super Easy Baked French Toast
Who says you need to be a pro chef to impress? If you’re planning on making breakfast for someone special in February, here’s a delicious French Toast recipe you can prep the night before and then pop into the oven in the morning, while you sip your coffee with your loved one.
Ingredients
- 1 (1 pound) loaf Brioche bread, cut in 1-inch slices (you can also use French bread, cut diagonally)
- 8 large eggs
- 2 cups milk
- 1 ½ cups half-and-half cream
- 2 teaspoons vanilla extract
- ¼ teaspoon ground cinnamon
- ¾ cup butter
- 1 ⅓ cups brown sugar
- 3 tablespoons light corn syrup
To Serve
- Quality Maple Syrup
- Fresh strawberries, raspberries, blueberries, or any combination you love
- Whipped cream (optional)
INSTRUCTIONS
- Butter a 9x13-inch baking dish; arrange slices of bread on the bottom.
- Beat eggs, milk, cream, vanilla, and cinnamon together in a large bowl. Pour over bread slices, cover, and refrigerate overnight.
- The next morning, preheat the oven to 350 degrees. Meanwhile, combine butter, brown sugar, and corn syrup together in a small saucepan; heat until bubbling.
- Pour over bread and egg mixture.
- Bake in preheated oven, uncovered, for 40 minutes.
- Serve with mixed berries, syrup, and whipped cream.
This recipe makes 12 servings. Halve it if you need to or refrigerate enjoy the leftovers!
Featured Blog: Ask For What You Want: A College Decision and Financial Planning Story
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By Jim Bode Managing Partner |
The college planning and application process can feel like navigating a maze for both parents and students. As a financial planner and parent, guiding our son Luke through his journey to college was both an emotional and educational experience for Crista and me.
In this post, I’ll continue sharing our story, the challenges we faced, and the college financial planning lessons we learned as we prepared for decision day and the first day of college.
Featured Blog: Pander, We Will Not: Our Financial Advisor Fiduciary Duty
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Managing Partner / Chief Investment Officer |
Recently, Morgan Stanley was fined $15 million by the Securities and Exchange Commission (SEC) for compliance failures that allowed four of its financial advisors to misappropriate millions of dollars from client accounts over a seven-year period.
These advisors orchestrated unauthorized Automated Clearing House (ACH) payments and wire transfers, diverting client funds to cover personal expenses, including credit card bills and transfers to private accounts. Despite implementing fraud detection systems in 2015, Morgan Stanley failed to adequately test and validate them, leaving the fraudulent activities unchecked for years. This case highlights a glaring lapse in oversight and underscores the critical importance of client asset protection through robust compliance measures.
Yet the real takeaway from this story extends beyond Morgan Stanley’s missteps into the overarching realm of financial advisor fiduciary duty.
That wraps up our February issue of The Long View. Until the next time, take a look at more of the latest articles on our blog.
Thanks for reading, and for following us. If any part of this month’s topics suggests a question or concern you may have, or if you need anything else, please call or write — we look forward to speaking with you!
From all of us at Beck Bode.