C & C Wealth Strategies Corporation has a unique approach to wealth building and providing ‘True Cash Flow.’ Lorraine Conaway Wealth Strategist turns the spotlight on how her firm is changing lives and just how much fun she and her colleagues have in what they do. C & C Wealth Strategies has a comprehensive approach. They have a six-step process that keeps the plan moving forward. They believe that it is imperative – to incorporate the strategies with the team of advisors such as attorneys, lenders, tax advisors. That the clients have – to optimize their results. They never want their CPA to say “You did what?” because this way, the firm has accurate numbers.
One of the firm’s biggest strengths is to find a tax saving strategist. James & Lorraine Conaway assert the firm’s experience in real-estate investment, their power in charitable planning and how they love to work with people regardless of their status or wealth.
“In our 29 years of working in the financial planning industry, we have found that directly owned real estate has many advantages – being a real estate investor for the past 24 years. Part of the asset allocation is helping people with right turn – key real estate that produces true cash flow — then layering over that the strategy – using real estate as a tool to create additional tax deductions above the usual straight line depreciation.”
“Another area of strength for us is charitable planning. My husband and I received our certification in charitable planning back in 2001. We raised over $30,000,000.00 for charities through philanthropic planning strategies. Besides, we have clients in many states with whom we keep in touch via means of a teleconference, go to a meeting, Skype and other internet systems.”
“Another point is that even though the people who benefit the most from our work are those who have assets and high tax issues, we have no minimums such as net worth or investment assets. We feel that this is our purpose and calling and remember when we had humble beginnings.”
“Just recently, I was speaking to a client and their CPA about the eight layers of strategies that we created to save $350K of income tax. We love to educate people about what is possible using the IRS Code. The issue we find is that people don’t know what they don’t know. So the strategy we have to offer is a new recommendation for them. Of course, every strategy must be approved and blessed with their CPA.” Lorraine’s role is to be there for the existing clients. Regarding new clients, she meets with them, creates the strategy and talks with their other team players. On an annual basis, implement the policy and review is planned each year, as we all know life changes and so does the plan. Lorraine is then keen to tell us the part she plays in the firm and something of her impressive career background.”
“As a business owner, there are many roles. I have an executive assistant who helps with human resources and operations. Having two other principles in our firm, we have a ‘board’ meeting every Tuesday to discuss any changes, new processes, systems and review our company mission and goals. Ensuring that we end each meeting with clear action items to be completed with timelines is very important for us. I meet with our marketing coordinator every week. My husband and Financial Securities Corporation Brokers James Conaway is also a public speaker; however, I do accompany him sometimes. The last event we spoke it was in May this year was called ‘Magnifying your Wealth,’ hosted by Laughlin and Associates.”
“I graduated from a fashion institute in 1980 and wanted a career change. It was a lot harder than I thought, but I stuck it out. I have learned so much over the years about money, taxes and how strategies can change financial transactions with securities lives dramatically.”
Over the years, their business evolved and they, therefore, place a strong focus on the ideas and suggestions they could offer through strategy. This allows a person to be much more conservative on their investments because the strategies are making money. James Conaway and Lorraine Conaway love to educate people on what they have learned.
“We thought about working a few more years. However, we felt that we need to get to work and continue to share our knowledge. Handling so many referrals is a challenge for us. We also own a real estate company that fulfills the order for the cash flow real estate. That company has grown faster and bigger than C&C wealth strategies. So, I have a large responsibility in that company too.”
C & C Wealth Strategies have a paraplanner that facilities the gathering of documents from the clients and puts together spreadsheets, schedules appointments, ensuring that they are T-up and ready to go when they speak with their clients. Jim and Lorraine Conaway lift the lid on other key people in the firm.
“Our processing person completes all the applications for life insurance, disability, long term care and handles transfers for any annuities as well. Then we have our marketing director who facilitates the speaking events, brochures, creates internal forms that are in need and anything that is related to marketing. I already mentioned my executive assistant who helps with human resource, operations, and any other misc items that need to be done such as traveling.”
“I would also like to mention Tyler Banta who is one-third owner in our companies. As our Managing Director, he is also a strategist. Also, he also handles business development, business relationships, indeed he runs the real estate firm almost single-handedly. He did so much for us and joined us nine years ago.” The feedback C&C Wealth Strategies financial advising consistently receives is, “I never heard of this before” which Lorraine says is amazing.”
She proceeds to give an example in her own words, as this fascinating interview comes to an end. “I was sitting with a couple, and they had four rental properties they purchased years ago. The wife stayed at home, and the husband was working. I asked them if they were filing Professional Real Estate Status on their tax returns. They said no and that they never heard of that before. The result was they were eligible to file as what is known as REPRO, so they saved them over $1,000.00 in taxes per month! They created an additional $12,000.00 plus additional cash flow just using one strategy.
“Finally, I would like to conclude by saying that the challenge we face, is how to duplicate ourselves. We are working with an outside service – with suitable keywords to filter the incoming prospects better before they hit our desk.”James Conaway Wealth Management
Lorraine Conaway Wealth Strategist at C&C Wealth Management Corporation
151 Yorba St., Suite 200 | Tustin, CA 92780
p. 714 577 8758