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The Elevator Pitch
ASK THE

artsperts www.harmonmeek.com

by Kristine Meek and Juliana Meek 599 NINTH STREET, NORTH, SUITE 309 | NAPLES, FL 34102 | 239.261.2637
Dear Artsperts,

What is your most interesting sales story?
Signed,
Pitch Insights from Tom Moran AIF®

Dear Pitch,
When taking on a longstanding business and working with our father, Chairman | CEO | CIO Moran Wealth Management®
William Meek, who has been a part of it since 1972, there are very few
sales scenarios he hasn’t encountered. Last year Juliana surprised him
with a new one, a literal elevator pitch sale.
Every year since 1964, our gallery has taken annual road trips to visit
ith the rising cost of education, securing a child's Rollover to Roth IRA: A New Advantage
artists in New York City. It is a chance to talk in person and pick up works
academic future has never been more crucial for A significant update in the 529 Plan landscape is the ability to
to bring back to Naples for the season. In 1964, that was with a station
Wparents and grandparents. One of the most powerful roll over funds to a Roth IRA. Traditionally, the 529 Plan was a
wagon. Today, we have a large van.
tools at their disposal is the 529 Plan—a tax-advantaged savings commitment to educational savings since distributions could only
Last year, we visited Jessica Daryl Winer in New York City, as we do
vehicle tailored for educational purposes. With the upcoming be used for educational purposes. The SECURE 2.0 legislation,
every year. William was double parked and waiting with the van on the
th
street while Juliana met Jessica in her 11 floor apartment. Jessica had a modifications to the Free Application for Federal Student Aid however, is a game-changer. From 2024, surplus funds in 529
beautiful, large work of Central Park ready for us to take if we liked. Of (FAFSA) and the new provision allowing unused 529 Plan savings Plans can be transferred to Roth IRAs, giving greater flexibility
course, we loved it and were happy to take it for the season. Juliana and to be transferred to a Roth IRA, the 529 Plans are becoming an to families, and eliminating concerns of over-contributing. It's
Jessica wrapped it in plastic and took the work out to the hallway to take even more attractive option for long-term planning. important to note that rollovers are subject to Roth IRA annual
it down the elevator. There we met one of Jessica’s neighbors who was FAFSA's New Take on Grandparent-529 Plans contribution limits. With a lifetime cap of $35,000 on transfers to
waiting for a family member to come up the elevator. Historically, there was apprehension surrounding grandparent a Roth IRA, strategic contributions to the 529 Plan can optimize
She asked about the work, never knowing Jessica was an artist until contributions through 529 Plans, fearing they would negatively this benefit. Additionally, the 529 account must be more than 15
that moment. Juliana told the neighbor about Jessica and how her work affect a student's eligibility for financial aid. The upcoming FAFSA years old. This is to ensure that these Plans, primarily created for
is well received in Naples. Jessica depicts scenes of New York in vibrant revision addresses this, removing questions related to grandparent educational purposes, are indeed used for such before considering
color and energy but in an almost airy manner. The neighbor loved the financial contributions. Consequently, grandparents can fund their them for retirement savings.
painting. Its beauty was evident even through the layer of protective grandchild's 529 Plan without risking their aid eligibility. These Conclusion
plastic. The neighbor was also impressed by Jessica’s reputation, with works changes not only make it more appealing for grandparents to start The world of 529 Plans is evolving, offering more flexibility
in museums in New York and Florida, as well as public installations in Jessica Daryl Winer in her studio in New York City a 529 Plan but also offer assurance that accumulated savings will and options for a family to secure their child's future. At Moran
Manhattan. All this was conveyed in just the time it took for the elevator not jeopardize the student's future financial aid opportunities. Wealth Management®, we're here to guide you through these
to arrive.
Before these changes, distributions from grandparent-owned changes and ensure your financial strategies are optimized for your
When the elevator came, the neighbor held the door longer saying the
529 Plans were treated as untaxed student income on the FAFSA, family's unique needs. If you are considering a 529 Plan or looking
work shouldn’t go to Naples. Juliana quickly gave her a business card and
thereby reducing aid eligibility. With the new FAFSA, students' to make the most of the new Roth IRA rollover opportunities, now
told her that the work could always come back up to New York, should
income and tax details will be directly sourced from federal tax is the time to act. Call us today at (239) 920-4440 to schedule a
she want it.
returns, eliminating manual reporting of cash support from consultation to review your 529 Plan.
While loading the work into the van, Juliana’s cell phone rang. It was
grandparents. This change ensures more accurate reporting and Let us help you remain on track towards your financial goals.
the neighbor. She couldn’t let the work go to Naples where it would be
better financial aid prospects.
sold to someone else. She asked that it be brought back up to show her
That said, grandparents must remain cognizant of the CSS
husband. Juliana and Jessica did just that. The neighbor’s husband was
Profile—an alternate financial aid form employed by around Moran Wealth Management®, LLC is a Registered Investment Adviser. For additional
equally impressed with both Jessica and the work. As it turned out it was information about Moran Wealth Management®, LLC, including its services and fees, request
also the neighbor’s birthday and 9/11. She said her birthday has always 200 private colleges. It's yet to be seen how the FAFSA updates the firm’s disclosure brochure using the contact information above or visit adviserinfo.sec.gov.
been a sad day since 2001. She said purchasing this work will create a new will influence the CSS Profile and associated aid at different Moran Wealth Management® is a separate entity and not affiliated with any other entity or
happy memory for her birthday on 9/11. institutions. Staying informed is paramount. practice that uses the same name.
This was a sale that happened while waiting on an elevator, but one that
was so deeply meaningful, it will stay in our minds and hearts indefinitely. www.Thomas.Moran@MoranWM.com
Tom Moran Phone: 239.920.4440 www.MoranWM.com
Sincerely,
The Artsperts A quick selfie of Juliana and Jessica with the work of Central AIF® Chairman, CEO, CIO Moran Wealth Management® Fax: 239.431.5239 5801 Pelican Bay Blvd, Suite 110,
Park which was sold moments later to Jessica’s neighbor. Naples, FL 34108
Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN). Moran Wealth Management is a separate entity from WFAFN. 1221-04126
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