Tag Archives: Vaughan Scott

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Money Matters | Episode 5: College Prep 101

 

Are you (parents) prepared to send your child away to college?  Not so much mentally, but are you fully prepared legally and have you prepared your child financially?
Money Matters: The Podcast is sponsored by Axiom Financial Strategies Group of Wells Fargo Advisors.  This monthly podcast is in addition to a monthly article titled, “Money Matters,” that is posted online at www.ExtolMag.com and www.axiomfsg.com.
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At Axiom Financial Strategies Group of Wells Fargo Advisors we sincerely appreciate our clients making opportunities like this possible. Without their support of our business, we would not be able to support programs like this.
Axiom Financial Strategies Group
of Wells Fargo Advisors
101 W Spring Street, Fifth Floor
New Albany, IN  47150
P 812.542.6475 | F 812.948.8732 | www.axiomfsg.com
At Axiom Financial Strategies Group of Wells Fargo Advisors, our team caters to a select group of family-owned businesses, entrepreneurs, individuals, institutions, and foundations, helping them build, manage, preserve, and transition wealth. We accomplish this while providing top-notch service through a team approach that puts our clients’ needs, goals, and interests first. To learn more visit our website at www.axiomfsg.com. Wells Fargo Advisors. Member SIPC.
The information provided is general in nature and may not apply to your personal investment situation. Individuals should consult with their chosen financial professional before making any decisions.
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company.
CAR # for the podcast is 0417-02947
CAR # for the video is 0617-03279
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Money Matters: The Podcast | Episode 3: Invest Early and Compounding

A Money Matter’s duo,  Eric Ballenger, Senior Vice President – Investments and Michael Grau, CFP®, RICP®, Vice President – Investment, start with the basics, Investing 101.  Its the moment when you realize that you must invest early, but why?  They explain how compounding works and how easy it is to set it and forget it.

Invest in Your Future Today Brochure
Money Matters: The Podcast is sponsored by Axiom Financial Strategies Group of Wells Fargo Advisors.  This monthly podcast is in addition to a monthly article titled, “Money Matters,” that is posted online at www.ExtolMag.com and www.axiomfsg.com.

**************************************************************************************************************************

At Axiom Financial Strategies Group of Wells Fargo Advisors we sincerely appreciate our clients making opportunities like this possible. Without their support of our business, we would not be able to support programs like this.

Axiom Financial Strategies Group
of Wells Fargo Advisors
101 W Spring Street, Fifth Floor
New Albany, IN  47150

P 812.542.6475 | F 812.948.8732 | www.axiomfsg.com

At Axiom Financial Strategies Group of Wells Fargo Advisors, our team caters to a select group of family-owned businesses, entrepreneurs, individuals, institutions, and foundations, helping them build, manage, preserve, and transition wealth. We accomplish this while providing top-notch service through a team approach that puts our clients’ needs, goals, and interests first. To learn more visit our website at www.axiomfsg.com. Wells Fargo Advisors. Member SIPC.

The information provided is general in nature and may not apply to your personal investment situation. Individuals should consult with their chosen financial professional before making any decisions.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. CAR 1216-02739

disclaimer

Podcast Photo:

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Money Matters: the Podcast | Episode 2: The Year End

A Money Matter’s Trio, Vaughan Scott, MBA, CPWA® Managing Director, Eric Ballenger, Senior Vice President – Investments and Michael Grau, CFP®, RICP®, Vice President – Investment, comes to the table and discusses the end of 2016, what the new President may or may not cause, along with a local look-in.
Money Matters: The Podcast is sponsored by Axiom Financial Strategies Group of Wells Fargo Advisors.  This quarterly podcast is in addition to a monthly article titled, “Money Matters,” that is posted online at www.ExtolMag.com and www.axiomfsg.com.

**************************************************************************************************************************

At Axiom Financial Strategies Group of Wells Fargo Advisors we sincerely appreciate our clients making opportunities like this possible. Without their support of our business, we would not be able to support programs like this.

Michelle Floyd, CFP®  | Financial Consultant

Axiom Financial Strategies Group
of Wells Fargo Advisors
101 W Spring Street, Fifth Floor
New Albany, IN  47150

P 812.542.6475 | F 812.948.8732 | Michelle.Floyd@wellsfargoadvisors.comwww.axiomfsg.com

At Axiom Financial Strategies Group of Wells Fargo Advisors, our team caters to a select group of family-owned businesses, entrepreneurs, individuals, institutions, and foundations, helping them build, manage, preserve, and transition wealth. We accomplish this while providing top-notch service through a team approach that puts our clients’ needs, goals, and interests first. To learn more visit our website at www.axiomfsg.com. Wells Fargo Advisors. Member SIPC.

The information provided is general in nature and may not apply to your personal investment situation. Individuals should consult with their chosen financial professional before making any decisions.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company. CAR 1216-02739

disclaimer

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Money Matters: The Podcast | Episode 1: Eyes on the Horizon

In this inaugural episode of Money Matters: The Podcast, Vaughan Scott, MBA, CPWA® Managing Director – Investment Officer Axiom Financial Strategies Group of Wells Fargo Advisors, discusses Wells Fargo’s 2016 midyear outlook report “Eyes on the Horizon” with Extol’s Jason Applegate. Additionally, Vaughan also shares insight into Brexit and whether or not the next president of the United States will affect the economy.

Money Matters: The Podcast is sponsored by Axiom Financial Strategies Group of Wells Fargo Advisors.  This quarterly podcast is in addition to a monthly article titled, “Money Matters,” that is posted online at www.ExtolMag.com and www.axiomfsg.com.

**************************************************************************************************************************

At Axiom Financial Strategies Group of Wells Fargo Advisors we sincerely appreciate our clients making opportunities like this possible. Without their support of our business, we would not be able to support programs like this.

Michelle Floyd, CFP®  | Financial Consultant

Axiom Financial Strategies Group
of Wells Fargo Advisors
101 W Spring Street, Fifth Floor
New Albany, IN  47150

P 812.542.6475 | F 812.948.8732 | Michelle.Floyd@wellsfargoadvisors.comwww.axiomfsg.com

At Axiom Financial Strategies Group of Wells Fargo Advisors, our team caters to a select group of family-owned businesses, entrepreneurs, individuals, institutions, and foundations, helping them build, manage, preserve, and transition wealth. We accomplish this while providing top-notch service through a team approach that puts our clients’ needs, goals, and interests first. To learn more visit our website at www.axiomfsg.com. Wells Fargo Advisors. Member SIPC.

The information provided is general in nature and may not apply to your personal investment situation. Individuals should consult with their chosen financial professional before making any decisions.

disclaimer

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Money Matters by Vaughan Scott | Patents and Trademarks and Secrets, Oh My!

Intellectual capital is one form of capital that must be evaluated, developed, and protected by businesses.

As advisors to entrepreneurs and family businesses, my team and I include intellectual capital in our “next chapter planning.”  Intellectual capital is property that results from original creative thought, such as patents, copyright material and trademarks. But this type of capital may also include a company’s values, mission statement and history.

While many businesses develop intellectual property, not all create a plan to protect it.  My team and I work to raise awareness of protecting intellectual capital, and collaborate with intellectual property attorneys to protect our clients.  One of those is Robert H. Eichenberger, chairman of the Intellectual Property Group and a registered patent attorney for Middleton Reutlinger.

“Intellectual property,” Eichenberger said, “is the body of law dealing with the government’s granting to a person the ability to exclude others from doing certain things based on that person’s creativity. Intellectual property includes copyright, patent, trademark, and trade secrets.”

Copyright

When a person’s creativity results in authorship, books, music, or sculpture, that’s copyrighted material, and the U.S. government grants certain privileges for a period of time. Copyrights don’t require registration, as patents do.

Copyright is established the moment that the creator’s work is fixed in a tangible medium of expression.

This is an area where we encourage family business leaders to make sure they have recorded family memoirs, stories passed down from generation to generation, and maintain them in an organized and useful way.

In terms of practical applications for businesses, anytime a business creates unique content in writing, audio, or video, it’s a good practice to seek copyrights.  This is often one of the least expensive forms of intellectual property to protect.  In addition, whether it’s in a book or on video, capture those stories and values too.  Memories fade, stories change, so record that history.

Patents

Patents issued by the U.S. Patent and Trademark Office allow the patent holder to exclude others from making, using or selling the invention throughout the United States, as well as the right to prevent others from importing the invention into the U.S., until 20 years from the filing date.

In America, inventors get a one-year grace period to register a patent after they make a public disclosure.

International patents are a different matter: The majority of the world adheres to an “absolute novelty” standard, meaning there’s no grace period: If you’ve made your invention public before registering in much of the world, you’re not eligible to hold that patent. International entrepreneurs should have an internal system in place to avoid making a public disclosure before filing a patent application.

Part of the challenge is deciding if patenting is worth the cost.  It’s a delicate balance, often times businesses patent products that they know a market exists for or they design something at a customer’s request that they know other customers will also want.  Depending on the size of the opportunities, a patent may or may not make sense.  But, if you look at it as an investment and calculate your potential return on it, it will help in the decision making process.  Where I see some businesses make a mistake is that they have a unique product or design, but the market opportunity or the cost of bringing the product to market may be prohibitive.

There is no question there are huge opportunities in leveraging intellectual property.  At the end of the day unless the market opportunity is certain, patents can be a very expensive lottery ticket.

“Some ballpark numbers on a single U.S. patent of medium complexity include the process taking about three years, and about $15,000 to $20,000,” Eichenberger said. “Worldwide patents can easily approach six figures, so you definitely want to weigh how it fits into your business plan.”

Trademarks

A trademark is basic identification of a good or a service with the source of that good or service. Consumers will be able to readily identify that trademark, and have an understanding of a certain quality of those goods.

Unlike patents, trademark begins the day you use that mark in commerce. Owners may file a trademark application on something the company has been using for years.

But be vigilant, businesses should be certain to trademark their names, if possible, and may trademark logos, product names, even a custom font, meaning not just the words, but the actual design. If these are updated, a company needs to refile for the trademark registration.

Unfortunately, I have seen situations where a company’s name was supposedly trademarked decades ago, only to learn that the process was not followed through to completion and it became a difficult, if not impossible task, to get the rights that were thought to have already been owned.

Trade secrets

The fourth type of intellectual property is trade secrets: Any information that derives its value from the mere fact of it being kept a secret. As with the colonel’s herbs and spices and Coca-Cola’s recipe, companies that can keep that information secret derive that benefit. There’s no filing, but often incredibly heightened security procedures and access restrictions need to be in place.

One type of trade secret that’s overlooked often is the processes and procedures within an organization. Many times, those are in the memory banks of employees, and no one has taken the time to specifically document what they are and how they’re completed.  For companies that are large enough to have human resources professionals on staff, this is something that can be easily remedied.

For smaller businesses, human resources outsourcing firms like Integrity HR can be great resources and often will do work on a project basis.  And, for those businesses with no budget whatsoever, thanks to the age of the Smart Phone, businesses can capture their most talented team members performing key procedures properly with their phones and/or tablet devices.

 

Intellectual capital from a macro perspective

If we take it from a view of 30,000 feet, one of the issues people fail to address with intellectual property is planning and follow through once intellectual property rights are secured. Make sure someone in the organization understands, and keeps deadlines from falling through the cracks.  There is much to follow through on and usually the law firms are usually very good about keeping up on things, but like any other critical procedure, better to trust AND verify.

Obviously, businesses need to back up files and software on a redundant system, whether cloud-based or hardware, since intellectual property could be lost in a system failure. Backing up information is generally simple and inexpensive but is sometimes overlooked.

Another crucial detail: A company’s domain name.

Companies should ensure domain fees are paid even a decade in advance, especially when your email runs through it. If you lose your domain name, you lose your website, your email and possibly company history.

Is your company properly documenting and protecting intellectual capital?

This article was written and provided by Vaughan Scott, MBA, CPWA®, Managing Director – Investment Officer with Axiom Financial Strategies Group of Wells Fargo Advisors in New Albany, IN.  He can be reached via email at vaughan.scott@wfadvisors.com or phone at (812) 948-8475.  Visit our website www.AxiomFSG.com.

Wells Fargo Advisors, LLC, Member SIPC, is a registered broker-dealer and a separate non-bank affiliate of Wells Fargo & Company.  CAR 0816-02858.

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