Wellspring 2024 Impact Report

At our core, Wellspring serves to improve the lives of others. Our mission is, and always has been, to work hard everyday to make a difference. We accomplish this through our dedication to providing professional guidance to our clients, giving back to the community through donation of time, talent, and treasure, and creating a collaborative and inclusive environment for employees to thrive.

This report focuses on two of Wellspring’s core values: give back and cultivate inclusivity, outlining our commitment to serving the community on a firm and individual level and creating a workplace where differences are embraced.

We welcome you to review our 2024 accomplishments and goals as we continue to grow and evolve as a firm centered on serving others.

2024 Impact Report

Robert Jackson Joins Wellspring as Senior Tax Advisor

Wellspring Financial Advisors is excited to announce the addition of Robert Jackson to the team as Senior Tax Advisor. With an extensive background in tax consulting and a deep understanding of tax laws, Robert’s expertise will play a key role in driving innovative solutions for the firm’s high-net-worth client families.

Robert joins Wellspring after having held various high-impact roles in the tax advisory field.  Most recently, he served as a Senior Manager in Tax at both Eide Bailly and Apple Growth Partners, where he successfully managed tax strategies for a diverse portfolio of clients, providing strategic insights to ensure tax efficiency and compliance. His wealth of experience over the past 25 years spans across many aspects of income tax and tax planning.

As Senior Tax Advisor, Robert will work closely with clients to deliver customized tax strategies, focusing on maximizing savings, minimizing risk, and ensuring full compliance with ever-evolving tax regulations.

Robert holds a Master of Taxation degree from the University of Denver and a Bachelor of Business Administration degree in Accounting from Kent State University. He is also a Certified Public Accountant (CPA).

Robert joined the firm effective February 6, 2025.

Wellspring Appoints Chief Experience Officer

Wellspring Financial Advisors Appoints Chief Experience Officer
Johnny Sirpilla to provide strategic guidance to further enhance the client and employee experience for the firm

Jan. 8, 2025 – Wellspring Financial Advisors (“Wellspring”), an independent, fee-only multi-family office offering comprehensive wealth management services to ultra-high-net-worth individuals and families, has appointed Johnny Sirpilla as its Chief Experience Officer. Sirpilla will be responsible for shaping and enhancing the overall experience of the firm’s clients, helping to ensure every touchpoint exceeds expectations while spearheading the firm’s new “Be Well” service line, which provides access to carefully vetted lifestyle partners. Additionally, Sirpilla is tasked with providing business development support through strategic planning and relationship building as well as leading programs to promote employee growth and engagement.

Sirpilla is well-acquainted with Wellspring, as he transitions into this role after serving as a board member for the firm since October 2023. As former President and Chief Business Development Officer for Camping World and Good Sam, he brings a depth of professional experience across disciplines, including strategic planning, operational management, and self-development practices. His experience will support the continued development of Wellspring’s client-first culture, rooted in excellence and collaboration. He will report to Wellspring founder and Chief Executive Officer Michael Novak and will serve on the firm’s leadership team alongside Novak and, President and Chief Operating Officer, Jeff Kadlic.

“At Wellspring, providing an outstanding client experience is at the heart of everything we do,” said Novak. “With Johnny’s continued leadership, we are excited to create even more meaningful, personalized, and seamless experiences for our clients and continue to deliver customized solutions to meet our clients’ unique and evolving needs.”

Novak founded Wellspring in 2007 with the mission to provide holistic wealth management solutions to wealthy families, specifically delivering services and support under one roof. The addition of a Chief Experience Officer underscores Wellspring’s commitment to providing a fully comprehensive offering as the firm seeks to innovate, grow, and build stronger connections with its clients.

“I had the pleasure of working with Wellspring in my previous role, and I am excited at the opportunity to further ingrain myself with their passionate and innovative team,” said Sirpilla. “Wellspring leadership has made strategic decisions to invest in continually improving the service and experience for their clients and I am thrilled to lead this effort.”

Sirpilla assumed the new role effective Jan. 2, 2025. He holds a Masters in Organizational Behavioral Management from the University of Phoenix and a Bachelor of Science in Accounting from Miami University (Ohio). He also earned certifications in Executive Presence and Influence & Persuasive Leadership Development as well as Neuroscience of the Brain in Business from the University of Pennsylvania Wharton School.

Wellspring Selected as E!C Generation Next Award Recipient

We are thrilled to announce Wellspring Financial Advisors has been selected as an Engage! Cleveland Generation NEXT Award Recipient in the ‘Company of the Year’ category.

Engage! Cleveland’s Generation NEXT Awards honors the companies, organizations, and individuals working diligently to attract, engage and retain up-and-coming talent to Cleveland. Winning companies and individuals are recognized for their efforts in helping transform the region into a premier community and making Cleveland a great place to live and work.

Wellspring has been involved as an employer member with Engage! Cleveland since 2022. On an individual level, Mac McLaughlin serves on the Board, Andy Siciliano serves as a member of the Leadership Council, and Laura Capuozzo is a former mentor of the mentorship program for E!C.

Wellspring is honored to earn this award as it showcases our commitment to providing opportunities for our employees to grow and thrive.

For the full announcement, click here: https://engagecleveland.org/generationnext/

The Connelly Decision: Why Closely Held Business Owners Should Review Their Buy-Sell Policies

  • The Connelly v. United States decision changes how company-owned life insurance affects the estate tax valuation of a deceased owner’s shares (or other interests) in that entity.
  • Until Connelly, most believed company-owned life insurance did not increase the estate tax value of the shares (or other interests) in the company, so long as the company was subject to a buy-sell agreement requiring it to use the insurance proceeds to redeem (buy back) the deceased owner’s shares.
  • Business owners should review their buy-sell agreements with their professional advisors, both to avoid unexpected estate tax surprises due to Connelly, as well as potential issues regarding step-up in income tax basis, which might result in capital losses for the estate.
The Connelly Decision

Family Engagement: Moving From Fear-Based to Wish-Based Conversations

Person writing in notebook with pen

Since the establishment of our firm, our founding philosophy has been to focus on both the head and the heart. What does this mean? For us at Wellspring, it means that we strive to focus not only on the numbers (the head) involved in managing wealth, but also to focus on the emotional issues (the heart) that surround wealth management with our families. In other words, “preparing the family for the money is just as hard as preparing the money for the family”.

Family Engagement: Moving From Fear-Based to Wish-Based Conversations

The Driving Change Podcast with Guest Michael Novak

On this episode of the Driving Change Podcast, Michael Novak shares his expertise in understanding the communication required to pass on family values and wealth through generations. He emphasizes the importance of transparency and communication within families, regardless of their wealth. Novak discusses different generations’ challenges and the need to address them to ensure successful wealth transfer. He also introduces two exercises that can help families improve communication and identify shared values: a communication exercise that helps family members understand their communication styles and a values exercise that encourages families to discuss and prioritize their core values. He discusses emotional intelligence and the soft skills required to navigate the complexities of family dynamics and values, and emphasizes the significance of communication, vulnerability, and intentional conversations within families. The conversation also touches on the balance between success and significance. The conversation ends with Michael highlighting the role of philanthropy in creating a meaningful legacy.

Takeaways

  • Transparency and communication are crucial in passing on family values and wealth through generations.
  • The challenges faced by different generations must be addressed to ensure successful wealth transfer.
  • Two exercises can help families improve communication and identify shared values: a communication exercise that helps family members understand their communication styles and a values exercise that encourages families to discuss and prioritize their core values. Legacy planning involves more than just financial considerations; it requires emotional intelligence and the ability to navigate family dynamics.
  • Communication and intentional conversations are crucial for families to define their values and create a meaningful legacy.
  • Success should be defined on a personal level, beyond financial achievements, and significance is the outcome of living according to those values.
  • Philanthropy plays a significant role in creating a lasting legacy and giving back to the community.
  • Organizations like Bluecoats provide support to families of first responders who have lost their lives in the line of duty.
Philanthropy: Creating a Lasting Legacy