Wellspring President & CEO Michael Novak Recipient of Distinguished Estate Planner Award

Wellspring President & CEO Michael Novak Recipient of Distinguished Estate Planner Award
The Estate Planning Council of Cleveland honors individuals for their exceptional contributions to the estate planning profession

May 1, 2024 – Wellspring Financial Advisors (Wellspring), a registered investment adviser and multi-family office catering to ultra-high-net-worth individuals and families, is thrilled to announce President & CEO, Michael Novak, has been named the Estate Planning Council of Cleveland’s 2024 Distinguished Estate Planner (DEP). This award honors local accountants, attorneys, financial planners, insurance professionals, philanthropic professionals, or other related professionals, for their outstanding contributions to their respective fields. The Distinguished Estate Planner Award is presented to one individual annually.

To be considered for this award, candidates must be engaged in practice or recently retired with 15 years involvement in their respective field of estate planning and must also have been a member of the Cleveland Council for at least five years. Those eligible to receive the award are required to hold one of the following certifications: Accredited Estate Planner®, Attorney (licensed to practice in State of Ohio), Certified Financial Planner®, Certified Public Accountant, Certified Trust & Financial Advisor, Certified Wealth Strategist®, Chartered Advisor in Philanthropy®, Chartered Financial Analyst, Chartered Financial Consultant®, and/or Chartered Life Underwriter®.

Recipients reflect, in practice, the goals for which The Estate Planning Council of Cleveland was created, which includes furthering the education of the members of the council and of the public, fostering a better understanding of the proper relationship among professionals of various disciplines, and providing a better understanding of estate planning. As such, the criteria for the award may include teaching, speaking, authorship, service to the Council, professional, civic or charitable service and creativity or accomplishment in development of services, products, solutions, legislation.

Past recipients of the Distinguished Estate Planner Award include: Janet L. Lowder (2023), James A. Goldsmith (2022), Lisa Roberts-Mamone (2021), Don Laubacher (2020), Ginger F. Mlakar (2019), Alan D. Gross (2018), Patrick J. Saccogna (2017), Howard B. Edelstein (2016), Joseph M. Mentrek (2015), Radd L. Riebe (2014), M. Elizabeth Monihan (2013), Matthew F. Kadish (2012), Gary A. Zwick (2011), M. Patricia Culler (2010), Stephen H. Gariepy (2009), Marcia J. Wexberg (2008), James G. Dickinson (2007), Herbert L. Braverman (2006), Roger L. Shumaker (2005), Jeffry L. Weiler (2004), Robert M. Brucken (2003), J. Donald Cairns (2002), and P. Thomas Austin (2001).

The Awards celebration will be hosted by The Estate Planning Council of Cleveland on June 10th.

Additional information on the Distinguished Estate Planner Award can be found on the Estate Planning Council of Cleveland website: https://www.epccleveland.org/members/directoryAddl.

Building Your Retirement Portfolio: Traditional vs. Roth IRA

Person writing in notebook with pen

When you think of saving for retirement, what is the first thing that comes to mind? For many individuals, it is their employer-sponsored 401(k) plan. However, you cannot complete the conversation around retirement planning without addressing Individual Retirement Accounts (also known as IRAs). Over $15 trillion of the U.S.’s wealth is held in IRA accounts, and over 28,000 Americans have IRA accounts with balances over $5 million. When planning for retirement, contributing to an IRA can be a useful addition to your retirement portfolio – and you can make IRA contributions in conjunction with contributions to your employer-sponsored retirement account (such as a 401(k)) to maximize retirement savings. This makes the IRA a viable option for a wide range of individuals at various ages and income levels.

This article will review the different types of IRA accounts, the rules behind withdrawing from and making contributions to these accounts, how an IRA could fit into your overall retirement portfolio, and what an IRA account could potentially grow to if you contribute the maximum amount to it each year.

Traditional vs. Roth IRA

Wellspring Appoints New President and Chief Operating Officer

Wellspring Financial Advisors Appoints New President and Chief Operating Officer
Jeff Kadlic joins the Cleveland-based multi-family office to provide strategic leadership and operational management while supporting its expansion of services

CLEVELAND – Aug. 26, 2024 – 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 Jeff Kadlic as its new President and Chief Operating Officer. Kadlic will provide strategic and operational direction for the firm, with a particular focus on expanding the firm’s suite of services for its clients and driving operational efficiencies.Kadlic joins from Evolution Capital Partners, where he served as Founding Partner. He brings over 25 years of professional experience across disciplines, including strategic leadership, operational management, client relations, alternative investments, financial management and stakeholder engagement. His insights will support the ongoing development of Wellspring’s client-first culture, rooted in excellence and collaboration. He will report to Wellspring founder and Chief Executive Officer Michael Novak.

“We have a clear vision for Wellspring’s ongoing evolution, firmly anchored by our founding mission and core values,” said Novak. “Jeff shares our team’s enthusiasm for our client-first philosophy and fully supports our mission of delivering quality services that help our clients achieve wellbeing throughout every aspect of their lives. We are excited to welcome him to the team and benefit from his experience and expertise.”

Novak founded Wellspring in 2007 and sought to apply an entrepreneurial and holistic philosophy to working with wealthy families, specifically providing the services and support they need in one place. Built on a culture of trust and client-first mentality, Wellspring has 25 full-time employees who serve client families across the U.S.

“Wellspring has designed a client-first service model that rests on a foundation of strong relationships, trust, personalized service and a deep understanding of its clients’ unique needs,” said Kadlic. “The leadership team is dedicated to continued innovation and evolution, all with the client’s needs and goals at the forefront. I am excited and energized to join the team and align in advancing their mission.”

Kadlic assumes the new role as of Sept. 3, 2024. He holds a Masters of Management Studies from the Kellogg Graduate School of Management at Northwestern University and a Bachelor of Science in Finance from Miami University (Ohio).

About Wellspring Financial Advisors
Wellspring Financial Advisors is an independent, fee-only multi-family office offering comprehensive wealth management services to ultra-high-net-worth individuals and families. The firm was founded by Michael Novak in 2007 and seeks to meet the multidimensional needs of wealthy families. Its core services include investment management and oversight, integrated wealth planning and family governance and education. Headquartered in Cleveland, Ohio, Novak serves as the firm’s Chief Executive Officer.

Media Contact
Marissa Foy Comerford
Gregory FCA for Wellspring
WellspringFinancialAdvisors@GreoryFCA.com
610-228-2104

Wellspring 2023 Impact Report

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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 2023 accomplishments and goals as we continue to grow and evolve as a firm centered on serving others.

2023 Impact Report

IRS Announces New 2024 Income Tax Brackets + Other Important Updates

It is crucial to engage in strategic tax planning, particularly considering the upcoming changes to the standard deduction and tax brackets for the year 2024. These modifications, affecting filers who do not itemize their deductions, will only be reflected in the tax returns filed in early 2025.

The Internal Revenue Service has elevated the thresholds for its seven tax brackets by 5.4% in 2024. This adjustment implies that a single person can now earn up to $609,350 before facing taxation at the highest rate of 37%. Understanding and leveraging these changes can significantly impact one’s tax liability.

The Reasons for Adjustments
In the context of the broader economic landscape, the Federal Reserve’s efforts to mitigate inflation have influenced recent adjustments in the consumer price index, which is intricately linked to tax changes. Despite some success in curbing inflation, the index continues to rise, albeit at a slower pace.

Moreover, the IRS routinely adjusts various figures in the tax code to account for inflation. For instance, the maximum Earned Income Credit for low-income workers with children has increased to $7,830, marking a $400 raise. Additionally, workers now have the opportunity to contribute more funds to health savings accounts, with the limit set at $3,200.

Estate planning considerations are also paramount, given the rise in the estate tax threshold. Estates valued under $13.61 million are now exempt from taxes, up from $12.92 million in 2023. Similarly, the gift tax threshold has increased to $18,000, allowing for larger tax-free gifts.

Deduction Increases

  • In the tax year 2024, the standard deduction for married couples filing jointly has increased to $29,200, reflecting a $1,500 rise from the 2023 tax year.
  • Single taxpayers and married individuals filing separately will now have a standard deduction of $14,600 for 2024, indicating a $750 increase from the previous year.
  • Heads of households will see their standard deduction elevated to $21,900 for the tax year 2024, making a $1,100 increase compared to the amount in the tax year 2023.

Tax Rates
For the 2024 tax year, the top tax rate remains 37% for individual single taxpayers with incomes greater than $609,350 ($731,200 for married couples filing jointly).

The other marginal tax rates are:

  • 35% for incomes over $243,725 ($487,450 for married couples filing jointly)
  • 32% for incomes over $191,950 ($383,900 for married couples filing jointly)
  • 24% for incomes over $100,525 ($201,050 for married couples filing jointly)
  • 22% for incomes over $47,150 ($94,300 for married couples filing jointly)
  • 12% for incomes over $11,600 ($23,200 for married couples filing jointly)
  • The lowest rate is 10% for incomes of single individuals with incomes of $11,600 or less ($23,200 for married couples filing jointly).

Additional Changes

  • The Alternative Minimum Tax exemption amount for the tax year 2024 is set at $85,700 and begins to phase out at $609,350 ($133,300 for married couples filing jointly, where the exemption starts to phase out at $1,218,700). By comparison, the 2023 exemption amount stood at $81,300, with the phase-out beginning at $578,150 ($126,500 for married couples filing jointly, where the exemption phased out at $1,156,300).
  • The maximum Earned Income Tax Credit amount for tax year 2024 is $7,830 for qualifying taxpayers with three or more qualifying children, marking an increase from $7,430 in the tax year 2023. The revenue procedure includes a table outlining the maximum EITC amount for various categories, along with income thresholds and phase-outs.
  • In tax year 2024, the monthly limitation for the qualified transportation fringe benefit and qualified parking increases to $315, up by $15 from the limit in 2023.
  • For taxable years starting in 2024, the dollar limitation for employee salary reductions for contributions to health flexible spending arrangements rises to $3,200. In cases where cafeteria plans allow the carryover of unused amounts, the maximum carryover amount is $640, a $30 increase from taxable years beginning in 2023.
  • In tax year 2024, participants with self-only coverage in a Medical Savings Account must have an annual deductible not less than $2,800 (up by $150 from tax year 2023) but not more than $4,150 (up by $200 from tax year 2023). For self-only coverage, the maximum out-of-pocket expense amount is $5,550, a $250 increase from 2023. For family coverage in tax year 2024, the annual deductible is not less than $5,550 (up by $200 from tax year 2023), and the deductible cannot exceed $8,350 (up by $450 from tax year 2023). The out-of-pocket expense limit for family coverage is $10,200 for tax year 2024, up by $550 from tax year 2023.
  • For tax year 2024, the foreign earned income exclusion is $126,500, up from $120,000 in tax year 2023.
  • Estates of decedents who pass away in 2024 have a basic exclusion amount of $13,610,000, an increase from $12,920,000 for estates of decedents in 2023.
  • The annual exclusion for gifts rises to $18,000 for calendar year 2024, an increase from $17,000 in calendar year 2023.
  • The maximum credit allowed for adoptions for tax year 2024 is the amount of qualified adoption expenses up to $16,810, up from $15,950 in 2023.

Beneficial Ownership Information Required Reporting
In 2021, Congress enacted the Corporate Transparency Act, which includes a beneficial ownership information (BOI) reporting requirement. BOI reporting requirements intend to help U.S. law enforcement fight money laundering and other illegal activity.

Beginning January 1, 2024, businesses outside of sole proprietors will be required to complete BOI reporting. Companies that may be a “reporting company” and will be required to report information to the Financial Crimes Enforcement Network (FinCEN) include:

  1. A corporation, a limited liability company (LLC), or was otherwise created in the U.S. by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe; or
  2. A foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing.

Entities that are exempt from the BOI reporting requirements include publicly traded companies, nonprofits, and “large operating companies”. Large operating companies include those with more than 20 fulltime employees in the U.S., reported gross receipts or sales of over $5mm on the prior year’s tax return, and an operating presence at a physical office in the U.S.

A “beneficial owner” is an individual who either owns or controls a minimum of 25% of the ownership interests of a reporting company or exercises “substantial control” over a reporting company. A person may be considered as exercising substantial control if they serve as a senior officer, have authority over any senior officers, or have significant influence over important decisions made by the reporting company.

Reporting companies will report beneficial ownership information electronically via FinCEN’s website. Additional information on BOI reporting  can also be found here: www.fincen.gov/boi.

In light of these changes, your Wellspring advisor will help navigate the complexities of the evolving tax landscape by identifying opportunities for tax savings and ensuring financial strategies align with the current regulatory environment. This proactive approach to tax planning is essential to help optimize financial outcomes and minimize tax burdens.

As always, please do not hesitate to contact us with any questions regarding how these changes may impact you.

Copyright © 2023. All rights reserved. Distributed by Financial Media Exchange
Additional Contributions: A’Shira Nelson, CPA, Tax Manager, Director, Wellspring Financial Advisors, LLC
Information as of December 28, 2023

Any suggestions contained herein are general, and do not take into account an individual’s or entity’s specific circumstances or applicable governing law, which may vary from jurisdiction to jurisdiction and be subject to change. Distribution hereof does not constitute legal, tax, accounting, investment, or other professional advice. Recipients should consult their professional advisors prior to acting on the information set forth herein. In accordance with certain Treasury Regulations, we inform you that any federal tax conclusions set forth in this communication, were not intended or written to be used, and cannot be used by any taxpayer, for the purposes of avoiding penalties that may be imposed by the Internal Revenue Service.

ChatGPTime-Out: Will AI Take Over the Financial Planning Industry?

Bright Idea

In the grand symphony of progress, where each new technological note is sharper than the last, we find ourselves in an era that’s less “dial-up tone” and more “quantum leap.” Yes, we’ve come a long way from the days when a floppy disk was the epitome of cutting-edge storage (and even then, ‘floppy’ felt like a generous description). In this whimsical journey through the rabbit hole of tech evolution, buckle up as we navigate through the realms of progress, where even your grandma’s refrigerator is now smarter than your college roommate (no offense to Dave, but his idea of a smart fridge was one that could hold a six-pack without freezing the eggs). So, dear reader, grab your gadgets, charge your wireless earbuds, and let’s dive into the dazzling, sometimes bewildering, and always entertaining world of technological advancement. Welcome to the future – where even our toasters have touchscreens, and your thermostat is likely judging your Netflix choices.

Full disclosure: ChatGPT wrote that first paragraph. All I did was prompt it by typing “Write a witty introduction about the advancement of technology.” It didn’t quite nail my humor in prose form, but maybe in time generative AI will get better at that as well.

The Impact of Technology
Technology has made an indelible impact on the experience of human existence and continues to do so with each iteration of change and improvement. The printing press was born in 1440 by Johannes Gutenberg, allowing the written word to be more widely accessible. The spoken word then took a large leap forward in 1876 with Alexander Graham Bell’s invention of the telephone.

Fast forward only a few generations, the personal computer arrived in the 1970s. The mobile phone came in the 1980s, and the world wide web in the 1990s. What happens when you combine these individual advancements into one “device” that can fit in the pocket of a pair of pants? It really does feel like one plus one, plus one equals an infinite possibility set, especially when you consider1:

  • 81.6% of Americans, totaling 270 million people, own a smartphone as of 2023.
  • There are roughly 6.92 billion smartphone users across the world (or 86.29% of the global population) as of 2023.
  • The average American spends 5 hours and 24 minutes on their mobile device each day.
  • Americans check their phones on average 96 times per day, or once every ten minutes.
  • 59.16% of website traffic comes from mobile devices, as of 2022.

As we highlighted in our most recent Wellspring Portfolio and Market Insights slide deck, investors have been betting heavily on tech during 2023 – with the focus squarely on the “magnificent seven” stocks leading nearly the entire S&P 500.

Dec-2023-insights.jpg

Source: MarketDesk Research
Disclosures: Data is based on constituents of the S&P 500. The 7 Tech Titans include Apple (APPL), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), Nvidia (NVDA), Tesla (TSLA), and Meta (META). Latest available data as of 9/30/2023.

The performance chart on the left separates the S&P 500 into two groups:

  1. The seven tech titans, which includes the leading tech firms exposed to the AI theme, and
  2. The remaining companies in the S&P 500, which we refer to as the “S&P 493”.

The seven tech titans, represented by the dark blue line, have produced an average return of 88% in 2023 as investors chase the Artificial Intelligence theme. In contrast, the remaining S&P 493 stocks have produced a market cap-weighted return of only 1% (i.e. when the seven tech titans are excluded).

What is Artificial Intelligence and how does it work?2
Artificial intelligence (AI) is the simulation of human intelligence processes by machines, especially computer systems. Specific applications of AI include expert systems, natural language processing, speech recognition, and machine vision. AI systems work by ingesting large amounts of labeled training data, analyzing the data for correlations and patterns, and using these patterns to make predictions about future states. New, rapidly improving generative AI techniques can create realistic text, images, music, and other media. AI programming focuses on cognitive skills that include the following:

  • Learning – This aspect of AI programming focuses on acquiring data and creating rules for how to turn it into actionable information. The rules, which are called algorithms, provide computing devices with step-by-step instructions for how to complete a specific task.
  • Reasoning – This aspect of AI programming focuses on choosing the right algorithm to reach a desired outcome.
  • Self-correction – This aspect of AI programming is designed to continually fine-tune algorithms, and ensure they provide the most accurate results possible.
  • Creativity – This aspect of AI uses neural networks, rules-based systems, statistical methods, and other AI techniques to generate new images, new text, new music and new ideas.

Will AI change industries?
A common question (and fear) is whether AI will forever change certain industries and eliminate jobs. According to a working paper by Harvard economist James Bessen, only one of the 270 detailed occupations listed in the 1950 US Census has since been eliminated by automation. The one exception: an elevator operator. A McKinsey study published in 2017 titled “Harnessing Automation for a Future that Works” indicated very few jobs can be fully automated.

I asked ChatGPT “Can AI replace my family office?”, to which it responded:

While AI technology has made significant strides in various fields, including finance and wealth management, it’s important to note that the role of a family office often involves a highly personalized and nuanced set of services. As of my last knowledge update in January 2022, AI has not reached a point where it can fully replace the functions and emotional intelligence provided by a family office.

ChatGPT offers several reasons why AI is unlikely to replace a family office:

  • Personalized relationships – Family offices typically build long-term relationships with their clients, understanding not just their financial goals but also their family dynamics, values, and unique needs. AI lacks the emotional intelligence and interpersonal skills required to navigate these complex relationships.
  • Holistic planning – Family offices often provide comprehensive financial planning services that go beyond simple investment strategies. They may handle estate planning, tax optimization, philanthropy, and more. While AI can assist in certain aspects, it may struggle with the holistic and interconnected nature of these services.
  • Decision-making in complex situations – Many decisions within a family office context involve a deep understanding of the family’s dynamics and long-term goals. AI may lack the intuition and contextual understanding required to make decisions in highly complex or emotionally charged situations.
  • Adaptability & creativity – Family offices often need to adapt to changing circumstances and provide creative solutions to unique challenges. AI, while excellent at processing data and providing insights, may struggle with the adaptability and creativity required in certain situations.
  • Trust & confidentiality – Trust is a crucial element in the relationship between a family office and its clients. While AI can offer secure data handling, the personal touch and trust-building abilities of human professionals are often considered irreplaceable.
  • Navigating legal & regulatory frameworks – Family offices must navigate complex legal and regulatory landscapes. Human professionals, with their ability to interpret and apply nuanced regulations, currently outperform AI in this area.
  • Handling unpredictable events – Family offices often deal with unforeseen events, such as sudden changes in the market, family emergencies, or geopolitical shifts. The adaptability and real-time decision-making required in such situations are areas where AI may currently fall short.

No where does ChatGPT say that it can’t help create a budget (it can), or that it can’t explain an income tax question (it can), or that it can’t teach you about certain investment (it can). What it does say is that the human component of the family office (the relationship building, the understanding of family dynamics, and technical recommendations based on contextual clues of those family dynamics) cannot currently be replaced by AI.

It’s essential to recognize that AI can be a valuable tool to augment the capabilities of a family office, enhancing data analysis, risk management, and operational efficiency. However, human touch, emotional intelligence, and the ability to navigate complex personal and financial situations are aspects where AI has limitations. As technology continues to advance, the relationship between AI and family offices may evolve, but complete replacement seems unlikely in the near term.

Many RIAs say that they offer “family office services”, which is another way of saying they offer decoupled solutions to certain parts of the holistic financial planning process. I’d argue that ChatGPT and other technologies are starting to do that as well – and they will continue to learn how to do those things better, faster, and more efficiently moving forward. Will AI technology take over the financial planning industry? I don’t think it will take it over, but it could take certain tasks over, and thus it will likely change how our industry operates.

It is imperative, therefore, for financial professionals to determine how to utilize these technological advances in their planning practices. At Wellspring, we will always look to evolve “what we do”. But equally, (or I would argue, more importantly), we will continue to differentiate through “how we do it”; focusing on the parts of our job that may never be fully automated: the application of emotional intelligence, family governance, personalized relationships, and holistic planning.

We appreciate the confidence you have placed in Wellspring to be your trusted advisor. Please feel free to contact us at any time to discuss changes to your financial situation.

Sources
(1) Zippia. “20 Vital Smartphone Usage Statistics [2023]: Facts, Data, and Trends On Mobile Use In The U.S.” Zippia.com. Apr. 3, 2023, https://www.zippia.com/advice/smartphone-usage-statistics
(2) Tech Target. Definition artificial intelligence (AI) techtarget.com. Nov. 2023, https://www.techtarget.com/searchenterpriseai/definition/AI-Artificial-Intelligence

Author: Mac McLaughlin, CFP®, Senior Wealth Advisor, Managing Director, Wellspring Financial Advisors, LLC
Information as of December 21, 2023

Investing involves risks, including the possible loss of principal and fluctuation of value. Past performance is no guarantee of future results.

This communication is not intended to be relied upon as a forecast, research, or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The opinions expressed are as of the date noted above and may change as subsequent conditions vary. The information and opinions contained in this letter are derived from proprietary and nonproprietary sources deemed by Wellspring Financial Advisors, LLC (“Wellspring”), to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Wellspring, its principals, employees, agents, or affiliates. This post may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections, and forecasts. There is no guarantee that any forecasts made will materialize. Reliance upon information in this post is at the sole discretion of the reader.

Please consult with your Wellspring financial advisor to ensure that any contemplated transaction in any securities align with your overall investment goals, objectives, and tolerance for risk. In addition, please note that Wellspring, may have positions in one or more securities that are recommended to Wellspring clients. Please note that Wellspring, including its principals, employees, agents, affiliates, and advisory clients may take positions or effect transactions contrary to the views expressed in this or future communications based upon individual or firm circumstances. Any decision to effect transactions in securities should be balanced against the potential conflict of interest that Wellspring has by virtue of its investment in one or more of these securities.

Will AI Take Over the Financial Planning Industry?

Year-End Tax Planning

As we approach the end of 2023, it is the perfect time to review financial objectives to ensure they are aligned with current and future financial commitments. While there hasn’t been significant tax legislation in 2023, several critical provisions from 2022 will influence the upcoming tax year.

Year-End Tax Planning

YWCA Greater Cleveland to Honor 9 Extraordinary Women Leaders

Cleveland – November 13, 2023 – YWCA Greater Cleveland is excited to announce the 2024 Women of Achievement Award honorees. This award is presented annually to a select group of Northeast Ohio women who have achieved extraordinary accomplishments through career success, community service, and dedication to YWCA’s mission of eliminating racism and empowering women.

This year, nine women will receive the award at YWCA’s Woman of Achievement Award Ceremony, which will be held on May 30, 2024 at Severance Hall. This group of honorees represent organizations across Northeast Ohio that are investing in the betterment and progress of women and girls in our community.

The 2024 Women of Achievement Honorees are:

  • India L. Birdsong Terry General Manager & Chief Executive Officer, Greater Cleveland Regional Transit Authority
  • Laura J. Bloomberg, Ph.D. President, Cleveland State University
  • Jenice Contreras Executive Director of the Northeast Ohio Hispanic Center for Economic Development (NEOHCED)
  • Vickie  Johnson Chief Community Officer, Cleveland Clinic
  • Lillian Kuri President and CEO, Cleveland Foundation
  • Jeneen Marziani State President, Bank of America Ohio; President Bank of America Cleveland
  • A’Shira Nelson, CPA Tax Manager, Director, Wellspring Financial Advisors
  • Airica Steed, Ed.D., MBA, RN President and CEO, MetroHealth System
  • Bonita G. Teeuwen Chief Operating Officer, City of Cleveland

“The nine women who were chosen from a record-breaking number of nominations are remarkable and it will be an honor to celebrate them,” said Helen Forbes Fields, YWCA Greater Cleveland President and CEO. “The 2024 class has demonstrated unwavering commitment, leadership, and dedication to advancing women’s rights and empowerment in our community.”

The Women of Achievement Academy boasts over 250 past honorees, all of whom are esteemed leaders, movers and shakers making an impact in Northeast Ohio.

Meet the 2024 YWCA Women of Achivement Honorees

India L. Birdsong Terry joined the Greater Cleveland Regional Transit Authority (RTA) as Chief Executive Officer and General Manager on September 16, 2019. She brings nearly 15 years’ experience working in positions of increasing responsibility in the public transit industry, most recently in Nashville, where she served as Chief Operating Officer, and in Chicago. At RTA, Birdsong Terry oversees more than 2,300 employees at one of the largest transit system in Ohio, which provides more than 35 million annual rides to customers using the bus, rail, paratransit, trolley and bus rapid transit system across the county’s 457 square miles. Responsible for managing the Authority’s $292 million operating budget, Birdsong Terry is committed to transparent leadership, management accountability and sound financial oversight.

Laura J. Bloomberg, Ph.D was appointed the eighth president of Cleveland State University (CSU) in the spring of 2022. She had previously served at CSU as provost and senior vice president for academic affairs since the fall of 2021. She has guided strategic initiatives that support CSU’s ability to create an academic community in which everyone can thrive and enrich the surrounding region. Before Cleveland State, Bloomberg served eight years as dean and prior associate dean of the Humphrey School of Public Affairs at the University of Minnesota. In that capacity, Bloomberg led the global expansion of the school, established a national pathway program for students underrepresented in public policymaking, launched an internationally focused Human Rights degree, and developed the Mandela Washington Fellowship program to support young leaders from countries across Africa.

Jenice Contreras is an established leader in small business and community development, healthcare and nonprofit management. Currently, she serves as the Executive Director of the Northeast Ohio Hispanic Center for Economic Development (the Center). Under the Center, Jenice is responsible for the NEO Hispanic Chamber of Commerce, the Small Business Development Center (SBDC) and community development. Jenice is a driving force around the neighborhood redevelopment efforts in Cleveland’s Clark-Fulton neighborhood known as La Villa Hispana. La Villa Hispana is a cultural and economic placemaking initiative in the most densely populated Hispanic enclave in the state of Ohio. Under Jenice’s leadership, the Center has ventured into the first real estate development of La Villa Hispana known as CentroVilla25 where she represents the organization as Project Owner and a Co-developer.

Vickie  Johnson is Cleveland Clinic’s first Chief Community Officer. She leads Cleveland Clinic’s efforts to nurture healthy communities, improve our neighbors’ lives and meet their evolving needs. Vickie guides strategic community planning nationally and internationally while cultivating collaborations with local institutions, government agencies, elected officials and healthcare professionals to bring about meaningful change. Vickie has decades of leadership experience in Cleveland’s nonprofit, government and business sectors. She most recently served as Cleveland Clinic’s Senior Director, Government and Community Relations, where she led the initiative to attract a Meijer grocery store and bring affordable housing to the Fairfax neighborhood; facilitated a $52.5 million gift to support lead safety; and designed Cleveland Clinic’s Louis Stokes Summer Internship Program to foster future healthcare workers.

Lillian Kuri became President & CEO of the Cleveland Foundation on August 1, 2023. She is the first woman to hold the full-time president and CEO position at the nation’s oldest community foundation. Lillian’s entire career has demonstrated her passion to improve the quality of life of all people in Greater Cleveland. Prior to becoming President & CEO, Lillian had served as the foundation’s Executive Vice President & Chief Operating Officer since 2021, leading the development of the foundation’s strategic plan and the design execution, operations and community planning for the foundation’s new headquarters in MidTown. Lillian has also had appointments from four successive Cleveland mayoral administrations and recently played an important civic role as a member of Mayor Justin Bibb’s Operations Task Force.

Jeneen Marziani is Bank of America’s state president for Ohio and the president of Cleveland, responsible for growing Bank of America’s business and reputation in the Cleveland market and across the state. That includes driving business integration by connecting Bank of America’s capabilities across their eight lines of business to people and companies in Cleveland. It also includes deploying Bank of America’s resources to build strong communities. Jeneen is committed to ensuring that Bank of America is a great place to work by connecting employees to the broader enterprise, championing a culture of diversity and inclusion, and fostering opportunities for employees in Cleveland to develop and grow.  In addition to her responsibilities in Cleveland, Jeneen represents Ohio on state-wide initiatives focused on public policy activities and key issues in Ohio.

A’Shira Nelson, CPA, serves as Tax Manager and Director at Wellspring Financial Advisors. In this role she oversees the firm’s Tax Department, which includes day-to-day management and oversight of the tax team in addition to tax research and forward-looking planning for the firm’s ultra-high-net-worth clients. With over 12 years of industry experience, A’Shira delivers innovative solutions. As a manager, A’Shira meets regularly with Wellspring’s leadership team to discuss the firm’s strategic goals and initiatives. She is also a member of the firm’s DEI Committee, which was established to help build a workforce that encourages flexibility and fairness to enable all employees to reach their full potential. A’Shira also founded Savvy Girl Money, a financial empowerment platform with a mission to educate and inspire women to take control of their finances.

Airica Steed, Ed.D., MBA, RN, President and CEO MetroHealth System, is leading innovative approaches to transform patient care beyond traditional healthcare walls and championing a commitment to eradicating health disparities and advancing the health and wealth of the communities. She is a highly accomplished and award-winning transformational healthcare executive with over 20 years of exceptional leadership skills and has a proven track record of championing health equity, driving results, and leading large-scale transformation of health organizations. Dr. Steed is a fearless champion for Diversity and Inclusion and has advocated for the recruitment of underrepresented physicians and physician leaders to better mirror the population that the community serves. Prior to moving to Cleveland, Dr. Steed served as the System Chief Operating Officer/Executive Vice President at Sinai Health System in Chicago.

Bonita G. Teeuwen, Chief Operating Officer of the City of Cleveland, oversees both enterprise and general fund departments: Port Control, Public Utilities, Public Works, and the Mayor’s Office of Capital Projects. These departments are the largest and most public-facing areas of public service. As the COO, she is leading many projects that will have lasting change on our region: lakefront development, the transition of struggling City assets like Highland Park Golf Course and the West Side Market to more effective nonprofit management, a Parks and Recreation master plan, and strategic investments in City facilities. In all the departments she oversees, she sets an expectation that service be equitable to all residents of Cleveland. Further, she enthusiastically leads and engages in projects that promote racial equity in City neighborhoods and facilities.

About YWCA Greater Cleveland
YWCA is dedicated to eliminating racism, empowering women and promoting peace, justice, freedom and dignity for all. YWCA Greater Cleveland was established in 1868. It is the seventh oldest YWCA in the country and one of the oldest continuously operating nonprofits in Cleveland. For over 150 years, YWCA has fought to bring shelter and structure to the vulnerable, to build greater racial equity and to provide a space where women’s leadership is valued and promoted.

Wellspring Featured by Capital Group

In this Capital Group webinar, Michael Novak shares his approach to business planning, which has helped his team develop and focus firm operations to drive growth and deliver high-value client service. Joined by Capital Group’s Content Director Will McKenna and RIA Relationship Manager Ryan Radtke, the group will offer insight on effective planning techniques to create a practical and versatile business plan focused on key growth strategies for your practice.

Build a high-growth business plan in 5 steps

Wellspring Featured in FA Magazine

Michael Novak offers five critical steps for RIA growth in this Financial Advisor Magazine article, including: (1) assessing the practice, (2) defining goals and objectives, (3) prioritizing based on impact, (4) aligning the team, and (5) setting milestones and monitoring progress.

5 Essential Steps To RIA Growth