Ready to Optimize Your BP Benefits?

Ready to Optimize Your BP Benefits?

We can help ensure you are maxing out both pre-tax and after-tax in the BP ESP, annually converting after-tax money from your ESP to a Roth IRA for tax-free growth, and ensuring you have the proper allocation for your goals. In addition, we can coordinate annual backdoor Roth contributions in conjunction with your workplace savings.  One added complication we work with clients on is the BPX division and their per paycheck 401(K) match. It’s imperative these employees understand how the math behind these employer contributions work so that they don’t “leave company money on the table instead of in their ‘pocket.’”

We link our BP client’s ESP to our portfolio tracking software so we can provide comprehensive advice and management on the entirety of all of their financial assets. Our investment team puts together allocation proposals based on the current investment options within the plan and we re-balance/monitor the allocation throughout the year.

BP Share Plans

We can help you understand the vesting and taxation of awards, guide your savings prioritization plan and strategize on how to best take advantage of your awards while minimizing your taxes.

Are you a grade employee with minimum holding requirements? Are you considered an insider, thus restricted from trading your account?  We get it. Let us help you set up a diversification strategy, while ensuring you maintain the required holding of company stock.

       • Group Share Value Plan (GSVP)

       • Individual Share Value Plan (ISVP)

       • Share Value Plan (SVP)

       • ACB Deferral Plan Matching RSU award (Discontinued in 2018)

       • Good Leaver Plan

The BP Medical Program

We can help you understand the trade-offs of specific plans, maximize your take-home pay by optimizing your health care and guiding your contributions for health care costs and retiree medical costs in the most tax-efficient manner.

       • PPO

       • OOA

       • HMO

BP Protection

We can help you understand each insurance option and decide on a plan that works best for you to ensure you are paying for what you need, but not buying what you don’t.

       • BP basic life and accidental death and dismemberment insurance plan

       • BP Short-Term & Long-Term disability

       • BP Group Universal Life

       • BP group long-term care insurance plan

Job Changes at BP

Things can change in a heartbeat, in and outside of the boardroom. If you find yourself offered a layoff or voluntary severance package, we can help determine if retirement is a viable option for you or if you’d be better off working a little longer, as well as ensure you understand the critical decisions about company benefits elections.

If you’re unsure about your future at BP or how an untimely layoff could impact your financial picture, reach out to our team. Our advisors can help you reevaluate your goals, analyze your current financial situation and determine your next steps.

Being Recruited?

Being recruited to a new company can be exciting, but how can you know if it’s the best move for you? We can help you map out the difference in value between your current job and the one you’re being offered. Oftentimes, it is hard to directly compare the value of two compensation packages. Whether you decide to take the job or not, we’ll help you optimize your elections at BP or at your new company.

BP Employee Retirement Plan

We can help ensure you are maxing out both pre-tax and after-tax in the BP ESP, annually converting after-tax money from your ESP to a Roth IRA for tax-free growth, and ensuring you have the proper allocation for your goals. In addition, we can coordinate annual backdoor Roth contributions in conjunction with your workplace savings.  One added complication we work with clients on is the BPX division and their per paycheck 401(K) match. It’s imperative these employees understand how the math behind these employer contributions work so that they don’t “leave company money on the table instead of in their ‘pocket.’”

We do link our BP client’s ESP to our portfolio tracking software so we can provide comprehensive advice and management on the entirety of the portfolio. Our investment team puts together allocation proposals based on the current investment options within the plan and we re-balance and monitor throughout the year.  All the while that we are managing the portfolio, we’re also looking at opportunities for strategic tax savings for clients that have built up a large sum of BP stock inside their 401(K). While we don’t necessarily advocate company stock inside a 401(K); for those clients that come to us with a large amount already invested as such, we like to utilize a strategy known as Net Unrealized Appreciation to give them the biggest bank for their buck, thus mitigating taxes immediately after entering retirement.

BP Excess Compensation Savings Plan & Post-2004 BP Excess Compensation Pension Payout:

 There is some tax alpha that can be generated by matching up deductible annual expenditure goals, such as charitable giving, in the same year these large payouts occur.  BP also allows employees to elect a distribution schedule for these contributions in the year they’re made. This is where it’s very important to take a comprehensive look at a number of factors to ultimately determine lower tax years and thus, subsequently elect distributions so that they pay out in these years.

BP RAP

We can help make the appropriate decisions on your RAP pension plan.  Understanding the tradeoffs between a lump sum or annuity is not the only consideration. When to begin distribution, how interest rates affect the size of the lump sum and understanding this income stream in coordination with your other assets are all important as well. For those who choose the fixed stream of income from the annuity, it’s important to make a decision on whether to begin payments immediately, delay to age 60, and whether to elect the 50%, 75% or 100% joint & survivor annuity.

Setting up your Consulting Practice:

Upon retirement from BP, many of our clients choose to continue working as a consultant. If you plan to do this, we can help you understand how to structure your finances and retirement to fit your new role.

• Negotiating Compensation with an understanding of How Consultants get Taxed (1099)

• Tax Deferral Strategies for Solo 401(K), SEP IRA and Solo pension Plans

• Liability Protection for LLCs

Our WJA BP Advisor Specialists

Nick Johnson, CFA®, CFP®

VICE PRESIDENT
713-439-1200
njohnson@wjohnsonassociates.com
https://www.linkedin.com/in/nick-johnson-cfa®-cfp®-585bb716
What Nick’s Reading
How Waiting 15 Days to Retire May Save You $50,000 in Taxes on Your BRP Payouts What You Need to Know When Contributing to Your Company’s 401(k) Plan

Nick Johnson CFA®, CFP® believes that financial planning is more than numbers on a balance sheet and a standardized process. People are unique and should be treated as such. As vice president and wealth manager at Willis Johnson & Associates, Nick’s goal is to develop a solid understanding of his clients while providing a proactive approach to comprehensive wealth management.

Nick is responsible for monitoring the financial health of his clients and providing timely updates regarding changes to their financial plans. To effectively monitor a client’s financial well-being, an advisor must have a firm grasp of the life passions and/or goals specific to that individual. It is Nick’s job to initiate productive conversations where he can combine his own financial planning wisdom with the unique emotional elements of a corporate professional’s life.

Overall, Nick measures financial planning success by his ability to help corporate professionals maximize their hard-earned money. However, Nick considers himself successful as an advisor when clients naturally turn to him for financial advice as they would like a trusted family member or close friend. In addition to serving as an advisor, Nick serves an integral role as a member of Willis Johnson & Associates Investment Committee.

The Investment Committee makes all of the decisions in regards to asset allocation, style/theme distribution, and security selection for their client portfolios. Nick’s strong analytical skills, dedication to the fundamentals of investing, and Chartered Financial Analyst designation bring unique insight to their investment decisions.

In school, Nick always had a passion for analytic research and analysis but found within himself the need to balance that with personal connections. These desires led him to pursue a dual major in finance and drama, along with a minor in economics from Trinity University. He thrived in the finance and economics classes, often finding himself leading study groups and teaching concepts that came easily to him.

While concurrently studying finance, Nick spent most of his free time in the theater department working on over 40 stage productions both in the department and the community at large. This in-depth study of the humanities let him deepen his understanding of the motivations and inter-workings of people, a skill he uses very much to this day.

After graduating from Trinity University, Nick began working as an investment analyst at Willis Johnson & Associates He started his studies for the CFA® exam during this time as well. After gaining experience on the investments side, researching funds, tracking investments, and trading large blocks of client accounts, he moved over to the financial planning arm of the company and later transitioned into a financial advisory role.

In addition to being a CFA®, Nick earned his designation as a CERTIFIED FINANCIAL PLANNER™ after completing the board’s preliminary financial planning experience requirements and certification exam in April 2018.

Nick is a Houston native and uses his passion for learning to inspire the personal and professional development of the city’s working professionals and executives. He believes in the power of education to impact both the individual and their community by enabling more informed decision making in terms of their careers, their money, and most importantly, their life goals.

Nick is a strong proponent of continued education, which is reflected via his heavy investment in his personal career, the careers of the WJA team, and the lifetime careers of the clients he serves.

During his free time, Nick lectures as an adjunct professor at the University of Houston Bauer College of Business, is involved in the CFA® Professional Mentorship Program, and is an active participant in the University of Houston Bauer College of Business’s SURE Program, which fosters a partnership between students and Houston’s business thought leaders and aspiring entrepreneurs from under-resourced communities.

When he’s not teaching or being taught, Nick enjoys spending time outdoors and embarking on weekend rock climbing excursions across the states.

John Siegel, CFP®, EA

WEALTH MANAGER
713-439-1200
jsiegel@wjohnsonassociates.com
https://www.linkedin.com/in/johnsiegel/

John Siegel is a Certified Financial Planner™ practitioner with over a dozen years of experience in the financial services arena, as well as many years serving in capacities throughout the legal and non-profit sectors. It was John’s experience working in the legal field that inspired him to become a financial advisor.

He witnessed firsthand how the improper setup of trusts and probate wills burdened families with issues that could have been easily prevented with proper proactive planning. When working with the families he advises, John’s experience allows him to combine his rich industry knowledge with his passion for providing clarity and confidence to each client’s unique financial vision.

John joined Willis Johnson & Associates in 2018 as a wealth manager. Before joining the WJA team, John served as a wealth strategist for a leading private bank, as well as vice president of wealth planning for a comprehensive financial planning firm. While fulfilling these roles, John worked with business executives, business owners, and family guardians on a host of planning matters, helping them grow, preserve, and enjoy their wealth.

Preceding his career in financial services, John was an auditor for a probate court where he oversaw the administration of over 1500 estates and trusts. In addition, he worked as a paralegal for an estate planning law firm where he drafted planning documents and managed estate administrations. John also worked as a fundraising/development officer for education and health care institutions.

John earned his Bachelor of Arts at Macalester College in St. Paul, Minnesota, and completed his Certified Financial Planner™ studies at Rice University. John is currently pursuing his Enrolled Agent (EA) designation with the Internal Revenue Service.

John is active in the professional community as a member of the Houston Estate and Financial Forum and of Houston Chapter of the Financial Planning Association, which has recognized John for distinguished service. John also has served as both president and treasurer of the Planned Giving Council of Houston, as well as treasurer for the St. Stephen’s Episcopal School of Houston.

Bobby Cope, MS, CFP®

ASSOCIATE WEALTH MANAGER
713-439-1200
rcope@wjohnsonassociates.com
https://www.linkedin.com/in/robert-p-cope-ms-cfp-a6673b74/

Robert (Bobby) Cope joined Willis Johnson & Associates as a financial paraplanner in May of 2017 after recently graduating from the University of Alabama. For Bobby, entering the financial planning profession allows him to both assist the associate wealth managers of the firm in handling daily operations, and, more importantly, assist clients in various facets of their lives as they prepare for retirement.

During college, Bobby interned with Prospera Financial, a broker-dealer based in Dallas, which ultimately led to his decision to enter the wealth management profession in a financial planner position, specifically with a fee-based RIA as opposed to a traditional brokerage operation.

Bobby liked the idea of pursuing an opportunity where he could spend time working under experienced wealth management professionals and learn aspects of the industry that cannot be taught in a classroom.

Rather than focusing on gathering assets, he wanted to begin his career path with the opportunity to focus on the technical planning side, before moving more into addressing clients directly face-to-face as an advisor. After nearly two years of working on financial analysis and learning the ropes as a Paraplanner at WJA, Bobby was promoted to Associate Wealth Manager where his skills have been effectively utilized in a client-facing capacity.

Bobby graduated Summa Cum Laude from the University of Alabama Honors College in May of 2017. He completed a dual degree program that awarded him an M.S. in Human Environmental Sciences, with a concentration in Family Financial Planning and Counseling, as well as a B.S. in Human Environmental Sciences, with a concentration in Consumer Sciences. At Alabama, Bobby was a member of Delta Kappa Epsilon social fraternity, as well as many other groups and honor societies on campus.

In his spare time, Bobby enjoys playing golf, despite his unfortunate chipping ability. He likes to clear his head while jogging, throwing a baseball, and spending time with friends. When he is back in Birmingham, he enjoys spending time with his family and attending the church where he grew up.

Willis Johnson & Associates is not endorsed by nor affiliated with BP.

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Why Willis Johnson & Associates?

Since 1996 we’ve been helping Enterprise Products executives and professionals with their comprehensive financial planning needs. Our thorough understanding of the transitions in your corporate life allows us to appreciate where you have been and assist with where you are headed.