Contractors and clients frequently make claims against design professionals for damages resulting from construction delays. These delays may include claims for extra compensation allegedly arising from changes in the work caused by errors or omissions in the plans and specifications. The defense of these claims often involves an expensive team of analysts, consultants, experts, and…
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Why Consider an Individual 401(k) Plan?
If you’re an architect who is self-employed or receives 1099 income as an independent contractor, you know that it’s up to you to establish a retirement plan. But do you understand the various approaches available to you, such as an individual 401(k) plan, and which may best suit you and your situation? If you’ve done…
Read MoreLong Term Care: The Time to Plan is Now
According to a report by the National Association of Insurance Commissioners, as baby boomers age, they will have to deal with one of the largest financial risks of their generation: the overwhelming majority of elderly Americans will require long-term care (LTC) in their lifetimes. The expenditure required for long-term care often exceeds retirement income and…
Read MoreProtecting Your Practice from Others’ Negligence
When a design professional agrees to provide services for a client, that design professional assumes the same level of responsibility for those services whether they are performed directly by the design professional or by a consultant. Design professionals often must rely on the services of consultants who are not a part of the design team…
Read MoreWhat Do You Need to Start a Successful Practice?
If you are thinking about or planning to start your own practice, what should you be thinking about? Starting your own practice requires a clear strategy and vision to grow a sustainable business–while planning for the unexpected. Starting a firm requires a plan on how to hire the right staff and acquire revenue-producing business. You…
Read MoreNurturing Financial Wellness at Your Firm
Financial wellness is one of the top trends in employee benefits right now because it has a good return on investment. When done right, it benefits both the employees of small businesses and their employers. It may seem like it’s outside the interest of employers to help employees deal with their individual financial issues. In…
Read MoreHow Do You Plan to Retire?
As an architect, you know that starting with a comprehensive plan and building a good foundation is essential for success. You would never begin a project without a blueprint and process in place – but that’s exactly what many architects do when it comes to retirement planning. Many…
Read MoreHow Technology is Democratizing the Built Environment
“Democracy is messy, and it’s hard” said Robert Kennedy, Jr. about the political landscape. Current trends in the built environment may doubly merit that observation. In a democracy where everyone has a vote and a say on a wide variety of issues, decision-making can get complicated. In a very similar way, technology is democratizing how…
Read MoreTravel Insurance: What is Covered?
If you travel for your job or for pleasure–or both–travel assistance services are important to consider so you don’t lose your financial investment in your travel plans–or your life. But do you know what travel insurance really covers? There are two principal types of travel assistance service plans which you can evaluate regarding which best…
Read MoreWhat You Need to Know About Business Continuity Planning
When running a firm, you need a business continuity plan to ensure orderly leadership transition in case one or more key people leave, no matter the reason. Leaders, whether owners or managers, may leave because of retirement, death, a disagreement over strategy, or a job opportunity at another firm. Planning is crucial–and an important part…
Read MoreWhat You Need to Know About Business Continuity Planning
