Glenn Nevola; Founder of Flightline Financial

Flightline Financial, LLC (FLF) is a registered Investment Advisory firm based in Princeton, NJ and started operation in 2013. It specializes in 401k financial advice, planning and asset allocation strategies designed around the unique plans and programs utilized in today’s airline pilots’ offerings and benefits. Glenn Nevola, the firm’s founder, has a unique inside perspective of both worlds – flying and finance. He is a current United Airlines B737 captain based in Newark, NJ and nearing completion of his 40th year of service. His flying career started at People Express Airlines in 1986, which then merged with Continental Airlines in 1987. Continental ultimately merged with United Airlines in 2010. He was also employed as a financial advisor on a large team at Morgan Stanley in New York City prior to starting his own firm in 2013. While at Morgan Stanley, he assisted the team with asset allocation strategies for its large client base along with assisting retiring airline pilots with their post-retirement wealth management, financial planning and asset distribution schedules.

FLF has grown exponentially over the years with current assets under advisement of over $1b. The firm mostly has United pilots as clients, but also has pilot clients from all other major airlines and other clients as well from non-pilot industries. Operationally, how the onboarding process works is through an initial screen sharing call – which takes approximately two hours to complete. During this call, items discussed and implemented by FLF are as follows specific to the unique 401k and ancillary benefits offered to the airline pilot:

  1. Ensure max 401k limits are understood and achieved – both from employee and employer contributions and both from pre-tax, Roth, post-tax, and company sources

  2. Discuss and implement an asset allocation strategy commensurate with a client risk profile, time horizon, goals and objectives, etc. Suggested changes to these allocation suggestions are sent out periodically for the client to implement based on market trends and analysis

  3. Implement the mega backdoor Roth strategy by contributing and auto-converting post-tax contributions to Roth inside of the 401k, still taking advantage of the max pre-tax contribution deduction off W-2 income

  4. If applicable, discuss and execute a regular backdoor Roth IRA outside of the 401k utilizing post-tax contribution into a traditional IRA then converting to a Roth IRA annually – considering the aggregation or pro-rata rule if applicable as well

  5. Discuss what happens to “spillage’ funds, which are company contributions not able to be deposited into the 401k due to overall limits being reached

  6. Insure understanding and usage of a pilot’s HRA and RHA – these are healthcare accounts funded through spillage of company contributions which can be used by an active pilot or a retired pilot

  7. Discussion of the forthcoming Market Based Cash Balance Plan and how this relates to income limits and 401k limits – plus restrictions and conditions of this plan

  8. Examine and discuss the option of obtaining the MetLife GVUL – an optional life insurance product that also offers an optional post-tax investment account which could potentially realize tax-free gains if under the basis and endowment contract limits

 

FLF charges a low flat annual fee for all the services described above. This fee is not deducted out of the 401k. This is different from most firms that charge their fee based on a percentage of assets under management (AUM). This is done, in part, to let the account balances in the 401k account grow unimpeded. Monthly newsletters are sent out regarding market conditions, pilot centric topics and past fund performance among other items. Questions will be answered in a timely manner and scheduled calls will be conducted when desired. Timely communication is paramount to a successful long-term financial relationship.