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You’ve been working hard to achieve your financial goals, dreaming of the days when you will be able to enjoy retirement. But are you doing enough now to ensure you can maintain your accustomed lifestyle into the future? Here, local financial advisers share the most important factors when it comes to setting aside money today for a brighter tomorrow.
Amid the flurry of day-to-day operations, the future plan of a business often is placed on the back burner. But local financial advisers note that nothing can be more important for a company to address than its succession plan. And with the Corporate Executive Board reporting that only about a third of business owners who intend to exit their company in the next five years have a succession plan, advisers stress the time to start preparing is now.
TAYLOR ROBINSON, a senior at Ladue Horton-Watkins High School, is one of 814 high school athletes nationwide who have been nominated to play in the 2013 McDonald’s All American Games. The 2013 nominees include high school basketball players from across the country who have been selected by coaches, athletic directors, principals and members of the McDonald’s All American Games Selection Committee. Pictured: Taylor Robinson with Colleen Schoendienst, local McDonald's owner/operator
An elderly couple transferring wealth, an entrepreneur seeking business investment advice and a three-generation family preserving a legacy—they all turned to the Commerce Family Office.
With the enactment of the American Taxpayer Relief Act on Jan. 2, your 2013 tax return may look very different from last year’s. We asked local tax and financial experts to share some reminders for 2012 and advice for maximizing your tax outcome in 2013.
Money can be an uncomfortable, negative or even taboo topic for families. So when it comes to parents telling their children about an inheritance, local financial advisors say ‘the right time’ is different for every family.
It’s referred to as ‘shirtsleeves to shirtsleeves.’ As David Krauss, director of Commerce Trust Company’s Family Office division, explains, studies have shown that about two-thirds of high-net-worth families lose their wealth by the third generation. “The first generation earns it, the second spends it, and by the third, they may see it all go away,” he says. “The biggest challenge is to overcome this tendency to deplete the family assets over that time.”
Trusts, similar to wills, are widely used documents that instruct distribution of property. But when it comes to who manages the trust, there is a significant decision to be made. According to John Handy of Commerce Trust Company, there are two types of trustees. “Individual trustees can be a son, daughter or any individual, and corporate trustees, which are usually banks or independent trust companies, serve in a fiduciary role to distribute, monitor and manage assets.”
Since 1906, the year the Dow Jones first topped 100 and The Commerce Trust Company opened for business, five generations of high-net-worth families have turned to Commerce to help them achieve their financial goals and protect their legacy. Commerce Trust president and CEO Ray Stranghoener says the company is well-prepared to handle the complex challenges of wealth management. “We really do have a broad range of services, which we divide into four categories: private banking services, investment management, trust services, and what we call financial advisory service (FAS), which would include financial planning for retirement, tax advice and estate planning.” There are different levels of complexity, he adds, depending on the customer. “We cover the full spectrum, from new investors who are just beginning to accumulate some investable assets, to people with several million dollars seeking advice.”
Ray Stranghoener and David Krauss, of The Commerce Trust Company
Capes, Sokol, Goodman + Sarachan PC has added SARAH LUEM (1) as an associate. Renaissance Financial advisors LINDSEY KERBER and JARETT OLIVASTRO have earned their certified Financial Planner designation.
We all do it. Every New Year, men and women, young and old, make pledges to change their ways. We resolve to spend more time with our family, to be more patient with our coworkers, to save more money or break bad habits. By far, the most popular is the resolution to lose weight. No one wants to start a program only to falter a few weeks later. But what if this year, your resolution is to be successful at improving your health? And what if, at the same time, the path you take helps you in other areas of your life, like your business or your management style? Then you must be reading the same book I am this New Year, Think and Grow Thin by Charles D’Angelo.
As the end of the year approaches, tax season looms on the horizon. We asked local financial experts for their advice about what you can do now for lesser worries later.
Growing up, we called moments of inspiration times when ‘the light bulb went off’ in our heads. Those were the times you could see exactly what needed to be done to solve the challenge at hand. These days, we still look to ‘a-ha moments’ to give us answers. But what if an a-ha moment changed not only the course of your life, but those of scores of employees and the future of a business, as well?
In the early ’90s, country singer Patty Loveless sang, Life’s about change and nothing ever stays the same—every day in this world, people get married, some divorce, and others experience serious illness or even the death of a spouse. While a time of transition may be challenging on many levels, being financially prepared can help to lessen the anxiety and stress. And according to local experts, early preparation is key, well before any major life event occurs.
When does ‘saving money’ turn into ‘building wealth’ for your financial future? We asked some financial professionals for their quick tips on the path to security.
BEST PLACE TO GET A MASSAGE
Business has embraced social media, with more and more industry leaders seeing the advantage of almost-instantaneous communication tools now available online. Five hundred million people like, post and poke each other on Facebook. Direct Messages (DMs) from 110 million Twitter users fly online everyday and LinkedIn is giving more professionals a networking edge throughout the world. But while industry leaders are eager to jump on this communication bandwagon to promote themselves, many are leaving their most important resource out of the information loop: their employees.
Best Doctors in America 2010-2011 and Best Doctors 2011-2012 have included DR. JAY PEPOSE, DR. NANCY HOLEKAMP and DR. MUJTABA QAZI in the category of top eye specialists in the nation.
Frontenac Bank has named BRENT BALOGH senior VP.
In his bestseller The Tipping Point, Malcolm Gladwell tells a remarkable tale of the relative importance of word-of-mouth and how in the age of e-mails, we may have overlooked this simple yet very valuable and powerful communication tool. The story also speaks directly to the greatest auto recall ever. Toyota is facing the potential death of an illustrious brand name despite doing so much right until just a few weeks ago, when it was revealed that 9 million vehicles manufactured by the company were putting the lives of drivers and passengers at risk due to rapid and unexpected acceleration. Toyota is not new to recalls.
Stolar Partnership LLP has named DAVID KRAUSS, JAY LEVITCH and SUSAN ROWE to its Leadership Committee. RAVI SUNDARA was named firm manager.
Are you a 24-‘carrot’ manager? Can you help release potential and create success in your employees in good times and bad? According to Adrian Gostick and Chester Elton, authors of the New York Times bestseller The Carrot Principle, any of us can do so by enticing employees with the right ‘carrot.’ Mind you, the best incentive for improving employee morale, boosting productivity and increasing managerial success isn’t something tempting. It isn’t the paycheck we take home each week, the bonus tied to personal performance or the raise added for a job well done. The best ‘carrot’ in corporate America, based on a 200,000-person study by HealthStream Research, is something best served warm and often: recognition.
The current financial climate has many of us thinking about the security of our investments and the assets we’re specifically setting aside to take care of our loved ones when we’re gone. Some local experts tell us that now may be the right time to access the various options, particularly when it comes to creating a trust.
ANDREW WOLKEN, DDS, has joined Wolken family Dentistry.