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Fourth- and fifth-grade students at Chesterfield Day School created trendy Rainbow Loom bracelets and rings to donate to St. Martha’s Hall, which provides shelter for abused women and their children. Math teacher Susie Sullivan had students use a donated loom and twist bands to create the popular jewelry, and the class also donated the loom to the organization.
St. Louis Bank welcomes STEPHEN CALLOW as senior VP of commercial lending. Callow has 28 years of commercial banking experience in the St. Louis area, including senior-level management.
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.
You can’t take it with you. That’s why as Sam Simon, co-creator of TV's The Simpsons, faces a terminal cancer diagnosis, he reportedly is giving away his tens of millions to charity. Like Simon, many St. Louisans are planning to leave a legacy through their charitable impact long after they’re gone. But how can you ensure your name will live on through the things you really care about?
Proper communication is widely attributed as a trait of a healthy marriage, but it appears something has been lost in translation. When asked about investment decisions, 38 percent of married women surveyed declared themselves the primary decision-maker—but merely 5 percent of their husbands agreed, according to a study by BMO Private Bank.
They say two heads are better than one, yet many people stick to the norm and hire a single person to control their financial future. Unlike the traditional model, full-service firm Private Wealth Management (PWM) provides clients with a team of financial experts, each in their own area of expertise working to assist clients in whatever way necessary.
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.
Assistance League of St. Louis has elected VICKI KEARNEY as its new president. Kearney previously served as VP of fund development for the organization, which donates school uniforms, care packages and other community services to the needy.
“One of the most important professional relationships a client will have is with their financial advisor,” says Carole Wentz, branch manager overseeing Merrill Lynch’s St. Louis Metro Complex. As such, she says, it’s a decision not to take lightly. “They should choose someone they trust and are comfortable with. A trusting client-advisor relationship is key to success, and it’s so much more than just investment performance. They should really have someone who helps them identify and set their goals, and who works with them holistically.”
To flourish financially into future generations, author Ellen Miley Perry says affluent families also have to thrive emotionally. A wealth adviser for 25 years and author of A Wealth of Possibilities: Navigating Family, Money and Legacy, Perry has worked with more than 150 high-net worth families throughout her career—often witnessing the same pattern. “I observed that families who flourish the most were focused on qualitative issues, not just quantitative ones,” she says. “They took time and interest in quality family relationships and raising the next generation. Far fewer families devote the same intensity, energy and commitment to human assets as they do to financial assets.”
Let's face it. Nobody really knows which investments are going to be sure-fire winners. Even the savviest financial gurus tell horror stories about seemingly reasonable ventures that inexplicably went south.
F. SCOTT GALT, SARA MELLY, ANNA SELBY, B. SCOTT EIDSON and NANCY HAWES have joined Armstrong Teasdale LLP as partners; M. COURTNEY JACKSON and JONATHAN SHULAN joined the firm as associates.
You voted, we listened! Ladue News readers know what they like; and with this year's Platinum List, you've made your voices heard. This list compiles the best of St. Louis.
Dr. SHARI COHEN opened her new practice at 555 N. New Ballas Road, in Creve Coeur. The practice shares office space with medical psychotherapist BRUCE SCHMIDT.
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.
In today’s challenging economic climate with mine fields of financial schemes, a trusted financial adviser has become more important than ever. So local professionals recommend doing your homework to find a reputable one.
Planning for your future can be a daunting and obscure task, but Wells Fargo Advisors is trying to make the process a little easier. With the use of the company’s Envision tool, financial advisors can help clients prepare for whatever unknowns life holds, says Kevin Whitehead, St. Louis market manager for Wells Fargo Advisors. “When you’re talking about money and things that may happen based on probability, it’s difficult because it’s not tangible. The Envision plan helps our clients see what they’re trying to accomplish, and we can make sure their investment plans are in place to achieve those goals.”
PAUL LAURITSEN has been named as the new general manager of Moonrise Hotel.
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.
The numbers show that women make up 45 percent of the workforce and control 95 percent of financial decisions in households across America. “Women are more prone to worry about their families, health care costs and the ability to meet their financial goals given the uncertainties within the economy today, so the value of a trusted advisor serves a significant need for women,” says complex director Carole Wentz, who notes that Merrill Lynch has 28 female financial advisors serving the local market.
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.”
It’s common custom to sit down with an attorney to plan a will and determine how your assets will be distributed after your passing. You want to make sure the objectives for your wealth are fulfilled, even if you are not there to oversee them. Establishing a relationship with a trust company also can add to that peace of mind, says Maurice Quiroga of PNC Wealth Management. “When you create that estate plan, you’re doing it for the benefit of your loved ones, and a trust company is going to implement the strategy that you’ve underwritten.”
David Diener, VP, Wealth Management Adviser, The Private Client Reserve of U.S. Bank