By John Sastry, J.D., CFP® – Vice President & Retirement Services Officer
Financial planning has become a financial services industry term that encompasses many things, and can be confusing if it is not placed in proper context. We believe that there are two main categories to financial planning – individualized financial planning and business owner financial planning.
At Central Trust Company, our individualized financial planning process is a technical and analytical method where we gather data, establish goals, analyze the data, make and implement recommendations and review your completed plan on a regular basis. The process is comprised of three meetings: 1) data gathering and goal establishment, 2) draft plan review, and 3) final presentation. Through this process, we can engage your beneficiaries and, at your direction, your tax and legal professionals to ensure a collaborative approach.
In addition to individual financial planning, we also have the robust capability to assist business owners. We have a team of tax and legal professionals that can interface with your team to analyze the consequences of a business sale’s different sale structures (e.g. asset vs. stock sale), evaluating whether existing employees could purchase the business through an employee stock ownership program, and how to minimize capital gains taxes.
Finally, we offer complimentary reviews of your existing life insurance and annuity products. Over the years, you’ve likely purchased insurance products including annuities, life insurance, disability insurance and long term care benefits. Odds are that your needs have changed since you purchased the policy and it has been some time since you have reviewed those policies. It is also likely that you purchased the policies under older mortality and morbidity tables. We often find that beneficiaries need to be updated, clients do not understand the form and function of their policies, and that some policy designs have become antiquated. We can perform a thorough and professional review of these policies.