I have been with Legacy Trust now for just over two years and thought I would share some of what I have learned. I have had a couple different roles since starting. My initial role was focused mainly on the operations side of the business, with some involvement in the investment world. After about a year doing that, I transitioned into a permanent role on the investment team, serving as portfolio manager on some accounts. Over the last six months, I have continued to expand my investment role but have also begun to get involved in client interactions. I have recently begun working toward the CFP® designation and have quickly been able to apply my new knowledge. The CFP® (Certified Financial Planner) credential is earned following a rigorous course of study in all things related to the financial planning process (tax, insurance, investments, estate planning, and retirement planning). In the next few paragraphs, I will walk you through what I experienced with the first client relationship that I’ve had the opportunity to serve since the beginning of their engagement with Legacy Trust.
In the early fall, our Senior Account Executive Bob Prevette brought me and another colleague in to work with him on a new client relationship. At first glance, it seemed to be pretty cut and dry but as we dug deeper we uncovered some problems that required immediate attention. The relationship came in with both an IRA and a Trust. However, after sifting through the documents we were given, we found that there were also two annuities that nobody was keeping tabs on. To put this into perspective, the value of the annuities equaled about an eighth of the total relationship value (pretty significant to not keep tabs on!). So our cut and dried account turned into more of a puzzle to be solved than we had initially thought.
Over the course of the next few weeks, we worked with Bob and the family’s accountant to figure out the best course of action and how to maximize the family’s potential financial growth, while minimizing the taxes. I was able to apply some of the things I am learning in my CFP® courses to help save the family money (ex. Reducing taxable income by deducting medical expenses). I believe through in-depth fact finding, excellent tax advice and by improving the plan structure, we have put the family back on track to meet their financial goals and be in a position for more tax-efficient investment growth.
It has been a great experience for me to see this because now I realize just how different one financial situation can be from the next. In this instance, the account owner is in his early 80’s with serious medical issues. However, if given the same assets for someone the same age who is healthy, a very different plan may have been more appropriate. At Legacy Trust we pride ourselves on our openness and flexibility to tailor solutions to meet our clients’ varying needs, and I have had a great experience so far in seeing how this process is applied. I am already looking forward to the next challenge!