Managing risk to help create generational prosperity
We plan for your family’s future as if it were our own, managing risk for your greater reward. By embracing our fiduciary responsibility, our clients and their ongoing financial legacies are at the forefront of everything we do. The foundation of our investment philosophy is optimizing returns through managing risk. We do this by educating our clients about the risks within their financial plan and then implementing the best risk-based plan that fits their goals.
Our purpose is to secure and empower your financial goals to ignite a prosperous legacy. You have worked incredibly hard to attain your prosperity, and deserves to partner with those who are the absolute best at growing, managing and protecting your prosperity; and doing so in complete confidentiality. The Bank of Tioga works with TS Prosperity Group in order to provide the services below. Contact us with any questions you have around retirement, investments, estate planning, non-profit investment management or more.
With the assistance of retirement planning software, we are able to provide a holistic view of your personal retirement outcomes, both your current outcome and your projected outcome. This comprehensive plan will touch on how much you need to be saving, if your current life insurance is adequate enough to cover expenses, what your invested assets may look like, and even answer the question of “when should I take Social Security”.
While you could do the retirement planning on your own, our expert professional staff has the knowledge, background and experience to assist in creating the best plan for your specific scenario. Our process is simple:
- Schedule an appointment with a retirement planning expert
- Show up and meet with our staff
- Evaluate your personalized recommendations
- Continue our ongoing relationship to ensure your long-term plan is up-kept
Another way to get started with a holistic plan is to fill out the online form below. This will give you insight into how the software will work, and questions you may want to ask.
We manage our clients’ investment portfolios with a “risk-first” attitude. What this means is that we strive to create investment portfolios that minimize the risk of significant losses while also not sacrificing return capability. Our investment committee meets regularly to discuss the markets and where we see potential for risk and reward, and we adjust our clients’ investments accordingly. The foundation of our committee is, and always will be, data. We use state-of-the-art technology to determine risk and return estimations, which result in portfolios that are well-diversified, but not detrimental to the portfolio returns. Three core asset classes comprise our portfolios: bonds, alternative investments, and stocks.
No matter if you are unsure what your risk tolerance is or what a good investment plan can contain, we are able to help families of all backgrounds to ensure a complete understanding is obtained around this in-depth topic. Our investment management services include but are not limited to:
- Individual Retirement Accounts (IRA’s): Traditional, Roth, SEP, SIMPLE
- Rollover IRA’s from 401(k) plans, 403(b) plans, inherited IRA’s
- 1042 Exchanges
- Non-Profit investment or endowment creation/management
Having an estate plan is something everyone needs, but many delay this task until it is too late. Our team comes alongside other professionals to help prepare an individual’s estate to minimize taxation, transfer assets with ease and provide peace of mind that your legacy is protected. Basic estate planning documents include wills, trusts, power of attorney, guardianship designations and beneficiary designations.
It is never too early to be prepared. If you were to become incapacitated without a plan, it could cost up to $10,000 just for the court to name a guardian to make medical and financial decisions for you. If you pass away without a plan, you will also have no control over who becomes your children’s guardian. We have the experience to help guide you through some of these important documents and decisions for your families future.
Because of our relationship with the affiliated TS Prosperity Group, we can walk through our executor services together.
Non-Profit Investment/Endowment Management
General Investment Management
This option is for those organizations who have already raised funds, or have money set aside in other investment accounts, CDs or savings accounts. This is another tool for long-term growth, where the non-profit or organization has complete say how to use the funds and when to reinvest. The minimum amount needed to open this type of account is $25,000.
Endowment Fund Management
You may think endowments are just for large non-profits, but any size organization can start an endowment. An endowment is a fund that is restricted, with only the interest from the fund typically being available to spend. This allows the original funds to grow over time. Endowment funds impress donors, allowing donors to know your organization manages its resources well, plans efficiently, and will likely survive any crisis. This also allows donors to give a gift that keeps giving well into the future. While it is suggested that an endowment begin with an amount of at least twice an annual operating budget, the minimum amount need to begin management is $25,000.
Charitable Remainder Trust Creation and Management
Since 1969 families have used charitable remainder trusts (CRTs) to increase their incomes while lowering taxes and benefiting charities. A CRT allows the donor to convert highly appreciated assets like stock or real estate into lifetime income. It reduces the donor’s income taxes now and estate taxes when they pass away, while also allowing for no capital gains taxes when the assets are sold.
First assets are transferred into an irrevocable trust, allowing the donor to receive an immediate charitable income tax deduction. The trust then sells the assets, paying no capital gains, and reinvests the proceeds into income producing assets. The donor receives income for the rest of their life, then when they pass all assets go to the charity(ies) they chose.
While beneficial to the charity in the long-run, the donor can either chose to receive a fixed percentage of the assets each year, or a fixed income from the assets each year. A fixed percentage will allow for the amount received to change and possibly keep up with inflation; however, a fixed income will act as an annuity and provide at minimum 5% of the initial fair market value.
Our team is here to help, assuring that you and your family are well prepared for all stages: generation of wealth, retirement, incapacity, or death. We are your valued partner in navigating all of life’s major events. Contact your banker today or call 701-664-3388 to schedule a 30 minute meeting to identify potential risks to your plans today.