A Financial Planning Journey | Southern Maine Credit Union - Trademark FCU
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A Financial Planning Journey

(Make sure you scroll down to see all of her posts!)

POST ONE – DECEMBER 2021

Trademark’s Risk Management Officer, Angela, recently won an opportunity to meet with our new financial advisor partner, Alex from Baystate, to gain some financial guidance. Trademark held a raffle among the staff, offering one free consultation with Alex, and Angela was the lucky winner! We are eager to learn more about this process, so Angela agreed to let us interview her each month as she travels along on her financial planning journey.

A Bit About Angela

Angela has been with us at Trademark for 7 years. She started as a Member Services Rep and was promoted two years ago to Risk Management Officer. She enjoys snowmobiling and ice fishing with her family in the winter, and when the summer months hit, you can find her out on her boat or at the beach with a book in hand. 

To learn a bit about Alex at Baystate, click here.

Angela and her husband, Bryan, met with Alex in November to begin the process. During their first meeting, Alex took some time to get to know them and to get a deeper understanding of what it is that they want out of the planning and what their financial goals are for the future.

They discussed where they’re at in their lives with their careers; they also discussed retirement, wills, medical directives and life insurance. They really delved into the future and got a chance to see how prepared and how unprepared they are. They came out of the discussion with a clear plan for what they want to focus on:

  • Wills
  • Medical Directives
  • Long Term Care
  • Preparing for life after retirement

Now that they had a plan for a plan, it was time to gather some information to hand over to Alex and his team to get the process started.

Information they collected included:

Now we wait!

Once Alex and his team go through the documents, they will set another meeting.

POST TWO – JANUARY 2022

Angela and Bryan attended a brief meeting with Alex in December, to touch base on one of their main areas of concern: do they have enough life insurance to help cover expenses should one of them pass before the other? This is always a tough conversation to have, but Angela explained that Alex makes it very easy to talk to him and she feels like the conversations are always light and comfortable.

They found that currently they do not have enough life insurance coverage, so recommendations were made for added benefits. Once Angela and Bryan complete their health assessment, they will have a better idea of what the costs will be. Angela said that even just having this conversation helped put her mind at ease and reaffirmed that these are things she and Bryan should be focusing on.

Alex and his team are still working to go through all the data that Angela and Bryan provided to them. It is important that they are diligent and take their time before making final recommendations.

They will plan to meet again with final recommendations in the new year.  

POST THREE – JUNE 2022

We checked in with Angela on her most recent consultation with Alex and to hear about his final recommendations.

One of Angela and Bryan’s main concerns through this process was learning more about how to handle retirement funds. Bryan had recently switched jobs after having been employed for 20 years with the same company. He had made considerable contributions to his previous employer’s 401K plan, and wanted some guidance on what to do with that money.

Alex advised that Angela and Bryan are playing it a bit “too safe” for their ages. They still have a good number of years before retirement and should be putting their money into riskier accounts, which have the potential for higher earnings.

They have agreed to have Alex manage and invest those retirement funds for them. (The fees range depending on plan management.)

Alex also gave advice on how to best manage Angela’s 401K, while also getting rid of debt. Alex educated them that contributing more than the employer’s match amount to a 401K plan is not always the best option. His suggestion is to instead put that money toward paying off the debt that is incurring the highest interest rate – and then work their way down from there.

We asked Angela how she feels after having done this consultation with Alex: “I am excited to see where our new financial future is going to go!”

Angela and Bryan feel more at ease now that they have a clear plan of action and new goals to strive for.

We thank them both for letting us follow them on their financial planning journey!

If you have questions and are looking for guidance, please click here to visit the Financial Planning page on our website, where we have recommended two different, local advisors: Alex and Tural. Read a little bit about each of them and feel free to reach out using the information provided.