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The Key Private Bank Advantage

Wealth Management - Simplified

At Key Private Bank, our highly personalized approach to addressing wealth management issues simplifies your life. Access to a team of experts ensures your complex issues are analyzed from many perspectives, and our recommendations to you are the best solutions for your unique situation.

The professionals on our teams are accessible, friendly and reliable. We are expert listeners, know what questions to ask, and bring new ideas to you. Clients tell us they appreciate our approach, delivering customized advice rather than pushing product sales.

A Commitment to Service: Meet Scott, Tony and Tim

The process of retiring nearly always begins with a long-term financial plan. But today’s business environment often requires coordinating legal, insurance, accounting, tax and banking services to develop the complex solutions that enable retirees to reach their goals.

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A Key Private Bank team in Florida – Scott Altschul, Investment Solutions Specialist, Tony Lourido, Portfolio Manager, and Tim Peters, Relationship Manager – helps individuals and families develop comprehensive, customized solutions to reach their financial planning and retirement goals.   

“Retirement is a process, involving a series of steps for a successful transition,” says Tony. “Our local team gets to know our clients by learning about their goals and dreams – and what keeps them up at night. Then our team of highly credentialed professionals develops an effective plan to help them reach their goals while addressing their financial concerns.”  

In addition to professionals and business owners, the team serves many Key clients who are from up north and spend their winters in Florida, often referred to as “snowbirds.” 

“Our clients who are ‘snowbirds’ appreciate that Key Private Bank’s processes are consistent throughout the country and that they receive the same high level of service here in Florida as they do in their home state,” says Scott. “This can be especially beneficial if and when these clients consider becoming Florida residents, which may offer them significant tax advantages.”   

Along with Scott, Tony and Tim, the team includes a trust officer, credit officer, and access to a national team of wealth planning experts. Business owner clients can also access business advisory services.

“Our team’s approach to comprehensive wealth management greatly reduces the clients’ burden of coordinating the host of professional services needed in today’s business environment,” says Tim. “Whether we’re working with the client’s CPA and attorney or drawing on the strong professional relationships our team has developed, our goal is to create customized plans that help our clients realize their dreams in an environment that’s as stress-free as possible.”

“Our goal is to offer clients value and a great experience no matter where they live,” says Scott. “Our clients aren’t just hiring a person; they are hiring a team.”

Estate Planning 

Client: Marion*

Profession: Marion is retired and lives in Florida. Her husband, now deceased, owned a successful business in Ohio. 

Family: Three daughters in their 50s; one with special needs who resides in an assisted living facility in Cleveland, Ohio.

Primary Goal: Creating a unified financial plan that generates adequate income for her and her special needs daughter for life while also leaving a legacy for her other daughters. She also wanted to work with a firm that had a presence in both Ohio and Florida. 

Solution: The team took time to understand the client’s financial concerns, which included a complete trust and estate plan evaluation. Although Marion has assets of about $5 million, she wanted to confirm that they would be sufficient to meet her goals. Key Private Bank trust officers in Ohio and Florida worked with Marion and the rest of the team and created an insurance trust for the benefit of her special needs daughter. They updated her financial and estate plans to confirm that they were on track to meet her goals. 

Secondary Solution: During the review process, the team also looked at Marion’s personal life insurance and re-evaluated her long-term care needs. The team continues to work with her attorney who is researching whether her daughter may qualify for additional Social Security or disability benefits. 

Trust Planning - Business Owner

Client: George*

Profession: Business owner, privately held company.

Family: Divorced, two young children.

Primary Goal: Providing for his children and leaving a legacy through charity.

Solution: George owns a rapidly growing business. Along with his CPA and estate planning attorney, the team designed a trust for each of his children with a provision that George maintains control over how the trusts are funded. The team also developed a long-term investment strategy emphasizing growth. Each year, the trusts will receive additional distributions from the business. The team discussed the benefits of a corporate trustee for the children’s trusts with George and his advisors. They also developed a personal investment portfolio designed to achieve a balance of growth and tax-free income. George expressed a future interest in teaching his children about wealth and investing. Finally, they talked to George about the importance of educating his children about money and the fundamental principles of investing as they grow older to ensure they can make sound financial decisions in the future.

Secondary Solution: George is committed to helping individuals with special needs. The team is working with his advisors to communicate the advantages of establishing a private foundation to fulfill his charitable wishes, which can provide tax benefits, an important consideration if he decides to sell the company or a portion of it. Business succession planning is also a critical element of his overall plan and the team recommended strategies to protect his business should he die or become disabled in an untimely manner.

 

Mitigating Risk of Concentrated Stock Position

Clients: James and Mary*

Profession: Retired, former business owners who recently sold the business with a portion of the proceeds paid in stock. 

Family: One son together; James has two children from his first marriage.

Primary Goal: Minimize risk from significant exposure to one stock.

Solution: The team developed a plan using various strategies to help James and Mary reduce their risk in the one stock while addressing tax issues. They recommended that a portion of the shares be sold due to the current relatively low capital gains tax rate. They also recommended that they enter into a strategy that would provide protection from a fall in value for the other portion of the shares and additional liquidity, but without the tax consequences of a sale. The second strategy also allowed James and Mary to maintain some appreciation potential in the stock, which they still viewed favorably.

Secondary Solutions: The team also recommended that the cash received from these various strategies be invested in a diversified and cohesive investment portfolio for James and Mary to minimize risk and better position their portfolio to achieve their goals. They are also reviewing their estate planning needs, considering the blended family dynamics. James and Mary would also like to discuss the best way to give to their favorite charities to ensure a legacy.