Have questions about planning for your future? Well, we've got answers. Take a look through our frequently asked questions to learn more.
With a trust you can not only draw on our broad investment capabilities but also arrange to have us perform any number of special services, now or in the future. These personalized services could range from making payments of estimated taxes while you're traveling abroad to providing full personal financial management in the event you suffer an incapacitating illness.
Also, you can name one or more beneficiaries to receive the assets of your trust at your death. These distributions avoid probate. Or, you can have your trust continue beyond your lifetime, serving as a source of continuing income and support for your spouse, a child or others whom you designate.
No. To put us to work as your trustee, you take two steps. You deliver the money and/or securities that you wish to place in trust. And you give us your written instructions in the form of a trust agreement. The agreement, drawn up by your attorney, is signed by you (as creator of the trust) and by us (as trustee). That's all there is to it.
Trusts of this type are often called living trusts to distinguish them from testamentary trusts (those established under the terms of a will). Living trusts created for the purpose of personal asset management are also known as revocable trusts. That's because the person who creates the trust reserves the right to cancel or revoke it.
Certainly. Usually our trust clients keep control in three ways:
First, the trust agreement specifies that they can make withdrawals (or additions) at any time.
Second, as just mentioned, they reserve the right to cancel the trust.
Third, they reserve the right to give us new or different instructions by amending the trust agreement.
That depends on your goals — current income, long-term growth to offset inflation, or some balance of the two — and on ever-changing investment conditions.
Over roughly the past 85 years, diversified portfolios of good quality stocks have produced a total annual return (dividends plus growth in principal value) averaging around 10%. Bonds have produced somewhat lower returns overall, but they offer a higher level of current income than stocks.*
As trustee our goal is to provide reasonably consistent returns over the years. We emphasize careful asset allocation, the selection of quality investments and constant vigilance.
Look for experience first — someone or a financial organization, such as Community Bank, N.A., who has handled every type of market for diverse sorts of families. You'll want such experience brought to bear in providing financial security for you and your family.
Your trustee should have financial strength as well as professional investment capabilities. The trustee should participate in financial markets every day, and trusteeship must be treated as a full-time job. That describes us perfectly.
The minimum amount you need to open an investment account varies according to the type of investment option that's right for you. An Investment account can be started for as little as $25 monthly in a Periodic Investment Plan.
Saving money involves putting money in an interest-bearing account such as a savings account, checking account or certificate of deposit administered by a bank and insured by the Federal Deposit Insurance Corp. (FDIC) up to a certain maximum amount allowed by law.
Investing unlike saving, involves some risk, and does not have the FDIC insurance coverage. With investing there is the potential for loss of some or all of your money. Investors seek to generate higher returns on invested dollars than on savings account deposits by taking a greater risk with their investment money. Higher-risk investments offer greater potential to pay higher returns, but they also increase the possibility of losses.
Investing is about taking calculated risks in return for potential financial gain such as a secure retirement sending children to college, or just early financial independence.
Investments such as stocks, bonds and mutual funds have typically (past performance is no guarantee of future results) delivered higher returns over time than interest paid on traditional savings accounts. But the risks of investing compared to a savings account are greater: There is no guarantee of higher returns, and there’s the possibility of losing the principal.
Investment professionals generally suggest diversifying your investments to match your financial goals and needs. Key elements of most investment plans include:
Diversification is a portfolio strategy designed to reduce exposure to risk by combining a variety of investments such as stock, bonds and mutual funds. A well-balanced portfolio helps give investors some protection against various market peaks and valleys.
While it might seem logical that an investment that yields a higher rate is better, this is not always the case. Your tax bracket can affect your rate of return.
Community Bank Wealth Management and Community Investment Services, Inc. are not tax advisors. Consult your tax advisor before making any tax-related investment decisions.
When you work with a Financial Advisor from Community Investment Services, you have access to a wealth of financial resources. Our Financial Advisors work closely with you to identify your investment needs and goals, then tailor a plan to fit your unique profile. Our advisors are based in Community Bank, N.A branches across upstate New York and northeast Pennsylvania, making us readily accessible our clients.
To open an investment account, please contact your local bank branch and ask to set an appointment with a Financial Consultant.
For more information on your account, products or services, please contact either our Financial Consultant located in your local Community Bank, N.A. branch or call the investments Service Center at 800-234-5228
Yes. You can link your bank and investment accounts, and easily transfer money from the bank account into the investment account as needed.
Brokerage accounts as well as Direct held accounts offer online access.
With these types of accounts, you can view your investment accounts, check your securities positions and review transactions for your investments accounts. You can also access account statements and order status, get updated market quotes, news and data and research company profiles.
To update account information, you would need to contact your Financial Consultant or the Service Center at 800-234-5228.
No, transactions cannot be performed online.