Is your insurance coverage right?
By J. Scott McPherson, CTFA, Investment Consultant for Pinnacle Asset Management and Raymond James Financial Services, Inc.
If you are like most people, a detailed examination of your insurance coverage probably doesn't top your list of priorities. Yet most people who have been through an insurance review would probably tell you that uncovering and addressing the potential risks and opportunities in existing policies is well worth the time.
If you bought your policy years ago, it may be time to get the documents out of the lockbox and ensure that the policy's assumptions are still valid and that you still have the most cost effective strategy. Click here for more.
You can reach Scott at (615) 620-1217 or by e-mail at scott.mcpherson@pnfp.com.
Last-Minute Tax Breaks Bring Special Instructions
In December, Congress extended three expired tax breaks -- but not in time to make the IRS deadline for printing 2006 tax forms. As a result, the forms and instruction booklets do not include space to deduct sales tax, college tuition and classroom supplies. Click here for special instructions on claiming these deductions.
Finding and retaining qualified employees is the top concern for entrepreneurs in 2007, according to Entrepreneur magazine and PricewaterhouseCoopers' second annual "Entrepreneurial Challenges Survey." Other challenges include developing new products and services, expanding to new markets and cutting costs. Click here for the full survey results.
"What's new for 401(k)s in 2007?"
There are four new changes in 2007 to help you maximize your 401(k):
- Diversification of investments in employer's stock. The Pension Protection Act signed into law last year gives companies three years to phase out restrictions on sales of company stock in 401(k) plans, though many companies have already ditched the limits.
- Increased 401(k) limits. The maximum 401(k) contribution has risen by $500 to $15,500. The catch-up for those 50 and older remains at $5,000.
- Opportunity to split your tax refund. For the first time, you can have the government deposit some or all of your 2006 refund check into up to three separate accounts, such as an IRA or 401(k). Your tax return will have instructions.
- More investment advice. Traditional 401(k) account statements will now come with advice about the need to diversify your portfolio and avoid loading up on any one stock.
4Q Shows Record Earnings and Strong Loan Growth
Pinnacle reported record earnings and an increase of $93 million in loan growth for the fourth quarter of 2006.
4Q06 Earnings Highlights:
- Net income for the fourth quarter of 2006 of $5.65 million, up 152 percent from the prior year's $2.24 million
- Diluted earnings per share for the fourth quarter were $0.34, up almost 42 percent from the same quarter last year
- Revenue for the quarter amounted to $22.32 million, compared to $9.79 million for the same quarter of last year, an increase of 124 percent
The following chart demonstrates the continued growth in Pinnacle's net income.
The chart below shows Pinnacle's stock-price performance versus the largest regional and national institutions in the Middle Tennessee market.
Click here for more on Pinnacle's fourth quarter performance, and click here for the NASDAQ/NGS listing: PNFP.
Pinnacle Leads in Asset Management
Pinnacle Asset Management was the top affiliate of Raymond James Financial Services, Inc.’s Financial Institutions Division (FID) in 2006 with $552 million in assets under management at Raymond James’ fiscal year-end (Sept. 30). There are 203 other FID branches in the division. At the end of 2006, Pinnacle had added another $597,104 in assets under management to its portfolio.
Associates at Work in the Community
Turner Joins Two Boards
Terry Turner, president and CEO of Pinnacle Financial Partners, is among eight new trustees who joined Belmont University's board this month. Turner was also appointed to the Federal Reserve Bank of Atlanta's board of directors for the Nashville branch.
Ron Carter, a 26-year financial services veteran, joins Pinnacle as Rutherford County client services manager and will serve on the firm's Leadership Team.
He was most recently the retail banking executive for Regions Bank, overseeing 64 locations including those in Rutherford County.
He succeeds Jamie Sweeney, who was recently promoted to a new company wide-role as Pinnacle's retail product manager.
Brian Mamo has joined Pinnacle as a financial advisor. He has 17 years of commercial lending experience and was most recently served as division manager and vice president for LaSalle Bank in Michigan.
John Ward joins as mortgage advisor. John comes from Wilson Bank & Trust, where he was responsible for leading the firm's mortgage efforts in Rutherford County.
| Ron Carter | Brian Mamo | John Ward |
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Pinnacle also welcomes five additional associates:
Tammy Dunn, 18 years experience, client service specialist
Vicki Greer, 18 years experience, client service specialist
Dean Nichols, 18 years experience, client service specialist
Bettylou Standerfer, 14 years experience, client service specialist
Terry Welch, 18 years experience, loan quality control
Dave Goetz at February 13 Forum
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Dave Goetz, Tennessee’s Commissioner of Finance and Administration, will speak at the first of Pinnacle’s 2007 Forums. Goetz will update the audience on Tennessee’s fiscal status, including the current budget and planning for the new one.
The Forum will be Feb. 13 from 4:15 – 6:00 p.m. at the Hilton Hotel, located at 121 Fourth Avenue South in Nashville. Cocktails will be served following Mr. Goetz’s remarks.
For information or to RSVP, contact Brenda Cameron at 744-3773 or brenda.cameron@pnfp.com.
