Driving the Cbus

In this episode we talk with Jessica McNamee, Director of Financial Planning.

How should investors react to the stock market during this COVID-19 pandemic?  Jessica encourages investors to address "risk" vs "uncertainty."  This is why you should plan.

She stresses, stay calm, and don't make rash financial decisions. Take an assessment of your reserves and cash money. And, if you can take the long term perspective, keep putting into your 401K.

Should you look at changing your 401K allocation? It's a personal assessment of risk tolerance.

Do your best not to sell right now, if you are comfortable to ride out this current financial situation.  You can be better prepared by talking to a professional financial advisor.  Plus, target having different "buckets of money" to that will give you flexibility.

What makes the stock market rise and fall?  What are the factors?  Can we compare today's market fluctuations to the Great Recession in the early 2000's? Jessica explains the fluctuation reasons, and compares and contrasts today to The Great Recession.

Disclaimer:

The opinions voiced in this show (program) are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult with your attorney, accountant, and financial advisor or tax advisor prior to investing.

Securities are offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates.  The investment products sold through LPL Financial are not insured Heartland Bank deposits and are not FDIC insured. These products are not obligations of Heartland Bank and are not endorsed, recommended or guaranteed by Heartland Bank or any government agency.  The value of the investment may fluctuate, the return on the investment is not guaranteed, and loss of principal is possible.

 

Featuring insights from individual contributors from all corners, nooks and crannies of the Columbus, Ohio region, Scott McComb, Chairman & CEO of Heartland Bank, has a goal to get to the why of our evolving and eclectic environment.  Check back often for updates to the list of the latest interviews with some of the area's most interesting individuals who are 'Driving the CBus'!

Email: [email protected] 

Twitter - @heartlandbank

Facebook - @heartlandbankcentralohio

Laurie is our guest, and we cover how your bank can help your business during this pandemic.

What should your business being doing today?

Keep communicating.  To your bank, CPA, insurance agent, all your partners

Re-evaluate your revenue streams

Create a 13-week cash flow, and update every few days

What will a banker need to know when you contact them for options?  Laurie offers up these items that will be covered.

What is the current state of your business?

What are your current revenue streams?

What are you doing with your vendors?

If you are renting your building, have you talked to your landlord for relief?

Have you contacted your insurance agent to understand your policy?

Laurie stresses access to cash is extremely important.  Utilize or increase your line of credit.

Tools that businesses can take advantage of?  Laurie mentions that your bank will look over long term, that is, what is needed over the next 90-days.  Options include:

Interest only payments

Deferred payments

Loan forbearance

SBA solutions?  At this time, the SBA is offering a relief program called the SBA Disaster Assistance Program.  You can begin the application process online, or contact your bank for assistance.

Featuring insights from individual contributors from all corners, nooks and crannies of the Columbus, Ohio region, Scott McComb, Chairman & CEO of Heartland Bank, has a goal to get to the why of our evolving and eclectic environment.  Check back often for updates to the list of the latest interviews with some of the area's most interesting individuals who are 'Driving the CBus'!

Email: [email protected] 

Twitter - @heartlandbank

Facebook - @heartlandbankcentralohio

We talk with BJ about what measures and options are being put in place with this pandemic.

Hardship options that you can ask about are deferred payments or interest only payments.  To find out more, contact your bank.  That information should be readily available on your monthly mortgage statement.

BJ also covers how escrow is handled with any hardship option you may choose, plus what information you should have available when you call your bank.

In addition to helping you in the short term, these hardship option payment plans will not affect your credit score.  All reporting to the credit bureaus is being waived during this time.

Should you consider refinancing your mortgage now?  It might be a great time to do so.  Rates are the lowest they have ever been.  But it will depend on your financial and employment situation right now.  Right now is a great time to be prepared to refinance.  Contact your bank and start the conversation.

 

Featuring insights from individual contributors from all corners, nooks and crannies of the Columbus, Ohio region, Scott McComb, Chairman & CEO of Heartland Bank, has a goal to get to the why of our evolving and eclectic environment.  Check back often for updates to the list of the latest interviews with some of the area's most interesting individuals who are 'Driving the CBus'!

Email: [email protected] 

Twitter - @heartlandbank

Facebook - @heartlandbankcentralohio

We talk with Ben about the safety of your deposits at your financial institution during this COVID-19 pandemic.

All deposits are safe in your bank.  The FDIC insures up to $250,000 per depositor per account category.  What are examples of the account categories? Accounts like single, joint, retirement, revocable trust, and irrevocable trust are a few examples.  You can get specific information about what the FDIC insures at Ask EDIE. This is the FDIC's Electronic Deposit Insurance Estimator.

With the FDIC insurance in place, you may want to think twice about taking a large amount of cash out to have on hand. Ben suggests if you do, only take out as much as you would need to cover expenses for a couple of months.  This will limit your urge to spend the money since is it readily available.

Deposit rates are low right now. Ben suggests talk to your financial planner for advice.  A good strategy to consider is laddering your CD investments over time - 1, 2, 3, or even 5 year CD's.  This locks in rates, that over time, will have a better yield average.

Ben offers up 5 smart money tips to consider right now.

Talk with your community banker. They have programs to help during these difficult financial times.

Borrow prudently. Credit cards are not the best loan options.

Check out charitable resources.  And if you can give, help them out.

File your taxes.  If you are getting a refund, this is money that can help through the lean financial times.

Sell unwanted items, and check your credit card statement for recurring subscriptions you may no longer really need.

 

Featuring insights from individual contributors from all corners, nooks and crannies of the Columbus, Ohio region, Scott McComb, Chairman & CEO of Heartland Bank, has a goal to get to the why of our evolving and eclectic environment.  Check back often for updates to the list of the latest interviews with some of the area's most interesting individuals who are 'Driving the CBus'!

Email: [email protected] 

Twitter - @heartlandbank

Facebook - @heartlandbankcentralohio

Alyssa gives us an update on what you can (and can't) do at your bank during this COVID-19 pandemic.

Right now, specifically at Heartland Bank, and most banks, branch lobbies are closed except by appointment. Drive thru banking is still open, with staff and managers available at the branches.

The best way to reach your bank, if you need to meet in person, is contact your banks customer service representative by phone.

Alyssa offers these smart money moves to consider right now.

Build a reserve fund, with extra money you may not be spending right now (sports, entertainment, etc.)

Look at your budget, or revise your budget. Simply look at your weekly income, and subtract your weekly expenses.

Check with your bank for current rates.  Consumer loans have relief options.

What are some differences between what we are experiencing now, and during the Great Recession in the early 2000's? Alyssa notes that this financial situation is being brought on by a health crisis, not a financial crisis.  The Great Recession has actually prepared the banking industry to weather the storm, and banks are in better shape than they ever have been.  They have stronger capital, higher liquidity, and stable funding resources.

How can you access your money without going to the bank?  Alyssa mentions a number of tools available right now.

Mobile deposit through your bank's app

Transfer cash via apps like Venmo or Apple Pay

ATM

Remote deposit for businesses

 

Featuring insights from individual contributors from all corners, nooks and crannies of the Columbus, Ohio region, Scott McComb, Chairman & CEO of Heartland Bank, has a goal to get to the why of our evolving and eclectic environment.  Check back often for updates to the list of the latest interviews with some of the area's most interesting individuals who are 'Driving the CBus'!

Email: [email protected] 

Twitter - @heartlandbank

Facebook - @heartlandbankcentralohio

Disclaimer:

The opinions voiced in this show (program) are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult with your attorney, accountant, and financial advisor or tax advisor prior to investing.

Securities are offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates.  The investment products sold through LPL Financial are not insured Heartland Bank deposits and are not FDIC insured. These products are not obligations of Heartland Bank and are not endorsed, recommended or guaranteed by Heartland Bank or any government agency.  The value of the investment may fluctuate, the return on the investment is not guaranteed, and loss of principal is possible.

 

Featuring insights from individual contributors from all corners, nooks and crannies of the Columbus, Ohio region, Scott McComb, Chairman & CEO of Heartland Bank, has a goal to get to the why of our evolving and eclectic environment.  Check back often for updates to the list of the latest interviews with some of the area's most interesting individuals who are 'Driving the CBus'!

Email: [email protected] 

Twitter - @heartlandbank

Facebook - @heartlandbankcentralohio

Betty Collins is with Brady Ware CPAs. She started her career in public accounting way back in 1988. As co-leader of the Long-Term Care Service team, which helps provide services to individuals with intellectual and development disabilities in nursing centers, established effective operational models so that they maximized their available funding. She consults with other small businesses, helping them prosper, with advice on general operations, management, cash-flow optimization, tax flow, and all those great things that CPAs do for your business.

Besides her serving on the board of directors of Brady Ware & Company, she really has a passion for women-owned businesses and supporting associations such as the National Association of Women-Owned Businesses. She's the president-elect of the Columbus chapter of that organization. Brady Ware also partners with Women's Small Business Accelerator, which is an organization in Columbus, OH to help female business owners develop and implement a strong business strategy through education, mentorship, and all the things that come along with that.

Featuring insights from individual contributors from all corners, nooks and crannies of the Columbus, Ohio region, Scott McComb, Chairman & CEO of Heartland Bank, has a goal to get to the why of our evolving and eclectic environment.  Check back often for updates to the list of the latest interviews with some of the area's most interesting individuals who are 'Driving the CBus'!

Email: [email protected] 

Twitter - @heartlandbank

Facebook - @heartlandbankcentralohio

I speak with Joel Oney, Vice President, Manager of Agribusiness Lending at Heartland Bank.

Joel has over 20 years of agricultural finance and leadership experience with Ohio and Kentucky farmers. He received his bachelor’s degree in Dairy Science from The Ohio State University and his master’s degree in Animal Nutrition from the University of Kentucky. Joel was born and raised on a dairy farm in northern Ohio where his family milks more than 500 dairy cows today. He has also served on various county and state boards serving the livestock industry.

Featuring insights from individual contributors from all corners, nooks and crannies of the Columbus, Ohio region, Scott McComb, Chairman & CEO of Heartland Bank, has a goal to get to the why of our evolving and eclectic environment.  Check back often for updates to the list of the latest interviews with some of the area's most interesting individuals who are 'Driving the CBus'!

Email: [email protected] 

Twitter - @heartlandbank

Facebook - @heartlandbankcentralohio

Pat John began his career as a title professional in 1985 in Dallas, Texas. Over the last 20-plus years, Patrick has held a host of positions—everything from processor to residential closer. In 1994, Patrick moved to Kansas City after accepting a position as a sales representative. In just a few short years Patrick was named the State Manager of Kansas.

In 1997, Patrick moved to Ohio to manage the central Ohio operations for a major underwriter. Four years later Patrick was promoted to Vice President and State Manager. Then, in 2004, Patrick was named Senior Vice President and Regional Manager for a five-state Midwest Region.

Patrick served on the Regional Leadership Team and the National Executive Leadership Team for this Fortune 500 underwriter. His business acumen and analytical thinking earned him a reputation as an honest and driven title professional.

Patrick founded TransCounty Title Agency in 2007 and has grown the company in the Columbus Metro consistently appearing in Business First as a top 10 title agency. They currently have 3 branch locations and 2 closing locations, located in Dublin, OH, Gahanna, OH, Circleville OH, Upper Arlington, OH and Pataskala, OH. TransCounty Title operates its own in house title departments and handles 90% of their own searching, exam, underwriting, typing, and recording. They have 13 retail employees, that cover sales, order entry, processing, and residential and commercial property closings.

Featuring insights from individual contributors from all corners, nooks and crannies of the Columbus, Ohio region, Scott McComb, Chairman & CEO of Heartland Bank, has a goal to get to the why of our evolving and eclectic environment.  Check back often for updates to the list of the latest interviews with some of the area's most interesting individuals who are 'Driving the CBus'!

Email: [email protected] 

Twitter - @heartlandbank

Facebook - @heartlandbankcentralohio

Greg Overmyer, CPCU, and Chief Executive Officer at Overmyer Hall Associates is my guest. Find out how he, after  a casual meeting with Cameron Mitchell changed the course of his career path.

Greg started his career in 1987 after graduating with a Bachelor of Science Degree in Accounting from Miami University. He worked for Continental Insurance Company before accepting a position in Commercial Property & Casualty Sales with Berwanger Overmyer Associates (BOA) in 1988 and received his Chartered Property and Casualty Underwriter (CPCU) designation in 1993. Greg took on leadership positions with BOA.

In 2001, BOA was sold to HRH where Greg was made President/CEO of the office. The British firm Willis Group Holdings acquired HRH in 2008. Greg served as Managing Partner of Willis until 2010, continuing to maintain his clients.

In 2011, Greg founded Overmyer Associates, later to become Overmyer Hall Associates. Overmyer Hall Associates is a boutique agency specializing in Commercial Insurance, Surety Bonds and Home & Auto Insurance. They were named the fastest growing insurance agency in Columbus in 2014 by Business First.

Featuring insights from individual contributors from all corners, nooks and crannies of the Columbus, Ohio region, Scott McComb, Chairman & CEO of Heartland Bank, has a goal to get to the why of our evolving and eclectic environment.  Check back often for updates to the list of the latest interviews with some of the area's most interesting individuals who are 'Driving the CBus'!

Email: [email protected] 

Twitter - @heartlandbank

Facebook - @heartlandbankcentralohio