Meet the Andersons, Wealth Management Clients

Why is personalized service, especially when it comes to retirement planning, so important? Because not everyone’s situation is the same, and cookie cutter approaches to retirement don’t work for everyone.

Jay and Lynn Anderson are prime examples of that. When the couple started considering retirement nearly a decade ago, they first trusted their finances with one of the big financial players, but quickly found they were merely a number in a database. When their plans shifted and they needed to adjust, they couldn’t find the assistance they needed.

But, thanks to a recommendation, they were referred to Park National Bank and found a bank (and a wealth advisor) that listened, offered personalized guidance and genuinely cared about who they are and what they hoped to achieve.

Starting with one of the big guys

In 2015, the Andersons could see the retirement light at the end of the tunnel. Lynn (a registered nurse for almost 40 years) and Jay (a pastor, who had previously been in retail management and real estate) asked around to see if anyone they knew could recommend a company that would be best to help them with their retirement investments.

They were referred to one of the big institutions, talked with an advisor and opened an account. Less than 12 months later, they got news that was a bit disheartening.

“We got a letter stating our portfolio wasn’t big enough for a personal account manager,” Jay said. “But we could call this 800-number and whomever answered the phone could help us.”

Like most people, the Anderson’s had spent years working hard to build their life savings, and relying on an 800-number to manage it didn’t feel right. They knew they wanted (and could benefit from) a hands-on approach for many reasons, especially because Jay took a significant pay cut to become a pastor at a point in his life when he could be earning his highest salaries.

When the next tax season was approaching, they decided to ask their accountant for another referral to a place that better aligned with their ideals and goals and were introduced to Park National Bank.

New advisor…

Lynn retired in 2016, and the couple continued with the retirement strategy Mike laid out for them. But in 2020, the Andersons learned that Mike transitioned to a new role, and their account would transition to another advisor named Nicole. This brought back bad memories for the couple. For five years they had an advisor they fully trusted. Now he’s stepping into a new role while the world was stepping into the Covid-19 pandemic, making meeting and getting to know a new advisor incredibly difficult.

Plus, the Andersons’ situation had changed again; they sold their home years prior to live in the parsonage provided by the church where Jay pastored. Now they were looking to buy a home for themselves and Lynn’s aging parents when Jay retired. It seemed like the worst time to start over.

…same personalized touch

While COVID protocols made an in-person meeting difficult, Nicole jumped right in and calmed whatever fears the couple had. During video meetings and phone calls she listened, planned and shaped their finances to incorporate the cost of a house and to make sure the rest of their assets would still be in the green.

“It was tricky because people are usually paying off, or have paid off, their home loan when they’re retiring,” Nicole said. “I was able to walk them through different scenarios at different price points.”

Jay, drawing from his experience in real estate, could tell Nicole was taking a methodical, calculated approach to their new housing expense. Lynn, who considers herself to be the more risk-adverse of the couple, also greatly appreciated how Nicole didn’t just throw random answers out if the Andersons had questions.

“She’ll say, ‘let me look into it and get back to you,’” Lynn said. “She doesn’t really ever just jump into an answer for us, she lets us think through things.”

“Certainly, she has recommendations, but it’s been really nice to feel like there’s thought behind everything.”

The Andersons soon realized that even though they had a new advisor, they were still in trustworthy hands. They eventually bought a house, and Lynn’s parents moved in.