Helping Navigate Your Financial Future
We’re a mid-sized client-centric firm working closely with individuals, couples, families, multi-generation families, and small institutions to plan the accumulation and management of wealth to meet long-term plans and objectives.
Anchor Capital Management, LLC, Investment Counsel, will help navigate the waters of investing and the financial marketplace. Our philosophy and practice strives that investment goals are within reach and portfolios are maintained to meet each clients’ needs and goals.
Drop in on Wednesdays from 1pm-5pm for a
bag lunch, chat and/or tea!
GETTING TO KNOW EACH OTHER
We value the importance of a mutually transparent relationship and open line of communication, ensuring that our clients understand the planning process. We explain expectations, involved fees, and the need for accurate client data.
Exploring and identifying personal financial goals is an important initial step in a sucessful financial plan. We analyze your resources, assets, liabilities, risk profile, and lifestyle to collaboratively develop a strategic plan to reach your goals.
IMPLEMENTING A PLAN
After the process of developing, presenting, and revising a financial plan, we explore the best potential strategies for implementation. The planner will act as a coach or manager, as the client gains more and more control over thier plan.
A comprehensive financial plan sets the guidelines for investment decisions on behalf of the client. Anchor works to execute according to the financial plan.
We help monitor investment and other choices, providing recommendations for adjustment and modification if necessary.
UPDATE & REVISE
Financial planning is an ongoing process; the plan must be revisited and revised on a periodic basis to ensure that objectives and milestones are met.
Form ADV – Anchor Capital Management, LLC (“ACM”) is registered with the Securities and Exchange Commission (SEC) as an investment adviser. Brokerage and investment advisory services and fees differ, and it is important for you to understand the differences. The SEC offers free and simple tools to research firms and financial professionals at Investor.gov/CRS which also provides information tailored to educate retail investors about financial professionals.
“I focus on multiple generations when I create a plan. This includes children and other dependants. I encourage clients to get this issue on the table at the earliest possible date.”
– Anne C. Chernish, The Efficient Planner
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WHO WE ARE
Anne C. Chernish, President
Anchor Capital Management, LLC, is headed by Anne C. Chernish, a knowledgeable financial planner with decades of experience in the securities industry. Anne enjoys designing custom-tailored financial plans and investment strategies that meet clients’ long term plans and objectives. She has been serving individuals, couples, and families in Ithaca since 1989.
Fee-Only. Fiduciary. Independent.
We’re On Your Team
What Should I Do With A Whole Life Insurance Policy Given to Me By My Parents?
This is a very nice gift to be treasured. Pay the premium and let the cash value grow. Buy more if possible. Whole life is an excellent investment at your relatively young age. Read the illustration and see projected cash values and death benefits. It seems like magic, but it is real. This is not the only investment you need, but it is a good start on a firm financial foundation.
When Should I Retire?
This sounds like a simple question, but a host of qualitative and quantitive questions arise. Number one, is why do you even ask? Don’t you like your job? Does your wife like her job? Do you have any family responsibilities? Is there an overwhelming reason to retire now? Are you able to maintain your lifestyle if you retire now? Do you want to increase your lifestyle if you retire? Can you live comfortably off of your savings for 50 more years? It is rather subjective for a planner to calculate these questions and answers for 30 years; 50 is even harder. There are unknown variables in financial planning and the longer time frame, the more variables that may come up. You will need a lot of money over the next 50 years. I suggest you hire a good planner and work constructively to calculate various lifestyles with cash flows; various rate of return and inflation assumptions; various end dates.
How Are Inherited Annuities Taxed?
The return on an annuity is part income and part principal. The income portion is taxable. Give Prudential a W9 form requesting some tax be withheld just for good measure – I suggest you use the highest marginal tax rate you pay. At tax time, Prudential will send you a 1099 showing how much income and principal was withdrawn and amount of tax sent to IRS. Then, if you are overpaid on taxes it will be recouped on your tax return.
Should I Sell My Stock to Pay Off My Mortgage?
Yes, pare the 80% of portfolio allocated to one stock. This is always a good choice. It is more important to obtain diversity as you approach retirement. Keep some of the concentrated position if the company still has a good outlook. Many people choose to pay off mortgages as they approach retirement. The precise calculation is to compare the 4.4% you pay in interest to the riskless rate of return you can obtain elsewhere. You would be lucky to obtain 4.4%. So, yes, pay down the mortgage.