Sernett Wealth Management
Scott J Sernett
Wealth Management Advisor|CFP®, CLU®, ChFC®, AEP®
We build partnerships, solve complex problems, and provide security for our clients
Clear Up The Complexities Financial Institutions Face
Like many banks, you face numerous challenges in managing your capital and protecting your assets. Finding the right strategy is about as easy as finding the right partner.
- Finding a suitable investment avenue for your tier 1 capital
- Offsetting the rising costs of employee benefits
- The risk of a premature departure of a major stockholder
- Keeping and motiving your top people
We Offer A Comprehensive Range Of Services Specifically Tailored To The Banking Industry
Top 10 Reasons Bank Owned Life Insurance Can Be a Smart Strategy
1. General account cash value increases annually, generating positive non-interest income.
2. Cash value growth is tax-deferred, providing potential tax advantages.
3. BOLI is immediately accretive to earnings, helping your bank achieve its financial goals.
4. Enjoy favorable yields compared to alternative investment options.
5. Death benefits from BOLI policies are generally income tax-free, providing added protection for your bank.
6. BOLI can fund and offset the costs of employee benefits, making it a cost-effective solution.
7. Institutional pricing and underwriting are available, ensuring suitability for banks of all sizes.
8. Death benefits can be split between the bank and employees, offering flexibility and customization.
9. BOLI protects your bank from the financial impact of premature death of key employees, ensuring continuity.
10. BOLI serves as an asset on your balance sheet, strengthening your institution's financial position.
When is BOLI a good fit?
Bank Owned Life Insurance (BOLI) is a single-premium life insurance policy insuring the lives of key bank employees in which the bank is owner, payer and beneficiary. Banks generally insure their top executives to protect against premature death risk, to informally finance employee and executive benefit plans, and as a cost recovery mechanism for post-retirement and health care benefits.
Client Testimonial
I am pleased to share the experience we’ve had with Northwestern Mutual and specifically, Sernett Wealth Management. Our journey commenced when we explored the idea of enhancing our BOLI portfolio. From the initial consultation through to the implementation and ongoing management of our BOLI assets, Sernett Wealth Management has consistently met our expectations. Their team has provided us with insightful advice and comprehensive strategies tailored to our specific needs and long-term goals. It’s comforting to know that our bank’s assets are in capable hands, allowing us to focus on serving our community with confidence. We look forward to many more years of collaboration and success with Northwestern Mutual and Sernett Wealth Management.