Becky Gaskins

Resist Borrowing from Your Future

By Becky Gaskins, Pinnacle office manager and financial advisor

Americans who think they have run out of options in a tight economy are finding a quick way to get cash – borrowing it from their future investments. These alternatives might be tempting, but they’re not a good solution in the long run.

Find out what you can do instead of resorting to these tactics.

Costs Top Concern of Small Businesses

What’s bugging small business owners? The cost of doing business.

The National Federation of Independent Business’ "Small Business Problems and Priorities" survey, conducted every four years, shows small business owners are most concerned about difficult-to-control costs such as health insurance, energy and inflation.

Half of the top 10 worries of small business owners appear in the “costs” cluster, with the cost of health insurance continuing its 20-year reign as the No. 1 problem for small business owners; 56 percent say it is a “critical problem.” Other issues in the top 10 include the cost of fuel, supplies and inventories, electricity and worker’s compensation insurance.

Taxes are also a major concern, particularly federal and state taxes on business income, property tax and tax complexity.

Economy Better than Consumers Think

Rising gas and food prices could explain in part why consumers are not confident about the economy, even though it’s in better shape than it was during the recessions of 1990 and 2001.

Today’s unemployment rates are relatively low but impact only a small percentage of the population. Increased prices for fuel and groceries affect everyone, and they’re reminded of that several times a month when they fill up and check out at the store.

Consumers also react to the lowering value of homes more than a falling stock market because 68 percent of Americans are homeowners, but only 21 percent own stocks. Also, a house is more tangible than stock holdings.

How does the CDARS program work?

The Certificate of Deposit Account Registry Service, or CDARS (pronounced “cedars”), allows clients to work with one financial services firm to get full FDIC insurance on up to $50 million in CDs.

Individuals, businesses or municipal and state governments can negotiate one interest rate and receive one statement a month instead of splitting up deposits into $100,000 chunks, the threshold for FDIC coverage, at multiple banks.

Here’s how it works:

• You deposit any amount between $100,000 and $50 million.
• Pinnacle divides your funds into CDs of less than $100,000 each.
• Pinnacle issues the CDs to other participating banks.
• When Pinnacle sends out funds, other network members send an equal amount back. The entire deposit amount stays in the community of origin.
• You earn a single interest rate and pay no fees to participate.

Pinnacle Receives HR Excellence Award

The Nashville Area Chamber of Commerce and Middle Tennessee Society of Human Resource Management honored Pinnacle last month as one of three winners in the seventh annual HR Excellence Awards. Williamson Medical Center and A.O. Smith Water Products Company also won awards.

The HR Excellence Awards program is based on the HR principles of the Malcolm Baldrige National Quality Program. A committee evaluates nominees on proficiency in five areas: strategy; management practices; employee education, training and development; performance measurement; and employee well-being and engagement.

Brock Kidd

Kidd 2008 NELA Industry Finalist

Brock Kidd, a Raymond James investment executive for Pinnacle Asset Management, is one of three finalists in the financial services category for the 2008 Nashville Emerging Leader Awards (NELAs).

Presented by the Nashville Area Chamber of Commerce and the 20/20 Leadership Alliance, the NELAs recognize Nashville's young professionals for significant accomplishments in their chosen career fields, as well as their commitment and contribution to the community.

Securities and Investment Advisory Services offered through Raymond James Financial Services. Member FINRA/SIPC, an independent Broker/Dealer. Not FDIC Insured. Not guaranteed by Pinnacle National Bank. Subject to risk and may lose value.

Tracey Hill

Hill Named Top Program Manager

Tracey Hill claimed a spot on Bank Investment Consultant Magazine’s first list of the nation’s Top 20 Program Managers. The list, which appeared in the June issue, compiles the best investment program managers in the bank-branch system ranked by average production of the advisors under each manager. Hill manages Pinnacle’s investment program.

Securities and Investment Advisory Services offered through Raymond James Financial Services. Member FINRA/SIPC, an independent Broker/Dealer. Not FDIC Insured. Not guaranteed by Pinnacle National Bank. Subject to risk and may lose value.

New Faces

Mark Brown brings more than 14 years of experience to his role as information security officer for Pinnacle. Mark comes from Spheris Operations, LLC, where he managed its IT security program.

Tom Pugh, based at Pinnacle’s Sam Ridley Street office, serves as a financial advisor. Tom brings more than 27 years of experience from Bank of America, where he most recently served as a senior personal banker.

Sarah Watson brings more than 10 years of experience to her role of financial advisor. Sarah is based at Pinnacle’s Franklin office in Alexander Plaza. Most recently she was assistant manager of Renasant Bank’s Carothers Pkwy. location in Franklin.

Pinnacle also welcomes five new associates to the team:

• David Correll, 18 years’ experience, operations specialist
• Vickie Hoover, 21 years’ experience, financial advisor assistant
• Becky Johnson, 14 years’ experience, service specialist
• Casandra Nevils, 17 years’ experience, client service specialist
• Brenda Williard, 18 years’ experience, credit analyst

Upcoming Workshops

Advance Care Plan/Make Your End-of-Life Wishes Known

Pinnacle Murfreesboro – 214 West College Street (seating is limited)

Tuesday, August 19, 11:30 a.m. – 12:30 p.m. (workshop and box lunch)

RSVP or questions: Jennifer Daugherty at 849-2270 or jennifer.daugherty@pnfp.com