Monitor Editor
KEYSTONE HEIGHTS— A Capital City Investments financial advisor spoke to the members of the Keystone-Lake Region Business Association during the group’s Jan. 11 meeting at the Montgomery Center.
Chris Klinck briefed the group on Capital City Investments, which is a separate entity from Capital City Bank.
He said he is one of 12 advisors across the company’s footprint in North Florida, the panhandle and into Georgia.
Klinck said he and his fellow advisors work as a team.
“It’s impossible to know everything about everything,” he said, “so we rely on one another.”
Klinck joined Capital City in the summer of 2020 which he said was probably the worst time to switch firms.
Prior to working at Capital City, he worked for a Daytona Beach private investment firm which has been in business since 1966 and focuses on business succession.
With his experience in the business succession field and an audience made primarily of business owners, Klinck focused his remarks on the unique retirement alternatives small business owners face.
He said different legal structures like sole proprietorships, corporations and LLCs each carry different tax and compensation consequences.
He also discussed retirement options for small businesses, like 401(K)s and simple IRAs
He said that in most cases, a simplified employee pension plan, also known as a SEP-IRA is the best option for firms where the owner is the only employee.
Klinck also touched on other investment vehicles like traditional IRAs, Roth IRAs and individual brokerage accounts.
He emphasized the importance of keeping an accurate and up-to-date list of beneficiaries in all retirement plans, including life insurance policies.
“I’ve seen it happen in divorces when people forget to change a beneficiary,” he said. “Then when they die, the money goes to the previous spouse.”
He said that discrepancies in other beneficiary information, like incorrect birthdates, could delay payouts to loved ones.
Klinck said planning and investing in retirement plans are like investing in yourself.
“Would you rather invest in yourself,” he asked after the meeting, “or would you rather give your money to Uncle Sam?
