We were unable to send the item.
Head of Wealth Management since 2020, jimmy crocker oversees more than 100 trust employees serving Simmons’ entire six-state footprint with approximately $6 billion in assets under management. Crocker was previously Executive Vice President and Chief Trust Officer at IberiaBank Corp. of Lafayette, Louisiana, where he worked for 10 years.
A graduate of the University of Mississippi, Crocker holds a juris doctor from Birmingham School of Law and a master’s degree from the University of Alabama.
What are the most common questions asked by Simmons Trust clients in today’s investment market, and how do you answer them?
Interestingly, even for clients with different goals, the most common questions relate to the preservation of capital and purchasing power. This is as you would expect in a year marked by high inflation, rapidly rising interest rates and simultaneous double-digit declines in stocks, bonds and real estate. Clients want to know how to protect their portfolios from sharp market declines. They also want to know how to ensure that their cash and short-term investments benefit from higher rates and thus help counter high inflation. And they want to know how the current market environment affects their long-term goals. We answer these questions as we always do, taking into account the economic and market realities that affect our clients, emphasizing a beneficial perspective on what they want to accomplish, and with the assurance that we stand aware of changing market conditions and that we manage their portfolios accordingly. For some clients, this means showing how we can effectively take advantage of higher rates for their cash and short-term investments. For other customers, this means taking advantage of falling markets to help strengthen the preservation of their long-term purchasing power. In bull and bear markets, we listen to our clients and show them how we can help them achieve their investment goals.
Do you see generational differences in how people invest?
Yes, and not just in how they invest, but to some extent in why they invest. With the proliferation of readily available investment advice, research and tools (good and bad), as well as the very low cost of accessing investments, younger generations may prefer to invest for themselves instead of hiring. a professional. Older generations, who typically have more assets to manage and have had difficulty navigating volatile markets, may prefer the help of professional investors. Additionally, there seems to be a broader societal acceptance among younger generations to invest for non-financial purposes, such as investing only in businesses that align with their personal values or investing to create an impact in the world. As a professional asset management firm, we must adapt to changing investor preferences. One thing we have done is build strategies specifically for investors who want to emphasize environmental, social and governance issues in their investment portfolios.
What common mistakes do people make in their retirement planning and how do you avoid them?
Retirement is a major focus area for many of our clients. Finding your way financially can be more complicated than it seems at first glance. People can make mistakes about how much money is needed in retirement, how withdrawals are made, and how to handle taxes and social security. Retirement planning can also include charitable giving strategies and intergenerational wealth transfers. We help our clients avoid common mistakes by listening to their concerns and helping them determine how prepared they are for retirement. Updating their estate plan is often something clients overlook. Whether you have children or grandchildren, have a descendant with special needs, or have a change in your financial situation that could affect your taxable estate, you will want to review and possibly update your plan. inheritance. Reviewing and advising clients on their estate plan and helping them work through the structures based on their personal and business needs and working with an attorney to make any necessary changes are additional benefits our clients enjoy. We give them tools to help them understand the risks and opportunities involved, and we provide strategies to ensure that their retirement years are not stressful, but rather financially healthy and enjoyable.
What is the best leadership lesson you have learned?
Know your strengths as well as your weaknesses. Leadership isn’t about being the smartest person in the room or having all the answers. Leaders inspire and harness the talent of their teams to meet, overcome, and overcome obstacles and/or challenges. These obstacles and/or challenges can be a sales goal, recruiting talent, or retaining key employees. Make it easy for your team to give you honest feedback. Foster an environment that promotes communication, an environment in which your team feels comfortable providing honest feedback. Ask team members who look at things with a critical eye what they think. It may be a little uncomfortable and you may not like what you hear, but it is necessary. Always focus on the “why”.
What are the key objectives for ensuring the proper transmission of heritage? What pitfalls should be avoided?
Good estate planning plays a vital role in ensuring the smooth transfer of an estate. Not only do clients need an appropriate estate plan, they need one that’s designed for them and their family dynamics. Trusts are a powerful estate planning tool that should be used. We talk to our clients about all aspects of estate planning and tax planning to educate them on the process and some of the options that may be available to them. This includes how assets should be distributed, charitable donations, family structure, family dynamics, descendants with special needs, benefits of a corporate trustee, etc. Three big pitfalls you need to avoid and watch out for are to check that the lawyer you choose to write your estate plan is focused on this area, that your assets are properly titled in your trust, or that a mechanism is in place to transfer your assets when you die, and that you update your estate plan as needed. If you have a high net worth that could impact your taxable estate, if you have a descendant with special needs, or even if you have a blended family, you need to make sure your lawyer specializes in this area and that the final estate plan really describes your distribution wishes. When it comes to estate planning, you need to ensure that the assets are properly transferred to your trust during your lifetime or that there is a mechanism in place that will transfer your assets upon your death. These are just three of the areas that Simmons Bank Private Wealth focuses on and really brings value to our clients: to help our clients set up an estate plan by connecting them with the right people, ensuring that our clients know what their estate plan says, and verify that the way the estate plan is written describes their wishes and that all assets (i.e., business interests, real estate, brokerage accounts, bank accounts, retirement account, etc.) are properly linked to this estate plan.
How can a person’s wealth management goals change over time and how do you know when to change strategies?
A client’s wealth management goals can change significantly over time. Customers may face unforeseen circumstances that require higher than expected expenses. Clients can have inheritances that provide more freedom and choice. A client’s personal views on taxation may change as their personal wealth accumulates. Buying or selling a business can really change a client’s goals, whether it’s needing capital for the purchase of a business or increased business interest or selling. the company he spent his whole life building. A change in family structure or dynamics can have a big impact on their goals, such as becoming a blended family, protecting government benefits given to a descendant with special needs, and having a corporate trustee in place to minimize family discord. . Of course, as a client ages, they will be more aware of their financial situation and their retirement and legacy planning goals. Good communication with our clients helps us see changes and deal with them accordingly so that our clients can be confident that their wealth management goals are being met. We appreciate the opportunity to be with our clients through each of these phases and help provide guidance on how each change may impact and when a new strategy may be needed.