Connecting the dots: The power of aggregation

To have less stress and more confidence about the future, taking the time to review account statements is helpful. But it can be even more meaningful to have a single place where you can see the total picture of all of your assets and liabilities — and how it may fluctuate over time. Building a comprehensive account summary or net worth statement can make it easier to connect the dots. As more dots are connected, you get a more meaningful picture and see a clearer, more actionable path.

As individuals build wealth, it becomes more challenging to keep track of one’s overall financial picture. There will likely be household cash accounts, investment accounts, retirement plans, real estate, loans, and a number of credit cards. Executives may have stock options and other equity-based benefits that vest over time, and deferred compensation plans. Business owners often have multiple entities related to their core business, along with real estate holdings connected to the business. You may have private investments as well.

So gathering financial information and documents from different sources can become a bit of a chore.

How do successful people do this?

Don’t get overly complicated. Build something that works for you. Remember that the goal is to see the big picture, not to focus on the microscopic details.

Let technology do some of the work for you. Many credit cards offer very useful spending summaries. And increasingly, financial institutions are offering account aggregation tools that make it easier to see all your accounts, even at various institutions, in one place. After you take a little bit of time to set this up, you don’t need to wait for a monthly statement or quarterly review to get a broader view of your finances. Values are updated daily, so you can get a current picture any time it’s convenient for you to go online or check in on mobile.

Work with an experienced professional. An investment plan and net worth statement can form a “foundation built from facts” that may enable really good (if not always easy) conversations about spending, values, choices, and things to look forward to.

If I feel pretty sure that I am doing okay, why do all this extra work?

One reason is that having good metrics appears to be a hallmark of good performance. For example: successful business owner or executives can quickly tell you the key metrics that they watch to know how their business is doing. Athletes measure their training (and their rest) so that they will know whether they are progressing toward performance goals.

Another reason is, there is a payoff. We generally have more confidence when we know how we’re doing. Uncertainly, on the other hand, is likely to increase anxiety and stress.

Building a net worth statement is not an end in itself. But developing this positive habit can lead to lifelong benefits by providing a starting point for meaningful conversations about what we want our money to accomplish.

>> FINANCIAL SERVICES

4 - Jim Hills has been promoted to vice president, mortgage lending sales manager. Hills has been with Honor Bank since 2009 and was promoted to assistant vice president in 2015.

5 - Shannon Jordan has been promoted to senior vice president, chief financial officer. Jordan has worked in various capacities with Honor Bank since 2013, and was promoted to CFO in 2020.

6 - Keven Mathi s is now officer, mortgage loan operations manager. Mathis started with Honor Bank as a customer service representative and grew into various lending support roles over the past eight years.

the bank in 2015 and most recently served as manager of the Honor Bank Help Center.

>> HEALTHCARE

9 - Kevin J. Harris, M.D., recently joined Munson Healthcare as a board-certified specialist in general surgery, with a sub-specialty in bariatric surgery. Dr. Harris practices at Traverse General Surgery and Trauma Care in Traverse City.

3 - Jena Posey has joined hemming& Wealth Management in Traverse City as operations specialist. She brings 12 years of experience in financial services with a background in compliance and administration.

7 - Alesha Paulsen is now Bank Secrecy Act manager. Paulsen joined Honor Bank in 2020 as an assistant branch manager, and moved into the security and compliance department in 2021.

10 - David Heimburger, M.D., has been named physician chief for oncology for Munson Healthcare, replacing David Gordon, M.D., who recently retired. Dr. Heimburger served as the radiation oncology program director for more than 20 years. He also serves as Munson Healthcare’s physician advisor on the Michigan Radiation Oncology Quality Consortium.

Honor Bank in Traverse City announces the following promotions:

8 - Amanda Stacy has been promoted to vice president, branch administrator. She began her career with

11 - Anders Gillis has rejoined the Parker Harvey law firm in Traverse City as a senior attorney. He focuses his practice on employment challenges, accommodations for individuals with disabilities, compliance with employee leave laws, wage and hour issues, and issues related to recruitment, hiring, performance management, terminations, and layoffs.

12 - Jordan N. Lindsey has joined Wilson Kester in Traverse City as an attorney in family law.

13 - Jacqueline Olson has joined the Parker Harvey law firm in Traverse City as an associate attorney. Her primary focus is real estate, construction, and property law.

14 - Kristen Wolfram has joined Wilson Kester in Traverse City as an attorney in family law. She also serves on the Council of the Family Law Section of the Michigan State Bar, working to improve the practice of family law.

>> OTHER

15 - S helly Battershell has joined CENTURY 21 Northland’s Elk Rapids office as an agent. She specializes in residential and luxury homes.

16 - Amanda Brezzell has joined Groundwork Center for Resilient Communities in Traverse City as a policy engagement specialist focused on the 10 Cents a Meal for Michigan’s Kids and Farms program. Brezzell works with legislators and government policy staff, media, other food advocates, and the general public to share the story of 10 Cents a Meal and keep it effectively funded to provide healthy food to children and support family farms.

17 - Marina Call of Northwestern Michigan College’s Office of International Services and Service

Learning was recently chosen as one of 40 worldwide participants to attend FEDELE’s Semana de Español 2022. The conference in Madrid brought together educators, tourism operators and international agencies to promote Spanish language, culture and educational travel.

18 - Greg Harrand has joined Safety Net in Traverse City as a senior fractional CIO. With more than 30 years of information technology experience, he directs systems planning and budgeting, assists in software selection processes, and facilitates the creation of disaster recovery and business continuity plans for several businesses throughout northern Michigan.

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