Smart strategies for building and protecting wealth

For many business owners, wealth management is about more than increasing assets. It’s also about creating stability and preparing for the future. Careful planning around succession, market changes and investment choices can help you feel more confident about the years ahead. Advisors with the right experience can provide guidance matching your goals and values.

Panelists:

• Scott Kenney, SVP, director of wealth management and senior trust officer, Bangor Savings Bank, bangor.com
• Mark Paluzzi, SVP, director of New Hampshire development and NH wealth team lead for New Hampshire, Bangor Savings Bank, bangor.com

What should I consider when creating a financial plan that fits my long-term goals?

A strong financial plan starts with clarity. Assess where you want to be in five, 10 or 20 years and what it will take to get there. This includes reviewing income, expenses, assets and liabilities, as well as personal and business goals. For some, it may be saving for retirement. For others, it may be investing in growth or preparing for a transition. The best plans are flexible enough to adapt to changing circumstances while keeping long-term priorities in view.

At Bangor Wealth Management of New Hampshire, we make financial planning approachable, helping clients clarify goals, weigh options and build strategies that reflect both where they are and where they want to go. Our job isn’t just to manage money; it’s to support the decisions that matter most.

How can we prepare for a succession or transition, and what financial steps are most important to consider?

Succession planning is one of the most important and often overlooked parts of owning a business. The process starts by identifying future leadership: whether that’s a family member, a trusted employee or an outside buyer. Then, the financial details come into focus. Owners can work with trusted advisors to assess the business’s value, review tax implications and ensure structure is in place to protect both the company and the family.

At Bangor Savings Bank, our wealth management and commercial banking teams partner with business owners to support succession planning and long-term growth. Our trust and estate planning services also help families preserve wealth across generations and prepare for leadership transitions, making succession a seamless part of long-term financial planning. From guiding generational transitions to exploring employee ownership models, we offer solutions that reflect our clients’ values and priorities.

Preparing early ensures a smooth transition and the preservation of the business’s legacy. We help business owners strategically review all areas of the organization — the big picture and the small details so that nothing is left to chance.

What is the best way to approach investing during times of market uncertainty?

Market volatility is a normal part of investing, but it can create stress. The best approach is to stay grounded in your long-term goals and avoid making decisions based on short-term swings.

A well-balanced portfolio can help spread risk across different asset types, industries and geographies. It’s also important to review your investment strategy regularly to ensure it still aligns with your objectives, risk tolerance and time horizon. Having a trusted advisor by your side can provide perspective when headlines make it hard to stay focused.

We help our clients separate noise from strategy, so they can confidently navigate uncertainty.

The markets may shift, but a thoughtful, disciplined plan keeps you moving toward your goals.

How do your deep roots in Northern New England shape your approach to advising local businesses compared to national firms?

We take great pride in our Northern New England roots. Operating in New Hampshire gives us a unique perspective — we understand the local economy, from small businesses that are the backbone of our communities to families that value stability and long-term planning. That knowledge allows us to provide advice that is financially sound and built on the region’s realities.

Larger organizations may focus on national trends, but we’ve found that priorities, like succession planning for family businesses or planning ahead for seasonal income, require tailored strategies. Our clients know they are working with a local team that is committed to their success and the region’s success.

What financial planning tools or resources do you recommend?

Solid financial planning starts with solid information. Tools that allow you to see your full financial picture in one place are especially valuable. That includes tracking accounts, understanding cash flow and running projections for different scenarios. Technology makes this easier than ever, but complementing tools with real guidance is the most effective.

At Bangor Wealth Management of New Hampshire, we pair digital resources such as Bangor Wealth Online and Money Mentor’s Personal Finance Management tools with personalized advice to help clients make sense of the data. The right tools empower clients to ask better questions and make more informed choices. That combination of technology and human guidance makes your plan clear and actionable.

How can I strike a balance between growing my wealth and protecting my assets?

Balancing growth and protection is at the heart of wealth management. Too much focus on growth can expose you to risk, while too much emphasis on safety can limit long-term opportunities. The important thing is creating a portfolio and plan that matches personal goals, timelines and comfort level.

For some, that might mean combining steady income-producing investments with growth-oriented assets. For others, it may involve using insurance or other tools to protect what they’ve built. Regular check-ins ensure the balance stays aligned as life changes. We work with you to define what growth and security mean, then tailor strategies that reflect those priorities.

Why is trust such an important part of the advisor-client relationship in wealth management?

Wealth management is deeply personal. It’s about your future, family and legacy, and that’s why trust is essential. You should feel confident that your advisor understands your goals, respects your values and will act in your best interest.

We see trust as the foundation of every relationship, and build it through listening, transparency and consistent follow-through. We don’t believe in one-size-fits-all advice. Instead, we take the time to understand your unique situation. Financial planning becomes less stressful and more empowering when people know their advisor is truly on their side. Our promise is simple: You Matter More.

Wealth management products are not FDIC insured and do not have a bank guarantee. You may lose value. Neither Bangor Savings Bank nor its affiliates offer tax, accounting or legal services.