Your Colgate Palmolive Benefits & Career: Financial Planning for Executives

Brian Thorp
Brian Thorp is the founder and CEO of Wealthtender and Editor-in-Chief. Prior to founding Wealthtender, Brian spent nearly 22 years in multiple leadership roles at Invesco. With over 25 years in the financial services industry, Brian is applying his experience and passion at Wealthtender to help more people enjoy life with less money stress.

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Are you an executive at Colgate Palmolive? Get the resources you need and expert insights from financial professionals who specialize in helping executives and senior leaders at Colgate Palmolive make the most of their compensation package and benefits.

As a Colgate Palmolive employee in a leadership role at the firm, it’s important to make smart money moves with your income and employee benefits. For example:

✅ Do you know the right moves to make to get the greatest value from the Colgate Palmolive benefits available to you?

✅If you’re thinking about leaving Colgate Palmolive for another job or planning to retire from the company in a few years, are you taking the right steps today to ensure you will receive all of the compensation and benefits that you’ve earned?

Get the Most Value from Your Colgate Palmolive Benefits and Compensation Package

Throughout the year, Colgate Palmolive provides its employees and executives with updates about their benefits ranging from health insurance and health savings plans to retirement plans like a 401(k), deferred compensation plans, and stock options. While the company offers many useful resources and access to knowledgeable staff who can assist with questions, you’ll also find financial professionals not affiliated with Colgate Palmolive who specialize in helping Colgate Palmolive employees make the most of their income and benefits.

Whether you work in the Colgate Palmolive headquarters in New York City, another office location around the country, or remotely from home, you may have questions about your compensation package and benefits better suited for a financial professional who can offer unbiased advice and guidance.

For example, sensitive topics like discussing the steps you should take before quitting your job at Colgate Palmolive to work elsewhere, protecting yourself in advance of a corporate layoff, or deciding when you should plan to retire are all conversations that may be more comfortable with a trusted financial advisor.

Should you hire a Colgate Palmolive specialist financial advisor or an advisor close to home?

You’ll likely find dozens of nearby financial advisors well-suited to help you reach your money goals with a personalized plan. But it may be more difficult to find a financial advisor who specializes in serving Colgate Palmolive executives.

Fortunately, many financial advisors offer virtual services so you can meet online no matter where you (or they) live.

This means you can choose to hire a specialist financial advisor who lives hundreds of miles away if you decide their knowledge and experience working with Colgate Palmolive executives is a better fit to help with your unique needs.

💡 In the Q&A below, you’ll gain insights from financial advisors who work with Colgate Palmolive executives to help them make smart decisions to get the most value from their compensation and benefits, reduce their money stress, and prepare for a comfortable retirement.

🙋‍♀️ Do you have questions not yet answered? Use the form below to submit questions anonymously and watch this article for updates with answers to your questions. You can also reach out to the financial advisors below to set up an introductory call or contact them with your questions by email.

💸 Smart Money Insights for Colgate Palmolive Executives

This page is organized into sections to help you quickly find the information you need and get answers to your questions:

  1. Q&A: Financial Planning Tips for Colgate Palmolive Executives
  2. Get Answers to Your Questions About Your Colgate Palmolive Benefits and Career
  3. Browse Related Articles

Q&A: Financial Planning Tips for Colgate Palmolive Executives

Answers to Employee Questions with Jim Shagawat, CFP®, ChFC, MBA

Jim Shagawat is a financial advisor based in Paramus, New Jersey who specializes in offering financial planning services to Colgate Palmolive executives and other employees. Jim helps his clients get the most value from their Colgate Palmolive benefits and compensation package so they can enjoy life and feel confident about their financial future.

Q: As a financial advisor with experience helping Colgate Palmolive employees save for their retirement, how do you help them make the most of their employee benefits?

Jim: My experience encompasses Stock Options and the S&I Plan, and my goal is to ensure clients capitalize on these benefits effectively.

Q: When you first speak with a Colgate Palmolive employee, what questions do you like to ask to better understand their unique circumstances and determine how you can best help them achieve their goals?

Jim: I start by asking, “What’s your primary financial concern at this point?” This helps tailor my advice to their specific needs.

Q: Is there a particular benefit available to Colgate Palmolive executives you feel isn’t as well utilized or understood as it should be?

Jim: Indeed, one often underutilized benefit for Colgate Palmolive employees is the Net Unrealized Appreciation (NUA) Strategy. This can be a game-changer for managing your stock investments. When utilized correctly, NUA can significantly reduce tax burdens on company stock held in retirement accounts. It allows for more strategic planning around when and how you pay taxes on your investments, potentially saving a considerable amount in the long run. Understanding and leveraging NUA can be a crucial part of maximizing your financial benefits with Colgate Palmolive.

Q: Beyond Colgate Palmolive employee benefits for retirement savings, are there other types of benefits offered by the company that you find valuable to discuss with your clients?

Jim: Absolutely! In addition to retirement savings benefits, Colgate Palmolive offers several other valuable benefits that are worth considering. A key area to focus on is their stock options, including Restricted Stock Units (RSUs) and Incentive Stock Options (ISOs). These can be a significant part of your compensation and offer potential for growth. It’s crucial to be smart about how you manage these options. We can discuss strategies to help optimize their value while considering tax implications and aligning them with your overall financial goals.

Q: For Colgate Palmolive executives thinking about leaving the company to accept a job elsewhere, what actions do you recommend they take before resigning and shortly thereafter?

Jim: When Colgate Palmolive employees are considering a job change, I can guide them through the crucial decisions regarding their retirement accounts. The goal is to ensure that their transition is smooth and their financial future remains secure, focusing on maximizing the benefits from their stock options and deferred compensation.

Q: For Colgate Palmolive employees approaching retirement age, how do you recommend they prepare to make the transition from living off their salary to relying upon other sources of income?

Jim: For those approaching retirement, I can work with them to create a comprehensive income plan to help transition from relying on a salary to utilizing their savings, investments, and retirement funds. This includes planning for health insurance, tax efficiency, and long-term financial stability, including long-term care and estate planning.

Q: For Colgate Palmolive employees who have managed their finances on their own to this point, what would you suggest they consider to help them decide if they should begin working with a financial advisor at this stage in their lives?

Jim: Transitioning to a financial advisor can be transformative, especially for self-managed finances. My role is to provide personalized advice, emotional guidance in financial decision-making, and help navigating through the complex tax landscapes. This helps to ensure we are making educated decisions that are also emotionally balanced, and focused on maximizing financial potential.

Q: What are some of the unique financial planning challenges you commonly see among your clients who are Colgate Palmolive employees and how do you help them overcome these obstacles?

Jim: My clients often face challenges with Colgate stock concentration and retirement planning. I can help them leverage tax-saving strategies like Net Unrealized Appreciation and optimize their investment portfolio for tax efficiency pre- and post-retirement. My approach includes strategic planning for their S&I Plan, RSUs, and PSUs. I also provide guidance on tax-efficient withdrawal strategies and comprehensive planning for those considering early retirement, so they can make informed decisions that align with their long-term goals.

Get to Know Jim Shagawat, Financial Advisor for Colgate Palmolive Employees:

View Jim’s profile page on Wealthtender or visit his website to learn more.

Q: What questions do you recommend Colgate Palmolive employees ask financial advisors they’re considering hiring to help them decide if they’re a good fit?

Jim: When it comes to choosing a financial advisor, ask these 3 questions:

  1. Determine their credentials. Instead of asking, “Can you tell me about your experience?” try asking, “Are you a Certified Financial Planner™ professional?” “Are you a fiduciary?” “How many years of experience do you have?” If they say “a lot,” ask them to be specific, such as 2, 12, or 20 years.
  2. Ask about their fee structure. Instead of “What will happen,” try to find out how they are compensated and what services are included in their fee.
  3. How is their responsiveness? When it comes to firing financial advisors, the most common reason given is that they were ghosted. Therefore, I would inquire beforehand, “If I email you a question, what is your typical response time?”

Q: Is there anything that comes up frequently in your initial meeting with Colgate Palmolive employees that surprises you?

Jim: It’s pretty common to find that Colgate employees are surprised to see just how much of their wealth is tied up in company stock. They’ve benefited from the stock’s performance but often don’t realize the risk of being so concentrated in one investment.

When we talk, I focus on showing them ways to rebalance that won’t trigger a huge tax bill all at once. We look at strategies like tax-loss harvesting or a systematic selling plan that spreads out the tax impact over time.

Q: For highly compensated Colgate Palmolive employees, are there any special benefits you believe it’s important to take into consideration when preparing their financial plan?

Jim: When it comes to executive-level employees at Grade 19 and above, there’s a lot to consider. Their compensation packages are often more complex and come with a range of benefits that can have big implications for financial planning.

With NQOs (Non-Qualified Stock Options) and RSUs (Restricted Stock Units), timing and tax impact are major considerations. We work to incorporate the expected income from these sources into a tax-efficient strategy that aligns with their financial goals and the timing of their other income.

Additionally, there is a deferred compensation plan, supplemental executive retirement plan (SERP), or other exclusive perks, each element needs to be woven into a comprehensive financial plan. This helps to ensure they’re maximizing their benefits while preparing for the future in a tax-savvy way.

The comments provided are for informational and educational purposes only. There is no assurance that any investment, plan, or strategy will be successful. Investing involves risk, including the possible loss of principal. Jim Shagawat offers investment advisory services through Mariner Platform Solutions, a SEC registered investment adviser.

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About the Author
Brian Thorp, Founder and CEO of Wealthtender profile picture

Brian Thorp

Founder and CEO, Wealthtender

Brian and his wife live in Texas, enjoying the diversity of Houston and the vibrancy of Austin.

With over 25 years in the financial services industry, Brian is applying his experience and passion at Wealthtender to help more people enjoy life with less money stress.

Connect with Brian on LinkedIn

To make Wealthtender free for readers, we earn money from advertisers, including financial professionals and firms that pay to be featured. This creates a conflict of interest when we favor their promotion over others. Learn more. Wealthtender is not a client of these financial services providers.
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