Success Stories
I need help but also want to be directly engaged.
Is it possible to really have financial peace of mind?
Name: Rick Age: 58
Rick is an executive for a well-known privately held company. He receives a base salary and a larger portion of his total compensation in equity-based incentives, including restricted stock, stock options, and awards.
Rick is married to Kathryn, and they have two adult children with mild disabilities whom they support financially to a certain extent.
Rick is very hands-on and prefers to be educated and engaged in decision-making as it relates to their personal finances. His compensation structure alone requires significant and complex planning since his pay can vary from year to year. Rick has set some high-reaching goals for himself, Kathryn, and their adult children. His main focus is to attain financial peace of mind and reach his lofty goals while also financially supporting their children.
How can we achieve this?
Rick and Kathryn's Concerns
Rick’s desire is to become financially independent by age 62, and to have the option of retiring at that point. He wants to make sure that all of their financial pieces are being coordinated properly and that they’re being proactive and not missing out on any opportunities. Some of their key questions and concerns include:
Are my investments being managed properly?
Am I managing my compensation structure and stock options effectively?
Am I doing proper tax planning for optimizing my income tax situation?
Will we be able to reach our lofty financial independence goals?
How do we ensure that we’ll be able to continue to financially support our two adult children with mild disabilities, along with leaving them a legacy?
We feel unorganized having multiple professionals handling different aspects of our portfolio, taxes, and financial plan. Can you help us coordinate and give us more financial peace of mind?
Our Patented Approach
Together, Rick and Kathryn completed our Custom Wealth Architect™ planning process, which addressed the following areas:
- Estate Plan Focus™
- Personal and Business Investment Focus™
- Financial Independence Focus™
- Business Exit Planning Focus™
- Custom Wealth Tax Inspection™
One big takeaway from the planning process was that although they had multiple professionals working on their behalf, they realized that no one was really coordinating their efforts, which led to unintended consequences. They both realized the importance of finding a firm that focused on their complete financial picture and was cross-disciplinary in nature. Knowing that a process existed to help them carry out their intended goals in an efficient and effective way, Rick and Kathryn were relieved.
The Results
Financial Peace of Mind
We provided Rick and Kathryn with an overarching financial plan and implementation steps that gave them the peace of mind they had been seeking. Their financial plan was modeled after their goals, and our recommendations gave them the highest probability of achieving them.
We addressed their estate plan to properly reflect what was most important to them. Since their current estate documents did not align with their true wishes, we met with an attorney to accurately update all of their documents.
We eliminated the need for Rick and Kathryn to coordinate their CPA with their investment advisor and attorney, freeing up their time. We created a comprehensive plan directed by their goals and objectives, utilizing experts in their respective industries to ensure the highest probability of success.
After designing their estate plan, which provided clarity for their legacy goals, we jointly met with an estate attorney to create a special trust for their son according to Rick and Kathryn's wishes. This trust offers protection from potential creditors, predators, divorce, medical expenses, and excessive taxes while also providing financial security for their sons for the rest of their lives. This gave Rick and Kathryn more freedom and peace of mind to enjoy the things that matter most.
Lastly, we emphasized the importance of evolving the plan over time and offered to continue advising and ensuring that their goals are on track, being proactive in their financial life, and helping them make better financial decisions.
In summary, we feel honored to have successfully guided clients like Rick and Kathryn through their retirement, providing them with financial freedom and peace of mind. They no longer need to worry about constantly changing economic conditions and laws, and can enjoy the truly financial free life they've been waiting for.
*This is a case study and is for illustrative purposes only. Actual performance and results will vary. This case study does not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted. This case study does not represent actual clients but a hypothetical composite of various client experiences and issues. Any resemblance to actual people or situations is purely coincidental.
Retirement Readiness Workshop
Wednesday June 07th, 2023 from 6:00pm-7:00pm
We invite you to a free and informative event, the "Retirement Readiness Workshop," hosted by David R. Burgio, CPA, PFS, and Michael Malaney, CFP® , EA. This free community event is set to take place at the Julia Boyer Library, located at 1030 Losson Rd,...
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