“Tell us your story.”
That’s what you’ll hear the first time we meet. We find this opening works better than diving into a pre-planned list of questions.
It allows you to explain in your own words:
• Your background (the past)
• What you feel is working (the present)
• Your version of success (the future)
More importantly, it lays the foundation for a relationship that can last a generation. Or two. Or four.
Here’s how we’ve helped clients based on their story.
A hard-working couple wants to hire us as their financial advisors. The husband an established engineer and the wife an up and coming executive. Together we would lay out a vision for their long-term wealth plan. They would consolidate assets with our team to invest.
Once retirement is within sight and their retirement plan passes with a high degree of confidence, we would review their liability management goals as part of their financial picture. This would allow them to help better plan for retirement.
We would manage each retirement as we see fit individually. For example, advising the husband as he phases into retirement and helping the wife invest her bonuses, review her employer equity plan, and navigate through her own retirement package. We would then oversee a smooth transition from accumulation to distribution. If appropriate, we would onboard the couple's parents, children, and grandchildren as clients, ensuring the family truly has a multigenerational plan in place.
What starts as one couple could conceivably grow into a four generation relationship. What starts with “Can we afford to retire?” could grow to “How can we fairly and equitably pass our wealth to our children and grandchildren?”
A client in his 30s with a young family and a terminal diagnosis comes to us for advice. This client wants to know that when he passes, his family will be financially secure.
We would first ensure the client has established an estate plan and opened a trust to protect his family's inheritance. Once the family has confidence, we would go beyond ensuring their bills can be paid. We would review his life insurance plan, helping to plan a dream vacation with his family, making special memories his young daughter would remember forever. Finally, we would consolidate their accounts with us, make sure they're titled in accordance with the trust, and set up portfolios that would help ensure his confidence in his family’s financial security in the years to come.
What we've done for this client is more than just investment planning - it's a potentially life-changing opportunity. We've helped this family enjoy life now while preparing for what comes next.
Picture a rising star on one of the best college football teams in the country. Highlight reels all over social media and a growing fan base have made this athlete a sensation over night. With the recent NIL (Name, Image, and Likeness) changes, he's able to be compensated significantly to play college football. Let's say he comes to us for advice.
We would have him meet with several of our financial advisors, one of which is focused on the unique needs of athletes. We would go over how much should be saved, spent, and set aside for taxes. When an athlete receives an NIL deal, the check is for the entire amount. There are no Federal taxes withheld, no State taxes withheld, no Local taxes withheld, and no retirement savings deferred. We would break this down and create a plan for the athlete and his family. We would recommend deferring the maximum amount allowed into a retirement account, setting aside enough to pay taxes in April, and using the remaining balance to send monthly withdrawals to the athlete's bank account for regular spending. We would then refer him to a trusted CPA and attorney, completing his game plan and advisory board.
Whether he makes it in the NFL or not, our goal is for him to be more financially savvy. He'll think long-term with an experienced team behind him.
If you're an athlete or represent an athlete coming into wealth, call us today to meet with our NFLPA Financial Advisor.
Successfully running a business is quite an accomplishment - helping it thrive for generations is almost unheard of. What would happen if a seventh generation business were passing the baton to the eighth and needed guidance? The parties involved might be in different stages of life with different goals in mind. The seventh generation and current management team might be thinking about retirement making sure the business is in good hands for the eighth generation. Between raising a young family and taking over the reins, the eighth generation might plan on modernizing the business and its offerings to employees.
We would begin with a deep dive into their company sponsored 401(k) plan. If we found outdated investment options and the opportunity to introduce a more updated platform, we would recommend this alternative route and meet with employees to educate them on their newly enhanced capabilities. Next, we would turn to personal wealth planning, delivering an array of plans to the family, ranging from retirement income and asset preservation for the seventh generation, to saving for college and buying a new home for the eighth. During this process, let's say a breakthrough occurs when both generations openly discuss legacy, succession and their shared vision. Our multigenerational relationship is now fully in motion, with us guiding both generations through complex considerations necessary to bring their shared vision to life.
As young but established business owners, our financial advisors have the unique ability to relate to both generations in this scenario. Our goal would be for the business to continue to thrive, the 401(k) plan is made stronger than ever, and each generation becomes fully aligned with continuity and confidence.
If you've built something great, let's keep it great together.
These case studies are hypothetical and for discussion purposes only. It is not intended to represent any specific return, yield or investment. Individual experiences referenced above may not reflect the future experience of any one client. The planning process discussed may not be suitable for your personal situation, even if it is similar to the example presented. Past performance is no guarantee of future results. Investing involves risk including the possible loss of principal.
