A couple in their 40s need help managing their investments and to put a financial roadmap in place. They feel as though their assets aren’t coordinated and despite their education, they don’t have the time or expertise to manage their wealth adequately. They also want to address providing for their three children.

As part of the discovery process, we ask many questions to surface issues and gain a better understanding of their situation:

  • What do they envision their retirement to be? Where do they plan to spend it and what will they be doing? What standard of living will they desire in retirement?
  • What is their goal in providing for their children’s education? Do they plan to cover all costs or do they expect their children to pay for some of it? Can they expect help from a grandparent or someone else?
  • What protections do they have in place in the event of death or disability? How would death or disability affect their ability to provide for their family?
  • When was the last time they updated wills and other estate planning documents? What arrangements have they made to care for their children if they could no longer do so themselves? How would they like to be remembered, their legacy?
  • Do they have any other savings goals? Any other “goal of the heart” such as supporting a charity or doing volunteer work?

How We Help
After uncovering what is truly important to them, we present them with:

  • A comprehensive financial plan based on their goals of retiring by age 60, funding their children’s education through graduate school and the purchase of a lake home in Wisconsin;
  • A thorough review of their insurance to determine any coverage gaps and competitive pricing analyses;
  • Coordination of investments across all their accounts for improved tax efficiency and more appropriate risk management;
  • Annual gifting goals and investment guidance for their children’s 529 college savings plans;
  • A tax-efficient way for them to support their charity through the proper use of appreciated securities.

Finally, we recommend that an attorney help them establish living trusts, updated wills and healthcare directives, and guardianship planning for their children. We help them clarify what truly matters in their lives, prioritize their goals and put a process in place which helps them feel more confident and encouraged.

Examples presented here should not be interpreted as a guarantee of future performance of success. Case studies are hypothetical examples used to illustrate how we help clients plan for a better future. Plans require updating as conditions change. No plan or strategy can assure success. Financial Planning offered through LPL Financial, a Registered Investment Advisor.

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