We work with families and individuals from all different backgrounds and in different stages of their lives. We especially work with people that are preparing to retire in the next year or two, or have recently transitioned into retirement. We understand that retirement looks different for everyone, and that is why we work closely with our clients to help prepare them both financially and emotionally for what lies ahead.
We work best with people that are looking for a collaborative experience when it comes to designing and reviewing their financial plan. Our team takes a hands on approach to understanding and implementing your financial vision. Because of that, we only take on a select number of new clients each year. Our average client has at least $1,000,000 in assets under management with our firm, and that is typically 70% or more of their investable assets.
The names and information below are not real but we though it might help to share an example of what our typical client might look like financially, what they are trying to accomplish, and how we might work together to develop and implement an ongoing, financial plan.
We couldn't help but use a real picture of Brendan's dad and nephews though! And yes, all of the pictures on our website are from places we are fortunate to have been and are special in our lives.
Example Scenario - A Couple on the Cusp of Retirement
Derek (58) & Abby (60), with two adult children, Mariano (34) and Nancy (32), and four grandkids (all under 10 years old)
Goals
- Derek and Abby would like to both retire in 2 years and have enough income to support $10,000 a month of expenses in retirement.
- They would like to provide each of their grandchildren with significant funds towards their college educations (and private high school as well if possible).
- They love the idea of paying off their mortgage quicker if possible, and then either purchasing a lake home on Owasco Lake for their whole family to enjoy, or going a different direction and renting an apartment in one of their favorite little villages, Skaneateles.
- Derek and Abby are also interested in learning about different ways to increase their charitable giving, as well as gifting assets to their children and grandchildren as part of their legacy planning.
- Most importantly, they want to feel confident around their options in retirement. They are willing to prioritize their different goals or re-evaluate them over time, but they want to work with a team that will guide them through these decisions over the next few decades hopefully!
Income, Assets, and Liabilities
- Abby’s 401k at her current company is invested in several different mutual funds and has approximately $950,000. She also has a 401k from a previous company that is approximately $30,000.
- Derek’s 401k at his current firm is invested in a target date mutual fund and has approximately $650,000. He is also eligible for a pension at 65 years old with either an annuity payout option or a lump sum option. The lump sum estimate at 65 years old is $400,000.
- Derek and Abby also have a joint investment account that is invested in several different individual stocks that they chose a few years ago but have not revisited since. The account is worth approximately $250,000.
- Abby earns $180,000 a year. Her company also provides her with a 3% safe harbor match into her 401k plan. Most years she is also granted incentive stock options.
- Derek earns $150,000 a year. His company does not provide a 401k match but in addition to the pension, he will also have a Healthcare Retirement Account once he retires that is valued at $120,000.
- Derek and Abby have 10 years left on their mortgage. Their monthly payments are $1,800 and they pay property taxes of $18,000 a year.
- The rest of their typical, monthly expenses, including two car payments, are $6,000.
Planning Overview
- The first step for anyone we work with is to meet with our team and discuss what you are hoping to accomplish as a family through financial planning.
- As we start to learn more details around your current lifestyle, and what you see for yourselves in your future, we can start to put together an overview of your financial picture.
- We use different resources, including interactive financial planning software, to work through multiple scenarios and sketch out a roadmap that makes sense to all parties for what comes next.
- For Derek and Abby we started by putting together a basic net worth statement and balance sheet to help identify their different assets and liabilities.
- Derek and Abby had a good grasp of their typical expenses but they started using our financial planning software to track their expenses in a more automated fashion, as well as to set a couple of budgets for areas they wished to improve on.
- As they transitioned into retirement we helped consolidate their accounts where appropriate and select asset allocations and investments that made sense for their individual goals, risk tolerance and the timing of expected distributions from each account.
- We worked in conjunction with their other trusted professionals, like their CPA and Estate Attorney, to make sure that our game plan took tax planning into consideration as well as their legacy planning and charitable wishes.
- As we work with you to implement the different recommendations we are constantly revisiting your current situation and any changes you would like to discuss for your future. We understand that priorities and situations change and that is why we met with Derek and Abby multiple times a year to make updates and talk through recommend changes whenever appropriate.
- We were even able to bring their children into the conversation at Derek and Abby's request in order to get their input on long-term charitable planning for the family, how Derek and Abby were prepared to help the grandkids with their educations, and ultimately for how their final wishes would be honored.
Examples from our Financial Planning Software:
Recap:
Derek and Abby's example is fictional but it is based on the types of conversations, situations and techniques that we have and use with a number of our clients.
As mentioned above, we work best with people like Derek and Abby that are looking for a collaborative experience when it comes to designing and reviewing their financial plan. Our team takes a hands on approach to understanding and implementing your financial vision. Because of that, we only take on a select number of new clients each year. Our average client has at least $1,000,000 in assets under management with our firm, and that is typically 70% or more of their investable assets.
Please reach out if you'd like to sit down or meet virtually to discuss if our team might be a good fit to help you put a plan in place for your family's financial future.
