Individuals & Families
Our responsibility is to be your professional advisor and advocate. There is no one “right way” to approach financial management. It is most important to adopt a strategy which can be maintained through the inevitable bumps life will bring. We are conservative and aim to use time-tested principles in a way that increases the probability that our clients could have success. Our goal is to control what is controllable and manage the things we can influence. It is important to us that our clients share a similar perspective.
Estate Planning through Wealth Transfer
Mr. and Mrs. Jones are 75 years old and have a $5,000,000 net worth. Their son is a starving artist in LA and their daughter is a successful business owner in Grand Rapids. Their goal is to find a way to effectively transfer wealth to their children while understanding that each child has very different needs and tax situations.
An Upcoming Retirement from Pfizer
Mr. Smith is 58 years old and considering retirement from Pfizer where he is a scientist earning $200,000/year. He and his wife have a 25 year old daughter who is about to get married and a 20 year old son working on a PhD from U of M. Combined they have a $2,000,000 retirement portfolio, a cottage up north, and a $300,000 mortgage on their home in town. Their goal is to retire in two years, pay $50,000 for the daughter’s wedding, pay for their son’s PhD, figure out the best way to collect their Pfizer pension, decide when to start Social Security, and produce significant income from their investments.
Stretching a Portfolio While Meeting Charitable Goals
Dr. Brown is a retired WMU professor. She has $1,000,000 in her retirement plan and no children. Her goal is to make the greatest charitable impact possible with her savings in the community.
These are hypothetical examples for illustrative purposes only. They are not intended to reflect the actual performance of any security. Investments involve risk and you may incur a profit or a loss.
Along with technical expertise and experience, we pride ourselves in helping people make small changes now that can contribute to significant benefits in the future. Our systematized process ensures that every administrative detail is covered within a timely manner. Each of our clients receives a comprehensive evaluation of their individual situation, broken down into seven key areas:
Financial Assessment We will conduct a thorough review of your assets and any outstanding debts to identify financial strengths and weaknesses. It is our firm belief that the easiest path to wealth creation and financial independence is to become debt-free and stay that way.
Risk Assessment We will review situations that could lead to unforseen liability and suggest methods of reducing or transferring risk.
Portfolio Analysis and Construction In reviewing current investments, we will conduct a quantitative analysis to gain a more thorough view of positioning. We will also conduct a qualitative assessment to identify strengths and weaknesses. Upon completion of our analysis, we will propose an investment strategy which we believe will meet the stated objectives most effectively.
Tax Planning We will assess projected income and taxation issues to determine if there are ways to reduce tax liabilities.*
Retirement Planning Projecting future income levels, asset values, and spending needs could allow for a more interactive and meaningful approach to identify sources of income in retirement.
Estate Planning We will assess the need for updating wills, revising trusts, or naming a power of attorney over financial and/or health care matters. In addition, we will discuss how you wish to leave assets to family or charity at death.
Specific Goals Many of our clients have unique goals they are trying to achieve, such as paying for a college education, retiring early, or leaving a charitable legacy. We will discuss these goals and propose ways to help reach the intended target.
*Raymond James does not provide any tax advice.
See the below links for frequently referenced documents we use in the financial planning process: