Financial Planning Case Studies
One of the regular questions we receive is “Who is your typical client?”. This has always been a loaded question as we work with such a wide variety of clients on an advice-only basis.
The best way for us to share with you who we work with is to provide some example case studies of clients. It is important to note that these case studies are not based on any particular individual and that information contained in them should not in any way be construed as financial advice. Instead, we invite you to use these examples as a way for you to compare whether the financial advice you are looking for is similar to what we typically provide. These cases are a collection of example situations and services that we see and provide every day.
Physician Finances: Dr. and Dr. Smith’s Financial Journey
Current State of Finances
Dr. John and Dr. Emily Smith are a married couple, both working as physicians in their mid-30s, earning a combined W-2 and 1099 income of $680,000 annually. Despite their substantial earnings, they are feeling the weight of their financial obligations. Mainly they don’t know what to prioritize and how everything should be organized especially with all of the new accounts they have access to (403(b), 401(k), 401(a), 457, old employer and IRA accounts).
Entrepreneur Finances: Strategic Growth and Financial Planning for Entrepreneur Davis
Current State of Finances
Mr. Joe Davis is a single entrepreneur in his early 40s, whose tech startup has recently begun to take off. Despite the business’s rapid growth and expansion, managing the inconsistent income has been challenging. On average, he takes a salary from the business of $100,000 along with distributions of ~$350,000 annually, but these distributions fluctuate significantly month-to-month and year-to-year.
Recent Retiree Finances: Retirement and Wealth Management for the Thompsons
Current State of Finances
The Jim and Lisa Thompson, both in their late 60s, have recently retired and are now focusing on managing their significant wealth and enjoying their golden years. They have successfully paid off all their debts and have accumulated a wealth of $9 million, primarily in retirement accounts, stocks, and real estate. They spend about $180,000/year plus $60,000 on travel.
Executive Retirement: Navigating Complex Retirement for the Martins
Current State of Finances
Jane and Keith Martin are in their early 60s and find themselves at a financial crossroads as they contemplate retirement. Jane is a Vice President at a Fortune 50 company, with a significant portion of her seven figure compensation coming from bonuses, deferred compensation, and a schedule of Restricted Stock Units (RSUs). The RSUs and deferred comp will vest and require payout in the 3 years following retirement. Keith has been managing their family’s many rental properties, which have been a steady source of income but also a point of uncertainty regarding their future financial strategy.
Executive Transition: Designing a Purpose-Driven Retirement for the Carters
Current State of Finances
Mr. and Mrs. Carter, recent retirees, have stepped away from high-powered executive careers and are now focused on crafting a retirement life that aligns with their values. Mrs. Carter recently retired as CEO of a major national chain, while Mr. Carter built his career in finance. The couple has amassed a considerable portfolio, including approximately $20 million in cash savings and $15 million in invested assets. Much of Mrs. Carter’s current holdings are tied up in individual company stock from her former employer.
Business Legacy: Navigating Succession and Retirement for the Wagners
Current State of Finances
The Wagners have spent decades building a successful construction business, generating substantial wealth through ownership in the company, related ventures, rental properties, and land acquisitions. Their business is in the midst of a potential succession plan involving current partners, though it remains unclear whether those partners can afford to buy them out. The Wagners are navigating how to structure the exit in a way that is financially viable for everyone involved.
New Wealth, New Chapter: Planning Lifestyle and Legacy for the Harpers
Current State of Finances
Daniel and Rachel Harper, a couple in their late 40s, have spent years building a successful law practice in Chicago. Their income has always been strong, ranging from $500,000 to $1.5 million annually depending on firm performance. But everything changed when they won a landmark case, resulting in a $5 million windfall.
That case dramatically shifted their financial picture. Their invested assets grew to $8 million almost overnight. With the new wealth came new questions: Should one of them retire? Both? Is now the time to invest aggressively or cautiously? Could they finally buy the home they’ve always wanted?
What’s Next?
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