AGE: 47, 46
Profession: Career Changing Business Owner
Primary Goal: Continue to build wealth, Create additional Income Streams, Avoid Unnecessary Taxes
Background: Trevor was an accomplished executive at a well regarded company. After over ten years moving up the corporate ladder, Trevor decided to strike out on his own and start his own company. He took the years of experience and connections he accumulated to launch a new business.
Trevor is married. His spouse, Kathryn has had multiple jobs over time and loves working to help support the family. Her steady six-figure pay has allowed her to sock away money in her company retirement plans pre-tax and take advantage of the company matching each year.
Kathryn had left 401(k)s at previous jobs and didn’t remember how they were invested.
Because Trevor spent so long at the same company, he had a sizable seven figure 401(k) that was all pre tax funds. He had restricted stock and a non-qualified deferred compensation plan. When Trevor left his company he used the restricted stock proceeds and the deferred compensation plan to fund his new venture.
They have two children. One is a senior and the other is a sophomore in high school.
Trevor and Kathryn are very active, love to travel and spend time with their kids, boating at their lake house in the summer.
Trevor and Kathryn want to live for today while also accumulating wealth and income streams so that they can stop working in their late 50s/early 60s. They want to build a legacy for their children and their children’s children. They are self-made but are both expecting modest inheritances from their parents. Trevor and Kathryn are looking to partner with someone who would help them craft a plan to achieve their goals and hold them accountable to them. They have worked with an advisor in the past and also have managed some investments themselves but never felt like they had a solid plan and investment strategy. They often invested in funds and stocks they read about in magazines or that were recommended on financial TV.
The first step for Trevor and Kathryn was to have a consultation with someone who listened more than talked. They wanted someone who had the Certified Financial Planner™ designation that was required to put their interests first.
They felt their previous advisor was never being proactive and was typically trying to convince them to invest in the hot stock or fund on the investment firm’s recommended list. They didn’t ever discuss taxes, cash flow, or insurance, so they were looking to address all areas of their financial life. Their previous advisor always wanted to meet with them in his office, which made it hard for them to have periodic meetings with their busy schedules.
Trevor was excited about the prospects of his company. It had moved past the start up phase and was growing very nicely but he felt like he could be keeping more of the revenue if he understood the finances better. They were very busy between the business, Kathryn’s job and family time on the lake, so they felt anxious. While they were doing well, they weren’t confident they would eventually be able to stop working and fund all the things they wanted to do.
Working with a virtual, Certified Financial Planner™ professional allowed them to meet without the stress of a commute. Kathryn and Trevor were more relaxed and embraced technology.
They were able to get clear on where they stood financially, be clear on what their goals were, and crafted a path that aligned with their priorities for enjoying life now and in the future.
Trevor and Kathryn were able to collaborate with Celestial Wealth Management, their CPA and attorney to:
With the plan in place and an advisor to help hold them accountable to it, Trevor and Kathryn are much more confident about their cash flow and investment strategy. They are less anxious and are able to enjoy time with their family.
*Please Note: The above Case Study is hypothetical-not involving an actual Celestial Wealth Management Client. Case Studies illustrate the hypothetical experience of a fictitious client based on a scenario that an actual client might experience. The Case Studies are designed to generally illustrate how we may provide our services to our clients. Keeping in mind that no two clients, situations, or experiences are exactly alike, the Case Studies are not to be construed as an endorsement of Celestial Wealth Management by any of its past or current clients, nor any assurance that we may be able to help any client achieve the same satisfactory results. To the contrary, none of the Case Studies should be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results or satisfaction if Celestial Wealth Management is engaged, or continues to be engaged, to provide advisory services.
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