At WealthChoice, we generally work with clients who identify as one of the following:
- Breadwinning women.
- Business executives & leaders.
- Attorneys.
- Tech executives.
However, we also know that it can be challenging to truly envision what it’s like to work with a fee-only financial planner who deeply cares about your goals, and understands the nuances of your unique financial situation.
In this series, we’ll dive into each unique client type we partner with.
We’ve created the following case studies to offer some perspective and to help you “test drive” the planning process before meeting with our team.
If you ever have any questions, please don’t hesitate to reach out. You can contact our team by clicking here.
Ready? Let’s dive in!
Breadwinning Women | Case Study L
L is in her early 40s, married, and a C-suite executive at a publicly held company. Over the 15 years we’ve worked with her, she has changed industries, gotten married, had children, and relocated states while moving up into a very senior management role.
Her Need:
L wants to eventually stop working and transition into a lower-stress job in an industry of her choosing while ensuring her family continues their current quality of life long into the future. She came to WealthChoice with a few key questions:
- How can I save enough to plan for a career pivot?
- What’s the best way to fully fund four years of in-state college for my kids?
- I want to plan to travel annually with my spouse – sometimes internationally.
- How can I lower my tax bill?
How We Helped:
For L, having the ability to get off the corporate “hamster wheel” when she desires has been a priority since we started working together 15 years ago. Once we determined her family’s cost of living, we could identify how much she’d need to save and invest to replace that income in retirement.
We guided her on the optimal accounts for these savings, ensuring she maximized her 401(k) contributions annually. However, replacing her income required savings beyond just retirement accounts, so we opened taxable investment accounts with a growth-focused strategy.
L has two young children, ages 3 and 1. She and her spouse decided to pay for four years of in-state college tuition, room, and board.
Our software tracks current costs at their preferred university, giving us a solid projection. We’ve identified an affordable monthly savings amount and opened 529 accounts for each child.
When L receives bonuses or stock awards, we discuss deploying that money toward her family’s evolving goals, such as home renovations, relocations, etc. We reassess priorities to ensure the funds are optimally allocated each year.
Tax strategy is crucial for L as a high earner. We review all her employer’s benefits to ensure she leverages every tax-advantaged option.
Our firm helps reduce taxes through investments in tax-free vehicles and tax-loss harvesting. We maintain a close relationship with L’s CPA to discuss projected tax liabilities and set aside funds accordingly, especially around vesting events.
Where Are We Now?
L is financially on track to choose when to stop actively funding retirement based on her disciplined savings and investing over the years. Her children’s college costs are projected to be covered.
Most importantly, L has peace of mind knowing that if she pivots to another industry or lower-paying role, her family will remain financially secure. By implementing a comprehensive tax strategy, she keeps more of what she and her spouse earn, affording them desired career and lifestyle options.
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The case study described above is a current client, though for privacy reasons we have omitted the client name. This planning case study should in no way be construed as a guarantee that a current or prospective client will experience similar results or levels of satisfaction if he or she engages with WealthChoice for wealth management services. Every client experience will differ. Future results cannot be guaranteed.
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Want to read more of this series?
Don’t miss our other case studies!
