In our last case study share, we talked about how the WealthChoice team serves breadwinning women, and addresses their unique financial concerns, challenges, and pain points. Today, we’ll dig into how we partner up with business executives and leaders – from the multitude of questions they’re juggling in the present to helping them plan for a fabulous financial future.
Business Executives & Founders | Case Study J
J is the CEO of a mid-sized, profitable, and privately held company. She is in her mid-50s and married. J is the breadwinner of her family with grown children and a retired husband.
What She Needed:
J had no idea if they were financially on track. As a busy CEO, she was too occupied to manage her personal finances. She didn’t have a relationship with the broker her husband had been working with and lacked clarity about their overall financial situation or how they were invested. Here were her questions:
- J wanted to know if they were financially okay.
- She was considering selling her company – but didn’t know how or what to sell it for.
- J craved clarity around their finances and a plan to continue their quality of life.
- She wanted a partner and guide she could trust to have her best interests at heart – someone relatable who understood what she was going through.
How We Helped:
We began by examining J’s personal and financial life, as we do with all clients. After reviewing every investment, we found no cohesive strategy aligned with her retirement goals and expensive, poorly performing products.
There were insufficient savings, and she was not on track to retire with a similar lifestyle.
We created one investment strategy, consolidating accounts so that every dollar worked optimally and invested for growth. We divested from high-cost, underperforming investments.
Selling the business would be a significant component of funding J’s retirement, so we strategized around the business sale. We formed a strategic team involving a new CPA and business attorney, with our firm as an active participant. This team helped ensure J received maximum value from the sale while minimizing tax implications.
We also reviewed the business insurance and retirement account investment options, which cost the company significant money and ate into profits. By optimizing these, we increased the business’s bottom line.
For J’s personal life, we created a new strategic team, including a CPA for collaborative tax strategy, an insurance team to analyze and review personal insurance needs, an actuary to evaluate specific products they had been sold, and an estate attorney for legacy planning and updating estate documents.
As a high earner, we implemented several tax savings strategies for J, such as tax loss harvesting on investment accounts, maximizing all retirement account contributions, and working closely with the CPA on tax options for the business sale proceeds. This included strategies like deferring income through tax-advantaged investments and structuring the sale tax-efficiently.
Where Are We Now?
We’ve significantly increased J’s investment performance and net worth. There is now a clear plan for her to retire with a similar quality of life. We have a defined legacy plan in place, along with strategies for lowering taxes over time. Most importantly, J knows where she stands financially and trusts us to guide her toward her best interests.
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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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