Jason and Ann are a couple in their mid-sixties who were seeking, guidance after their financial advisor passed away. They thought their finances were in order and merely wanted someone to oversee their existing investments.
A closer look could reveal some errors in their financial picture that could have been extremely costly.
For starters, Jason and Ann thought they had an estate plan. In reality, they had an empty estate plan because it wasn’t executed – an error that could have cost them millions. There were also several accounts found to be improperly titled so we reviewed their estate documents.
Additionally, their stock portfolio hadn’t been adjusted in years. Its risk profile is appropriate for a couple in their forties, not one nearing retirement. We would discuss creating a lower-risk portfolio with high-quality dividend stocks designed to reduced their portfolio volatility.
Lastly, they weren’t using any of the tax-advantaged strategies available to them, including gifting for their children. So, we would outline some tax-friendly strategies that could potentially save their children millions down the road, and make Jason and Ann feel more comfortable.
Jason and Ann had been living in the dark, unaware of the possible financial dangers ahead of them. But, they now understand the importance of having regular asset reviews by a qualified wealth manager.
With a more suitable portfolio, tax-friendly vehicles, and properly completed legal documents, Jason and Ann could be positioned for a more worry-free, rewarding retirement. They could feel much better knowing their children – and grandchildren – will have the potential for more money and financial preparedness.*