Client Success Stories
Create Your Own Opportunities.
Approaching Retirement: Stan and Jane
(Example)*
Stan and Jane are hoping to retire in the next 12-18 months. They have never worked with a professional and have just focused on paying down debts and saving. They are tired of long work hours and look forward to being able to travel and spend more time with the grandkids.
They need professional guidance to help them understand their ability to retire and answer important questions about Social Security and Medicare.
For clients like Stan and Jane, we would complete a personalized financial plan, so they have a specific plan for spending in retirement and answers for their questions like when to take social security. The plan would provide options for unexpected events that may arise in life like the need for long-term care. Investment portfolios would be continuously monitored to confirm they match their evolving goals and life choices.
Recent Retirees: Sue and Dean
(Example)*
Sue and Dean have recently retired. For Sue, this was planned but for Dean, this came as a surprise given the recent layoff from his employer after over 25 years of service. They are not sure how to meet their income requirements and they need peace of mind to know they will be ok throughout retirement.
Retirement is a difficult transition for most individuals and it takes some time to adjust. This transition takes a shift in mentality as you no longer work and save but begin to live off your nest egg. Retirement is a celebration of all your hard work and the time you get to do what is important to you. This is your time to chase your passions and do all the things you have not had time to do. Of course, it is important to feel secure in the plan during this stage of your life.
For clients like Sue and Dean, we would create a financial plan, so they understand where their money is coming from each month to pay their bills. We would utilize planning techniques to reduce taxes in retirement and we would manage the investments to meet both their current and future income needs We then monitor the financial plan and investments and make adjustments to strive to accomplish their goal of not outliving their assets.
A Successful Entrepreneur: Jason
(Example)*
Jason is the owner of a chemical company he has been working hard at building over the last fifteen years. He has sacrificed time with his family, relationships, and other opportunities to see his vision become a reality. He has done so well that larger companies have taken notice and are interested in buying his business. Jason has mixed emotions as he is very proud of what he has accomplished but likes that selling the business would offer financial security for his family and allow him to focus on other areas of his life.
The sale of his business will net Jason about $18 million in a combination of cash and company stock as the buying company is publicly traded. He would like to use this newfound wealth to give back to his local community and ensure that his family is financially secure for several generations.
For entrepreneurs like Jason, we would assist him in the sale of the business to help him get the best deal he can. We would establish a team of professionals like attorneys and investment bankers with the goal that his business is well-positioned to get top dollar for the sale of the business in a tax-efficient manner.
After the sale of the business, we would work with Jason to manage any concentrated stock holdings as it is common to receive shares in the company doing the buyout as part of the payment. This can be done by managing the investments or using charitable gifting like setting up a donor-advised fund (the donor-advised fund reduces his concentrated stock position, reduces taxes from the sale of his business, and also provides an avenue for him to make charitable gifts to nonprofits when he chooses). We would create a plan to meet the client’s objectives and reduce taxes and costs.
To help manage the wealth we would work with Jason to develop family values and a mission statement that will be used to guide and teach values to his heirs for generations to come. We would discuss strategies with Jason and provide resources to help instill the same values into his kids so they can protect and manage the wealth one day. We also could lead an annual family meeting that is used to discuss charitable gifting for the year and encouraging heirs to participate so they can understand the importance of being a good steward and giving back.
A Widow In Transition: Lisa
(Example)*
Lisa unexpectedly lost her husband in an accident. She feels overwhelmed trying to manage the finances and make decisions about her belongings, their home, and her future. Lisa reached out for guidance and help during this difficult time.
We are sensitive to our clients’ needs in this difficult time. We would provide a checklist to help prioritize the steps she must take in handling everything. We also would create a personalized financial plan to address her concerns and questions while providing a clear plan going forward.
During this transition, clients appreciate our experience and knowledge of these situations. Often, we just listen, answer questions, and provide perspective for the client to make important decisions. We offer as much help and support as we can to simplify this transition and to help Lisa not feel overwhelmed with the process and feel confident in her new path.
A Business Executive: Brie
(Example)*
Brie works in upper management for a publicly traded company. She enjoys several perks from the employer to keep her happy and reward her success including stock options and a deferred compensation plan. Brie is now looking for guidance since she is unsure of what perks to take advantage of or how to handle her stock options. Brie has been at the company for several years and would like to use some of these benefits to help fund an early retirement and to pay for college for her two kids as one is a senior and the other a sophomore in high school.
For executives, these perks are exciting, but it is important to use them strategically to maximize their benefits, as they often become a significant part of their net worth. We work with clients to help them maximize their stock options and deferred compensation plans in a tax-sensitive manner. Executive compensation plans can be complex and are not one size fits all. We create a customized plan for each client based on their individual goals and tax situation.
For Brie, we would start by taking inventory of her benefits, goals, and objectives. A plan is then put in place to help Brie meet her goals of funding the kid’s college and help fund his goal of early retirement. We would put a plan together going forward for any new stock options to help minimize future taxes. A schedule would be implemented for Brie to exercise the stock options to meet the costs of college for her kids. We also would recommend she change her elections on the deferred compensation plan to meet her income needs for early retirement before she begins to collect social security.
Life in Transition: Mike and Melissa
(Example)*
Mike and Melissa are weighing their options for relocation. Mike has been working at the same job for several years but recently his employer is moving headquarters from California to Tennessee. They are having trouble deciding if they should stay and have Mike get another job or move the family to Tennessee. They are not sure if Mike can find another job making the same money and are looking for guidance on what is best financially for their family.
We understand life happens like marriage, divorce, relocation, or other life events that create momentous change. We provide several resources to help educate our clients, answer questions, and use our experience to provide perspective. We work with our clients to help them understand the financial impact of the changes and to help them make the right decisions for themselves and their families.
For Mike and Melissa, we would update the financial plan to show them how they are impacted financially by staying in California or moving to Tennessee. We would provide the resources to help them understand if Tennessee is a good fit for them. These resources could help them identify good areas to live in, what schools to look at, and what to expect for the cost of living.
*Please Note: Limitations: The above are hypothetical scenarios not involving actual BFSG clients. They illustrate the hypothetical experience of a fictitious client based on a scenario that an actual client might experience. The scenarios are designed to help illustrate how BFSG might provide services to similarly situated clients. Keeping in mind that no two clients, situations, or experiences are exactly alike, the above should not be construed as an endorsement of BFSG by any of its past or current clients, nor any assurance that BFSG may be able to help any client achieve the same satisfactory results. To the contrary, there can be no assurance that a client or prospective client will experience a certain level of results or satisfaction if BFSG is engaged, or continues to be engaged, to provide investment advisory services.
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Wealth Management & Institutional Services
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