SHINING A LIGHT on personal and business finances

After a health scare, Tom wanted to get going on a succession plan for his business and make sure his family would be provided for if anything were to happen to him. His busy lifestyle meant many personal financial tasks had fallen by the wayside, and his wife, Mandy, had not been very involved in their finances or retirement planning.

Tom and Mandy had nearly half of their investment portfolio in cash, earning very little interest. Their estate plan had not been updated in years, and their insurance coverage was insufficient. They knew if they wanted to reach their goal of selling the business and retiring within the next 10 years, they had a lot of work to do.

We would start by helping Tom identify his goals as a business owner, and what a business sale and succession plan might look like for him. We would also create a comprehensive financial plan that married both business and personal goals into one unified vision that includes insurance, investments and more.

Making sure Mandy was comfortable with the path forward would be a top priority. We would provide her with investor education that would boost her confidence in her retirement plan.

We would also refer this couple to an estate planning attorney for an update of their wills, health care proxies and other important estate documents.

We want them to be on the same page about their goals for the business, retirement and leaving a legacy for the next generation.

This case study is hypothetical and not indicative of any specific situation or clients. It is presented only as an example and not intended as investment advice. Individual results will vary.