Ensure you are prepared for your family’s financial future.
Jack & Jill Matters
Jack, age 55, is a Director for Apple. His wife, Jill, enjoys taking care of the household and the kids who are now all in college. When time permits, she enjoys working part-time with a local non-profit. The two kids, age 19 (son) and age 20 (daughter) are in college which is mostly funded with the 529 accounts that were set up by their prior financial advisor.
Jack has been working with a local financial advisor for the past 5 years but is unsure if the advisor has their best interest in mind. The advisor has been managing the family’s portfolio but hasn’t helped with any of their financial planning concerns. Jack has accrued a sizeable balance in the company’s Restricted Stock Units program and 401(k). He also has access to other benefits such as a Deferred Compensation plan and Health Saving Account but isn’t sure if these plans are the best options for his situation.
Jack would like to make sure his kids get through college and most importantly that he and Jill can retire in the next 10 years without reducing their lifestyle. He is also concerned that if something were to happen to him, Jill may not have enough funds to maintain her lifestyle and help the kids as well.
Jack worries that he has accumulated too much in company stock and isn’t sure if he and Jill will be ready for retirement in the next 10 years. He also worries that he has outgrown his current financial advisor since the advisor only calls once per year to review Jack and Jill’s investment accounts or if he has a new investment to sell them. The advisor isn’t helping with any of their financial planning concerns and is not sure how their advisor gets paid. Jack and Jill both worry that the next recession may delay their retirement plans as their advisor has them in an aggressive portfolio and never proposes they proactively reduce equity risk. The advisor always tells them to not worry, ride the storm, the markets will come back at some point. They often lose sleep worrying about their investments and financial future.
As a busy professional, he doesn’t have the time or the desire to read any financial books or newsletters. They both want to hire someone to review their situation and develop a customized financial plan. They also want to work with an advisor that is experienced, transparent in how they get paid, and always has our family’s best interest in mind.
Lake Hills Wealth Management can help Jack & Jill:
- Ensure their kids’ college expenses are fully funded and they have a fund for their daughter’s future wedding.
- Retire or have the ability to, in the next 10 years.
- Not depend on social security.
- Take advantage of all his company benefits, specifically his Deferred Compensation Plan and HSA.
- Maintain their lifestyle and goals if one of them prematurely passed away.
- Update their wills since the documents were drafted when their kids were still toddlers.
- Feel confident that their advisor has their best interest in mind.
- Know how the advisor is paid.
- Ensure that their investments match their personal risk tolerance.
- Find the best strategy to reduce their exposure to Jack’s company stock.
- Make sure they are not overpaying income tax and work alongside their CPA to find out.
- Learn how Jill’s old pension plan will fit into their financial plan or if leaving it as is would be the best option.
- Figure out if they can afford to reduce their equity allocation while still being able to retire in the next 10 years