Dr. T. - Young business owner balancing family life, investing in the business, and saving for retirement.
(These hypothetical examples and other information presented regarding the likelihood of various conclusions, are hypothetical in nature, do not reflect actual clients or outcomes and are not guarantees of future results.)
Dr. T. has a thriving medical practice and the responsibilities as a new dad often leave him feeling a bit stressed.
He is a young successful business owner who is new to the Shenandoah Valley. He has been blessed with a new child Abigail, a loving wife Marie, and a good business. His family’s future is so promising.
But with the thriving business came sizeable debt. His valuable education came with significant student loans. His beautiful new home comes with a mortgage and a hefty monthly payment to the bank. When you add it all up, he has well over $2,000,000 in loans that must be paid back one day.
As he is juggling all of his affairs he often wonders, “Am I missing something?”
Time is very precious to our young doctor. He needs to know that he’s using his time effectively. The decisions ahead of him are complicated and he needs to know he is making the very best financial decisions for his family.
At this stage in his life, he does not have a lot of money to invest, and most of what he does have is tied up in his business or his retirement accounts at work.
A few of the questions he is asking himself are:
- How do I manage my debt properly?
- How do I find the right balance between investing in my business and saving for retirement?
- How can I ensure that we are on track to fund Abigail’s college education?
- When uncertainty arises, or when opportunities come up, who can I call on short notice and get solid answers?
He did not need a “product” or a “portfolio.” He simply wanted advice.
After the initial meeting with Larson Wealth Management, Dr. T. decided that a flat fee subscription planning engagement was best for him. He felt that he needed to know where he stands financially, and where to focus his energy next. After asking some questions to understand the complexity of his planning, the team at LWM quoted him a flat fee of $6,000 annually. Half of this fee was paid when he signed the engagement letter, with the rest coming as monthly installments after 6 months.
Over the course of four meetings, he met with the Larson Wealth Management team to create his written financial plan. Together, they prioritized and organized his entire financial life on paper and on his personal secure financial website.
His written financial plan summarizes all of the major decisions that he has to make now and that he will need to make in the coming years. It also includes a checklist of action items, so that he knows exactly what needs to be done and exactly how to do them.
When the final draft of his plan was reviewed with him, he experienced a level of confidence in clarity in his financial life that he has never felt before.
His quarterly meetings with the team at LWM are always scheduled far in advance and they always have a clear agenda, set in advance. He knows he can call his advisors any time when opportunities or challenges arise. His personal financial website contains every aspect of his financial life, and both he and the LWM team can access it at any time.
He now has complete clarity about his current financial state, and the confidence to make wise decisions for his family and his business with a team of experts he can trust.