Scott (38) and Jennifer (34) met when they went to work at a start-up that become very successful. Scott was just promoted and now leads the soft engineering team. Jennifer is a graphics designer at the firm. Scott makes six figures and Jennifer earns around $75K a year. They both have company stock options they have acquired. They have one young daughter who just turned five. They would like to retire within the next 15-20 years.
While much of their net worth is now tied up in the company stock options, Jennifer recently inherited money from her grandparents. They want to ensure they are optimizing those funds as much as possible to pay for their daughter’s college as well as use other portions for their eventual retirement. Their combined net worth is roughly $1.5 million.
Because they have great earning potential, they are looking for planning advice on accumulating assets and managing their growing portfolio. They want the best way to save so retirement is comfortable and need a plan to ensure they have adequate insurance and savings in place should something happen to one of them so they can care for their young daughter over time. They have always been cautious savers and want to make sure they’re investing correctly.
They want to minimize their tax exposure given their earning power and employee benefits received each year. They value professionalism and want to work with a financial advisor they can trust. They are very loyal and have used the same CPA for years; they want the same with their advisor.
Their Main Concerns:
- Both have strong incomes and want to save properly to ensure a comfortable retirement
- Not sure if they are allocated properly in their company 401K plans
- Want to pay for their child’s college
- Want advice on insurance, stock options and estate planning
- Want to minimize tax implications given their earning power and employee benefits
- Need a plan to help them stay on course throughout the year
- Want to maximize the returns on Jennifer’s recent inheritance
- Loyal; want an advisor they can trust