Who do we serve?
Our clients are hardworking, successful Gen X families. They come to us tired of the status quo in traditional wealth management.
(Note: These are hypothetical scenarios and do not involve any Breakout Private Wealth clients)
Janet and Wayne do not have a retirement date but both would like to make sure they are working because they want to, not because they have to. Their life is also very complex. Soon-to-be college-age kids, aging parents, and continuing to prepare for their future mean that while they are successful, they can not afford to be sloppy with their finances.
They often wonder if they are missing something that could enhance or destroy their financial future.
Janet and Wayne are both busy and with all the complexities and time demands, they realized it is time to hire a financial advisor. They desired someone that could act as an outsourced family Chief Financial Officer.
When Janet and Wayne hired a financial advisor, they were concerned about more than investments. They wanted help with their entire financial picture. Janet read that it is possible to structure your assets to minimize taxes in retirement and wanted to learn more.
A comprehensive plan was put together to meet all their needs. This plan ensured:
- Improved asset allocation to better align with their goals
- Reduced investment costs
- Reduced tax liabilities through charitable giving, strategic gifting, and Roth IRA conversions
- An updated estate plan and implemented a long-term care plan
Case clients: Janet & Wayne
Age: 48 and 51
Occupation: Retired model and Personal injury attorney
Main goal: Put all the pieces together, reduce financial anxiety, implement a plan to make working optional
Meet Janet & Wayne
Beth and Allen reached a point in their lives where they wanted to get serious with their finances. Both were busy professionals and lacked the time or expertise to “DIY”, and as a result, they often felt unsure and anxious about their future. While both were successful and had someone managing their money, they lacked a plan that addressed strategies to improve their current situation. This was concerning. Allen was in the middle of a job change and was unsure how to handle his old 401k, while Beth was unsure how much liquid savings they should have. They wanted their professional relationship to be focused on improving their current financial picture and not just a document with charts and projections.
Within 90 days, Beth and Allen felt that their wealth had a purpose. They better understood their liquidity needs and began to contribute more aggressively to a joint taxable account. This increased their overall savings rate to 18% and doubled their yearly expenses in liquid assets. This allows them to feel confident and opens up new opportunities for investments. Beth and Allen both report that they have a better understanding of the benefits of long-term investing and how different it is from picking stocks. They were able to use a weak market in 2022 to their advantage and feel empowered by doing so.
Case clients: Beth & Allen
Age: 47 and 50
Occupation: High-end stylist and Restaurateur
Main goal: Gain control of their financial future
Meet Beth & Allen
Case clients: Susan & Jay
Age: 50 and 54
Occupation: Logistics professional and Entrepreneur
Main goal: Prepare for children going to college and parents aging, plan for their own financial future
Meet Susan & Jay
Susan and Jay were feeling squeezed. Although they are both high earners with over $500k in income, they were worried about handing their two children going to college soon, their aging parents, and their own financial future. Were they going to be ok? They had saved and invested for their children’s education, but was it enough? Susan and Jay were also worried they might not have been diligent enough in their own investing to become financially independent in the near future. Susan and Jay had many financial advisors in the past, but none had ever helped them understand what money means to them. They had also been sold high-fee insurance and investment products that do not align with their goals.
The improvement in Susan and Jay’s finances was evident after our first meeting in which we created their Statement of Financial Purpose. Susan and Jay had different thoughts on the meaning of their wealth and bringing this together in one document gave them the clarity they desired. The important items were compiled on a simple one-page plan. Key indicators were tracked, measured, and improved upon. Susan and Jay realized how important it is to get guidance on their current finances and not solely rely on the investments to perform when they needed them to. Overall, Susan and Jay report a new sense of confidence and clarity regarding their finances and their future.
Note: The above case studies are hypothetical and do not involve any actual Breakout Private Wealth clients. No portion of the content should be construed by a client or prospective client as a guarantee that he/she will experience the same or certain level of results or satisfaction if Breakout Private Wealth is engaged to provide investment advisory services.
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