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A Legacy-Minded Family
Joe and Susan Lallier are in their mid-50s. They recently had their first grandchild, and love spending time with their immediate and extended family. As they look toward the next 10-20 years, they know they’re interested in planning for a retirement that prioritizes their hobbies, charitable giving and volunteer work, and supporting their grandchildren as they grow up and eventually head off to college.
The Lalliers have no consumer debt, and are close to paying off their mortgage. Over the course of their life, they’ve been diligent savers, and have never lived extravagantly. However, they’re unsure if they have enough money to comfortably retire, or to leave a legacy that supports generational wealth within their family.
They want to work closely with a fee-only financial advisor who can help them achieve their goals, and connect with their kids and grandkids to continue the trend of making wise financial decisions.
A St. Louis Small Business Owner
Terry has owned his small St. Louis based business for 20 years. He has a small team, and loves working with local clients. Terry is passionate about his midwestern roots.
He and his family are very involved in the St. Louis business owners community. They actively volunteer, attend local chamber of commerce and entrepreneurship group meetings, and are often trying to make decisions for their business that will positively impact both them and the neighborhood.
Terry wants his business to carry on after he retires, but he’s not sure how to set up a succession plan. He’s also worried that most of his finances are tied up in the business – and isn’t sure how he’ll retire comfortably since his savings isn’t as high as he’d like it to be.
Additionally, Terry’s kids are about to head off to college, and he’d like to help support them by contributing a small amount per year toward their tuition.
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A Retired Couple
Don and Megan Roesch retired last year. They have two adult children, and their first grandchild is on the way.
The Roeschs have always managed their own investments without any issues, but are concerned now that they’ve entered retirement.
Their projections indicate they’ll have more than enough to live comfortably. However, they want to ensure they still have wiggle room to do the things they love – like travel, pursue their home renovation hobby, and spoil their incoming grandbaby.
Together, they decide that it’s best to team up with a financial planner who can work with them throughout retirement to ensure they continue to invest wisely. They’re ready to free up the time that managing their investments takes, and to “reinvest” that energy into living a life they love.
Second-Generation CEO
Melissa took over her family construction company five years ago when her parents retired. Although her parents were always hard workers, and her family never wanted for anything, Melissa didn’t realize that the family business had been struggling for decades.
She has, for the most part, been able to right the ship as the new CEO. However, as she continues to scale, she’s ready to spend more time working “on” the business instead of “in” the business. She also is looking for help to increase profits without sacrificing taking care of the team she and her parents have employed for years.
A Long-Time Family Business Owner
Bill runs a St. Louis local distribution business. His oldest daughter, Sarah, has been with the company throughout her college career, and for the past two years as a graduate. As she starts to pursue her MBA, Bill is ready to transition to retirement – and transition the business on to her as the new owner.
This type of transition makes estate planning complex, and he doesn’t want his other children who don’t work with him to feel shorted in any way. In order to keep a line of communication open, Bill is looking for a financial advisor who can help with the transition process and to collaborate with him on a financial plan that supports his personal legacy and goals.
A New Entrepreneur
Joan is an experienced professional who is leaving her corporate advertising job to pursue entrepreneurship.
She has built up a safety net savings fund to support her for the first one to two years of business, but knows she’ll need assistance to create a sustainable financial strategy as a freelancer.
As these case studies showcase, our clients lead rich and complex lives. They have goals and aspirations, and are motivated by their family and leaving a legacy. In spite of the roadblocks they face, they’re looking for ways to continue growing their wealth to make an impact.
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