How Dave Helped Bill and Joann

Bill and Joann were referred to me by their CPA. They were in their 50's. Bill was a successful corporate consultant. Joann had a small business. They had a number of concerns.

Their investments, though substantial, were not being managed properly. They had numerous stock investments spread over (7) brokerage accounts. They had a number of limited partnerships which they had purchased in the 1980's and hadn't performed well. They owned over 3,000 shares of a single stock from a company he had worked at years ago. The stock declined in value from about $90 per share to $47 per share over the previous (3) years. Because he was so disgusted with the investment advice he had been given, Bill hadn't looked at his investments for several years.

They were approaching retirement and wondered if they would have enough money. They were getting hit hard by income taxes and were looking for guidance.

We thoroughly reviewed Bill and Joann's situation and this is what we recommended:

We calculated how much they needed to save annually for retirement and determined that a bountiful retirement was achievable within (5) years.
We referred them to an attorney to update their wills.
We set up a new retirement plan where Bill could contribute about 50% of his earnings. This was both a great retirement help and a wonderful tax-saver.
We consolidated their investments into just a few accounts. Their miscellaneous stocks were sold and reinvested in a diversified portfolio of mutual funds. They sold their limited partnerships and used the proceeds to help fund Bill's retirement plan. We waited about a year to allow their single large stock holding to recover in price. It was then sold and made part of their comprehensive investment plan.

Bill and Joann have since retired. Their financial affairs are no longer a matter of great concern since everything is in order. Now they are doing what they truly want to... visiting grandkids, traveling, and having the time of their lives.

NOTE: The experience of Bill and Joann does not quarantee future results and may not be the experience of all clients.

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