Next-Gen Becomes Family Financial Decision-Maker

Client Situation:

Joy recently went through the difficult process of losing her beloved mother. Her father is in the Philippines and his health prevents him from coming back to the States. At 38 years old, single and without siblings, Joy is now responsible for all of the financial decisions of the family.

Investable Assets:

Her investable assets include a 403(b) retirement plan with her work ($260k), inherited IRA ($600k), Trust account ($75k), and a Roth IRA ($12k).

Beacon Pointe Value Add:

We understand that every client has their own unique financial circumstances. Our success in the case was predicated on:

  • Education – Joy wanted to understand our approach and strategy. Through attending our Women’s Advisory Institute (WAI) lunches she felt comfortable that we would take the time to get to know what was truly important to her.
  • Financial Planning – We provided Joy with an action item check list that has helped her organize her financial life.
  • Portfolio Management – As an inexperienced investor Joy was concerned about risk. Featuring an investment platform with access to outstanding portfolio managers focused on protecting capital in declining markets, Joy felt comfortable that her portfolio was designed with a margin of safety.
Goals:
  • To organize her financial life after the passing of her mother
  • To preserve and protect inherited assets
  • Assist in managing her father’s assets with care
  • Enough growth to keep pace with inflation
Beacon Pointe Action Items:
  • Investment Strategy
    • Developed and implemented a customized investment plan tailored to Joy’s financial goals and objectives
  • Get Financially Organized
    • eMoney Online Financial Planning Dashboard
      • Budgeting
      • Expense Tracking
    • Account Consolidation
    • Beneficiary Review
    • Insurance Policy Review
    • Evaluate Current Retirement Plan Savings
    • Financial Plan
  • Father’s Affairs
    • Consolidation of father’s accounts and implementation of investment strategy
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