Following your beliefs is the best tool for wealth management.
Wealth Management with BakerAvenue begins by first understanding your beliefs and helping define your life goals with your team of financial experts who are here for you before, during and after any of life's changes.
At the start of our relationship, we discuss the important areas of your financial life using a process specific to BakerAvenue: The MOSAIC. It's an honest, unbiased process created to uncover what truly matters to you. The truths it provides can be surprising and inspiring. We've found the MOSAIC informs an organic, dynamic plan that prepares you for any life transition.
The MOSAIC in action:
Six client perspectives
Debbie, a 40-year old mother of two teenage daughters, received a $4.6MM divorce settlement. At the time of the settlement, Debbie’s friend who was already a client of ours, recently had an extensive cash flow plan and estate review with their BakerAvenue advisor and thought Debbie could benefit from a similar planning exercise in light of her situation. Using our MOSAIC process, we found that Debbie had aspirations to leave a legacy for her daughters but was concerned about outliving her assets. In addition, Debbie shared her desire to support sustainable global food/water systems and domestic diversity causes.
New clients came to us as they were preparing to enter retirement. They had spent their careers prioritizing education for their children and creating a portfolio that would support them through retirement. They were planning to spend their time giving back by volunteering with underprivileged children throughout the world. They love to travel and felt that this was a good way to align their travel interests with their values. They felt good about the amount that they had saved and trusted that they would be able to have a healthy income stream. But they also understood that they would have to continue to have some investments within equities in order to keep up with inflation. They were concerned with the idea of a recession or bear market and how they might recover given they will not have any new income for their remaining years. They came to us to help determine the most appropriate income stream to support their living, travel, and philanthropic expenses – without depleting their accounts too quickly.
Recently retired, our client spent many years at a publicly-traded company as an executive and had amassed a significant concentration of his net worth in the company's stock at a low-cost basis. He felt confident about the long-term prospects of the company but was aware of the significant risks of holding a concentrated single stock position. Through our discovery process, we uncovered that our client worked hard to get to where he was financially, but he was ready for a transition. He wanted to protect his positions, but he also wanted to begin thinking about how to use the assets he had to help make a difference in various charitable and philanthropic endeavors. Several issues prevented him from taking action including anxiety of realizing capital gains taxes and lack of expertise on all the various options and strategies that were available to him.
BakerAvenue stablished 3 sources of income for the client:
We began plotting a financial course for a client that recently sold his business for a significant sum of cash. He built the company from the ground up, so he took pride in the sweat equity he put into the franchise. His priority over the last two decades was building his business. Thinking about wealth management as a priority for his family was not a transition he had invested time thinking about. Although he wanted an investment return on his cash, he was leery of the stock market and the potential for an economic downturn. He was more comfortable with a long-term investment solution that was mindful of capital preservation. He also was seeking a cash management solution, as he had a large tax payment due on the sale of the business but wanted to earn some interest on the cash reserve while it was set aside. Separately, the client had no estate plan in place and wanted to move forward with executing an estate planning strategy that was tax-efficient while establishing a legacy for his wife and children.
Our in-house estate planning specialist collaborated with the client and his spouse to identify their main goals and wishes in estate planning. Using insights from this initial meeting, our estate planning specialist developed different estate planning options for the clients to evaluate and identify which strategy aligned with their objectives. Once the strategy was clearly chosen, we interviewed several highly-regarded estate planning attorneys to draft the official trust documents and wills.
Investment Objectives met
Estate plan in place
Nothing lasts forever. After a number of unhappy years together, our client filed for divorce from her husband due to irreconcilable differences. Divorce can be an especially hard transition and our client was dealing with a significantly emotional situation. At a time in her life when making rationale, strategic decisions were never more important, she sought advice from us as her wealth advisor. Through a process of discovery, we created a plan to help her reach a new set of financial goals and avoid costly financial and legal mistakes.
Investment management / lifestyle planning
Preservation of assets
Although the divorce was a difficult transition for our client, she was incredible grateful for our guidance through the process. Knowing we were there for her and shepherding her financial team, she was able to focus on healing after the relationship ended and moving on. She was able to trust that her assets had been divided properly and appreciated the tax savings that were earned as well.
We brought on as clients a couple that was seven years into retirement. The husband was a former executive of an energy company while the spouse was a homemaker who raised three children, now all grown with families of their own. The husband primarily took care of the finances of the family including paying bills and making investment decisions. They hired us to protect their wealth in down markets, provide an income stream from their portfolio, and to help them with estate planning strategies as they had never drafted proper wills and trusts. While the wife was in good health, the husband managed ongoing health issues. Several years into our wealth advisory relationship with the couple, the husband unfortunately passed away.
Peace of mind