At Barnett Financial, we take a sincere and personal interest in the unique life experiences, concrete financial concerns, and complex emotional drivers that shape your investment priorities.
We’ve helped many different clients address their individual needs, break down barriers, and achieve great strides towards a variety of financial goals. Explore three key client stories to get a sense of our unique value.
1. Securing Your Financial Future
Bob* was an astute businessman and savvy investor. With a family of four and complex portfolio of investments spanning across several family trusts, taxable investments, a life insurance policy, a 401(k), stock options, and more, even he needed help to fully understand what he had — and what he needed to do — to secure his financial future.
First and foremost, Bob engaged Barnett Financial to help him gain a better understanding of his financial situation. Beyond that, Bob wanted to plan the financing of his children’s college education, to reduce taxes on his significant annual income, and to plan for an early retirement.
After gaining a solid understanding of Bob’s financial goals, we documented his finances and showed him net worth projections across a variety of retirement scenarios. Next, we realigned his investment portfolio and added a variety of tax-efficient investments. Finally, we recommended the purchase of a 20-year level term life insurance policy and place it in a trust to keep it out of his taxable estate.
On an on-going basis, we provide Bob with quarterly reports that allow him to see all of his holdings and investment performance across all accounts in a single, consolidated view. We proactively contact Bob when changes must be made to his portfolio, and coordinate with his CPA and attorney on a variety of issues.
Meanwhile, Bob is able to spend more time on his personal priorities. He recently purchased a vacation home, his kids have graduated college (and we now work with them directly as clients), and he feels comfortable that his planned early retirement is well within sight.
2. Freeing You to Pursue Your Passions
Margaret’s* husband was very successful during his career, and always took care of all her financial needs. From a financial standpoint, Margaret never had a care or concern in the world. When her husband died unexpectedly, Margaret went through an abrupt transition.
During this time of great personal loss, Margaret was overwhelmed. She found it extremely difficult to manage the probate process as well as the day-to-day financial responsibilities she’d never had to handle before: paying bills, balancing the checkbook, and managing the significant financial resources she now controlled.
Margaret contacted Barnett Financial. During this difficult time, our team was able to immediately assist Margaret with the probate process and help her get comfortable with basic family finances. We developed a budget for her, and then structured an investment portfolio to provide her with the income stream she needed.
Today, several years later, Margaret is enjoying life again and pursuing her passion in acting and local theater. Our team is there for her if and when she needs advice on topics large or small.
3. Using Your Wealth to Pursue Your Values
An inheritance can be a blessing. Sometimes, however, the emotional impact of a significant inheritance — both good and bad — can unwittingly take control our financial decision-making. While some clients naturally tend to spend too much money, others actually need to be encouraged to spend more. This inheriting couple needed encouragement.
While the couple already lived well within their means, they received a sizable inheritance from the wife’s father that they left untouched. The family wasn’t putting their wealth to work in pursuit of their values.
When we got together in their home, we were able to explore the situation in a way that worked for them. Rather than just reviewing numbers, we chatted about the bigger picture of their goals and values. As we started to look at their spending, it became clear the couple weren’t doing some of the things they could afford to do — and that’s when the wife mentioned that she felt guilty about the money she’d inherited from her father.
This was a critical turning-point. Knowing that her reluctance to put the inheritance to use was an emotional issue allowed us to address it directly. Working together, we helped the couple decide to channel distributions from the inherited IRA into a separate account earmarked for family vacations. Using the inheritance in this way felt right to the couple. It fit with her father’s personality — he had been frugal, but he loved spending money on his family, especially when it came to vacations and other get-togethers.
*Names changed to protect identity.