Bill and Mary first came to see us in April 2014. Bill is a gastroenterologist who works mainly in the public system (with some private work) and Mary is a doctor. At the time we met, they had two children, but have since had twins (which was a little unexpected as they had only planned for one more child).
They wanted to upgrade their home, educate their children in private schools, provide financially for their extended family, increase their charitable donations and retire comfortably.
They came to us seeking clarity on where they were heading and wanting some advice on what they should be doing to make the most of their financial situation.
They were worried they could be doing better but didn’t have the time to ensure they had all bases covered with a busy working schedule and family life to enjoy.
We helped them define and clarify their goals and set a course going forward that would accommodate what they wanted from their personal and professional lives as well as being able to give back to the community.
Bill was also very concerned that if something happened to either of them that their family would be protected and could continue to live the lives that they planned.
The results of implementing our advice included:
- Increasing their assets at the end of the projection period by approximately $3.7m, saving approximately $100k in tax and helping them pay off their mortgage sooner. All whilst achieving their lifestyle goals.
- Importantly doing a gap analysis showed that they were both significantly underinsured and so we arrange for the appropriate insurances to be put in place to ensure whatever life threw at them, they would not be derailed financially.
Other benefits included efficient restructuring of their finances and insurances, sorting out their estate planning needs and reducing costs.
The real benefits however were they could sleep easier knowing that everything was in place and that they were making the most of all they had.