Case Study: The Millennial Challenge

The Background
A 28-year old was interested in getting her finances on track, as she was starting to earn an income that would allow her to make certain changes, such as upgrading her apartment.

The Issue
The young professional had done a fair bit of research on budgeting, investing, and protecting capital, but her situation was complicated - she was still paying off student loans, she was renting but looking to buy, and she didn't have a very clear idea of the cash flow she needed.

She was finding a lot of conflicting information in her research, and she was worried about the risks of mismanaging her budget, or not spending enough time monitoring her savings and investments on a day-to-day basis.

The Solution
Our millennial specialist sat down with her to gather all the facts of her situation. We started with a base plan and a complete financial profile on our online CRM, which she could view on her personal devices through our client portal.

Through these tools, we were able to show her the most efficient way to pay down her loans while saving up for a down payment. Her online profile also meant her essential, up-to-date budgeting information was always at hand, so that she could make day-to-day decisions more easily.

We enrolled her in our monthly program, so that she could have her investment portfolio managed according to the needs identified in her financial plan, and so that she could reach out to us at any time for advice.

 

Case Study: Finding A Balance

The Background
A couple in their mid-40's were running a successful small business. They had two children in their teens and parents in their 70's.

The Issue
The couple had a number of goals that seemed to be competing. They wanted to be prepared to put their two children through post-secondary programs in about three years, they wanted to have the capacity to help support their parents down the road if they ever need to, and it's been a lifetime aspiration of theirs to purchase a lakefront property where they could spend their summers.

They were concerned about the risk of miscalculating or over-spending on one of these priorities, and as a result struggling with the other two.

The Solution
Once we sat down with the couple and learned about their situation, we could see that the biggest issue they faced was a lack of clarity. We put together a base plan, and we inputted their essential financial facts into our online CRM tool. We showed them how simple choices in the present could lead to different outcomes for the short term (children's education), mid-term (vacation home) and long-term (parental support) goals so we were able to make some key decisions.

Our team compiled detailed financial and investment plans that put the couple on track to save up enough to support both children through four-year post-secondary programs, as well as a down payment on a vacation home within their budget. We also included strategies to plan their retirement income such that they would have the flexibility to help support their parents later on.

 

Case Study: Enjoying the Golden Years

The Background
Having retired a few years prior, a couple of former executives had developed new goals for their wealth and they felt they needed professional guidance and direction in order to achieve them.

The Issue
They wanted to begin gifting wealth to their children, as well as a few charitable causes, so as to create a kind of living legacy. They were also interested in helping to fund their grandchildren's education. Meanwhile, the couple had an active lifestyle and wanted to make renovations to their sailboat, which would allow them to take it on extended trips throughout the year.

The strategies needed to maintain their lifestyle, preserve their wealth, and finance their living legacy would have to be thorough and well-coordinated.

The Solution
Through our planning process, we uncovered a number of opportunities to help the couple reach their goals. First, in consultation with tax specialists, we were able to identify opportunities to save tax while transferring wealth. Through family trusts, registered savings and charitable giving exemptions, we were able to help them preserve the wealth needed to maintain their lifestyle.

We also adjusted their portfolio to help them obtain the cash flow to fund their sailing trips, and we updated their wills and estate plans so as to reflect their new goals. Finally, with our tech platform, they could take their online financial profile with them wherever they went, in order to stay informed and worry free.