Learn how we work with our clients and advise them through major life events.

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Helping our Clients Stay on Track throughout Major Life Events

casestudy_transitionsThe Problem: A successful professional, in her mid 40s who is considering a mid-career job change. Should she make a mid-career transition to a new job for a significant reduction in income? This individual had an exceptionally high-paying, secure, but stressful and increasing dissatisfying career, when she was presented with a unique “one time” opportunity to make a career shift to what she felt would be a more appealing and rewarding positon, but at much lower compensation. Add to that dilemma that she was a mother and the only means of support for her husband and two teenage children living in a relatively expensive community. While she was eager to pursue this opportunity, there was, naturally, the question of her ability to afford it while fulfilling what she recognized as her financial obligation to her family.

The Solution: We embarked on a detailed analysis to determine the practicality of her ability to make this change while considering many “what if’s” that could derail the plan.

  • The children’s education 529’s were projected to be sufficiently funded. This was largely due to our “wealth creation” advice while her compensation was high.
  • She had no mortgage on her adequately-sized house, and had no other long-term debt and paid their bills when due.
  • She and her family’s budget was modest; they had not succumbed to “living up” to her high compensation.
  • While accepting a lower salary, the new position did come with adequate healthcare and other benefits to protect the family.
  • Their portfolio had sufficient value such that a reasonable withdrawal rate intended to supplement her new lower salary was projected to cover their budget without eating into the principal value of their taxable personal accounts. Meanwhile their substantial retirement accounts could remain untouched and left to grow.
  • In a financial squeeze, the door was not closed to resuming her original career, albeit starting at an older age, probably a new employer, and at lesser compensation.

Based on these and other facts, stressing the projections to include impediments such as market collapses and extraordinary expenses, allowed us to be able to “green light” her preference to make the change on a financial basis. And She did!

The Result: In the end, we could provide enough assurance that it could succeed – and that there were “bail out” options allowing the client to be comfortable with “taking the chance” on making the transition. She is now happier, more fulfilled, and has increasing confidence that the decision was correct and our advice and planning were of the utmost value. We too are fulfilled when we can help clients make good decisions with their money, career, family and personal contentment. While this is only an illustrative example, it is an insight into what our firm routinely does for many clients who face big,” life-altering” decisions.

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We work with you to evaluate your unique circumstances, objectives, risk tolerance and future aspirations to find the most appropriate wealth management approach for your financial goals.

Financial Planning

Planning in many cases may be the first step, but it can also be the biggest. Integrated Financial Planning is essential for successful wealth management over the long-term. Working with our team of experienced advisors, we will customize a financial plan that puts you on track to achieve the goals you have set for your future. In each step of our process, we are focused on having you feel confident and clear on what your plan is and how it fits into your broader objectives. Your advisor will ensure that you are comfortable with all aspects of your plan, and will drive the execution of next steps, while being supported by the full Resnick team. You can expect your advisor to regularly communicate any reasons to readjust your strategy based upon major life changes or circumstance. Our best successes come with clients who are confident that the decisions made in their financial affairs are aligned and being executed according to the agreed upon plan.

Education Funding

We seek to help our clients make an investment in their children and grandchildren’s future through education funding. We work to incorporate education funding strategies into your overall investment objectives. We know that investing in your children can be one of the most important things you can do for their future and we look to help you make this investment in the most efficient way possible for you and them. Through our research on the best college saving tools and available plans, you can be sure your loved ones are able to achieve their long-term education goals with your support.

Estate Planning

We provide legacy planning to help ensure the smooth, tax-efficient transfer of wealth for our clients. We partner closely with outside estate and tax planning professionals to help reduce the challenges of passing on your wealth from one generation to the next. We are also experienced in succession strategies for business, to maintain the efficient continuity of family business operations for years to come. We know this is an area of wealth management that requires our team to know you, your goals, and your family intimately. We are careful to coordinate all dynamics that surround estate planning and implement a plan that best suits your goals and aspirations for the future.

Charitable Giving

Many of our clients are dedicated to supporting organizations that are important to them. Our team is experienced at understanding your values and reasons for giving, and helping to incorporate strategies to most efficiently support their causes. Philanthropic giving is part of our clients’ overall wealth management strategy, and our advisors help maximize the benefit for you and your benefactors. The Resnick team helps clients navigate philanthropic giving and ensure that they are using the most tax-efficient strategies to maximize the gift to charity, and reduce taxes to their estate.

Tax Strategy

At Resnick Advisors, we are dedicated to taking a holistic approach to helping you achieve your goals. This means understanding how to best integrate tax-efficient strategies into our financial plans. Our advisors can work closely with your tax professional to monitor all changes in tax laws so that you can feel confident that your plans are flexible and rebalanced as changes arise. We believe in communicating to you so that you are not only aware but also understand the reasons why a part of your portfolio will be modified, and the outcomes of these changes.

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