Many advisors see one or two clients change careers per year, and thus may not have focused a lot of attention on developing a process to shepherd you through this major life event. In working with people in transition for over a decade, we understand the issues and have a well defined process to ensure a smooth financial transition. The three areas we focus on are:
Prior to Leaving a Career: Examining the immediate issues you may face including but not limited to accelerated vesting/expiration of options and RSU’s, deferred compensation payout and tax implications, termination of defined benefit plans, loss of healthcare and group life insurance benefits.
During Transition Time: Assessing your entire financial situation including assets and liabilities, future cash flow needs, planning goals, transition liquidity needs, reviewing your wills and estate plans and coordinating efforts with your attorney or CPA to ensure all of your advisors are aware of the pertinent issues and assisting you in a comprehensive fashion. In special situations, we may refer you to members of our professional network for contract negotiations when evaluating new career offers and other services that address your specific needs.
Upon Entering New Company: Evaluating your new benefits and assisting you in selecting and utilizing them in the most effective way possible, and in a way that coordinates with the goals you’ve outlined during the transition time. There are so many moving parts to a career change, and the reasons behind each transition are unique. It is our goal to understand your specific situation and goals, and to assist you in maximizing the personal and financial benefit of this major life event.
Preparing for retirement can create a significant amount of anxiety, and there are always questions that should be answered in exploring if you are truly ready to support your desired retirement lifestyle. Our planning process can assist you in answering those questions and looking at data such as:
- Retirement cash flow and sources
- When to take Social Security
- Living expenses such as property taxes, health insurance, travel, hobbies and other items that may be overlooked
- Inflation – and stress testing your plan using various rate of return and inflation assumptions
Most importantly, through this process we get to understand YOU, and assist you in building the plan that you feel best meets your needs and allows for contingencies. We hope you will conclude this process with confidence that whatever decisions you make, you have done so in an informed way. Call us so that we can discuss your specific situation.
Preparing for the sale of what is likely your most valuable asset can be a challenge. Whether through merger, acquisition, or inter-generational transfer, we can assist you in exploring each option and understanding the impact that different structures of a sale may have on your net-worth or retirement plans. We typically work with your other trusted advisors (attorney or CPA), and have an extensive network of our own to assist you through the multiple phases of:
- preparing for a sale,
- marketing your company, and
- structuring a buyout agreement.
Selling your business is typically a multi-year process and requires a great deal of planning and coordination to maximize your value. You should engage our team roughly two years prior to your desired sale date so that we can ensure you have a well thought out and coordinated plan.