Rachel and Andrew are both young professionals in their late 30s with two small children. They are new to investing and other than a few stocks that were gifted during their youth and a 401(k) plan through Rachel’s job, they had never invested in the market.

During their 20’s they amassed a large amount of student loan debt and they used most of their savings on the purchase of their first home. When Rachel and Andrew came to us, they had a considerable amount of money sitting in cash because they lacked confidence about investing in the market.

Together they realized that while they were making good salaries, they did not have a plan to manage their debt, potentially save for their children’s college educations and set money aside for their own retirement. They came to their first appointment fairly overwhelmed, and in need of insight and help with a holistic plan for their future.

How we helped:

During their first meeting, Rachel and Andrew reviewed their personal and professional goals and objectives with our advisory team.  It soon became clear that they needed a framework to effectively manage their total financial situation.

Together, they decided that the emphasis should be placed on earmarking an appropriate portion of their cash reserves for emergencies, followed by implementing a savings strategy for their future and then for their children’s education. Proper cash deployment was key. We worked with Andrew and Rachel on the following:

  1. Financial Planning:We assessed their overall financial situation and created a detailed plan which provided a roadmap for paying down debt and saving for their short and long-term goals.
  2. Investment Management: Since Rachel and Andrew are young and have a longer time horizon, the conversation about risk was particularly important. We created an investment plan that would keep them on track regardless of market volatility and would help them avoid taking risks for which they would not be compensated.
  3. 401(k) Management: Through her employer, Rachel has a 401(k) that needed to be optimized. Our team reviewed the investment options and selected funds that were more in line with their goals.
  4. Estate Planning: As a young family, it is imperative to protect the children should anything happen to the parents. Our legal partners helped guide Rachel and Andrew through creating the appropriate legal protections. These conversations can be emotional. The plan doesn’t need to be overly complicated and can be changed. Our partners made the experience simple and uplifting.
  5. Insurance Review:We always make time for ‘What if….’ scenarios. What should be protected? Income? Assets? Legacy? What options do you want a surviving spouse and children to have? In our conversations, we helped Andrew and Rachel understand the types of insurance, what they do and how they integrate with a financial plan.
  6. College & Education Planning: There are many questions to discuss on this topic. A 529 plan may not be the best option, though it is heavily advocated for in the financial industry.

With a better understanding of their mutual goals and how they might be achieved, Rachel and Andrew were able to implement a plan they could successfully follow. Now they can focus their energies on their family and careers, knowing they’re on a path that will satisfy their goals.