Occupation: Professional photographer

Objective: Be as smart as I can with my money

Concerns: What if I lose big revenue producing client

Risk Appetite: Aggressive, if I know what I’m investing in

Investing Experience: Limited

After several years in the business, Marie decided to strike out on her own. She formed a partnership with three others and after plenty of knocking on doors, business started flowing. She quickly found herself with lots of cash and a very high tax bracket.

She knew she wanted to invest her money but wasn't sure where to start or who to trust. During the discovery phase we talked about (1) Marie's financial goals like being as smart as possible with her money, maximizing her after tax, after fee returns and (2) we talked about her concerns like what would happen if she lost one of her big revenue driving clients.

1. We set up a plan to pay off Marie's student loans and lingering credit card debt.

2. We defined the monetary impact of losing any of her current clients and came up with a security plan for that.

3. We set up a retirement plan for her firm and immediately saw a tax benefit on Marie's taxes.

4. We built a tailored investment portfolio considering Marie's near term, medium term and long term financial goals and continue to talk about her investments and why she holds each of them.

The more Marie understands about each security in her portfolio, why each one is relevant for her plan and why they behave the way they do, she feels more confident in her long term financial security and the risk she is taking in her portfolio.

Occupation: Own a construction company, late 60's, looking to sell business

Objective: Sell business within the year, live off investments

Concerns: What if there’s a market crash once I sell my business?

Risk Appetite: Only to the extent it’s necessary

Investing Experience: Over 20 years

Sophie and Todd have been working together for over 35 years. She was the secretary at a fencing company and he was one of the engineers. A few years after meeting, they decided to leave and start their own construction company. They are used to taking business risks but now they are headed into unchartered territory.

Sophie and Todd have built a substantial nest egg over the last 20 plus years. Their current investments portfolio in addition to the expected after tax sale proceeds should give them a very comfortable retirement. Although they know they can't sit on cash, they are concerned about the high valuations in the stock market and what happens if they are faced with a market crash in retirement.

1. We started with a brainstorming of how Sophie and Todd envisioned their lives to look like once they sold their business. Where they would live, who would they spend their time with and how would they recreate a routine that would make them happy.

2. We came up with a realistic spending pattern and a plan to recreate a steady, predictable "salary" coming from their investments instead of their business.

3. We forecasted what their tax bracket would be before and after the business sale and made a plan for how to distribute from their portfolio in the best after tax way.

4. We also talked about a potential stock market crash; what could cause it, how bad could it be, how would their portfolio realistically react and how would their lifestyle be affected. Once Sophie and Todd realized they wouldn't be selling into a down market even if the market crashed, they felt more comfortable. We talked about acceptable risks and laid out in dollars and cents what this means for them.

5. Once they were comfortable, we built a tailored portfolio in line with their guidelines.

Occupation: Biology teacher, 32 years old, just received a windfall

Objective: Effectively manage my inheritance

Concerns: How to balance spending vs. investing

Risk Appetite: Moderate, heading towards aggressive.

Investing Experience: Limited

Theresa knew her father had set up a trust for her a while back and she would be the beneficiary of a portfolio full of stocks and bonds one day. She knew basic details of what was in the portfolio but wasn't involved with the security selection or asset allocation. After her father unexpectedly passed, she had another surprise, she didn't realize how large her inheritance would be.

Theresa was living in the suburbs of Philadelphia with her boyfriend. She had been investing the max in her retirement accounts but had a fair amount of student loans outstanding, a mortgage to pay off and a lifestyle commensurate with a teacher's salary. Theresa's situation was bittersweet - she had access to this newfound wealth but it came along with her father's passing. She envisioned having more financial flexibility but was concerned and feeling guilty about spending her portfolio too quickly and not honoring her father's legacy.

1. Once the more complicated aspects of settling her father's estate were solved, we took a deep dive into Theresa's inherited investment portfolio. We presented her with an analysis of what exactly was in her portfolio, what role did it play in her portfolio and what could be expected from the portfolio in terms of growth potential, cash flow potential, risk potential and tax obligations in the future. After understanding Theresa's personal and financial goals, risk appetite and immediate and longer term cash flow needs, we were able to not only give her a recommendation on suggested portfolio changes but also implement them when she agreed.

2. We custom built a portfolio for Theresa that was appropriate for her - it was built around Socially Responsible Investing principals while at the same time incorporated some of the securities her father had selected and she didn't want to sell.

3. We built a portfolio that would produce enough cash flow that she could withdraw without worrying she would dig into the principal assets. We balanced growth and income so she could use the funds without feeling guilty about depleting the assets.

4. Theresa and her father were both passionate about promoting stem cell research. We helped Theresa set up a Donor Advised Fund that she could use to effectively and tax efficiently donate to their shared passion.

Occupation: Fashion Designer, late 30's, mother of two and caring for her parents

Objective: Effectively manage family’s finances

Concerns: How do I balance all the balls in the air?

Risk Appetite: Aggressive for myself, prudent for my family

Investing Experience: Investing for over 16 years

After 12 years of working as a financial analyst in New York City, Elaine took the plunge and followed her passion for fashion. She created her own fashion label and is now selling her brand online and managing a staff of five. She's married with two children, is the eldest of her two siblings, lives ten minutes away from her parents and has become the de facto financial advisor for all of her family.

Elaine's father had been managing the finances for him and Elaine's mother but after a couple of missed payments and a questionable investment decision, Elaine realized it was time for her to get involved. Elaine's parents were worried and embarrassed to involve her in their finances since she already had so much on her plate but they knew they needed Elaine's help to find the best solution.

Elaine was already the plan sponsor for her company's 401k plan, she was overseeing her children's college 529 savings plans and she was making investment decisions for her and her husband's retirement accounts but she knew managing the after tax cash flows from her parent's investment portfolio was more than she could take on right now.

1. We first sat down and had a lengthy joint conversation with both Elaine and her parents. It was important that Elaine's parents were not excluded from the conversation nor made to feel that they were no longer important in the decision making process for their finances.

2. Over the years, Elaine's parents ended up with securities at over 7 different custodians and transfer agents, we consolidated everything into one taxable and one tax deferred account.

3. Elaine's father had already reached Required Minimum Distribution age. This meant he was forced to start withdrawing money from his retirement account. Luckily, we still had time to withdraw funds without incurring a tax penalty. We agreed on the best after tax way to distribute the funds.

4. We reviewed all of the parent's investments and agreed to sell some securities that were underwater and no longer made sense for their investment plan. We reinvested in other securities offering more income and growth potential.

5. We came up with a communication plan that would keep Elaine's parents involved and Elaine informed without being overwhelmed. With her parent's permission, we set up online access for Elaine so she was aware of how the investments portfolio was doing and we set up quarterly review calls with Elaine's parents so they could ask questions and feel comfortable about their investments.