Corporate Executive Seeking Wealth Assessment & Retirement Planning

The Situation

Mr. Wilkerson, an executive with a large local corporation, is growing his net worth while being faced with a baffling range of compensation plans from his employer. In planning for his family’s long-term financial needs, he and his wife face many complex questions:

How much to save each year to educate their children?
How much to save each year for retirement?
How much to save each year in his company retirement plan?
Should he participate in the company stock purchase plan?
Should he exercise some or all of his stock options? If so, when?
How can he reduce his current tax liability?
Have he and his wife optimally structured their wills?
Do they have the right type of insurance coverages? Do they have enough insurance?
How can they minimize estate taxes?
Can they afford a second home?
What kind of retirement lifestyle will they lead?
How soon could he cut back his hours at work or even fully retire?
How should they invest to increase the likelihood of accomplishing the goals above?

At the same time, his wife would like a new, bigger house to meet their growing family and social needs. Mr. Wilkerson senses that he is at a tipping point in financial planning. He believes that if good decisions are made now, he will be able to set the course for a favorable financial outlook for the lifecycle of his family.

The Issues

Mr. Wilkerson has never comprehensively considered his financial situation, other than reviewing occasional broker statements.
His will is outdated.
He owns some insurance but isn’t confident his coverage is correct for his current life stage.
He and his wife have broker-established, personal investment accounts and IRAs that haven’t performed well and remain heavily concentrated in equities.
He cannot evaluate the wealth-building progress he’s making, if any, by reviewing monthly statements on each of his separate accounts.
He is grateful for the compensation plans of his company, but wonders what he might be missing.
He feels the need to have a coordinated portfolio strategy instead of the haphazard approach his broker has provided.

The Solution

ICMC works with Mr. Wilkerson to examine every element of his financial world and develop a financial strategy for his family.
Financial information on three levels (personal, retirement and corporate) are examined and organized.
A complete financial dossier is assembled, and an action list suited to Mr. Wilkerson’s temperament and desire for action is presented with a timeline.
Mr. Wilkerson is referred to professionals in the areas of tax, insurance, estate planning and real estate.
His ICMC-led team of experts gives Mr. Wilkerson an up-to-date financial plan that enables him to confidently make lifestyle and retirement decisions.