With twenty years of experience in the healthcare industry, Mark successfully launched his own company and was enjoying his fifth year of double-digit earnings growth. Highly educated, possessing a strong financial background, with graduate degrees from one of the finest business schools, he sought us out because he was upset with his former advisor. Specifically, he was frustrated with the lack of proactivity, poor service and the absence of an aggregate view of his finances from his former advisor. He felt that if his advisor could not listen and understand his unique concerns, then he would be of limited value in helping his achieve his goals.
Investments were important to Mark; but, he viewed them as a means to an end. He recognized that there exists no value in spending his time discussing the merits of buying Coke stock versus Pepsi stock with his advisor. He was more concerned about making sure he would have the necessary assets and liquidity to provide for his family's financial security. Though Mark was doing quite well financially, he frequently worried whether or not he was on track to accomplish everything that was important to his in retirement.
To accomplish his objectives, Mark wanted advisors that take a comprehensive approach to financial planning, looking at all of his assets and not just his investment portfolio. He felt he could not discuss this concern effectively with his current advisor, because he would end up referring his to another group inside his firm - which invariably would lead to another attempt to sell his a product.
In our Mutual Discovery Process, we spent hours listening to what was important to Mark and his family, understanding his objectives, and comprehending his core values. We discussed Mark's personal interests, as well as how he would ideally like to work with his advisors. Asking questions to understand the strengths or weaknesses of his relationships with his accountant, attorney, insurance agent, and banker, allowed us to identify areas of potential concern beyond his investment portfolio.
We explored Mark's potential liabilities, concerns about asset protection, business succession options, taxes, and his desires for the conservation of his estate. With a comprehensive understanding of what is important to Mark, we carefully analyzed his current resources, liabilities, investment accounts, personal tax returns, business tax returns, risk management plans (including personal insurance policies, property and casualty coverage and business risk policies) as well as his current will, powers of attorney and health care directives.
Mark appreciated that we took the time to coordinate with his other professional advisors to make well-vetted recommendations for how to structure his financial life as well as his portfolio. The process of working with Rockwood to develop and continuously update his comprehensive wealth management plan has granted Mark a renewed confidence about the attainment of his goals.
Financial Planning and Investment Management for Prosperous Individuals, Families, and Institutions.