Designing a Wealth Management Plan for Now and for Life

Paul FennerNew and Growing Families

THE SITUATION

The Winters* Family:  Jennifer, 35; Brian, 38, twin girls, 9 and son Andrew, 7. Jennifer is a marketing director, and Brian is a software engineer. Jennifer would like the option to start her own business, which would give her more time at home with the kids.

The Winters have been saving for college and emergency needs in a taxable savings account, and while saving enough to receive their employers’ 401(k) match, they don’t know if their savings will be enough to get all the children through college, plus build a foundation to meet their financial goals.

THE CHALLENGE

Managing chaotic schedules with three growing kids is stressful and time consuming.  The Winters realized they needed a professional advisor. They preferred one who could be empathic to have confidence their wealth management plan was personalized to their situation. 

They needed a professional advisor to help them:

  1. Develop savings plan to reach their short to mid-term financial needs
  2. Map out if Jennifer started her own business how that would impact their current spending and savings plans 
  3. Outline investment and retirement portfolios strategies that would build a solid retirement foundation; and 
  4. Get an estate plan in place immediately

THE REFERRAL

Jennifer and Brian were referred to TAMMA Capital by friends who were very satisfied TAMMA clients. Their friends specifically referred TAMMA for their empathetic, personalized family office approach, as well as our ability to understand their specific needs since our founder, Paul Fenner is the father of triplets plus one. 

TAMMA FAMILY OFFICE EXPERIENCE 

Through a series of conversations with the Winters, TAMMA helped with the following: 

  • Created 529 tax free accounts for all the children that allowed family and non-family members to make contributions throughout the year
  • Solidified a tax-efficient 401(k) retirement strategy better aligned with their goals that reduced costs, and defined an asset allocation between equity and bond investments to improve returns 
  • Put an investment portfolio strategy in place that TAMMA would expertly manage to give them a solid financial foundation for now and the future 
  • Performed a business plan analysis of Jennifer’s start up consulting business, and developed a pro-forma P&L that solidified financial objectives to set a timeframe for a go/no go decision  
  • Made referrals to experts she would need to launch her business including:  
    • A corporate counsel attorney for startup planning, formation, and founders’ agreements 
    • A website design firm who also provided hosting
    • A brand logo and messaging agency
    • An estate planning attorney to establish a complete estate plan to give them peace of mind
  • Importantly, the Winters adopted the TAMMA client portal, an easy-to-use personal finance tool to organize and guide their spending and savings plans and give them everyday visibility for financial clarity.

OUTCOME

The Winters have less stress and more time to dedicate towards their kids and careers.  Jennifer and Brian now have the peace of mind that comes from having a clear wealth management plan and a trusted advisor to guide them along the journey.

* All names have been changed. A client or prospective client should construe no portion of the content as a guarantee that he/she will experience the same or certain level of results or satisfaction if TAMMA Capital is engaged to provide investment advisory services.