Our Client Stories
Our client relationships are varied. They include individuals, families, and closely held businesses, all with unique needs. Whether the client is an individual transitioning through a divorce, a firm with successful executives in need of financial support and guidance, we provide a highly personalized and customized set of solutions.
The stories featured in this section represent experiences similar to those of some clients that work with us. They are presented for illustrative purposes only.
Building Financial Confidence After a Divorce
A number of clients come to us who, for the first time, are fully in charge of their family finances. They don’t yet understand their complete financial wealth picture or whether they have enough money to support their lifestyle now and in retirement.
We first met Maggie Walden through a referral from the attorney who handled her divorce. She was in her mid-50s, raising two teenage children and working two days a week for a local business. As part of her divorce settlement, she received approximately $3.5 million in investments, outright ownership of her home, modest alimony, and child support payments.
Although she didn’t have to worry about paying for college, she sought our assistance in understanding how to maintain her current lifestyle without dipping too much into her investments before she reached retirement age at 65. Other than paying the monthly family bills, she had limited experience with investing.
Our work with Maggie involved six steps:
- Met with her to understand more about her, including her goals, dreams, and concerns
- Worked with her to develop a comprehensive picture of her current financial situation
- Developed an annual budget that included a) a reallocation of how to spend her paycheck and b) an increase in the hours she worked each week by one full day
- Helped her fill unmet insurance and estate planning needs by introducing her to trusted partners who had worked with other clients
- Designed an investment program that aligned with her goals and risk tolerance.
- Met with her monthly for the first six months, then quarterly, to a) answer any questions she might have about her money, b) review how she was managing her budget, and c) review her investments and educate her on how they aligned with her goals
Benefits of working with us
Over time, Maggie became empowered to take charge of her future. She discovered that she could live comfortably on the budget we established without tapping into her investments for day-to-day expenses. Her estate plan is up-to-date to reflect the changes in her life. She’s also become an avid reader of several financial and business publications we recommended to her. She understands how we’re investing her money and why feels that she now has a roadmap to financial security.
Maggie Walden is not an actual client. However, her story is similar to the experiences of some clients that work with us. Her story is used for illustrative purposes only.
Comfortably Planning for College and Retirement
We often work with successful families who have done a good job saving and want to send their children to college debt-free but also enjoy a comfortable retirement. They’re not entirely certain if their self-directed investment programs will help them achieve their goals.
We met the Wilson family through an existing client who shared a similar set of concerns. John and Susan Wilson were in their late 40s, raising three children aged 8, 12, and 14. John was a junior executive at a leading tech company who earned a good salary plus stock options; Susan worked part-time as a physician’s assistant.
While they had demonstrated a strong track record of saving, they sought our assistance with developing a comprehensive financial plan and managing their investments. John, in particular, felt that theyhe had too much cash on hand and could not dedicate the necessary time to managing the family investments in a way that minimized risk while maximizing overall return. He and Susan also felt as though they were not maximizing their overall retirement strategy.
Our work with the Wilsons involved the following steps:
- Developed a full-scale financial plan that incorporated multiple scenarios (education expense, retirement ages, exercising of options) and also forecasted cash sources/uses and net worth through age 90
- Established overall asset allocation and investment selections; as part of the process, reviewed investment accounts for all family members
- Educated both clients on risk tolerance, fund selection, average return, and volatility of returns
- Advised them on asset allocation choices for the children’s 529 accounts
- Provided ongoing wealth advisor services, including a Roth IRA conversion and a cost/benefit analysis for a mortgage on a new home
Benefits of working with us
The Wilsons can now focus on their family and careers with the confidence that they are making good financial decisions about their future. Knowing that they have a well-thought-out financial plan and investment program in place, they can view market gyrations and the economic climate with less emotion.
The Wilson family is not an actual client. However, their story is similar to the experiences of some clients that work with us. Their story is used for illustrative purposes only.
Personal CFO for the C-Suite Executive
Even those with a tremendous amount of investing experience seek our services. Many of these individuals are high-level executives with limited time to focus on their own personal needs. Their lives include a level of complexity that would benefit from the services of a personal CFO.
James Schwartzman approached Sandy Cove upon realizing that he simply did not have the time to focus on the myriad financial responsibilities that encompassed his own life. As the 49-year-old CEO of a money management firm, James needed an array of financial support that included finalizing an estate plan for a complicated family situation, annual expense reporting, and charitable giving.
Our work with James included the following:
- Scanned and reviewed all of his important documents, then created a “First Impressions” report with our observations and recommendations
- Prepared expense and cash flow reports that included the discovery of multiple auto-bill-pays on his credit cards
- Performed ongoing bi-annual reviews of his cash flow, organized by spending categories
- Set up a new online bill payment system for him
- Coordinated the refinancing of a $10 million second home, which involved contacting multiple banking institutions to identify the best deal structure and providing all required underwriting documentation (tax returns, K-1s, partnership agreements, etc.)
- Established a charitable gift fund to streamline his philanthropy
- Coordinated the purchase of multiple life insurance policies, Crummey letters, etc. and the subsequent administration of these policies.
Benefits of working with us
James enjoys having a personal CFO who can keep his financial affairs organized, provide ongoing guidance, and keep a watchful eye on important issues relating to his wealth. He can now devote his energies to his family and career with the confidence that an objective and trusted firm like Sandy Cove will manage his financial life assist in the management of his financial needs.
James Schwartzman is not an actual client. However, his story is similar to the experiences of some clients that work with us. His story is used for illustrative purposes only.
Family Office for the Executive Team
Institutions, whether legal, accounting, consulting, or money management firms, Closely held businesses and partnershipsalso seek our family office services for their executive teams.
One such example is BayView Advisors, a multi-billion-dollar money management firm that sought our financial administration support for six eight partners. We were initially hired by one of the partners, who then introduced us to the firm in order to ensure that the partners’ personal financial plans were coordinated with the firm’s succession objectives.
- Conducted roundtable discussions at partners’ meeting on various wealth management topics, including basics of estate planning, gifting strategies, philanthropy, raising financially responsible children, etc.
- Scheduled one-on-one meetings with each partner to do the following:
- Work with each partner to execute on objectives
- Review current balance sheets, estate plans, insurance, etc.
- Cash flow analysis to help identify spending and savings habits
- Streamline bill paying, set up household payroll, establish charitable gift funds, etc.
Benefits of working with us
The institution firm gained the confidence that its partners would be prepared for the upcoming execution of the firm’s succession plans. The partners gained confidence in their ability to move forward with the responsibilities associated with these changes at their firm.
BayView Advisors is not an actual client. However, this firm’s story is similar to the experiences of some clients that work with us. Their story is used for illustrative purposes only.