Every business owner dreams of seeing their hard work and dedication flourish, not just during their lifetime, but for generations to come. However, the reality is that the future is uncertain, and proactive planning is essential to ensure the smooth transition of a business’s ownership and management. One powerful tool in the realm of business succession planning is the buy-sell agreement. In this article, we will dive into what buy-sell agreements are, why they are crucial for business continuity, and how to create an effective buy-sell agreement tailored to your company’s unique needs.

A buy-sell agreement is a legally binding contract between business co-owners that outlines what happens if one owner decides to leave the company or passes away unexpectedly. It serves as a roadmap for the transition of ownership, addressing critical issues such as the valuation of the business, the terms of the sale, and the rights and obligations of the parties involved.  There are several key benefits of buy-sell agreements that address most concerns business owners may have when thinking about a succession plan or protecting the future of their business.

First and foremost, buy-sell agreements address maintaining control and stability.  A well-structured agreement helps prevent unwanted outside influence by providing a mechanism for existing owners to purchase a departing owner’s interest. This helps maintain the stability and direction of the business.

Disputes over business valuation can be a major hurdle in the succession process. A buy-sell agreement establishes a clear methodology for determining the value of the business, whether it’s based on a formula, an independent appraisal, or another agreed-upon mechanism. This prevents valuation disputes and ensures a fair price for the departing owner’s interest.

In family-owned businesses, buy-sell agreements can be invaluable in preventing family conflicts. The agreement can define the terms and trigger events under which family members can buy or sell shares. Such as retirement, disability, death, or a desire to sell shares. By specifying the terms of the sale, including any restrictions on who can purchase the departing owner’s interest, could prevent future conflict.

Another benefit buy-sell agreements can address is funding sources. Transactions can be funded through various methods, such as life insurance, installment payments, or a sinking fund. This ensures that there is sufficient capital available to facilitate the purchase of a departing owner’s interest.

By formalizing the process of ownership transition, a buy-sell agreement provides legal protection for all parties involved, ensuring that the wishes of the owners are upheld and preventing potential legal challenges. They provide a roadmap for a seamless transition of ownership, safeguarding the future of the business and the financial security of both departing and remaining owners. By addressing critical issues such as valuation, funding, and ownership restrictions, a well-crafted buy-sell agreement offers peace of mind and minimizes potential conflicts during times of change. As a business owner, investing the time and resources into creating a comprehensive buy-sell agreement is a proactive step towards securing the legacy of your company for generations to come.

Waldron Private Wealth (“Company”) is an SEC registered investment adviser with its principal place of business in the Commonwealth of Pennsylvania. Company may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. For information about the Firm’s registration status and business operations, please consult Waldron’s Form ADV disclosure documents, the most recent versions of which are available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov.

This material is for informational purposes only and is not intended to be an offer, recommendation or solicitation to purchase or sell any security or product or to employ a specific investment strategy. Due to various factors, including changing market conditions, aforementioned information may no longer be reflective of current position(s) and/or recommendation(s). Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from Company, or from any other investment professional. Investing involves risk, including the potential loss of money invested. Past performance does not guarantee future results. Asset allocation and diversification do not guarantee a profit or protect against loss. Company is neither an attorney nor an accountant, and no portion of the web site content should be interpreted as legal, accounting or tax advice. 

Disclaimer

When it comes to managing finances, high-net-worth individuals have unique challenges. With their significant wealth and complex financial portfolios, they often seek ways to streamline their financial management processes to help ensure accurate and efficient oversight of their financial affairs. This is where personal CFO services play a crucial role. In this blog post, we explore why high-net-worth individuals can find immense value in utilizing these services, which offer convenience, organization, peace of mind, and integrated holistic wealth management services.

1. Time-Saving Efficiency:

High-net-worth individuals have diverse financial obligations, from managing multiple properties and investments to overseeing complex tax and estate planning strategies. Managing bill accounts and reconciling accounts, along with of the ongoing oversight of financial documentation can quickly become overwhelming. By leveraging personal CFO services, they can delegate these administrative tasks to  professionals, freeing up valuable time for individuals to focus on wealth creation, strategic decision-making, and enjoying their personal lives.

2. Peace of Mind:

Financial affairs of high-net-worth individuals often involve complex transactions, intricate tax planning, and compliance requirements. Mistakes in financial management can have significant consequences. By engaging personal CFO services, high-net-worth individuals gain access to professionals with experience in financial systems, regulations, and best practices.

3. Comprehensive Financial Oversight:

With vast wealth comes the need for meticulous financial oversight. High-net-worth individuals often have multiple bank accounts, investment portfolios, credit cards, and various other financial instruments. Keeping track of all these accounts and transactions can be a daunting task. Personal CFO services can provide centralized management, offering a holistic view of their financial landscape. This allows for better decision-making, identifying potential risks or opportunities, and optimizing cash flow.

4. Additional Monitoring:

High-net-worth individuals are often targets for financial fraud and identity theft. The risk of unauthorized transactions or mismanagement of sensitive financial information is ever-present. By utilizing personal CFO services, they can benefit from additional added oversight and monitoring.

5. Customized Solutions:

Every high-net-worth individual has unique financial requirements and preferences. Personal CFO services are highly customizable, accommodating individual needs and preferences. Whether it’s setting up personalized financial reports, customizing payment schedules, or integrating various financial systems, these services can be tailored to meet the specific demands of each client. This flexibility can help high-net-worth individuals more effectively manage their financial affairs according to their specific goals and objectives.

6. Integration into Holistic Wealth Management:

Integrating personal CFO services into holistic wealth management can offer a more streamlined approach for high-net-worth individuals. Centralized bill pay and bookkeeping services to track and manage financial accounts and transactions can afford individuals a more a comprehensive overview of their financial position, creating an opportunity for optimize decision-making and strategic planning. Bill pay services work to maintain optimal cash flow, while bookkeeping services offer detailed records for expense management. Tax planning and compliance are also integrated, for more accurate record-keeping, timely filings, as well as coordination with tax professionals.

Conclusion:

For high-net-worth individuals, the benefits of utilizing personal CFO services are clear. These services aim to provide time-saving efficiency, comprehensive financial oversight, additional monitoring, and customizable solutions. By entrusting their financial management to professionals, high net worth individuals can focus on their core areas of expertise, enjoy peace of mind, and feel more empowered to make informed decisions as they navigate the complexities of wealth management.

Waldron Private Wealth (“Company”) is an SEC registered investment adviser with its principal place of business in the Commonwealth of Pennsylvania. Company may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. For information about the Firm’s registration status and business operations, please consult Waldron’s Form ADV disclosure documents, the most recent versions of which are available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov.

This material is for informational purposes only and is not intended to be an offer, recommendation or solicitation to purchase or sell any security or product or to employ a specific investment strategy. Due to various factors, including changing market conditions, aforementioned information may no longer be reflective of current position(s) and/or recommendation(s). Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from Company, or from any other investment professional. Investing involves risk, including the potential loss of money invested. Past performance does not guarantee future results. Asset allocation and diversification do not guarantee a profit or protect against loss. Company is neither an attorney nor an accountant, and no portion of the web site content should be interpreted as legal, accounting or tax advice. 

Disclaimer

If you are asking yourself, would we benefit from family meetings and would like to determine if they are suitable for your situation, here are a few questions to think about that can help you assess their relevance:

1. Multiple Generations: Are there multiple generations within your family, such as grandparents, parents, and children? Intergenerational family meetings typically bring together members from different generations to discuss and plan matters related to family wealth.
2. Wealth Management: Does your family possess substantial assets or wealth that requires management and planning? Family meetings are particularly beneficial when there are significant financial resources involved that need careful stewardship.
3. Legacy Planning: Are you interested in establishing a framework for managing family wealth across generations? These meetings focus on long-term legacy planning, ensuring the sustainability and continuity of wealth through the development of shared values, goals, and strategies.
4. Family Harmony: Do you value maintaining family harmony and open communication regarding financial matters? Family meetings provide an opportunity to foster healthy communication, resolve conflicts, and build consensus among family members.
5. Education and Mentoring: Are you committed to educating younger family members about financial literacy and responsible wealth management?  Are you interested in providing guidance to the next generation on how to successfully carry the torch from the previous generation? Family meetings often incorporate educational components to impart knowledge, skills, and values related to finance, philanthropy, and stewardship.
6. Governance and Succession: Do you aim to establish effective governance structures and succession plans for the management and transfer of family wealth? These meetings can facilitate discussions on family governance, decision-making processes, and the smooth transition of wealth from one generation to the next.
7. Philanthropy and Social Impact: Are you interested in aligning your family’s wealth with philanthropic endeavors and making a positive social impact? Family meetings often address philanthropic goals, strategies, and the family’s collective contribution to society.
8. Commitment and Participation: Are you and your family members willing to commit time, effort, and resources to engage in regular family meetings and the activities that arise from them? Active participation and ongoing commitment are crucial for successful family meetings.

While these questions can help you gauge the relevance of family meetings, it is essential to adapt them to your specific family dynamics and objectives.  If you find that the questions aligns with your family’s situation and goals, we encourage you to take action and explore the benefits of family meetings. Consider discussing the idea with your family members and initiating conversations about the potential value and purpose of these gatherings. You may also want to seek guidance from professionals, such as wealth advisors or family enterprise specialists, who can provide insights and assistance in structuring and facilitating these meetings. Remember, open communication, shared values, and long-term planning can contribute to the sustainable management of family wealth and the well-being of future generations.

Waldron Private Wealth (“Company”) is an SEC registered investment adviser with its principal place of business in the Commonwealth of Pennsylvania. Company may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. For information about the Firm’s registration status and business operations, please consult Waldron’s Form ADV disclosure documents, the most recent versions of which are available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov.

This material is for informational purposes only and is not intended to be an offer, recommendation or solicitation to purchase or sell any security or product or to employ a specific investment strategy. Due to various factors, including changing market conditions, aforementioned information may no longer be reflective of current position(s) and/or recommendation(s). Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from Company, or from any other investment professional. Investing involves risk, including the potential loss of money invested. Past performance does not guarantee future results. Asset allocation and diversification do not guarantee a profit or protect against loss. Company is neither an attorney nor an accountant, and no portion of the web site content should be interpreted as legal, accounting or tax advice. 

Disclaimer

In the realm of financial planning, family meetings play a pivotal role in maintaining open communication, fostering unity, and working towards a smooth transition of assets and values across generations. These gatherings provide a platform for discussing financial matters, sharing aspirations, and aligning family members’ visions. In this blog post, we will delve into the key elements of running a successful family meeting and offer practical advice for strengthening family bonds that secure a lasting legacy.

Establish Clear Objectives and Agenda

Before organizing a family meeting, define your objectives clearly. What specific topics do you want to address? Are there any immediate financial decisions or concerns that need attention? Establishing a well-structured agenda helps ensure that time is utilized efficiently and that all key matters are covered. Some common agenda items include wealth transfer strategies, investment decisions, philanthropic initiatives, and family governance issues.  Asking for input on the agenda items from the individuals included in the family meeting can provide new insight and may lead to a more engaging discussion.

Foster Open Communication

Effective communication lies at the heart of successful family meetings. Encourage an environment where every family member feels comfortable expressing their thoughts and concerns. Establish ground rules that emphasize active listening, respect, and inclusivity. Allocate time for each member to share their perspective and encourage open dialogue that allows for differing opinions. Transparent and honest communication builds trust and strengthens family relationships.

Engage Professional Advisors

Inviting professional advisors, such as a family facilitator can add significant value to family meetings by bringing structure, neutrality, and expertise in communication and conflict resolution. A facilitator helps create a clear and concise agenda for the family meeting. They will encourage open and respectful communication among family members.  They equip family members with tools to improve their communication and relationships beyond the family meeting.  A facilitator helps the family make decisions by clarifying options, identifying potential consequences, and guiding the group towards a consensus.  After the family meeting, a facilitator may assist in establishing action plans and follow-up processes. They help hold family members accountable for their commitments and provide ongoing support as needed.

Introducing other professional advisors, such as financial planners, lawyers, and accountants, to family meetings can provide valuable expertise and guidance on an as needed basis as well.

Educate and Empower Future Generations

Family meetings present a unique opportunity to educate younger family members about financial responsibility, wealth preservation, and philanthropy. Encourage active participation from the younger generation by assigning them roles and responsibilities within the family governance structure. Consider hosting educational workshops, guest speaker sessions, or mentorship programs to develop their financial literacy and nurture their potential as future stewards of the family’s wealth.

Create and Document a Family Governance Structure

A well-defined family governance structure can provide a framework for decision-making, conflict resolution, and wealth preservation. Establishing family policies, protocols, and a family constitution helps ensure continuity and provides guidelines for future generations. Determine roles and responsibilities for family members, establish rules for wealth distribution, and outline the family’s mission, values, and vision. Regularly review and update the governance structure to adapt to changing circumstances and the evolving needs of the family.

Plan for Philanthropy and Legacy

Wealthy families often have a strong desire to contribute to society through philanthropic endeavors. Encourage discussions on charitable giving and involve family members in philanthropic initiatives. Consider establishing a family foundation or donor-advised fund and involve family members in decision-making regarding charitable causes and grants. Documenting the family’s philanthropic legacy can inspire future generations and strengthen family ties through shared values.

Conclusion

Running a successful family meeting that engages each generation of the family requires careful planning, open communication, and a focus on long-term goals. By establishing clear objectives, fostering transparent dialogue, engaging professional advisors, empowering future generations, creating a family governance structure, and embracing philanthropy, families can build a strong foundation for preserving their legacies. Family meetings serve as a platform for nurturing family unity, transferring knowledge and wealth, and laying the groundwork for a prosperous and harmonious future.

Take the first step today by scheduling a family meeting or engaging with a qualified professional. Your efforts to help preserve your family’s wealth will also strengthen family bonds, nurture shared values, and create a lasting impact on the world around you.

Remember, building bridges and preserving legacies require active participation and commitment from each family member. Embrace the opportunity to come together, share insights, and shape the future of your family. By doing so, you will lay the foundation for a united, prosperous, and impactful family for generations to come.

Waldron Private Wealth (“Company”) is an SEC registered investment adviser with its principal place of business in the Commonwealth of Pennsylvania. Company may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. For information about the Firm’s registration status and business operations, please consult Waldron’s Form ADV disclosure documents, the most recent versions of which are available on the SEC’s Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov.

This material is for informational purposes only and is not intended to be an offer, recommendation or solicitation to purchase or sell any security or product or to employ a specific investment strategy. Due to various factors, including changing market conditions, aforementioned information may no longer be reflective of current position(s) and/or recommendation(s). Moreover, no client or prospective client should assume that any such discussion serves as the receipt of, or a substitute for, personalized advice from Company, or from any other investment professional. Investing involves risk, including the potential loss of money invested. Past performance does not guarantee future results. Asset allocation and diversification do not guarantee a profit or protect against loss. Company is neither an attorney nor an accountant, and no portion of the web site content should be interpreted as legal, accounting or tax advice. 

Disclaimer

So, you’re ready to sell your business — unfortunately, the process isn’t as simple as putting up a “For Sale” sign in a window and shaking the buyer’s hand.

Waldron Private Wealth’s advisors have decades of experience assisting clients through this and other steps in the business ownership journey. That includes developing comprehensive resources to aid owners in processes such as valuation coordination, entity ownership structuring, business succession planning, pre- and post-transaction planning for selling a business and buy/sell agreements. They are also equipped to guide you through the emotional hurdles that one will face when transitioning away from business ownership to liquid asset management.

Indeed, selling a business can be complex. As with our philosophy to wealth management, however, we’re here to simplify matters for clients. Read on for an introductory guide to selling your business.

Things to Consider Before Selling

Before you begin the sales process, there are key factors to consider that ensure you’re representing your company accurately and effectively, as well as attracting the right kinds of buyers. Ask yourself and determine:

• Why you want to sell
• What a potential buyer in your market is looking for
• What type of buyer (strategic or financial) fits your desired outcome
• What your business’ strengths and weaknesses appear to be from an objective lens
• The valuation of your business (this can be estimated by looking at the sale prices of similar companies in your industry)
• The entirety of your holdings and how they should influence the type of agreement drawn up in the sale
• Whether you’re planning to sell the business entity along with all its assets and liabilities, or the business assets by themselves
• Whether you’ll be hiring a broker to sell your business for you

The 4 Sale Stages

There are four main stages in selling a business — preparation, negotiation, inspection and documentation. These stages look different for everyone depending on the type of business and how it’s being sold, but there are some key factors that every business owner should understand when moving through each of them.

• Preparation: Taking the necessary steps ahead of a sale can be overwhelming, but if you stay organized from the beginning and utilize all the tools at your disposal, you will be in a much better place when it comes time to negotiate and interact with potential buyers. To best prepare for a sale, first decide exactly what you’re selling and how much money you’re willing to accept for it. Then, you can focus on cleaning up your business’ presentation, so it attracts the attention of potential buyers.
• Negotiation: Now it’s on to financial matters. The next stage involves listing the purchase price, terms of finance, and representation and warranties, in addition to developing a new lease or subleasing arrangement with potential buyers. Once you’ve negotiated all these terms with a buyer, you will sign a letter of intent, which will inform the development of your final purchase agreement.
• Inspection: This is a particularly important stage for both the buyer and seller, as it gives the potential buyer an opportunity to look at company books, financial records, material contracts, accounts receivable reports, valuation reports and any other records relevant to understanding the business’s financial status and history. Potential buyers may also contact the company’s business partners to better determine the reputation and authenticity of the company.
• Documentation: In this final stage, sellers are responsible for developing a purchase agreement which details the buyer and seller information, including whether it’s a sale of business assets or entities, the price and payment method, actions prior to closing, representations of both the buyer and seller, any future covenants against business competition, provisions for seller financing, legal provisions and other evidence of relevant sale documents. Having a team with appropriate legal and tax representation is foundational when approaching a business sale.

Sale Strategies

When moving through each of the sale stages, remember these strategies and best practices to ensure the sale is completed as smoothly and successfully as possible:

• Take all necessary steps to make your business more attractive to prospective buyers (increasing profits and maintaining a strong customer base)
• Weigh the post-transaction risks (variables of representations and warranties, indemnifications, escrow amounts, etc.)
• Clearly document the terms of the sale
• Hold your buyers to the agreements you have set in writing
• Monitor the timing of disbursements and the use of escrow, as it can significantly impact exposure to state and federal taxes during the sale process

As you can see, selling a business presents obstacles and uncertainties for business owners. However, by remaining proactive and staying informed about your market, prospective buyers and the actions required in each stage of the sale, you’ll be able to complete a successful transaction — all while operating with the best interests of yourself, your customers, your employees and prospective buyers in mind.

Visit our Business Owner Advisory Services page to learn more about services we offer clients who are selling their businesses.

Disclaimer

2020 will go down in history as one of the most interesting years we have faced in some time. Our society has endured, and still battling, a global pandemic, experienced an extremely volatile financial market, and now we are on the threshold of one of the most politicized Presidential elections. To top it off, we are seeing signals that this election will not go quietly into the night.

For starters, due to COVID-19 concerns, officials expect to see a higher utilization of mail-in ballots. This method of voting poses a few issues. One, it will delay the tabulations of votes as each ballot requires additional time to verify and record. Not to mention the ununified rules each State has as to when they can accept and start to count these votes. Currently, 11 states are not allowed to open ballots until election day.

Mail-in ballots can also open the door to contesting their validity and are prime for scrutiny. Was the ballot sealed in the envelope properly, does the signature match, has the ballot been marked correctly and accurately, is there a witness signature if required? All these factors will not only provide an opportunity for contest but will delay the election outcome resulting in uncertainty.

Although this election year has its unique nuances, we can look back to prior elections for some guidance. The last contested election was in 2000 with Bush Vs Gore. You may remember that a specific ballot used in Florida was the issue. According to Morningstar, leading up to the election, markets had fallen -1.6% YTD. During the contested period (Nov 7th- Dec 13th), markets had fallen -4.9%. This included 4 trading days with swings of +/- 2%. In the month following Gore’s concession, the markets fell -3%.1 As you can see, uncertainty, including contested elections, is not well received by the market.

So, what should you do heading into November? We are having discussions with our clients around their goals and if their goals are changing then we are adjusting their financial plans and allocations to meet those goals and we believe in long term investing.

Although it may seem cut and dry, there are just too many factors involved to accurately predict what will happen. However, we are also looking at the potential volatility as an opportunity. Markets that temporarily dislocate due to political uncertainty could provide a buying opportunity.

Disclaimer

When it comes to investment management, many overlook the value of periodic portfolio rebalancing.

To appreciate the value of rebalancing, it helps to have a general understanding of the fundamentals. When a portfolio is rebalanced, you are returning the allocation to a defined target that was created specifically to support your unique financial goals (see my previous post  Charting a Course for Success for information about how investment management fits into financial planning). Essentially, you are selling appreciated assets and buying depreciated assets to realign your allocation with your strategic (long-term) target.

One of the consequences of not rebalancing a portfolio, is that if left unmonitored,  your allocation may deviate from your desired risk/return profile, unintentionally putting your portfolio and your financial goals in jeopardy. Consider, for example, an extended period of equity market appreciation and subsequent bond market depreciation. Depending on the magnitude of the move, a portfolio that was designed to be 60% Equity/40% Bond could shift over time to become 75% Equity/25% Bond. Leaving this allocation unattended to may result in an unobserved increase in the investor’s risk.

On the other side of the equation, periodically rebalancing a portfolio can provide the investor with substantial benefits. One can view rebalancing as a buy low and sell high strategy. As mentioned above, rebalancing a portfolio is effectively selling appreciated assets (sell high) and buying depreciated ones (buy low). Diligent monitoring of a portfolio not only maintains the portfolio’s risk/return profile, but it also reallocates assets to investments that are more likely to appreciate in the long run.

Another upside to periodically rebalancing a portfolio, are the opportunities it affords to implement tactical asset allocation adjustments, and to take advantage of tax loss harvesting. Tactical changes in a portfolio represent shorter term outlooks that aim to take advantage of the market environment without altering the long-term risk/return profile. Consider, for example, an environment of rising interest rates. Core bond exposure may not fare as well in these circumstances, but opportunistic credit assets such as high yield or bank loans may offer protection to rising interest rates. A tactical shift from core fixed income investments to credit assets may present a short term tactical opportunity. On the other hand, tax loss harvesting allows a portfolio to realize a loss today in order to offset potential future gains without changing the investment exposure. Both of these tools can be beneficial to the long term and short term health of a portfolio.

Taking the time to periodically rebalance your portfolio to maintain your target allocations not only keeps your long term goals intact, it can also provide short term tactical opportunities and tax planning benefits. While rebalancing is often overlooked, it can play a vital role in efficiently managing your wealth to support your goals.

Disclaimer

So many of us are unaware of, or choose to ignore the impact that a well-constructed financial plan can have on our wealth.

Rather, we may be distracted by, and subsequently place a larger focus on, just one aspect of wealth management –  investment return.  While investments play a crucial role in financial planning, without a long term goal and a comprehensive strategy to get there, focusing exclusively on investment management will leave you adrift at sea, without a destination in sight.

After years of dedication to the practice of investment management, I have realized that the foundation to a successful investment portfolio begins with a financial plan. Because without clearly defined, long term goals, you’re really just chasing short term returns which can turn on a dime. To create an investment allocation that is risk appropriate, your wealth management team must start at the beginning. This involves taking a deep dive into your financial history and future goals. Important topics like estate planning, cash flow requirements and legacy goals should be reviewed prior to any investment decisions being made. Only after your goals have been defined, and an integrated financial plan has been developed, can an investment allocation be created to support your plans for the future, in adherence with your desired level of risk. If you forego the development of a customized financial plan, and simply target a desired return, you are essentially picking an arbitrary benchmark, and hoping for the best. An experienced captain would never set sail without first charting a course, and anticipating and planning for their needs during the journey. Because the reality is that a failure to set long term goals and stick to a comprehensive strategy virtually precludes the possibility of attaining a desired outcome, and more likely than not will result in arriving in unknown territory, much worse for wear.

Having a financial plan that encompasses all aspects of your wealth is essential. It not only provides a platform to define and monitor your financial goals, it also sets the stage for an appropriately constructed investment portfolio. By utilizing the two in concert you are charting a financial course to success!

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