Many attorneys, CPA’s, physicians, engineers and consultants charge by the hour, by the visit or project and have unique wealth management and financial planning needs. To be successful, there is often tremendous pressure on billing more hours and/or seeing more patients or clients. This leaves little time for personal financial matters. Many professionals earn above average incomes and it is a vital resource to build financial security. Some envision working in their profession well past retirement age yet, for many, this is often not an available option.
Intelligent and experienced, these professionals recognize they need some help to create a world where working in their profession can be optimized. For them, the conflict of working on their personal finances is time they should be billing to create a better income and, therefore, more capital to invest.
White Oaks understands the special circumstances that come with being a professional. While being a partner in a firm brings additional responsibilities and income, the equity realized is okay, but not a significant factor on the road to financial independence. The White Oaks’ team serves professionals across the country from our offices in the Minneapolis-St. Paul, MN metro area and the Sarasota, FL metro area. Highly experienced in working with professionals, White Oaks understands a professional’s special circumstances and needs.
The White Oaks’ process has been designed to bring positive results while allowing a professional to maximize their time, and build a solid wealth plan, through strategies that emphasize the high probability of success in achieving professional and financial independence goals.
Case Study: Risk Profile Review
As part of a comprehensive wealth strategy review, a client’s risk portfolio and her risk management plan was reviewed. During the meeting it was discovered that the client, Grace, who was married with 3 kids, did not have any umbrella liability coverage in place. As a homeowner of a large estate that included a pool, a trampoline, and a large (usually friendly) dog, Grace definitely check a few boxes for insurance candidacy.
We recommended a $2 million liability policy to be implemented by the client. Our further recommendations for Grace helped increase deductibles to lower costs and adjust other other parts of the coverage.
Approximately six months after the umbrella liability and liability coverages were put into place…
Case Study: Risk Profile Review
His father had taught him the foundations of investing at a young age, and he’d begun looking at tickers in the newspaper at just 10 years old. Now he read The Wall Street Journal every morning with a hot cup of coffee, and when he hit the gym, he always had The Money-Guy podcast blaring through his headphones.
Xavier had fond memories of a couple of successful investments- one had appreciated 10x, anther 8x- and there were significant capital gains taxes due if both issues were sold. The balance of the portfolio had some average performers, and a few issues had suffered significant reversals over a period of time.
But Xavier felt that he no longer had the time to focus on the portfolio as he once did…
White Paper: Where High Quality Goes
Anyone who has talked to several portfolio managers who manage stocks funds will tell you that there is virtually one thing all managers say is important to them when looking for the right stocks to include in their funds. They want to find “high quality” stocks. Different managers will have their own variations on how they define quality, but for the most part they are looking for stocks of companies with low debt levels and earnings growth that is both high and consistent. It should stand to reason then that when high quality stocks outperform low quality or “junk” stocks, active managers tend to outperform their benchmarks…
White Paper: The Choice
Financial advisors are chosen for a variety of reasons. Often the catalyst is some event that suggests it is time for professional help. It may be that the portfolio has grown to a size where one feels a second opinion is in order, or the evidence seems to suggest that someone else may be better suited for the job. Other motivations come from significant changes in circumstances such as divorce, career/position change, receiving an inheritance, or retirement is just around the corner. Whatever the reason, the choice to engage a financial advisor leads the “really big choice”.
White Paper: Creating the Winning Team
The Challenge: Once an investor has designed the asset allocation strategy for their portfolio(s) they still must fill the various allocations with investments. Depending on the asset class decisions made and the investment philosophy ascribed to the choice can be relatively simple or complex. Interestingly the holders of significant wealth and their surrogates are not faced with too few options.
White Paper: Costs of a Second Home
Many people reach a point in life where they consider purchasing a second home. They might be preparing to retire in another part of the country, hoping that the property they purchase today will become a good investment in the years to come. Other people buy a second home to enjoy right now as a place to escape the weather, to gather with friends and family, or to relax and pursue leisure activities. And then there are people who consider vacation properties to be prime investments.