A successful working couple held no debt, saved diligently and thought they were doing “all the right things.” The wife worked as a government consultant and the husband had carved out a distinguished career at a large tech company.
Our experts assessed their investment portfolio and found the following areas of concern:
Significant cash holdings across many brokerage accounts.
Assets spread across various custodians, each with different, unrelated investment strategies.
Followed no cohesive investment plan.
The Burney Wealth team worked closely with them to streamline their financial picture and create tax savings opportunities by:
Increasing annual tax savings by $25K+ through a new retirement savings vehicle
Generating additional tax savings by increasing contributions to company retirement accounts.
Setting up an education savings plan to more efficiently pay their child’s college tuition.
Implementing an investment plan so all investments “pulled in the same direction.”
Reducing overlap across existing accounts.
Quantifying the long-term risk of holding a large cash position.
Estimating a reasonable dollar amount for an emergency cash reserve that was significantly lower than the current cash holdings.
Redeploying the excess cash into the investment plan.