An Inside Look at How Helmstar Approached One Client’s Unique Challenges

THE SITUATION

The Client: A middle-aged widow surprised by the sudden loss of her spouse.

Before his passing, our client’s spouse had managed most of the family’s financial affairs over the course of their multi-decade marriage.

In addition to the grief over the loss of her husband, our client was thrust into securing her financial future. The client was confused, overwhelmed and very stressed about making these big decisions.

During her search for answers she connected with an advisor who recommended layering annuity products for safety and security. She purchased a few annuities, but then decided she’d be wise to get a second opinion. Her CPA recommended The Helmstar Group.

PLANNING

As the Helmstar team dug into the facts of our client’s situation, it became clear that the strategies and associated financial projects were not aligned to the client’s actual needs. Specifically, the annuities that the client had purchased “locked up” her resources in a manner that wouldn’t help her reach two major life goals:

  • To travel more with her grown children.
  • To remodel her home so she could remain in it for the long-term and maintain her strong relationships with nearby neighbors and friends.

In addition, the lack of a cohesive financial strategy meant the client was not clear on the impact of inflation on her long-term financial strategy or exactly how much she could spend each year to maintain her lifestyle and achieve her two major goals.

IMPLEMENTATION + IMPACT

Helmstar analyzed the client’s overall financial picture, married this information with her goals and developed a thorough financial plan, which included:

  • A bifurcated portfolio diversification strategy: a portion of her portfolio was allocated to meet her long-term growth needs, while another portion was designed to achieve her one-time and short-term income needs.
  • Accessing Social Security survivor benefits earlier than what the client thought was possible.
  • Outlining a plan for the client to reduce expenses later in life in order to create lasting memories with her children now.

The result, according to the client, was that she felt more educated and confident about the future than ever before.

comments powered by Disqus