Standings Assessment
John, a recently retired professional, spent 50 years in the radio and TV business. Throughout his career, he held various roles, including on-air announcer, program director, general manager, VP of a group of radio stations, and Senior VP of a media company overseeing 30 stations. His extensive travel for work made him yearn for a quieter lifestyle, leading to his move to Kelowna.
Before working with FocalPoint Financial, John had his retirement investments managed by a big bank’s private banking service. For 7-8 years, he felt the relationship was impersonal, and his specific needs were not being addressed. John waited years to switch advisors, feeling frustrated by the lack of responsiveness and personal attention, assuming all banks and firms were the same, until a local real estate agent recommended FocalPoint.
The Strategy
Risk Management
Chris conducted a thorough review of John’s existing insurance policies to ensure adequate coverage. Identifying gaps & recommending additional policies where necessary to safeguard John’s family in the event of his passing.
Wealth Accumulation
Chris at FocalPoint Financial recommended a diversified investment strategy that wasn’t solely reliant on the stock market; this included investing in properties and other diversified assets. Chris injected confidence into John to go places that he was scared to go otherwise. The approach included higher-risk investments for long-term growth and lower-risk options for retirement funds, providing John with a balanced and secure financial plan to match his risk tolerance and long-term financial goals.
One of the significant challenges John faced was the uncertainty surrounding the funds tied up in the company he previously worked for, which was experiencing some turmoil. Chris addressed this by incorporating a diversified investment strategy that reduced reliance on any single source of income. By spreading investments across various asset classes, Chris ensured that John’s financial future was secure despite the instability of these old company’s funds. This strategic approach provided John with peace of mind and a solid foundation for a notable retirement income.
John initially believed that wealthy people often try to time the market; however, Chris encouraged him to “show up” and adopt a long-term perspective, emphasizing the importance of consistent investment. Chris is always looking for better ways to grow John’s funds, and utilizes connections with fund managers to further reduce risk.
Tax Planning
Chris assessed John’s income sources and planned strategic withdrawals from his retirement savings to ensure the minimum withdrawal requirement was met as well as optimized and timed for advanced tax efficiency. The use of tax-advantaged accounts are utilized as well for higher earning investments to protect from capital gains where possible.
Life Transitions
Understanding John’s desire for a quieter life in Kelowna, Chris included considerations for lifestyle changes in the financial plan. He ensured that John’s retirement financial security was smooth.
Achieved Outcome
The personalized service, strategic investment advice, and Chris’s disciplined approach that John experienced and continues to experience have injected confidence into John’s financial decisions, resulting in substantial growth and a secure financial future.
“These guys have a really good handle on the market, they are smart and creative, and will give the personal attention you are looking for. It’s been a really great experience, growing my funds and ensuring my financial security.”
John
Please note:
The name and certain characteristics of the client mentioned in this case study have been changed to protect their privacy and confidentiality. This case study is based on a third-party interview with the client, providing an authentic firsthand account of their experience.
Any strategies or outcomes discussed should not be construed as personalized advice, as they may not be suitable for your individual objectives, financial, or legal circumstances. FocalPoint Financial advisors are not lawyers or accountants, and any specialized advice provided to this client was obtained from trusted professionals in those fields.
