Jenni and Paul Backland
Busy Professionals
Here’s What Happened
Jenni and Paul were looking for an advisor who would do more than invest their old 401(k) funds. They felt that the traditional Wall Street model of focusing on investment returns didn’t help them answer financial planning questions around 529’s, different ways to purchase their first home, what to do with their HSA, cash management tools, insurance needs and how to pay off multiple student loans.
arrived when Jenni asked her parents’ advisor to help allocate her and Paul’s 401(k)s. The advisor informed her that his firm did not allow him to advise on “held-away assets.” While the advisor would not be compensated, the Backland’s current employer 401(k)s were a significant investment for both of them, and they needed help investing these funds wisely.
FIRST
A CATALYST
What I Did to Help
The Backlands became interested in working with East Pointe Wealth Advisors because of EPWA’s focus on their entire net worth and financial planning expertise. Jenni and Paul need help outside of managing their stocks and bonds, and they wanted a company that could both recommend and execute action items to improve their finances.
East Pointe Wealth Advisors implemented the following:
Formulated a plan to prioritize which student loans to pay off first to minimize interest payments. EPWA worked with Jenni to refinance select student loans into lower interest loans.
Identified an attractive mortgage option for the Backland’s new home purchase which freed up cash to pay down high-interest student debt.
Focused on their near-term goal of starting a family. EPWA discussed their state’s 529 rules and benefits and identified an optimal funding strategy for the Backlands' future children since they would like to pay for their college tuition.
Guided Jenni and Paul through the allocation and investment choices for their company 401(k)s including a proactive review of investments and plan options.
How the Backland's Benefitted From Our Help
Paul and Jenni understood EPWA’s transparent fee structure. The Backlands appreciate the transparent fee structure and ability to enjoy lower fees as they accumulate more assets under management (AUM).
They were able to put a plan in place. They have peace of mind that they finally have a detailed financial plan that addresses both their short-term goals of paying off their student loans and buying a home and longer-term items such as insurance, retirement planning and tuition for future children.
They used the account view client portal to track all their investments. Paul and Jenni utilized EPWA’s app and client portal which allows them to review their financial plan, modify budgets, identify to-do items and track their investments in one location.
They were finally able to benefit from expert money management. Both 401(k)s are actively managed with my guidance. This management includes analysis of available funds and active rebalancing.
They have access to expert advice. Most importantly, they have confidence in working with a licensed, experienced professional that can grow their net worth through investments, financial planning and tax planning.