Wealth Management Advisor Case Studies

Case Study:  Wealth Managing Early in Career

Amy and Steve are both young physicians. Like many couples in their mid-30s, they owned a home and had recently started a family but had not considered a wealth management advisor. It wasn't that many years ago that their biggest concerns were getting through college and medical school.

During medical school, they started amassing a considerable amount of debt and had difficulty saving. As their incomes rose dramatically after residency, Amy and Steve soon realized that they did not have a plan in place to manage their debt, save for their children's college educations, and set money aside for their own retirement, among other things. They couldn't decide how to prioritize these different interests or where to start. Between their careers, family commitments, and social activities, they continually put off what seemed to be a daunting and arduous task: how to organize and plan for their future.

Finally, based on a referral from a trusted friend, they contacted an advisor at McKinley Carter to review their financial situation.


wealth-management-advisorDuring their first meeting, Amy and Steve reviewed their personal and professional goals and objectives with their advisor. It soon became clear that they needed a comprehensive wealth management plan to effectively manage their total financial situation.

Once Amy and Steve's financial goals were finalized during a second meeting, their advisor began to formulate a plan to prioritize their goals and come to an agreement on actionable steps that could be taken over the coming years. In this particular instance, it was decided that emphasis should be placed on building cash reserves for emergencies, followed by implementing a savings strategy for their future and their children's college funding. Because the interest cost of their current debt was low, it made the most sense to make regular payments and not be concerned about paying the loans off early.


With the recommendations from their McKinley Carter advisor concerning their wealth management, Amy and Steve were able to implement a plan they could follow successfully by basing their planning decisions on mutual goals and the financial interests of their family. Throughout the next year, their advisor stayed in regular contact with them to ensure the appropriate steps were being taken to keep them on track.
Once the initial steps had been taken, Amy and Steve could focus their energies on their family and careers, comfortable in the knowledge that their financial plan was in place and being managed full-time by trusted professionals.

Case Study:  Wealth Managing for Small Business Owners as Retirement Nears

wealth-management-advisor-2John and Maryanne are lifelong residents of a small Midwestern town, and have owned a local business for several years. For as long as they can remember, their focus has been two-fold: grow their business and raise their two children.

Although they have diligently saved and invested during their lifetime, they are unsure of their ability to replace their income in retirement. They are asking that all-too-familiar question: How do you know if you have enough?

While they had worked with advisors in the past, John and Maryanne had not found an advisor that could coordinate and advise on their various issues. They wanted to sell their business and retire within the next five years, but weren't sure where to begin.


On the advice of their accountant, John and Maryanne scheduled an appointment to speak about wealth management with a McKinley Carter advisor. In the first meeting, they discussed what they had done during their careers and for their family. They talked about retirement goals and their desire to spend more time with their grandchildren and to travel to their favorite destinations.

Although they understood the investment markets, and even enjoyed researching a financial planning idea on occasion, they did not plan on spending their retirement days analyzing stocks and bonds. Over the course of the meeting, it also became evident that while the couple was very successful at running their business and it had done well financially, they had difficulty determining an overall strategy across their various investment accounts.

Over the years, they had opened an investment account at their bank, an IRA through the son of John's college roommate, and a 401(k) plan for their business with yet another advisor. Although each relationship was successful on its own merits, each was independent of the other and none were coordinated, which led to excess investment costs, missed opportunities, and duplication of investments.


The McKinley Carter wealth management advisor first developed a coordinated strategy for John and Maryanne to reach financial independence in the next five years. Through conversations with them, their attorney, and their accountant, a new direction was set in motion.

By analyzing their total financial situation, many areas for improvement or adjustment were identified to either position their portfolio more favorably or reduce unnecessary costs. Furthermore, by organizing their personal finances, they could now focus on their business and its eventual sale.

John and Maryanne expressed great relief at having a McKinley Carter advisor coordinate the overall direction of their financial plan and collaborate with their other key professional advisors to ensure they were getting the most out of their investments. John and Maryanne could now focus on what they enjoy and rest comfortably knowing that they can be financially independent on their timetable.
