Since we value and set client confidentiality as a priority, the best way to show how SCM works with its clients is through case studies. Please note: Case studies are used to highlight how SCM serves clients; past performance is no guarantee of future results. Also, all names have been changed to protect the confidentiality of SCM clients. Please read the disclosure page for more information.
Financial Planning for a Widow
THE SITUATION:
A wife had just lost her husband after a long fight with a terminal illness. She was referred to SCM by a friend and Beth’s goal was to retire, to serve in the community and enjoy her golden years.
OUR STRATEGY:
We began work on budget planning which was her most immediate need. A budget was designed where she could use the computer or longhand, depending on her comfort level. We then began to address the retirement plan and what was needed to meet her goals. Finally, we developed a strategy to deal with her estate plan.
IMPLEMENTATION:
We met with her over many occasions to first address her budget and expenses. We then moved to the retirement plan and worked with a local attorney to finalize her estate plan.
MONITORING PROGRESS:
We realize that she needs more interaction with us in regard to her financial picture; therefore we meet with her monthly and talk as often as she needs to on the phone.
Retirement Planning
The Situation:
A young couple is nearing retirement age and are concerned. Here are a few of their major questions: Will we have enough? When can we retire? What amount of risk should we take? We sat down with the Family in their home to discover what they wanted to accomplish. It was pretty evident that their main focus was planning for their retirement.
Our Strategy:
After we determined what their goals were, we scheduled an appointment in two weeks to discuss the strategy. We then went back to the office and used Servus360 to do a comprehensive retirement plan that highlighted their goals, but also took into account several areas, like their expenses, assets, income, personal preferences to investment vehicles and review frequency.
Implementation:
At the next appointment we went over the detailed yet simple to understand retirement plan. The plan went through various scenarios and gave a probability of success for them. We made sure the information we received when we Determined their Objectives was correct and still relevant.
Monitoring Progress:
We realize that adding a new family as a client does not end the process. Review schedules and updates are planned according to our client’s preferences and comfort level. They want to meet every quarter and receive phone calls whenever things change.
Financial Planning for Young Entrepeneurs
THE SITUATION:
Two friends started a business together. As their business grew, so did their families. The need to plan their retirement and children’s education became apparent, but they did not want to over extend themselves.
OUR STRATEGY:
Since they have been so busy, we scheduled a meeting with them about five weeks later and then went back to the office to design a plan.
Implementation:
After a review of the plan with the two businessmen that we designed, it was determined to move forward with retirement accounts and education IRA’s that would be funded monthly.
Monitoring Progress:
We meet with them every 6 months but also communicate on the phone and through email as needed. Using Servus360 has enabled them to see their entire financial picture in one place.
Family Financial Planning
THE SITUATION:
A young family with two children and a comfortable lifestyle. They live modestly and are always looking for ways to be good stewards of their resources. They wanted SCM to improve the service they were receiving as well as provide a greater array of investment choices. Finally, as a young busy family they had not reviewed their insurance policies and wanted a review to make sure their needs were being met.
OUR STRATEGY:
We took the information we received from them and developed a three phase strategy. The first phase was to develop a consistent review process. Using Servus360 and the performance reporting capabilities made this achievable. In Phase two, we analyzed their risk tolerance, time horizon, and expected returns to develop a diversified portfolio of investment. Finally, in phase three we developed a plan to solicit quotes for their life, auto and homeowners insurance policies.
IMPLEMENTATION:
We met with the young family two weeks after our initial meeting at their home in the evening. We presented the plan and strategy in a logical and methodical process. Each phase was discussed and changed as needed according to their preferences.
MONITORING PROGRESS:
A time table was set up for each of the phases that had been discussed. We did not want them to be over whelmed by steps that needed to be done to implement the strategy. We also set a schedule to review and measure the progress in getting each phase completed.