What Baycraft Asset Does For Clients
Clients come to Baycraft with a broad assortment of financial issues related to life transitions. Among them are career changes, job changes, selling a business, purchasing a home, change in marital status, concerns about aging parents, and retirement. Our first task is to understand each client’s situation, goals, family ties, and values. Then we help each client develop a plan to traverse the immediate transition and to move forward toward their more distant goals. While Baycraft may assist a client in dealing with a single transition, we can provide greater benefit within a long-term client relationship that spans many transitions and years. In this case, we work with a client to create a long-term plan, provide on-going financial advice, and investment management. Each client is different. The only rule of thumb is “there are no rules of thumb.”
To help you understand what Baycraft does for clients, here are a few typical examples. The common thread in each example is the assistance Baycraft provides its clients in improving their lives, relieving transition-related stress, and financial affairs. We provide the expertise in the financial and economic environments to enable our clients to devote their energies to other priorities and lead richer, fuller lives.
An Overall Financial Plan: A busy family with little time for financial matters asked Baycraft to review its financial situation. We identified ways to improve insurance coverage, budgeting, savings, investment risk, taxes owed, education funding, and retirement planning and funding. Following the clients’ review and request for further assistance, Baycraft helped them to make these improvements.
Investment Management: A couple asked us to manage their personal and retirement investment portfolios. After determining their required rate of return and risk aversion, we designed a portfolio that meets their needs. We manage the portfolio, making changes based on an asset-allocation model. The model is reviewed periodically to make certain it still meets their needs and retains the same risk profile. Changes are made sparingly to help manage taxes. Baycraft’s ongoing investment management enables the couple to devote their energies to other activities.
Estate Planning Assistance: A young couple with substantial assets came in for a financial check-up. We discovered they did not have wills. After explaining the problems that could arise, especially in the case of simultaneous deaths, we helped them make decisions concerning the specific individuals they wanted to care for their children, to serve as trustees for the children’s assets, and alternative beneficiaries. We helped the clients select an attorney, made sure they made an appointment, and followed up to make sure the clients completed the requisite documents.
Post-Divorce Action Planning: A client requested assistance in coping with her new financial responsibilities and a lump-sum financial settlement following her divorce. We reviewed the consequences of the divorce settlement on her insurance, taxes, income needs, assets and liabilities, retirement plan. After helping her to establish her goals and prioritize, Baycraft assisted her in developing a financial plan and completing many of her action items. She now faces the future with less stress and fear.
College Education Funding: Parents and grand-parents often seek ways to effectively finance college education for their children or grandchildren. After discussing their investment attitudes, risk aversion, and inflation, we develop projections of college costs, and given their target savings rate, we explain what rate of return and risk level are required to meet the goal. Baycraft then suggests specific ways to meet their needs.
Business Continuity and Transfer Planning: A business owner came to Baycraft looking for a way to continue her business, while beginning to exit the business over several years. We helped her to develop a personal financial plan, to determine what she had to receive from her business, to value the business, to manage the tax impact of the transfer, and to maximize the probability of receiving the full value for her business. We worked with the client to make decisions and implement them.
Home Purchase Decision A couple came to us wondering how much they could afford to spend on a home. They had substantial income and assets, but they were expecting to retire in a few years. Baycraft analyzed their income, expenses, and assets and showed them a range of home-price choices and the consequences of each choice for their assets and expenses.
Inheritance Investment Portfolio: Baycraft helped a client with the collection of estate values, the filing of an estate tax return, and the transfers of assets from a deceased parent. We then helped the client understand what the inheritance could do for her and helped her simplify the complex investments she inherited.
Continued Financial Advice: A busy entrepreneur did not have time to investigate all the personal financial issues that arose after completing the initial financial planning process and the action plan it generated. Baycraft assisted him with investment analyses, post-investment follow-up, tax planning, insurance planning, a real estate purchase, loans, and other items. Issues were addressed in a timely fashion; the client had time for other activities; costs were often reduced.
These examples are representative of the questions clients bring to Baycraft. There are many others. We would be pleased to discuss how we might help you with your personal financial concerns. Before Baycraft does anything for you, we will develop and agree on the scope of the engagement and sign an agreement. As fiduciaries, Baycraft holds its clients’ interests above its own. Baycraft Asset Management is your source for objective, unbiased advice leading to sound solutions to financial planning problems.