Client Case Study #3

Women in Transition – Andrea, recently widowed

Andrea came to Rockwood after her husband lost his three-year battle with cancer. After devoting the last few years to caring for her husband, she now faced the daunting challenge of ensuring financial security for herself and her college age children. Andrea’s late husband, a high-level corporate executive, had always taken care of the family finances, leaving her without the confidence necessary to move forward financially.

Andrea needed help understanding her husband’s stock options, deferred compensation plan, 401(k), pension, and the survivor benefits to which she is entitled from his employer. She felt overwhelmed in her attempt determine how to organize the assets to meet her immediate and long-term needs.

Together with Andrea, we documented and analyzed her full financial profile, which now included her husband’s individual investments and retirement accounts, as well as death benefits paid from his life insurance policy. We created a sound investment plan aligned with her current and future income needs to give her confidence that she can meet her financial obligations. Throughout the Wealth Management Process, we placed an emphasis on educating Andrea so that she became more comfortable taking the lead in day-to-day financial activities.

Additionally, we pulled in a lender to provide the banking relationship necessary to restructure the mortgages that were in Andrea’s husband’s name. We helped identify her health insurance and life insurance needs and worked closely with an insurance professional from our Expert Advisory Group who could implement the risk management plan.

For two years following, we met with Andrea on a monthly basis to help her employ the plan and stabilize cash inflows and outflows. Today, Andrea is a model client in her ability to stay involved in the planning process and make informed financial decisions.

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