Client Stories
Your Dreams,
Our Guidance,
A Fulfilling Future
At Hanke & Co. we share client stories to illustrate the impact of our holistic financial planning. These narratives showcase our collaborative and non-judgmental approach, helping potential clients and investors understand how we can support their financial goals. To protect privacy, details such as names, genders, and locations are altered, and the stories are composites of real experiences.
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Managing a Sudden Inheritance
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Collaborative Financial Planning
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Achieving Financial Confidence and Balance
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Retirement Planning for a Couple
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Collaborative Discussion and Comprehensive Planning
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Achieving a Harmonious Retirement
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Transitioning from Active Business to Retirement
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Strategic Financial Planning and Diversification
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Achieving Financial Flexibility and Reduced Stress
Client Story: Miles in Pasadena
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Introduction
Meet Miles, a 70-year-old writer from Pasadena. Widowed after 39 years of marriage, Miles found himself facing significant life changes. Within a few months, he lost both his wife and his father, transitioning from a caretaker role to living alone.
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Initial Situation
Miles knew he would eventually inherit from his father but had no idea how much. Accustomed to living on less than $100,000 a year, he was stunned to learn that he would inherit $19 million. This sudden windfall brought immense relief but also a heavy burden. Miles, who had never been the primary financial decision-maker in his household, was now responsible for managing a substantial fortune. He feared making the wrong decisions and jeopardizing his financial security. Additionally, he felt undeserving of the wealth and pressured to become a philanthropist overnight, especially by his sister-in-law. He struggled to define his new identity while learning how to manage his newfound wealth.
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Our Approach
Understanding Miles' concerns, we took a collaborative and empathetic approach. We started by listening to his fears and goals, ensuring he felt heard and supported. Together, we developed a comprehensive financial plan tailored to his new circumstances. This included investment strategies, tax planning, setting up trusts, and helping him navigate the complexities of philanthropy.
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Implementation
Over the past four years, we have worked closely with Miles to determine an amount that sufficiently funds his lifestyle goals, such as remaining retired, writing more for fun, and learning how to give generously. We set up an estate plan for his final gifts, considering he had no children to leave assets to. Understanding his desire for anonymity, we established a donor-advised fund and managed all correspondence with charities through our office to protect his identity. We also went through a process of identifying values and causes important to him, vetting organizations to receive his donations.
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Results
With our guidance, Miles now comfortably funds his lifestyle and confidently makes substantial financial gifts, anonymously donating nearly half a million dollars each year to his favorite organizations. He has also invested in modernizing and adapting his home to ensure it remains comfortable as he ages in place.
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Conclusion
Miles' story exemplifies how personalized, empathetic financial planning can transform lives. By listening and collaborating, we helped Miles navigate a significant life change, turning uncertainty into stability and peace of mind.
Client Story: Yoshi & Ana in Seattle
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Introduction
Meet Ana and Yoshi, a couple who decided to marry in their late 50s after many years of friendship. Yoshi, a retired firefighter, had met his retirement savings goal and inherited a house in Seattle along with over $1 million in a family trust. Ana, a retired executive administrative assistant at a high-tech firm, had spent the last seven years caring for her father, which limited her ability to save for retirement.
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Initial Situation
Ana had her own financial planner who advised her to continue working despite Yoshi's retirement. However, Yoshi wanted Ana to retire as well so they could enjoy their time together. He noticed that Ana's demanding work life left her with little energy for their relationship once she was home. Yoshi independently approached us with the question of whether his nest egg and inheritance could support both of them in retirement.
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Our Approach
Understanding Yoshi's desire for Ana to join him in retirement, we took a personalized and empathetic approach. We created a comprehensive financial plan demonstrating how Yoshi's assets could support both of them, even with their goal of significantly increased international travel. Recognizing Ana's reservations about accepting Yoshi's generous offer, we facilitated a collaborative discussion in our office.
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Implementation
We provided a supportive environment for Ana and Yoshi to discuss their dreams, goals, concerns, and fears. Throughout our conversations, we made sure Ana felt heard and respected, addressing her worries about financial dependence and her desire for security. The decision for Ana to retire was carefully made over several sessions, recognizing the importance of taking the necessary time. Additionally, we collaborated with Ana's financial planner to integrate her portfolio into our plans, ensuring both portfolios worked in harmony. We demonstrated how Yoshi's financial plan could support their shared retirement goals while maintaining long-term stability.
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Results
Through our collaborative discussions and detailed financial planning, Ana and Yoshi reached a mutual understanding and agreement. Ana felt comfortable retiring, knowing they could enjoy their time together without financial strain. They now embrace their shared retirement, indulging in international travel and cherishing their time together.
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Conclusion
Ana and Yoshi's story highlights the power of personalized, collaborative financial planning. By listening to both partners and addressing their unique concerns, we helped them achieve a harmonious and fulfilling retirement, turning their dreams into reality.
Client Story: Gabrielle in San Francisco
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Introduction
Meet Gabrielle, a successful real estate investor in her late 50s who has spent the last 30 years building an impressive portfolio of apartment buildings across the country. Living in San Francisco with her partner Jody, Gabrielle is proud of the business she has created. However, she reached a point where she wanted to start thinking about retirement and slowing down her work pace.
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Initial Situation
Gabrielle felt "real estate rich but cash poor," owning substantial assets but having limited liquid income to enjoy her hard-earned success. She came to us with the idea of selling an appreciated property to generate income, aiming to strike a balance between maintaining her business and enjoying a more relaxed lifestyle.
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Our Approach
Understanding Gabrielle's goals, we took a personalized approach to develop a financial strategy that would allow her to enjoy the fruits of her labor without sacrificing her future security. We explored various options, including selling properties, refinancing, and leveraging her assets to create a steady income stream. Additionally, we ran an opportunity cost calculation to answer the questions, "What's the cost of doing nothing different?" and "What potential returns in the stock market am I forgoing by locking up my capital in real estate?"
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Implementation
We carefully analyzed Gabrielle's real estate portfolio, assessing the potential gains and tax implications of selling certain properties. We also discussed refinancing options to unlock liquidity without immediate sales. By structuring a tailored plan, we aimed to provide Gabrielle with the cash flow she desired while preserving her long-term wealth and investment potential. The opportunity cost analysis helped Gabrielle understand the potential benefits of diversifying her investments beyond real estate.
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Although Gabrielle had some experience investing in the stock market, our strategy and guidance helped her confidently understand how a diversified portfolio of securities could support her lifestyle. Gabrielle had always reinvested back into her business but never into her own surroundings. After a few years of working together and rebalancing her portfolio to reduce her real estate position and increase savings in more liquid securities, we were able to free up some capital for Gabrielle to update her kitchen and bathrooms. By offloading several of her income properties, she also reduced her work stress and achieved a better balance.
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Results
Through our collaborative efforts, Gabrielle found a solution that allowed her to slow down and enjoy her life more. She generated a comfortable income by strategically selling select properties and refinancing others. This approach provided her with the financial flexibility she needed, ensuring her continued success in real estate while embracing a more relaxed lifestyle. Additionally, the freed-up capital allowed Gabrielle to invest in updating her kitchen and bathrooms, enhancing her living environment. By offloading several of her income properties, she reduced her work stress and achieved a better balance.
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Conclusion
Gabrielle's story demonstrates how personalized financial planning can help real estate investors balance their professional achievements with personal fulfillment. By understanding her unique situation and goals, we helped Gabrielle transition smoothly into a more enjoyable phase of her life.
The preceding are for illustrative purposes only. Actual performance and results will vary. These do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted.
Let's Craft Your Financial Future Together
At Hanke & Co. Wealth Management, we’re dedicated to building a straightforward yet effective investment strategy tailored to your unique goals. Let’s work together to navigate the complexities of investing and ensure your portfolio stays resilient, no matter what.
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Schedule a Consultation today to discuss your investment needs with us.
