With over 35 years of experience in the financial services profession, Dave leads Family Wealth LLC as the firm’s principal advisor and broker. He leverages his depth of knowledge and experience to provide specialized services in the areas of retirement income and risk management, and estate and gift planning. He works with clients in all 3 Seasons of their life- wealth building, wealth distribution, and wealth transfer.
His expertise in these key areas allows him to identify areas of improvement and to recommend more effective strategies to maximize your assets and income. He will analyze the pieces of your financial puzzle and compare strategies and products to improve your results and lower your costs. As your advisor and broker, he will design a plan that makes sense to you and help you implement each part of it.
Dave is a graduate of the University of South Carolina and The American College. He earned an undergraduate degree from the Darla Moore School in Business Administration, and an advanced degree in retirement and estate planning from The American College (Bryn Mawr, PA.) He has 20+ years as a Member of the Society of Financial Services Professionals and has held leadership positions in the local chapters of the Society. He is dedicated to the highest levels of professional education and ethical standards.
ISSUE: We worked with an executive who had been downsized at age 50 and his income reduced from $300,000 to $150,000. Obviously, he needed additional income. This client had worked for a Fortune 100 company where his 401(k) had accumulated to $750,000.
SOLUTION: Through our process, we showed him how he could receive income now before age 59 1/2 and NOT pay the 10% early withdrawal penalty tax. As a result, he was able to receive $300,000+ over an 8-year period. No one at the Fortune 100 company or within their HR department had told him about the option we showed him that successfully resolved his income issue.
ISSUE: A self-employed business owner/commercial real estate agent had $1,000,000 in an IRA administered by a Private Trust Company. The IRA was growing at 15% per year with a 1% annual administration fee to the trust company.
SOLUTION: We showed him how he could withdraw $60,000 per year before age 59 ½ to buy a second home on the lake for his dream vacations. Our solution also allowed him to reduce the annual administration fee from 1% of the $1,000,000 to .10% of $1,000,000 which resulted in a $9,000 annual savings in fees and lower income taxes in retirement.
ISSUE: A married couple in their late 50’s decided to opt out of their respective employers Group Life Program, but needed new policies that would provide premium savings for them.
SOLUTION: We introduced private life insurance policies that delivered $100,000 in guaranteed premium savings over a 10-year period. The new policies provided the couple with better protection of wealth and included disability benefits. We also showed the couple how to take a lump sum distribution option from their employer’s defined benefit plan to create a larger private pension benefit with a commercial annuity instead of the pension plan benefit at retirement.
ISSUE: A retired, married couple in their late 50’s faced a serious medical issue when the husband experienced a life-threatening illness. He had a large amount of supplemental group life insurance which terminated when he was classified as being totally disabled, unable to work, and eligible to receive Social Security Disability Insurance (SSDI) benefits.
SOLUTION: On his behalf, we were able to negotiate a $162,500 cash settlement at no cost to him on the group life insurance he was going to lose. We designed a retirement income plan to maximize their Social Security benefits and provide a guaranteed lifetime income for his spouse at age 62. No information or personal guidance was offered or provided from his employer’s HR department or from the group life insurance company (Met Life).