You’ve just landed your dream client—Janice and Ed Thompson, a wealthy (and entirely fictional) couple, who were referred to you by a mutual acquaintance, the Browns.
The Thompsons, both age 65, are getting close to retirement, and their $15 million net worth means they have a number of immediate business, estate, and investment planning issues they need your help addressing. But that’s, shall we say, the “easy” part. You’re a pro at asset allocation and retirement income planning, and you have estate planning attorney and CPA partners you can work with to minimize the Thompsons’ tax bill and help them leave a legacy for generations to come.
But are you aware of all the additional business opportunities that can result from this one client? Let’s start by taking a closer look at the Thompsons’ situation.
Getting to Know the Thompsons
The Thompsons reside in the Fort Point Channel District of South Boston, which is undergoing a commercial and housing boom. They have three children—Katherine (age 29, married); Chase (age 26, single); and Ryan (age 24, single)—as well as two grandchildren, one of whom has special needs.
Janice is an executive at a local pharmaceutical company, through which she has been receiving stock option grants, in addition to her salary, for a number of years. Along with her two sisters, she has interest in a family limited partnership (FLP). Ed is an owner along with his brother, Bill, of the family electrician business, Thompson Electric, Inc. The brothers have plans to pass the business on to Chase and Ryan once they retire.
Armed with this knowledge, we can explore some creative solutions for taking advantage of this high-value referral.
Acknowledge the Referral
Don’t forget: Janice and Ed didn’t land in your lap by accident. Your mutual acquaintance, the Browns, introduced you. And it’s with the Browns that you should start.