Leaving a Legacy
 
 
Paul and Valerie Thompson* faced a big change in their lives, and they wanted to make the most of it. Paul took early retirement from his senior corporate position after his company was acquired. As a result, the Thompsons found themselves with a one-time influx of nearly $10 million.

Already comfortable financially, the Thompsons felt a strong obligation to give back to their community, and do so in a way that would bring their family closer. They also wanted their impact to last beyond their lives. They recognized that they needed help – not only investment advice to help maximize their returns, but broader expertise. They needed an advisor who could build a connection between their wealth and their deeply-held values and priorities.

Based on recommendations from other senior executives at his former employer, Paul and Valerie talked to a Baird Financial Advisor and his team, and liked what they heard. They became confident that Baird had the technical expertise to help them protect and sustain their assets. But Baird also offered something much more important to them: Thoughtful guidance on personal priorities for which money is a tool, not an end in itself.

In collaboration with their Baird advisors, Paul and Valerie established four goals:
  • To pass along some of their wealth to worthwhile charitable causes, now and beyond the end of their lives
  • To bring their family together to collaborate toward a common purpose
  • To educate their three young adult children about financial matters and instill a sense of accountability and stewardship
  • And to engender an appreciation for the tremendous challenges and urgent needs faced by significant segments of society
As a result, Baird worked with the Thompsons and outside advisors to create a family foundation, with the Thompson children sitting on its board and working together to identify donation recipients. The foundation is designed in a sophisticated way so that after the Thompsons are gone – and their children have gained more philanthropic experience – the children will be responsible for a significantly larger corpus of funds.

“We were looking for someone to help manage our financial situation for the rest of our lives,” Paul said. “We believe it’s important to give back and help disadvantaged people. We wanted to connect our children to that.

“Our Financial Advisors took time to understand our values and what we wanted to accomplish. They did a good job getting to know us personally – our situation and our goals – and at the same time educating us. They understood the bigger picture and the number of financial decisions that come into play. The Baird team gives us advice beyond the financial. They understand us philosophically. It’s not about our money. It’s about our mission and our goals in life.”

The Thompsons’ Financial Advisors participate in the foundation’s meetings and help to educate the second generation. “That’s been very good,” says Valerie.

Paul adds, “Because of what Baird does, we focus on the bigger picture – on giving – not on administration and planning. That’s huge for us.”
*Names in this text have been changed to protect the clients’ privacy.

This client story may not be representative of the experience of other clients, and is no guarantee of future performance or success. 
 
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