“Someone is sitting in the shade today because someone planted a tree a long time ago.”
— Warren Buffett
Private Clients
Lake Street helps private clients navigate through major life changes and plan for a financially secure future. We assist individuals and their families through a comprehensive approach to charting the success of their financial lives, ensuring that prudent decisions about their investments are made along the way.
Financial Planning
We stress the importance of an in-depth financial plan from the onset of our relationship and to continually review and execute on that plan. A unique financial plan begins with a deep understanding of all our client’s goals and objectives and it serves as the foundation for construction of a client’s investment portfolio. To limit the chances of unwelcomed surprises, we will present a range of possible outcomes that have been stress-tested under various scenarios such as market volatility, federal policy changes, tax law uncertainty or increasing healthcare costs. Whether a client is an investor accumulating wealth and looking to grow net worth, in the middle of their career and thinking towards retirement, or currently retired and looking for estate planning strategies, our approach will be tailored to ensure our clients are on track for achieving success within the goals that have been set.
Portfolio Management
While many firms offer mass-produced portfolios, Lake Street does not take a “one size fits all” approach to investing. Instead, we believe that by providing in-house portfolio management, we can customize portfolios to each client’s unique goals and achieve results that are more in line with desired outcomes. Lake Street portfolios are built on independent research and stress-tested with the latest technology. By leveraging our open architecture platform, we can access a wider range of investment options and exercise discretion over costs and taxation.
Insurance & Risk Management
Protecting what matters most is just as important as accumulating wealth. We often review our clients’ existing insurance plans, identify gaps, make recommendations and write new policies. We are not tied to any single insurance provider, but instead seek the right solutions for our clients to ensure they have the appropriate coverage and protections. Our goal is to safeguard our clients’ current lifestyle as well as preserve their future and their legacy.
Legacy Planning
Sharing your wealth and creating a meaningful legacy is both a privilege and a responsibility. It takes careful planning, discussion and guidance to develop a plan that achieves personal goals and makes an enduring impact in the lives of family members or a cherished cause. We work closely with our clients to design and execute appropriate strategies for estate planning, gifting, wealth protection, charitable giving and tax minimization. Our commitment to providing comprehensive legacy services extends to advising younger family members on strategies to protect and grow their investments.
Business Succession Planning
Many business owners seek assistance in succession planning and business transitions. We often serve as an independent sounding board and connect them with skilled transaction professionals to help them achieve their goals. Our counsel extends to discussions on financial, tax, and estate planning ramifications as they consider their options. Whether they decide to sell their business to a private equity investor or private owner, conduct an internal sale to employees, or transfer the business to children or other family members, we support business owners throughout all stages of business transition.
Banking & Lending
For many of our clients, both sides of the balance sheet are equally important to our working relationship. They have come to rely on the services offered by our custodian partners and other strategic partnerships for mortgages, lines of credit, securities-based lending, credit cards and other banking products to operate their everyday lives. Our clients appreciate the convenience and access to comprehensive solutions, as well as the time saved by relying on our team to facilitate execution of these services.
Ongoing Communication & Review
We know that clients want and need to hear from us directly. Our relationships grow and flourish through frequent contact, conversation and personal interaction. We are committed to providing frequent and ongoing updates and check-ins to ensure that the financial plan we created with our clients is still on track to help them achieve their goals. Our relationship doesn’t end when they sign on with us – we are there for our clients for the long run, actively engaged in helping them achieve financial success.
Coordination with Outside Professionals
Financial wellness is more than just numbers and dollars in the bank. As our clients’ trusted advisor, we believe in coordinating with their other professionals such as attorneys and accountants to ensure that everyone is working towards a common objective. If needed, we also can draw from our extensive professional network and facilitate introductions for more specialized services and advice.
“Integrity is the essence of everything successful.”
— R. Buckminster Fuller
Institutions
Lake Street works with privately-held businesses and foundations by providing consultation regarding their assets in a manner which addresses financial wellness for all parties. We help these institutions design and implement unique solutions for their organizations, while simplifying the process for the owners and managers involved.
Investment Consulting Services
When developing an investment solution for our institutional clients, we first seek to understand their investment goals and objectives. Through these discussions, we create an Investment Policy Statement (IPS) which is the roadmap for evaluating, selecting and monitoring their investments. In the case of corporate retirement plans, this helps trustees and plan administrators address regulatory concerns that accompany retirement plan programs. We accept ERISA 3(21) and 3(38) co-fiduciary responsibilities for the investment advice provided to our institutional clients.
Employee Retirement Planning
A healthy retirement plan plays a critical role in attracting and retaining employees, as well as improving personal financial wellness. In getting to know our clients and their employee base, we conduct education seminars in both group and one-on-one settings. To provide familiarity and continuity with our firm, we rarely outsource education responsibility to third-parties. Our discussions range from how to properly enroll in the company 401(k) plan, to understanding the investment options and benefits offered, or holding a personal discussion on a financial matter outside of the company retirement plan. We are available as a valued resource to every employee, not just the management team.
Strategic Benefit Planning
Often, our firm receives inquiries regarding existing company benefit packages. These inquiries are met with personal consultation driven to achieve employee financial wellness and tax deferral benefits. Ensuring company benefits are structured properly can provide owners with a competitive edge in hiring and retaining talent to their organization. This can be accomplished by providing a company match within employee retirement plan programs or offering more complex compensation packages such as a non-qualified deferred compensation plan. As it relates to sheltering more income from taxes, many privately-owned businesses are looking to cash-balance pension plans as an effective tool. Depending on the composition of the organization, the deferral limits can go up to $225,000 per year. When paired with a defined contribution plan, the total deferral contributions can increase to more than $280,000.
Corporate Cash Management
Businesses must have cash on hand to meet daily operating needs. A portion of this cash is often held in a reserve account as part of an organization’s debt covenant. In the course of our due diligence, we find that the underlying asset within reserve accounts is most often non-interest-bearing cash. We can offer alternatives and investment vehicles for improving the yield and income on this idle cash, without disrupting the specific liquidity needs of the organization.
Foundation Grant Administration
Private foundations issue grants and gifts for programs that bring their mission to life. The protection and growth of their investment accounts enable private foundations to have funds available for this important function. We advise organizations on portfolio management, grant administration, and stewardship duties. We understand the responsibilities and implications of managing sizable assets in accord with an organization’s charter. Our goal in helping foundations with investment decisions is to enable them to preserve their ability to meet their mission, now and in the future.
Coordination with Outside Professionals
Financial and investment management often draws on the skills and experience of a range of outside service providers. Our institutional clients appreciate our ability to work effectively with their other professionals such as attorneys, investment bankers, and accountants. We have developed an extensive professional network in the greater Chicago area and we often provide institutional clients with introductions to new trusted resources for specialized services.
