The Beauty Docs – Case Study

The CLIENT

Dr. Philip A. Young, M.D. (owner)
Aesthetic Facial Plastic Surgery
Bellevue, WA.

 

 

The GOAL

This thriving private company was growing quickly, and now with 8 employees beyond the owner, Dr. Philip Young was looking for ways to save money and to offer his employees greater value. His goal was to:

  • increase his retirement savings
  • offer his employees the valuable benefit of a 401(k) Plan
  • and lessen the amount he was paying in taxes

The APPROACH

We took a hands-on approach with Dr. Young's interests, as we do for all of our clients, and identified his goals before ever making a recommendation. We also learned more about where he wanted to take his business in the long run, so that we were able to take into account a Plan Design that could also meet his future business goals.

The RESULTS

We implemented a 401(k) plan custom designed to meet his goals, including:

  •  A company match strategy that effectively increased employee retention/attraction
  •  An open investment architecture that allowed him to increase his retirement savings
  •  And a tax sheltering strategy which effectively reduced his tax obligation by $36,000

"The world of financial planning can often be full of “corporate speak” and complicated language, but LRS was able to efficiently translate details and important facts to us, making the experience smooth and professional. The team at LRS delivered the results we expected and then some."

- Dr. Philip A. Young, M.D.

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