Financial Services Review/ Vendor/ Bay Capital Advisors
Bay Capital Advisors: Helping People Fulfill their Goals
Joe Sallee, Managing Director
In creating a financial plan, individuals must make decisions that will shape the life they want to live. For many, while creating a goal is easy, the real challenge lies in following through and executing the required actions that need to be taken to achieve the goal. Bay Capital Advisors, a wealth management firm, helps lay out a path for life before and after retirement, enabling clients to build wealth and attain their true goals through the use of the assets they have worked hard to build.
Bay Capital Advisors sits down with an individual or a family to understand their near and long-term financial needs. They help create a financial and investment plan that guide clients toward milestones needed to achieve their goals. Age is no bar at Bay Capital Advisors, and people can approach the firm at any stage of life to begin the process. Bay Capital Advisors doesn’t just focus on retirement planning, but also helps to develop client plans between now and retirement.
Building wealth isn’t just about saving for retirement. It’s also about knowing when and how to access the wealth you’ve accumulated,” says Joe Sallee, CERTIFIED FINANCIAL PLANNER™ and managing partner at Bay Capital Advisors. “Whether it’s planning for college, or helping clients understand the process of purchasing orbuilding second homes, striking the right balance to live in the now, as well as plan for retirement is a focus for our firm’s advisors.
In building long-term relationships with clients, Bay Capital Advisors helps “decumulate” assets and develops realistic spending and allocation plans in tune with assets, retirement plans, and stock options accumulated over time. The wealth management firm provides comprehensive plans to liquidate assets and stock options, while positioning the proceeds to maintain a lifestyle similar to when clients were employed.
Offering guidance to middle and upper management executives that want to leverage savings in their retirement and brokerage accounts, Bay Capital Advisors designs plans that enable proper allocation and spending of wealth. For individuals starting to live on a reduced or retirement income, the firm assists in addressing their monthly expenses based on current spending habits and helps them make adjustments to seamlessly transition into life after work.
We focus on reducing market volatility in the portion of a client’s portfolio that is needed for near-term retirement income. This doesn’t mean we go conservative on the remainder of their portfolio, since we still need to grow their wealth over time to keep up with the lifestyle they are used to. The goal is to be able to reassure a client that they don’t have to reduce their withdrawals because the market is going through a tough time, comments Sallee.
At the forefront of Bay Capital Advisors’ clientele are families that work with the firm across multiple generations to consistently align their spending and allocation planning. The firm strives to help every member of the family construct a future with financial security, from grandparent to grandchild, and beyond. Partnering with such a diverse client base, and possessing definitive knowledge of their investment and financial wellbeing allows Bay Capital Advisors to excel in understanding the way different individuals save and invest for their future.
Our experience in handling asset portfolios for people from generation to generation enables us to create unique spending and allocation strategies for accessing different asset types. No client account is a reflection of another,” says Sallee.
Sallee, a veteran in the investment and planning advisory industry, believes that every individual undergoes three stages in retirement— ”the high-energy phase, the slow-down phase, and the settling down point.” In the first phase, individuals are filled with energy and want to make the most of their new found free time, spending money on travel and entertainment. As time goes by, the individuals find that they actually enjoy a slower lifestyle and are happy to stay closer to home and their community. They spend less money on travel and more on the little joys of life. In the final phase of retirement, spending time with family and friends becomes most important to them. This is when they really start to think about their legacy and how their financial plan is prepared to help their family or organizations that are important to them. Covering every aspect of a person’s post-retirement journey, Bay Capital Advisors stays by a client’s side to formulate a roadmapfor balanced asset use that ensures sufficient assets to cover their needs, as well as, meet their legacy goals.
Building Wealth Isn’t Just About Saving For Retirement. It’s Also About Knowing When And How To Access The Wealth You’ve Accumulated
As forced changes came into play during the recent pandemic, Bay Capital rose to the challenge for its clients. From a client meeting perspective, Bay Capital Advisors quickly adapted to a hybrid model of virtual and in-person meeting scheduling. This allowed for more frequent check-ins with clients not only to reassure them about their portfolios, but also to check on how they were weathering the pandemic and shutdowns. While advisors at the firm missed the personal touch of face to-face meetings, the new measures to engage with clients afforded more flexibility for their clients and quicker discussions to meet client needs.
With investment markets gaining more popularity among the public as mobile applications and technology continue to scale, individuals find it easier to trade and invest. However, the ability to trade quickly through apps isn’t always a good thing. Making it easier and quicker to trade allows individuals to trade based on emotion instead of analysis. Without a proper plan, the market can quickly destroy a large portion of a person’s hard-earned investments. Bay Capital Advisors keep client portfolios relatively simple and understandable by building a longer term investment portfolio that isn’t always chasing the latest fad. They take the emotional ups and downs out of investing.
Our Experience In Handling Asset Portfolios For People From Generation To Generation Enables Us To Create Unique Spending And Allocation Strategies For Accessing Different Asset Types. No Client Account Is A Reflection Of Another
Operating with a process-oriented approach, Bay Capital Advisors build portfolios to achieve a client’s near- and long-term financial goals. Depending on lifestyle or age, Bay Capital Advisors focuses on an individual’s life, not just after retirement, but also before retirement to assist clients achieve their full lifetime goals by carefully managing assets and resources. Engaging in frequent conversations with clients allows Bay Capital Advisors to assist clients refine their goals over the years. “Life happens and what clients think is important today, may not be as important to them in the future,” says Sallee. “Frequent conversations give our advisors important insights on how the client’s thinking about their goals change over time. It allows us to make gradual changes, and hopefully prevent sudden changes that may affect the success of their financial plans.
Bay Capital Advisors, LLC is an SEC-registered wealth management firm located in Virginia Beach, VA. They assist clients throughout the U.S. allowing clients that relocate as careers and lives change maintain a strong, long term personal relationship with their advisor.