Whitey Lipscomb, a four-time Caribbean 1500 participant, and fellow sailing enthusiast Stuart Gregory are both senior investment executives at Davenport and have more than 65 years of combined experience. As a team they specialize in providing professional asset management solutions for individual investors seeking personal guidance in building and maintaining wealth.

As a veteran sailor of the 1500, Whitey Lipscomb can attest to "preparing mentally for your sailing journey is only half the battle." Getting your financial affairs in order and knowing your investments are being professionally managed while you are away can help make the adventure that much more enjoyable." With that being said, here is some sage planning advice that Whitey and his partner Stuart Gregory have to offer individuals using a sailing analogy.

Seven Important Things to Consider Before Setting Sail

1. Make sure your will and other estate planning documents are up to date. This is especially important if you have recently moved to a new state of residence.
2. Review your primary and secondary beneficiaries on all insurance policies, bank accounts, retirement accounts, and brokerage accounts. Generally, you should consult with your estate attorney and your financial advisors.*
3. Consider using professional management services to prevent having to be concerned in making decisions on individual securities while at sea or on any other extended vacation. This will free up your time so you can focus on enjoying life.
4. While away for extended periods of time, you may want to set up direct deposit arrangements for various recurring payments and checks you receive. This is typically referred to as Automated Clearing House (ACH) arrangement. Your banker and/or brokerage representative can assist you with this.  
5. Keep the business cards of your banker(s) and investment professional(s) in your wallet or purse so that you can easily contact them by phone or e-mail in case of an emergency. Consider storing their phone numbers in your cell phone or e-mail addresses in your Blackberry, assuming you don’t choose to leave them at home.
6. Arrange for Letters of Authorization (LOAs) if you wish to enable your financial advisor to share information with your attorney or CPA as it pertains to your investment accounts that require coordination with your other professional advisors. 
7. Last but not least, be sure your medical directives are up to date and their whereabouts (multiple copies) are known by your loved ones. Your estate attorney can assist you with this.

* Davenport & Company LLC is not in the business of rendering tax or legal advice. As such, no one should act upon any tax or legal information described in this article with professional advice from their own tax or legal advisors.