Astute wealth planning is as important as sound asset management. Our tried-and-true process is the same as that used by large pension funds, with one major difference – we need to pay attention to the nuances of both growth and taxes.
The power of advice to minimize tax is a huge factor that private wealth clients do not consider enough. They worry about the fees they’re paying but fail to recognize an advisor’s value in managing the tax considerations of their portfolio and Wealth Plan. At the end of the day, it’s what you keep in your pocket that counts, so we address goals on an after-tax basis. The power of advice to minimize tax is a huge factor that private wealth clients do not consider enough. They worry about the fees they’re paying but fail to recognize an advisor’s value in managing the tax considerations of their portfolio and Wealth Plan. At the end of the day, it’s what you keep in your pocket that counts, so we address goals on an after-tax basis.
Family enterprise planning involves the whole family in the wealth management process to help everyone in both financial and human terms. We actively engage our clients’ sons and daughters in the wealth conversation so that everyone is informed and engaged as a household unit. Everyone has their own goals so they each have their own portfolio, but everyone has access to the same process, strategy, expertise and fees to keep continuity flowing. We pride ourselves on ensuring that each family operates strategically to protect their legacy. Our business succession advisory services have helped many clients retire successfully. For families who have built a first- or second-generation businesses, so much is intertwined. Over many years, they devote all their blood, sweat and tears and then one day have nothing but a big pot of money. This can be extremely difficult psychologically for people who are driven and defined by their enterprises. I provide support and coach them through that major transition both financially and emotionally. Throughout this process, we promote good communication among family members. Everything needs to be honest, open and out on the table. Family enterprises call for many decisions and they are not easy. It is critical that everything is all laid out and transparent and that respect and clarity are maintained. Poor family communication is examined in a certain TV show on a popular streaming network about the succession of a major family-owned business empire. It is fictional but frightfully accurate. Many aging patriarchs cannot decide which son or daughter would be best suited to take over the family business – all of them may want to lead but not all may have the aptitude. Can all the siblings lead the company together by making unanimous decisions? Or is it best to find a buyer outside the family? Once we know what is most important for your business and family, we can objectively help you make pragmatic decisions that create a framework for moving forward. The world is never black and white, so it’s an interesting role.