Family Wealth Planning Process
Using The Family Wealth Planning process our group delivers a real-time approach to planning. Our method is holistic in nature and aligns investment plans to our client families’ financial goals continually providing a clear picture of our progress towards those goals.
Step 1: Is there a Fit?
We believe it is very important to work with families that truly need our help and will benefit from our Family Wealth Planning process; this sometimes is not possible as not every advisor is a good match for every client. At our first meeting we review our process and approach, get an overview of your needs and determine together with you if it makes sense to move forward.
Step 2: Understanding
Once we both decide we are good fit we need to deeply understand and uncover all pertinent details of your family’s financial wellbeing. In this step the objective is to determine and quantify your desires and what your family needs to accomplish. We’ll also determine at this step how your other advisors fit into the picture. At this meeting we will start the process of determining how best to transition the assets to our group.
Step 3: Develop
After we have gathered all of your financial and investment information we will analyze your specific situation and through the use of our real-time planning tools clearly articulate what you want to achieve and define an investment strategy designed to help you achieve your financial goals.
Step 4: Implement
Once developed and agreed-to, your real-time plan becomes the cornerstone of the investment strategy. We’ll discuss how the investments are designed to work, how the repositioning of assets works while taking into account tax and income ramifications. You will receive a The Family Wealth Planning three-ring binder to keep your plan organized with dedicated tabs to store your other important financial and life-event documents.
Step 5: Monitor
After the implementation of your plan and investment strategy we’ll oversee, coordinate and manage your investment strategy in a real-time fashion. Our goal is to report to you frequently in a clear and meaningful manner, at least quarterly; more often if your family’s situation is more complex especially during the transition period. Review meetings are designed to keep us abreast of your life-events and review investment strategy results. Every review is followed by a written summary which may be shared with other advisors or family members if appropriate.