We recently hosted an expert team of six highly regarded advisors to have an open discussion and brainstorming session focused on how best to serve successful families, along with the inevitable complexities and nuances of managing different aspects of their significant wealth. Among this group included specialized experts exclusively serving financially successful families, business owners, and C-level executives. The players around the table included an estate attorney, a consultative tax professional (CPA), a life insurance advisor, a high-end property and casualty insurance agent, and two comprehensive wealth management professionals.
Among the major themes that rang loud and clear throughout our session was the importance of:
- Having the right team of professionals in place with the expertise, experience, and acumen to serve 7, 8, or 9 figure families
- Being crystal clear on exactly what their unique goals and objectives are that they want to accomplish, as well as deadlines for completion
- Having a specific and detailed plan in place (sooner rather than later… especially when it comes to business owners looking to sell their business) that identifies and focuses on the entire
financial picture which serves as a blue print for all professionals to act on (in many cases chalked full of complexities and oddities that is most prevalent to the wealthy)
- Having specific action plans towards making permanent changes, along with accountability for completing tasks/recommendations in a timely manner
- Open lines of communication across all professionals on an ongoing basis, all while doing what is in the best interests of their clients… at ALL times
There were a number of examples where a lack of coordination or effort from advisors to proactively work together resulted in both minor and major gaps that negatively impacted the families being served. The reality in many cases as wealth continues to multiply over time for successful families or individuals, is that the complexity and service needs graduate beyond the skillsets and expertise of many of their existing advisors for the most optimal results that can be accomplished.
It is one thing to have a group of professionals working together… but to have the RIGHT group of professionals working closely together can take one’s wealth to a whole new level.