Evaluate the Forest, not each Tree
Warren Buffett has a way of communicating financial principles in ways that hit home, and this year’s annual letter to shareholders is no exception. He’s managed Berkshire Hathaway since 1965, growing the company into a $500 billion conglomerate that owns and operates 66 different businesses generating $225 billion in sales.
On June 14th, Kyle Kersting, CFA, Director of Investments, participated in a panel discussion to an audience of the largest family offices, registered investment advisors, private banks and wealth management firms in the Mountain States region. Kyle lead a discussion around advising the ever-changing high net worth client. More specifically, 76% of women change advisors after a transition period such as a divorce or death and how advisors can work with this group beyond just portfolio construction. Discussing how private wealth management firms ensure that wealth is preserved for future generations as a transition into the growing millennial demographic and how to tailor your wealth management approach to appeal to both demographics.
Legacy planning goes beyond mere numbers, aligning traditional estate planning with a family’s goals and values. The process includes defining and expressing what wealth means to a family. It involves identifying the core values that bind the family, and in many cases it involves grooming children and grandchildren to be guardians of not just wealth, but also those values.