Our overall role is to apply business discipline to the management of family wealth. Any well-run business has a Business or Strategic Plan that forms the basis for achieving the enterprises’ goals. While there are many approaches to preparing a Business Plan, it will usually address, among other things, how resources should be deployed, what results are expected, how actual results will be evaluated and what will be done in response to these results to maximize the enterprise’s return and minimize risk. It will be written, cover various time frames and be updated with appropriate frequency.
Like a well-run business, a formalized plan is also a critical component of well-managed family wealth. Surprisingly, our experience is that successful families rarely have such a plan. Perhaps more surprisingly, this occurs even though many families believe they are under the care of a financial planner. In many cases, actions are taken without reference to a coherent strategy. For example, investment assets are spread amongst a variety of brokers/managers without any coordination of their activities towards common goals. More often than not, this leads to unnecessary expense and a lack of diversification contrary to the ostensible goals.
Our Integrated Plan is the first step for those families who are serious about implementing a disciplined approach to wealth management. It is a broad and deep assessment of the current financial situation, together with recommendations and strategies that will result in a better approach, improved results and incremental wealth that will more than offset the cost of the plan. It covers the key areas of Investment Planning, Retirement Planning and Estate Planning and their inevitable interactions. Our team has the highest industry credentials in each of these areas making us uniquely qualified to prepare an Integrated Plan.
The fee for the Integrated Plan is a flat fee that is set based upon the complexity of each family’s situation.
Once the Integrated Plan is in place, our Family CFO® Program is available which carries on with the implementation of strategies recommended in the Plan, as well as the ongoing monitoring and evaluation of those strategies.