I have many clients, both family and friends, who have entrusted me with protecting and prioritizing their family’s wealth. Truthfully, I think of all my clients as family and encourage them to think the same of me. It’s important to have that level of trust and communication to take the same care of their families as I do of my own.
Together, we take a comprehensive and tactful approach that targets a smooth transition of wealth across generations. This holistic strategy aims to ensure financial stability for the present and future generations. We call this a multi-generational wealth approach.
Recently, I published an article called “Nurturing Wealth Across Generations: A Guide to Multi-generational Wealth Planning,” which discusses the considerations and challenges of passing down family wealth, how to educate the next generation, and how a trusted wealth advisor can help. When I sat down to write this article, I knew I wanted to compliment my earlier piece and reiterate the important points in my first one. I landed on determining what our clients or prospective clients think of when they hear or read about “multi-generational wealth management” and bringing a dose of the real world to the concept.
The Role and Impact of Multi-Generational Wealth Management
One of the primary goals of multi-generational wealth management is to coordinate the passage of wealth among various generations.
The multi-generational model for wealth management is a perfect fit for anyone whose main goal is to grow, protect, and transition wealth across generations. From C-suite executives, business owners, lawyers, doctors, and bankers to the everyday blue-collar workers who diligently created a nest egg they want to pass along to their families. Our clients are long-term thinkers who understand the importance of expert advice delegated to a team they trust.
For those who value quality time and quality experiences with family above all else, it is a wealth management strategy designed to support what matters most.
Benefits of Using a Wealth Management Team
Multi-generational wealth management entails a coordinated effort to bring certainty and comfort to you and your family. Utilizing financial planning and tax techniques, our team forecasts your wealth and models how we can preserve your legacy. We strive to help you create a profound impact on the lives of children, grandchildren, and future generations.
The strength of our style lies in the ability to shift the narrative from a frantic hunt for the “best” stocks or bonds to a trust-based relationship that emphasizes strategic planning. From an investment perspective, our team approach helps to manage overall portfolio risk, but the depth of the team also allows for so much more.
For example, we help clients to consider the impact of taxes on family wealth. I recently worked on a multi-generational education plan with the children of one of my clients, which simultaneously impacted their own tax plans.
We have helped clients take advantage of annual exclusion gifts to their kids and grandkids at no tax cost. I’ve seen the next generation use these funds to purchase a first car or make a downpayment on a condo. For those further along in their life journey, these funds have helped cover the growing cost of childcare.
Among so many considerations, multi-generational planning can address the worry of wondering:
With multiple generations involved, we provide the children of generational wealth with an education and understanding of the importance of financial planning and portfolio management to merit the hard work of their parents and grandparents. All of this is done by supporting a family through proper planning, consistent coordination, and clear communication.
How SWP Can Help
By focusing on protecting and caring for our client’s families, we can shift the paradigm away from what stock or bond will solve your problems to trusting the plan that has been put in place. When we take a financial planning approach to investing, clients come away less stressed and more aware of the vast opportunities that strategic planning creates. Most importantly, we hope to save you what you can’t get back – time.
Family is very important at SWP, and we value what our clients seek to preserve in their own families.
Conclusion
When you started reading this post, I bet you didn’t think you’d find a way to spend more quality time with loved ones and less time struggling from financial angst, and yet it really can be that simple. SWP’s end goal for our clients is that they experience, enjoy, and appreciate the life they’ve created. Reach out to our team if your family would benefit from our approach.
Disclosure:
This article contains general information that is not suitable for everyone. The information contained herein should not be constructed as personalized investment advice. Reading or utilizing this information does not create an advisory relationship. An advisory relationship can be established only after the following two events have been completed (1) our thorough review with you of all the relevant facts pertaining to a potential engagement; and (2) the execution of a Client Advisory Agreement. There is no guarantee that the views and opinions expressed in this article will come to pass. Investing in the stock market involves gains and losses and may not be suitable for all investors. Information presented herein is subject to change without notice and should not be considered as a solicitation to buy or sell any security.
Strategic Wealth Partners (“SWP”) is d/b/a of, and investment advisory services are offered through, Kovitz Investment Group Partners, LLC (“Kovitz), an investment adviser registered with the United States Securities and Exchange Commission (SEC). SEC registration does not constitute an endorsement of Kovitz by the SEC nor does it indicate that Kovitz has attained a particular level of skill or ability. The brochure is limited to the dissemination of general information pertaining to its investment advisory services, views on the market, and investment philosophy. Any subsequent, direct communication by SWP with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of Kovitz Investment Group Partners, LLC, please contact SWP or refer to the Investment Advisor Public Disclosure website (http://www.adviserinfo.sec.gov).
For additional information about SWP, including fees and services, send for Kovitz’s disclosure brochure as set forth on Form ADV from Kovitz using the contact information herein. Please read the disclosure brochure carefully before you invest or send money (http://www.stratwealth.com/legal).
