High Net Worth Investors have responded to the growing complexity of wealth management by expanding their network of advisors. Few are satisfied with their current situation.High Net Worth investors want a central advisor who can sit in the middle of all the financial activity, make sense of it and play maestro; A Trustworthy Maestro.They want to ensure that all parties are working from the same script. Elevating a single advisor to this kind of a position requires trust – which is in short supply in today’s world. | |
David F. Andrews B Comm CFP CLU TEP
Who performs these activities in your life?
| Plan Management Activities: | Client Only | No One | Client with a Trusted Advisor | Trusted Advisor |
| Decision Making | X |
| X |
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| Goal Setting | ? | ? | X |
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| Documentation | ? | ? |
| X |
| Plan Updates | ? | ? |
| X |
| Progress Reporting | ? | ? |
| X |
| Research | ? | ? |
| X |
| Implementation | ? | ? |
| X |
| Coordinated Advice | ? | ? |
| X |
As part of our service, we provide insurance and investment product solutions
We develop long term relationships with clients that include an in depth understanding of their family situation and dynamics. We identify and document goals and concerns, develop an Action Plan for tax saving strategies, risk management and investment management strategies. We work with clients to insure no conflicts, inconsistencies or deficiencies are created through legal and accounting processes. As planners, we have developed considerable experience with cross-discipline issues and can provide input and clarification of client situations in meetings with other professional advisors such as tax lawyers or accountants, who are generally pleased to have our participation.
This service has been designed to help successful people maximize the financial benefits of integrated planning, reduce complexity, improve financial organization and increase personal control.
We believe that planning is a process, not an event. We provide clients with an annual progress report, customized supplemental reports and an adequate number of meetings to develop and manage each plan.
The World Wealth Report (2005) by Cap Gemini/Merrill Lynch made the following observations
High Net Worth Investors have responded to the growing complexity of wealth management by expanding their network of advisors.
This is referred to as The High Net Worth Paradox, (Less is better) Few are satisfied with their current situation. They thirst for simplification, however finding a solution has not been easy. The requirements for a solution however are becoming increasingly apparent.
Transparency:
Clients in the HNW segment want increased transparency from the investment managers handling their financial affairs. Client reporting has become more complex, driven by a combination of factors:
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Increased diversification of holdings
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Demand for more indexed performance measures
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Growing desire to see information presented in a way that measures progress against financial or life goals.
Collaboration among Third-party Providers:
HNW investors and their advisors need to closely coordinate activities among third-party service providers – such as accountants and estate and tax attorneys – to execute complex wealth strategies.
Institutionalized Wealth Management Processes:
More and more HNW investors are adopting institutional-like processes to manage their wealth, asking service providers for financial and estate plans, philanthropic and charitable giving plans, investment policy statements and regular risk assessments.
