We understand that life is not static, and priorities and expectations continually change. To ensure that we meet your changing requirements, we apply a full lifecycle approach to client service. This means that we are proactively working on your behalf, continuously addressing five steps critical to enhancing your wealth, now and into the future.
These steps apply to all our clients-business owners, executives, professionals, other high net worth individuals, and families. With most clients, there is considerable overlapping of these steps as different needs are addressed at different times. Completing these steps essentially answers the questions:
"Where am I now?" "Where do I want to be?" "How do I get there?"
Step 1. Assessing Your Situation
The more we know about your situation, the better prepared we are to develop appropriate strategies and solutions that meet your needs. Our initial meeting is a
"discovery" process in which we are both learning about each other. This initial meeting and subsequent meetings may involve others that you have chosen to participate. As the assessment process unfolds, we expect to meet with your tax, financial and legal advisors.
Step 2. Determining Your Needs & Objectives
As you might expect, gaining a thorough understanding of your current situation in Step 1 helps us determine and affirm your needs and objectives in step 2. In this step, each of the topics below is examined carefully to determine priorities, the timing of "triggering" events, other parties that might be involved, and the potential opportunities and constraints that might impact satisfying your needs and objectives.
Step 3. Developing Strategies
In some of the wealth planning information found on websites and in brochures, the terms "Strategies" and "Plans" are often used to mean the same thing. To help clarify the use of these terms, "Strategy" refers to the broad planning framework that helps guide the determination of appropriate solutions. The term "Plans" in most situations refers to the actual solutions that are structured and implemented. For example, a "Tax Optimization Strategy" for a particular client may involve a combination of different "Plans" structured to fit that client's needs and objectives.
Wealth planning strategies typically fit within one of the primary categories listed below, and compromise the various solutions identified for the particular client. There is considerable interdependence among these strategies.
Tax Advantaged Hedge Fund Investing
Income & Estate Tax Optimization
Wealth Program Funding
Executive Compensation & Benefits
Step 4. Structuring Solutions
Once the strategies have been defined, our responsibility is to structure and implement the specific solutions identified for each particular strategy. Structuring and implementing these solutions is achieved in collaboration with the client's tax, financial and legal advisors, and the sponsor (such as a life insurance company) of any respective plan.
Step 5. Monitoring Performance
Step 5 is designed to "close the loop" in our client service lifecycle by ensuring that strategies and plans are meeting objectives and can be adjusted if necessary to meet changing circumstances. In essence, performance monitoring leads us back to Step 1, Assess Client Situation.
To help monitor performance, we establish performance benchmarks and milestones linked to triggering events for each solution. For example, a buy-out at retirement (triggering event) might require the accumulation of stock in specified amount (benchmarks) at certain times.