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PERSONAL FINANCIAL PLANNING

Estate Plans: Can You Ask Clients These Eight Questions?

businesswoman sitting across desk from woman and manDifficult conversations: It’s tough to talk about wealth transfer, but it’s vital.

By Anthony Glomski
The Personal CFO

Many accomplished entrepreneurs are looking beyond their own financial needs. They want to ensure that their heirs, parents, children and grandchildren are well taken care of in accordance with their wishes – with minimal difficulty and cost.

MORE: Enhance Wealth by Mitigating Taxes | Your Client’s Instincts Are Wrong | Preserving Wealth Is a Different Mindset | Three Approaches to Investment Consulting | Cashing Out: Your Business Clients’ Five Big Issues
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According to Vanguard, more than half of affluent Americans say they are highly concerned about their kids’ (and grandkids’) financial situations. And yet, too many successful entrepreneurs have outdated estate plans or charitable giving plans that are not in sync with their current life circumstances and needs.
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Enhance Wealth by Mitigating Taxes

Three people having discussion at table over document and water glassesRemember this before a liquidity event.

By Anthony Glomski

The ideal investment plan can be hugely important to helping your clients meet their goals. The right investment strategies set your clients up very well to preserve their money.

MORE: Your Client’s Instincts Are Wrong | When Clients Don’t Listen | Do You Know Your Client’s Total Picture? | The Role of the Personal CFO
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But when it comes to your client’s long-term financial health and well-being, investments are only part of the picture. To ensure that every part of their financial life is firing on all cylinders and working in a smooth, coordinated manner, you need to go beyond just the world of stocks, bonds and even complex alternative investments.
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Your Client’s Instincts Are Wrong

Dollar being built of blocksHow you as the personal CFO can help.

By Anthony Glomski

Let’s examine in detail some key drivers of investment success:

  1. Diversification can provide a smoother investment journey – and greater
    wealth.
  2. Global exposure adds value.
  3. Diversity with fixed income.
  4. Control what you can control.

MORE: When Clients Don’t Listen | What Clients Need to Know | What Level of Advice Do Entrepreneurs Need? | Three Components of Collaborative Wealth Management
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Andrew Carnegie’s advice for growing assets – put all your eggs in one basket and watch the basket – is sage wisdom when it comes to building a great enterprise. That strategy has worked for you as an entrepreneur, and it’s likely why your clients are successful, too
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When Clients Don’t Listen

Plants growing out of ever taller stacks of coins in dirtSometimes hands-off is the best approach.

By Anthony Glomski
Your $5 Million High-Net-Worth Practice

Staying invested consistently is the all-weather approach. What do we mean by this?

MORE: What Clients Need to Know | Preserving Wealth Is a Different Mindset | Three Approaches to Investment Consulting | Cashing Out: Your Business Clients’ Five Big Issues
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Some of our clients reside near us in Los Angeles, where the average annual temperature is a very comfortable 65 degrees. In Southern California, our “seasons” don’t vary much from the average annual temperature of 65. Other clients reside in New York City, where the average temperature is cooler, but still a very comfortable 56 degrees. However, the temperature swings are much more significant in the Big Apple, ranging from stifling heat and humidity in the summer to icy temperatures and falling snow in winter.
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What Clients Need to Know

Diversify and function as a fiduciary.

By Anthony Glomski
Your $5 Million High-Net-Worth Practice

The first thing you and your clients should understand as investors looking to make smart financial decisions is this: The broad asset classes you choose to own (such as stocks, bonds, alternatives, real estate, private equity and so on) and the percentage of your household wealth that you allocate to each of those asset classes will have a greater impact on your future investment returns than any other decision you make – including which individual stocks you buy.

MORE: Preserving Wealth Is a Different Mindset | Do You Know Your Client’s Total Picture? | What Level of Advice Do Entrepreneurs Need? | Three Approaches to Investment Consulting | The Role of the Personal CFO | Three Components of Collaborative Wealth Management | Cashing Out: Your Business Clients’ Five Big Issues
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This means your first question as intelligent investors must be: How should I allocate my assets among the major asset categories?
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