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ASSEMBLING YOUR ADVISORY TEAM. YesNo Wealth Transition Checklist Our family has a mission statement that spells out the overall purpose of our wealth.

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Presentation on theme: "ASSEMBLING YOUR ADVISORY TEAM. YesNo Wealth Transition Checklist Our family has a mission statement that spells out the overall purpose of our wealth."— Presentation transcript:

1 ASSEMBLING YOUR ADVISORY TEAM

2 YesNo Wealth Transition Checklist Our family has a mission statement that spells out the overall purpose of our wealth The entire family participates in most important decisions, such as defining a mission for our wealth All family heirs have the option of participating in the management of the family’s assets Heirs understand their future roles, have “bought into” those roles, and look forward to performing in those roles Heirs have actually reviewed the family’s estate plans and documents Our current wills, trusts, and other documents make most asset distributions based on heir readiness, not heir age Our family mission includes creating incentives and opportunities for our heirs Our younger children are encouraged to participate in our family’s philanthropic grant making decisions Our family considers family unity to be just as important as family financial strength We communicate well throughout our family and regularly meet as a family to discuss issues and changes

3 Assembling Your Advisory Team WHOWHO WHATWHAT WHYWHY WHEREWHERE HOWHOW

4 Why do you need a team of specialists? This is a unique and complex set of issues Most advisors don’t deal with these issues on a regular basis –They don’t have a shared process –They don’t operate as a team –Good team communication is critical Most advisors don’t meet as a team

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6 Financial Independence Planning Family Wealth Planning Business Exit Planning Values-Based Planning

7 Assembling Your Advisory Team (Why) CompetentCompetent –Skills –Training –Practice –Experience BeginnerBeginner –If you have not done this before you are, by definition, a BEGINNER!

8 Assembling Your Advisory Team (Who) Accountant (CPA)Accountant (CPA) LawyerLawyer Financial AdvisorFinancial Advisor –Investment –Business Insurance Valuation Expert (Appraiser)Valuation Expert (Appraiser)

9 Assembling Your Advisory Team (Who) CPA’s Expertise / Skill Set:CPA’s Expertise / Skill Set: –Tax PLANNER (v. Tax Preparer) –Valuation Techniques –NQDC Experience/Knowledge –Work jointly with Financial Advisor (communicate) –Business Structures (evaluate for tax and liability) –Audit Experience

10 Assembling Your Advisory Team (Who) Lawyer’s Expertise / Skill Set:Lawyer’s Expertise / Skill Set: –Variety of Compensation Plans –Buy/Sell Agreements –Estate Planning –Wills & Trusts –The Tax Code

11 Assembling Your Advisory Team (Who) Financial Advisor’s Expertise / Skill Set:Financial Advisor’s Expertise / Skill Set: –Investment General Securities Lic. (Series 7)General Securities Lic. (Series 7) –Business Insurance Life & DisabilityLife & Disability Property & Liability (risk transfer)Property & Liability (risk transfer) Understands RiskUnderstands Risk –General Business Savvy Has met a payroll (…still does)Has met a payroll (…still does) Real EstateReal Estate Capital MarketsCapital Markets Banks and LendingBanks and Lending

12 Assembling Your Advisory Team (What) What will they do for you? #1 – They will ask the right Questions!#1 – They will ask the right Questions! Guide a process that will aid you in:Guide a process that will aid you in: –Clarity –Balance –Focus –Confidence Help you:Help you: – Gain Ownership Perspective – Identify Ownership Objectives –Achieve your objectives through Ownership Planning

13 Assembling Your Advisory Team (Where) Where do you find your advisors? Who do you trust?Who do you trust? –People similar to you (friends, neighbors, associates) References from existing advisors (CPA, Attorney)References from existing advisors (CPA, Attorney) –Beware the Generalist (aka “Beginner”) Specialist advisors devoted to this type planningSpecialist advisors devoted to this type planning –Interview them; check references and credentials

14 Assembling Your Advisory Team (How) How do YOU make this team work? Bring them together for a team meetingBring them together for a team meeting Observe the chemistryObserve the chemistry Are they good listeners?Are they good listeners? –They should arrive with more questions than answers –They should be looking for your “big picture”; your goals and objectives

15 What to Look For; Critical Attributes of a Family Coach or Advisor Not judgmental or criticalNot judgmental or critical Will have a consistent process (simple, understandable)Will have a consistent process (simple, understandable) They build skills with family membersThey build skills with family members They have a “track record” of successful families (references)They have a “track record” of successful families (references) The family feels personally comfortable and confident when talking with them.The family feels personally comfortable and confident when talking with them. The coach is part of a larger team with multiple resources.The coach is part of a larger team with multiple resources.

16 What are the Signs of a Well- Coached Family? No “taboo” topics. (No “elephants in the living room”) Can talk about everything.No “taboo” topics. (No “elephants in the living room”) Can talk about everything. Able to talk, then take action, even on emotional topics.Able to talk, then take action, even on emotional topics. High degree of trust and personal care among family members.High degree of trust and personal care among family members. No “pretending” on level-of-competence scale.No “pretending” on level-of-competence scale. If breakdowns, then mature dialogue occurs in familyIf breakdowns, then mature dialogue occurs in family Clear mission for wealth; all could state it accuratelyClear mission for wealth; all could state it accurately Family members active in family philanthropy; philanthropy is integral part of planning strategyFamily members active in family philanthropy; philanthropy is integral part of planning strategy

17 What are the Signs of a Well- Coached Family? (cont’d) Heirs had a long-range vision of where they fit in the family mission and knew what was expected of them to qualify for any role they chose, as well as meaning of commitmentHeirs had a long-range vision of where they fit in the family mission and knew what was expected of them to qualify for any role they chose, as well as meaning of commitment There was minimal gossip within the family. Most conversations, including criticisms, were open and above board.There was minimal gossip within the family. Most conversations, including criticisms, were open and above board. They all understood the tools available, and practiced the skills of communication. They fully appreciated the impact of a promise, and how quickly trust can be betrayed by a broken promise.They all understood the tools available, and practiced the skills of communication. They fully appreciated the impact of a promise, and how quickly trust can be betrayed by a broken promise.

18 Thank you!


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