In today’s increasingly complex market and economic environment, the steady hand of an experienced advisor can make all the difference in reaching your financial goals. Working with a Senior Wealth Advisor at Raymer Financial results in comprehensive, personalized wealth planning for every stage of life, giving you greater control over your finances and peace of mind as you approach the future with more confidence.
But not all advisors are created equal. So where do you start? Thankfully the answer doesn’t require you to search too far. An advisor that has built a trusted relationship with your family members is uniquely positioned to understand your values and ensure a smooth transfer of wealth when the time comes.
Share the Benefits of advice
A positive aspect of intergenerational wealth planning is the “multiplier effect” it may have as you extend the benefits to other family members, such as children and perhaps grandchildren. Integrated advice is valuable because it considers your family’s complete financial circumstances, taking into account how one part of the financial equation may impact others.
In fact, there are many benefits to having one advisory team look after an extended family’s finances. For the younger generation, access to highly sophisticated wealth management services from a trusted advisor is not always an option due to high minimums. But most advisors will waive these requirements for family members of their clients. And when the time comes for the eventual transfer of wealth, the same values that have helped your parents and grandparents build and sustain their financial legacy will continue to prevail for the next generation.
A long-term, multi-generational wealth plan is designed to grow and preserve family wealth. An ideal way to achieve this outcome is to engage the services of a trusted advisory team that can establish a 360-degree view of your family’s financial goals, opportunities, challenges, values and other unique circumstances. Holistic planning is like solving a puzzle as your advisory team figures out how certain financial variables fit together.
The team can also become familiar with each family member individually and understand family dynamics to help build consensus and avoid undue conflict.
After all, money is a sensitive topic that may elicit strong emotional responses capable of disrupting family harmony. Proper planning and good communication can lead to a smooth, tax-efficient intergenerational transfer of your wealth whenever the time comes.
Keep in mind that children (and potentially grandchildren) who choose the family’s advisor to manage their wealth will hold separate accounts from their parents and/or grandparents; this allows these children to benefit from a wealth plan designed just for them.
Need a Senior Wealth Advisor for your Family?
If you don’t have an advisor, the search can be overwhelming. Start by focusing on advisors who work with your family. This provides convenient access to discuss issues in person, although it’s becoming popular to conduct meetings over the phone or by video call. Sometimes, however, it’s valuable and reassuring to have a face-to-face chat with your advisor.
During your search, inquire about the advisor’s industry experience, educational history, financial designations and certifications, and how they are compensated. If they work with a team, ask about each member’s background and roles, as well as when you might expect to interact with them in the advisory process.
While any advisor can be skilled and knowledgeable, you want a good personality fit so your family feels comfortable working with them. If possible, choose an advisor who’s known and trusted by you or another family member. This can help ensure your family is well advised for many years to come.
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This article is a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. iA Private Wealth is a trademark and business name under which iA Private Wealth Inc. operates.