Wealth Managers: How We Collaborate

As a wealth manager, you develop an intimate knowledge of your clients’ wishes regarding their overall financial situation, financial goals—especially upon retirement, and how to achieve those goals. As a wealth manager, you will want to integrate these with your client’s estate and family legacy planning.

If your client owns a business, that business and its value and returns will play a key role in the wealth management plan you develop for your client. There are two ways your client’s business will participate in that wealth management plan. The first is the on-going revenue spin-off that is available for investment or other aspects of wealth generation. The second is the value of the business at two important times: when your client retires and when your client passes.

How We Collaborate

Your expertise and focus are on ensuring your client’s long-term financial and retirement goals are met. Achieving these goals may involve business restructuring to ensure the business generates the long-term financial returns your client requires to ensure an adequate estate value at the time of retirement or passing.

At retirement, an effective transition of your client’s business may require several years of planning and possibly business reorganization and legal restructuring. Development of a successful business exit plan (succession plan), to be implemented upon your client’s retirement or passing, may require expertise in business law, business valuation, tax law, insurance products, successor preparation, business structure, and overall exit planning and execution—in addition to your expertise in financial planning and wealth management. The members of this exit planning team must be coordinated and must have as their singular purpose the support of and alignment with the wealth management plan you and your client develop together.

As the need arises, you may assemble and oversee the efforts of this team of experts to ensure the wealth management plan you provide your client will accomplish all that you and your client intend. Or, as a specialist in business exit planning, I can work in close collaboration with you to ensure that the issues and needs are identified through a comprehensive assessment and that the appropriate experts are assembled and participate as a team to support you and your client in developing a wealth management plan supported by your client’s business retirement plan.