Financial Planning

Over the past few weeks, the financial markets have experienced extreme volatility due to the COVID-19 pandemic. During periods of volatility, it is often advisable for investors to sit tight and wait for markets to stabilize. However, this  ‘inaction’ goes against the very normal human desire to do something when their situation feels out of control. 

Choosing the right financial advisor is one of the most important financial decisions you will make in your lifetime. This is especially true for high-net-worth families with complicated financial situations. So how do you know if you are choosing the right one? Almost all financial advisors will tell you that they are ethical, offer superior investment products, and that they ‘always put the client first.’ 

Building a strong community through charitable giving is one of the tenets of American culture. In 2020, Americans made $471 billion in cash contributions to charity[1]. The vast majority of this money was given away by individuals — only about 4% was given away by corporations.

I was talking to a friend last week, and he told me about his daughter who is in her twenties and pursuing a career as an investigative journalist. The entry level salary she expects to earn would prohibit her from living in a doorman building in her city and he was concerned about her safety. He told me that he was considering supporting her, and that it was worth it to him to have her in a safe environment, at least until she progresses financially to a point where she can support herself.

Throughout my career as a financial advisor, I’ve had the privilege to work with many highly successful business owners and executives. Many of my clients take time at the beginning of the year to think about what they want to accomplish in the year ahead and create a plan to achieve their goals. As their advisor, it’s my job to help them plan financially and set themselves up for a powerful and productive year ahead. 

Entrepreneurship isn’t for the faint of heart. There are so many issues to manage, like funding, personnel, and operations, it can be tempting to put the financial management of your business on the back burner. What’s more, the founder’s wealth is inherently linked to the success of the business, which can create a tangled financial web if you aren’t careful about setting up the proper systems.

In this panel discussion we discuss how to instill self-reliance, resilience, and respect for capital in the next generation. In the recording, the panelists consider how financial education, family values, and estate planning strategies come together to perpetuate family success for multiple generations.

In this recent series of articles, we’ve been examining some of the factors that go into creating a family legacy, such as establishing and passing down family values and teaching responsible stewardship to future generations. We conclude this series with a look at certain structures that can help high net worth families protect their wealth so it becomes dynastic.