The common denominator among the many scenarios we have helped clients navigate, whether they are a business owner, an inheritor or a corporate executive, is anxiety.

Many people assume that coming into significant wealth, be it through the sale of a business, an inheritance or a high salary, would be the answer to all of your problems. But what we have found is that when people transition to life after a significant liquidity event, rather than answers, people usually have questions and concerns, because they are not prepared for what comes next.

Disclaimer

We are privileged to serve an exceptional group of select clients, with different financial goals, facing different financial challenges.

From corporate executives, to entrepreneurs, to multigenerational families and inheritors of wealth, our clients have a wide range of needs. But chief among them is the need to understand the relationships between the different components of their financial life, so they can make informed decisions that will support their unique goals.

Disclaimer

In my last post, I painted a picture of the typical Waldron client – the challenges they are often facing and the integrated services they need. In this installment, I want to focus on how we approach entering into new client engagements.

What we’ve learned during our 20+ years in the high net worth space, is that while many of our clients share some common characteristics, each family has their own set of needs and goals that are entirely unique. This is why, before any terms are discussed, or any obligations are made, our team members invest 30+ hours of their time getting to know each prospective client and their specific situation, in what we call the GAP Process. We invite prospective clients to go through this process, free of charge, because wealth management is not the type of service they will want to change year in and year out; this type of engagement is one that builds over time, and is based on trust, competence and rapport.

The GAP Process is a three-step service, which involves Gathering information, conducting an integrated Analysis and creating a preliminary planning Presentation to share our findings and recommendations. From start to finish, prospective clients are given the opportunity to evaluate the capabilities of our firm, the competency of our people and the quality of our high-touch, concierge service. We want them to experience our comprehensive wealth management approach first-hand, so that they’ll know what to expect as a client.

Gathering Information

We ask the prospective client (or their family office) to spend approximately one to two hours of their time gathering key documents pertinent to their situation, such as tax returns, estate and trust documents, investment statements, insurance policies and corporate benefits packages. While we don’t want to burden a potential client, and are willing to work with just a tax return and their investment statements if that is all they can easily provide, the more information we get, the deeper we can dive into the analysis, and the more detailed and thorough the initial presentation will be.

Analyzing the Information

During this stage of the process, our advisors take time to organize and analyze the information provided, in order to develop a thorough understanding of the prospective client’s financial life. This analysis is completely customized, and designed to provide insights into their situation, identify risks and opportunities, and provide actionable recommendations entirely unique to their circumstances.

Presenting the Preliminary Planning Recommendations

Once the information has been analyzed and compiled, we then schedule a meeting with the prospective client, to present their custom private wealth report and our planning recommendations. The objective of this phase is to provide a better understanding of Waldron’s process, our philosophy and the quality of our people and service.

Once the GAP Process is complete, we give clients a reasonable amount of time to digest the information, and decide if they’d like to work with us. Oftentimes, prospective clients have follow-up questions subsequent to the presentation, and our advisors are more than happy to discuss any of our recommendations or any portion of the onboarding process. Our goal is not to overwhelm, but rather to identify problem areas and opportunities that the potential client may not be aware of.

We’ve found this to be the best way for prospective clients to get better acquainted with our team and our methodology. Establishing a personal connection with our clients is at the very core of our firm’s principles, and the foundation of our extraordinarily high level of client service.

Disclaimer

When I started our company over 20 years ago, I never in my wildest dreams thought we would be positioned where we are today. 

I couldn’t be prouder of our team or love a group of clients any more. My vision for the firm, and our clients was always to try to be one big family.  So, when I left public accounting to start this venture, I had a sort of Field of Dreams moment – “If I build it, they will come…” But even today, I still find myself being asked by our friends, family, and clients: Who is Waldron Private Wealth’s ideal client, and how does Waldron get to know them?

I thought I would take a stab at this as I foray into our newly constructed blog and social media presence.  I am going to ruminate on these two topics for a few hundred words, to hopefully provide a sense of the firm we are today, and how we envision delivering our goal-related wealth management services in the future.  I am going to do this in the age old “Who, What, Where, When, and Why” format that I learned growing up.

Let’s define the typical Waldron client:

Who – An individual, couple or family who is experiencing the complexities of increasing wealth and the anxiety that comes along with it.  Notice something strange?  I didn’t mention a minimum.  It is one of the most frequently asked questions we get.  It’s never been something we’ve published on our website or anywhere else, and it’s been one of the hardest things to define internally.  Quite simply – we don’t have minimum asset levels because we are much more than just an investment manager.

Why – As wealth increases, complexity increases at an even greater pace. There are more issues, the issues are different, and the financial stakes associated with each issue and related decision is exponentially amplified.  We are wealth managers and wealth isn’t always defined in liquid investible assets.  It’s defined by the complexity of owning a business, of transferring wealth, or accepting an executive position.  Business succession planning is complex.  Option and corporate benefit decisions are complex.  Trust law is complex.  We define our service and our clients by their complexity.

When – People sometimes avoid addressing their situation’s complexity until a significant financial (or life) event requires action. Ideally, we like to meet these people before these events occur so that we can simplify the complexity, and give them clear choices that are easier to make. Typical significant events are: a retirement, the sale or purchase of a business or other significant asset, a marriage, a death, a divorce, or an inheritance, among many others.

What – Our diverse team of professionals and our refined wealth management process allows us to understand the interrelated intricacies of complex financial risks, opportunities and strategies. Our comprehensive wealth management approach goes way beyond just investment management, which is where most of our “perceived” competitors limit their focus.

How –We invite our clients, fellow professionals, and other friends who may be experiencing the complexity of wealth to enter into our complimentary GAP evaluation process. The GAP process will be the topic of my next post, so more on this to come.  The great news is with the increasing sophistication of technology we are now able to bring our expertise to a broader audience.

There it is in its simplest form. My intent, here, is to clear the air and eliminate any misconceptions that may exist about how we view wealth management, and to share what has always been our mission and vision from day one.  Good things don’t change.

Disclaimer

When I founded Waldron Private Wealth in 1995, I knew that the key to creating a great client experience was to employ the best team possible.