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.