Our firm was built from an accounting perspective, so our wealth management counsel doesn’t focus exclusively on investment management, but rather, we view investments as part of a client’s complete financial picture.
To inform our comprehensive and integrated approach, we need to know about all of the components which make up a client’s financial life. When we enter into a client engagement, we take a deep dive into the client’s estate plan, cash flow needs, insurance coverage, investment portfolio(s), monthly expenses, philanthropic goals and family legacy goals. Once we’ve had a chance to talk through their situation and to ascertain their wealth management goals, we move on to gathering the pertinent documents (investment statements, estate documents, tax returns, insurance policies, etc.), so that we can conduct our analysis, integrate the pieces, and present our findings. Central to this presentation is our customized, private wealth report.
Every private wealth report begins with the client’s unique goals for their lifestyle and legacy, and all of the schedules within are presented in relation to their role in supporting the client’s articulated goals. Each section of the report includes summaries of all pertinent accounts and entities, and is constructed to illustrate how each piece fits into the client’s financial picture. If a client is a corporate executive, we integrate their restricted stock options, deferred compensation and pension structures into their cash flow and investment management strategy, if they’re planning to make a significant lifestyle purchase, we factor the acquisition into their tax and estate planning outlook – whatever is going on in the client’s life, and the lives of other family members who play a role in their wealth planning, we integrate into their wealth report. And as the client’s life changes, whether they plan to retire, sell their business, or purchase a vacation home, we update their projection schedules to illustrate how different strategies might impact the other areas of their wealth. As their life evolves, so does our analysis. Every schedule is analyzed by our investment management and wealth planning teams, and fine-tuned by the lead advisor managing the account, all through the lens of supporting specific client goals. One of the key schedules is the client net worth statement, which presents all liquid and illiquid assets and liabilities, into one easy to digest document, clearly illustrating which elements are part of their estate, and which fall outside. For estate and tax planning purposes, this schedule serves as a big picture overview of the different elements contributing to their tax exemption total, while also providing aggregate account totals for the assets which comprise their net worth.
The unique value of our customized report is that it integrates all the elements of a client’s financial situation, and delivers them summarized, organized, and time stamped in a single location. And as their lives transition, and new needs arise, we work with them to update, replace or create new schedules, reflecting what they want to discuss and review. For us, a customized approach is the only way to provide comprehensive service that truly supports our clients’ needs. And for our clients, Waldron’s customized, private wealth report provides them with a big picture view of their financial situation, and a simplified way to track the progress they are making towards achieving their long term goals.
Most people do not enter into an advisor engagement with a comprehensive understanding of the elements which comprise their financial situation, and even fewer appreciate the relationships between these components, and how each decision they make can impact the other areas of their wealth. Understanding these complex interrelationships is the basis for our approach to financial planning, and drives our analytical process of integrating the components of each client’s unique situation to support their wealth management goals.