Charles Marsala discusses: Strategies for High Net Worth Clients
Financial Planning for High Net Worth clients requires consulting, resources, intellectual capital, practice management, technology, and personalized reporting. Each of these areas has several components.
Consulting consists of: Sophisticated estate planning, executive compensation arrangements, business exit strategies, financial windfall planning, foundation and endowment guidance, philanthropic giving approaches, tax-sensitive investing tactics, and single stock risk management.
Resources, Intellectual Capital, and Capabilities consist of: Innovative portfolio and investment analytics, Advances product offerings, including alternative investments, advanced insurance strategies, institutional-caliber portfolios and investment strategies, thought leadership, disruptive insights, trust services, unbiased research, and creative investment ideas.
Practice Management consists of: Competitive guidance, business model best practices, knowledge sharing, and end-to-end technology suite and workflows.
Reporting consists of: Aggregated client asset view capturing liquid and illiquid assets, personalized client portal access, configurable queries and advances analytics, and private-label, advisor-specified output.
With these areas as a foundation, the next step is to evaluate a client’s current investments, identify suitable tools and services, determine investment strategy, design a portfolio, provide performance reporting, portal access, and provide accurate investment selection.
About the Author: Charles Marsala is a Financial Advisor with Benchmark Investment Group with Securities offered through LPL Financial, a member FINRA/SIPC. He can be contacted at Charles.Marsala@lpl.com