Most families aren’t aware that planning strategies are dynamic in their own right. In fact, most estate and business planning messes arise from a lack of methodology and accountability for continuous management.
Obvious changes, such as family events and dynamics, will impact your planning. Also, changes in the financial markets, legal landscape and tax code will cause your planning to shift. With a careful eye, these shifts can be tended to without devastating your planning.
- We meet for about an hour to listen, ask questions, and gain a current understanding of your concerns and desired outcomes. Where appropriate, we explain our process and set a time for you to meet with us and your trusted advisors to chart the preliminary course of the FamilyCounselor™ Program for this year.
Gathering and Evaluation
- We gather, review, and synthesize your existing Wealth Strategies Plan including new and/or changed data and then meet with your Collaborative Advisor Team to review our initial impressions and refine the Tactical Planning Session agenda. This information is provided by you or your other advisors, such as financial planners, CPAs, etc.
Tactical Planning Session
- We facilitate your family or team members through up to a half-day tactical planning session sometimes utilizing our “Nine Key Business or Family Questions” or similar format exploring your legal, financial, tax, and family developments. Together we identify areas of misalignment and alignment.
- Where concerns exist, we seek clarity of the problem and practical solutions that may not have been obvious before and allow you to recalibrate as things may change. We then develop this year’s potential Enhancement Initiatives to be assigned to the appropriate advisors and team members with timelines and responsibilities.
Enhancement Initiative Implementation, Phase One
- Through phone calls, email, mail, and physical (or remote) meetings, your advisory team assists, coordinates, and assigns the implementation of each of the Enhancement Initiatives to your appropriate firm while keeping you and each other informed.
Advisor Update and Planning Session
- As Wealth Strategies plans are not plug and play, we need to benchmark and monitor your plan and goals, keeping in mind end-of-year tax planning and current asset and estate values. In up to a half-day session, we coordinate update meetings with each of your advisors to understand the status and progress regarding your legal, financial, and tax situation, organized by advisor and associated enhancement initiatives. Where you have engaged other law, accounting, and/or similar financial firms for prior or current implementation(s), client acknowledges the firm is not, and does not claim to be an expert in those areas and is not responsible for past, current or future advisor implementation.
Enhancement Initiative Implementation, Phase Two
- Your advisory team continues communication amongst each other and you while finalizing the Enhancement Initiatives and refinements developed at the Advisor Update and Planning Session. We help you and the advisory team stay on track, complete implementation, and prepare for the end-of-year Confirmation Meeting.
- Following implementation, we meet with you and your other advisors for an hour or two Confirmation Meeting to review and address the Implementation Details, Exception Reports, and Remaining Questions. Where appropriate we discuss the following year.