WHERE FAMILIES find specialized insight
When we pull up your financial plan, we realize that we are dealing with issues that affect each member of your family. We look at it differently than we would a corporate balance sheet, because most of our clients’ goals center around their families – current members and future members. We really don’t like to get too far into the investment process before drawing out a family tree and discussing the unique needs and aspirations of your family.
We thoroughly enjoy getting to know the next generation, whether that’s an 18-year-old child or a 68-year-old child. We’ve decided to make available our full suite of resources to clients’ families, and we’re happy to sit down with children just beginning their financial journeys and offer them our services at a family-based discount.
Multigenerational wealth management requires a thoughtful, future-minded approach, and we excel in coordinating with attorneys, tax advisors and other specialists. We’re always ready to work with your existing advisors, as well as provide introductions to other advisors if desired.
Our services include:
- Legacy Planning
- Wealth Transfer
- Trust Services
- Wealth & Investment Management
- Insurance & Annuities
- Family Governance
As financial advisors of Raymond James we are not qualified to render tax or legal advice. You should discuss all tax and/or legal matters with the appropriate professional.
An example of how we can help
Jack and Ashley worked diligently to manage the needs of their multigenerational family, even though Jack’s role as a corporate executive was time-consuming and demanding.
Jack’s parents were still living, but in declining health, and Jack was struggling to care for them while also handling the family wealth, which was dispersed between three generations and multiple trusts. The family had a detailed estate plan with complex tax and gifting strategies, but their finances were scattered and not being managed holistically.
A hypothetical synopsis of how we may help
We scheduled a family meeting to map the family wealth, convening with their attorney and tax advisor, and then brought all the accounts to Raymond James, so Jack and Ashley could now see them together in one online view, making it easier to track performance and activity.
Working closely with their attorney, we funded the new trusts by the tax deadline and ensured that the IRA beneficiaries were correct, including those on the charitable trust. The portfolio was restructured for an optimal allocation and tax efficiency, and we extended a line of credit based on the investment assets.
A few years later, Jack’s parents passed away. To assist the family as well as possible during this trying time, we distributed the assets to the children and grandchildren and met with each one of them to build personal financial plans. Knowing their desire to assist certain charities, we designed an annual gifting strategy and executed the gifts with stock in a tax-advantaged fashion. For the heirs who could benefit from the expertise of a corporate trustee, we would work closely with Raymond James Trust, N.A.
This investment profile is hypothetical and not indicative of any specific situations or clients. It is presented only as an example and not intended as investment advice.
