Sunday, February 06, 2011
What to look for in an advisor
So you’ve decided that you’ve put off some critical Family Wealth & Legacy Planning (not to be mistaken for “estate planning” – see Jason’s blog, “A Different take on Estate Planning: Family Wealth & Legacy Planning”) for far too long. Yet, you’re not sure what to look for in an advisor. There are many factors that should be considered when choosing. When you are working with a Family Wealth & Legacy attorney, be sure to find an advisor who will help you to share, capture, preserve and pass on not just your financial capital, but your family’s human and intellectual capital as well.
There’s long been a deficiency in the delivery of estate planning services. The reality is that traditional estate planning merely focuses on the financial assets of a family, offering only transactions, numbers, techniques, information and advice. This type of planning is very one dimensional. Scott Farnsworth in his book, “Closing the Gap,” explains that traditional client service or “Level One” service that an advisor offers may seem complete, but such an approach is void of what clients want in a relationship. There’s a revolutionary advancement in the delivery of estate planning services and modern families are seeking it out. In fact, many of us are becoming aware that our intangible assets are much more valuable. Some planners call that Family Wealth & Legacy planning.
So one question that you might ask a prospective advisor is the following:
Do you have a process for helping me capture, convey and pass on my intangible wealth, such as my purpose for planning, spiritual and human assets or who I am and what's important to me or do you primarily focus on financial assets?
Many advisors will tout that they offer this type of service. Dig a little deeper. Your advisor should have in place an actual process so that when your planning is complete, you have created a plan that has meaning and purpose. In fact, rather than just receiving documents that offer technical solutions, the relationship with your advisor should create connection, significance, vision, wisdom and trust…and all of these intangibles should also be reflected in your plan.