Trusts & Estate’s Magazine
Legacy planning is changing. Fewer clients need estate tax planning. Robo-advisors and artificial intelligence are making it more difficult for
investment firms to justify their services. To differentiate themselves, add value and compete, many estate-planning and wealth management professionals are evolving toward integrated, multi-generational wealth management. Such planning not only includes the quantitative planning elements, such as tax, investment, life insurance and fiduciary planning, but also considers the qualitative elements, such as philanthropy, family dynamics and family governance.
Let’s examine three primary business models for integrated, multi-generational wealth management for successful families: (I) the family office, (2) private bank, and (3) best-of-breed independent advisors (independents). Each model has advantages, each has challenges and each requires teaming across the disciplines.
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