Family Matters
Not too long ago, a Truepoint client
mentioned in passing some concerns he had about his parents' current
portfolio and financial plan. He didn't have full visibility into their
situation and his parents were somewhat reluctant to answer his
questions. He didn't want to meddle, but he worried about their ability
to make good decisions and wasn't sure he had full confidence in their
advisor. It was a delicate situation, he said.
Thanks to
changing demographics and longer life spans, more Americans find
themselves in such situations. Not only looking after their parents'
health, many of our clients seem to be assuming the role of financial
advisor to their elderly parents. In fact, the only family-related
concern we hear more often is, "How can I help my children avoid poor
investment decisions and financial mistakes?"
When we offered to
share our expertise and services to help this client's parents, he
indicated that he didn't believe his parents' asset level would qualify
them as clients of our firm. This is a common misconception. We assured
him that his parents - as with the family members of all Truepoint
Capital clients - are able to take advantage of our family member
service offering. That is, they can access our services without the
usual minimum fees required of new clients.
Long-term Focus, Near-term Action
Multi-generational
planning is at the very heart of what we do at Truepoint - for clients
of both our Wealth Management and Family Office engagement levels. We
believe we provide the most value when we're employing a long-term view
to manage and preserve wealth, not simply acting quarter to quarter.
Truepoint's generational planning approach is designed to holistically
link effective wealth management strategies both up and down the family
tree, for older and younger generations alike. We believe many of the
same principles that work effectively for our clients can and should be
applied to their parents and their children.
The goals behind
multi-generational planning are straightforward - to simplify the
family's overall financial management, to promote sound estate planning
and to minimize transfer-related taxation. It's more than coordinating
accounts (though of course that's part of it). The focus is on ensuring
that strategies for wealth preservation are maintained and applied
collaboratively across generations. For families that haven't shaped a
clear strategy or plan of action, our specialists have the skills and
knowledge to help you get there.
Viewed broadly, our clients'
goals are as different and diverse as they are as individuals.
Therefore, we adapt our approach to the unique needs and goals of each
of our clients. Indeed, our ability to tailor services and move nimbly
may be the single most important factor in differentiating Truepoint
from our peers.
Consistent with this service standard, we
encourage our clients to consider whether the integration of
Truepoint's services for their loved ones may be beneficial for their
family. In this way families can realize the many personal and
financial benefits of collaboration among generations.
We'd be
delighted to share more information about our services for family
members. Please feel free to contact any member of the Truepoint team
if you're interested in more information. If you are not currently a
client, but would like to schedule an appointment or a complimentary
consultation, please contact Lisa Reynolds at (513) 792-6648 or l.reynolds@truepointcapital.com.
Truepoint Capital is an independent wealth management and
multi-family office firm based in Cincinnati. Our specialists provide
integrated broad-based services to high net worth individuals and
families across the country.
