Putting The Elite In Elite Wealth Planning
Wealth planning is not new, nor is it in any way restricted to the rich and super-rich (net worth = US $500 million or more). However, elite wealth planning is much more characteristic of those professionals working for the very wealthy as there are distinct and meaningful differences between them and technically adept wealth planners as seen in the following table.
Comparing Wealth Planners and Elite Wealth Planners
When it comes to being technically proficient, both types of wealth planners are state-of-the-art. As there are no truly proprietary legal strategies or financial products, all very capable wealth planners are potentially able to deliver the same menu of solutions to their clients as elite wealth planners.
It’s important to recognize that even though nothing is proprietary, there’s a wide diversity of talent, know-how, and perspective among wealth planners. In our experience, we find that most of them are not that proficient. We believe that it’s very likely that the truly technically adept wealth planners and elite wealth planners are relatively rare, making up less than perhaps a fifth of all wealth planners. We see elite wealth planners as being even more rare, representing no more than perhaps one in ten of all technically adept wealth planners.
Whereas technically adept wealth planners are generally more focused on legal strategies and financial products, elite wealth planners are focused intently on the human element (see below). This doesn’t mean that technically adept wealth planners are not concerned with the interpersonal relationships and the psychology of the affluent, but—from an objective standpoint—it’s a much lesser concern compared to elite wealth planners.
You certainly want to engage a technically adept wealth planner, preferably an elite wealth planner. Keep in mind, other professionals are vying for the business that you want to avoid. Because elite wealth planning puts tremendous emphasis on the human element, let’s take a closer look at this.
The human element: While elite wealth planning can include some of the most sophisticated thinking and technical wizardry that is legal today, the human element is appreciably more important. In elite wealth planning, you are center stage; the technical brilliance of your elite wealth planner exists to serve you. Elite wealth planning must be grounded in you and what you most want—the human element. We define it this way:
Elite wealth planning is a comprehensive planning process that incorporates state-of-the-art technical expertise in legal strategies and financial products with the human element. Elite wealth planning must be flexible, discreet, transparent, cohesive, risk-sensitive, cost-effective, explicit, and legitimate.
The process enables you and your elite wealth planner to reveal more about yourselves and the way you like to work and everyone’s aspirations and limitations. Along the way, elite wealth planning creates a level of security and comfort that is the foundation of a mutually rewarding relationship.
For too many professionals, the human dynamic is subsidiary to legal and financial expertise and sometimes gimmickry. If you're to achieve superior results, your elite wealth planner must be acutely attuned to both the emotional side and the rational side of your world—the logical and illogical. This includes not only you, but also other people, especially your loved ones, and even institutions such as charities your planning may affect.
To reiterate: The absolute central focus of elite wealth planning is you and the people and institutions you sincerely care about. Without any doubt, it’s all about you! It’s never about legal strategies or financial products. It’s about you and what’s important to you. To be even more clearer: Sensitivity and responsiveness to the human element are what makes elite wealth planning elite.
