Generational Wealth Planning
Helping ensure the Long-Term Preservation & Growth of Generational Wealth
At WestStar we’re mindful that High Net-Worth and Ultra-High Net-Worth Families have unique financial and emotional considerations, and that managing generational wealth comes with its own set of unique challenges.
Effective generational wealth management requires expertise in various domains, including finance, taxation, legal matters, and family governance. Finding the right professionals who understand your family’s values, goals, and long-term vision can be daunting.
If you’re looking to entrust your generational wealth into safe hands, then let’s talk about how we can help you.
For the past 20 years we have won and retained high net-worth business because ̶ along with high value products ̶ we provide the technical services and solutions based on the emotional connections we make with our prospects and clients.
We address your challenges using open communication, education, professional guidance, and careful planning to ensure the long-term preservation and growth of generational wealth.
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How a Deep Understanding of Capital Markets will help you Target Sound Investment Returns
Our Core Services Laundry List:
Personalized planning services including:
- Financial life planning (lifestyle, retirement planning & forecasting)
- Retirement income planning
- Consolidated net worth (assets here and away)
- Cash and liquidity planning & management
- Education funding/college planning
- Philanthropic planning
Extended planning services and risk management including:
- Insurance needs assessment & planning
- Health care analysis & funding
- Multi-generational family wealth planning
- Trust and estate planning
- Special needs planning
- Philanthropic/non-profit planning & services
- Corporate executive services
Investment management services including:
- Personalized asset allocation modeling
- Goals- based Investment management
- Cash and debt management
- Track progress-to-goals/performance monitoring
- Tax implications & planning
- Stock option exercise and concentrated stock management
Communications services including:
- Strategy alignment and progress tracking
- Check-in service calls
- Relevant news and commentary
- Regular topical, educational discussions
Extended services including:
- Online account access & navigation support
- Coordination with other professionals; CPA, trust & estate attorneys, and insurance specialists
How We Make the Difference to Our Generational Wealth Clients
The above laundry list covers those elements we address that fall within the purview and capabilities of our HNW and UHNW Client Advisors.
And whilst you’ll find that these services are similar to those you can expect from other generational wealth-focused boutique firms, multi-family offices, wirehouses and RIAs, it is the matter of execution that sets WestStar’s HNW and UHNW specialists apart.
Dynamic Investment Management that Targets Your Goals
One of the primary challenges is preserving and protecting your wealth across generations. Factors such as shifting tax laws, economic downturns, and evolving investment strategies can impact the management and growth of generational wealth.
Finding the right balance between preserving wealth and seeking growth opportunities can be challenging, especially when considering diverse investment preferences across generations.
Along with good communication, this involves managing investments, minimizing tax obligations, and ensuring the assets are not eroded by inflation, market volatility, or poor financial decisions.
We believe that generational wealth planning is about more than technical abilities and investment returns ─ it’s about identifying the vision you have for your life and legacy; mapping clear directions to accomplish your vision, and providing guidance you can trust.
We look for the most efficient way to reach your goals via a holistic plan that reflects your risk tolerance, centers your downside protection, and minimizes taxes. We map the process of accomplishing these goals on a digital dashboard that makes progress transparent.
Beneath the digital dashboard lies a simulator that measures your plan in multiple scenarios.
We can measure your probability of success and create scenarios that show you your trajectory based on our recommendations. We use this real-time intelligence to monitor, measure and manage your financial journey, and to target your wealth and security with greater certainty throughout the stages of your life.
This incredibly dynamic technology brings your overall prosperity into sharp focus: stock compensation, pension provision, investments, savings, Social Security income, insurance, retirement and more. It makes investment management dynamic and fully transparent, and allows us to course-correct where needs be to keep you on schedule and on track.
With WestStar’s 360° financial planning approach, we start way out in the future and work backwards to illustrate the impact of different choices; this empowers our clients to make astute choices of their own. They experience a sense of calm in knowing where they’re heading, and having a co-pilot they can count on.
Regular Discussions and Hands-on Management
Managing generational wealth often involves multiple family members with varying interests, priorities, and financial literacy levels. Effective communication and collaboration among family members can be challenging, especially when making financial decisions or establishing governance structures.
We are keenly aware that Ultra-High Net-Worth clients need regular discussions around 5 key concerns:
1. Estate planning
2. Trust options and implications
3. Strategic philanthropy
4. Facilitating discussions about family wealth
5. Teaching heirs Financial skills
Secure Technology and Real-Time Portfolio Performance Adjustments
Our advisors frequently share portfolio data as well as demonstrate secure technology and robust management processes. Our intuitive and dynamic Navigator Dashboard offers predictive modelling and the right technology to manage your wealth securely. We provide real-time visibility of your portfolio composition and performance.
Your Money in Safe Hands
We provide proof that your money is in safe hands and we provide you with a thorough understanding of our investment process, and clear evidence that our advice matches your risk profile on a regular basis. We find that as wealth is passed down through multiple generations, ensuring a smooth transition and succession becomes crucial.
Planning for longevity, estate and inheritance taxes, and establishing clear guidelines for wealth transfer is complex and requires professional expertise.
Our fiduciary advisors include Certified Financial Planners (CFP ®), Certified Retirement Planning Counsellors (CRPC®), Accredited Asset Management Specialists (AAMS®), MBAs, and Chartered Life Underwriters (CLU®).All are prudent financial managers with a deep understanding of the markets, and the trends that underpin markets.
In addition, we provide coordination with other professionals like CPAs, trust & estate attorneys, and insurance specialists.
Ultra-High Net-Worth clients need regular discussions around 5 key concerns:
Philanthropy and Legacy Planning
Many families with generational wealth have a desire to give back to society and leave a lasting legacy. Establishing effective philanthropic strategies, selecting the right charitable causes, and managing the associated administrative responsibilities can be complex and time-consuming.
We facilitate discussions around these issues and ensure that we shoulder our part of the load in ensuring that your vision is accomplished and supported.
Comprehensive 360˚ Financial Planning
We provide comprehensive financial planning including cash and debt management, investment and tax, retirement planning, estate planning and risk management, along with other services noted in our laundry list.
We take a personalized approach, and always provide full transparency and clarity about our costs.
Addressing all these challenges requires a proactive and holistic approach, involving open communication, education, professional guidance, and careful planning to ensure the long-term preservation and growth of generational wealth.
WestStar’s 10 Strategies to Grow and Protect Generational Family Wealth
- Comprehensive financial planning
- Consolidating your assets
- Instilling financial responsibility in your children
- Using surplus assets effectively
- Strategy alignment and progress tracking
- Risk management
- Giving to charity
- Estate Planning & Testamentary trusts
- Splitting the family income
- Planning for business succession
Relationships Built On Effective Communication and Trust
At WestStar we believe that trust is earned. Our relationships are real, honest and candid. We say what we do, and we do what we say. Our personal touch and care is evident in all of our relationships, many of which have served High Net-Worth Individuals and their families’ best interests for decades.
If that sounds like a relationship worth pursuing, then we would be delighted to partner with you on your quest to grow and protect your generational wealth.