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Financial planning is an often misunderstood discipline.  While many companies and individuals claim to offer financial planning, and the meaning of the term itself is often debated, there is no debate about one key concept.  The absence of a financial plan, or the presence of a poorly constructed financial plan, usually produces chaos, feelings of unrest and missed opportunities that, once passed, a family may never see again.  There are numerous reasons that new clients come to Whitnell seeking a financial plan. 

When new clients come to Whitnell, they often have specific investment goals, some ideas about how to achieve those goals but usually little time. Most of our clients are deeply involved with their families, their careers, their businesses and the charities that drive them passionately forward. Managing their investments is important to them, but not at the top of their priority list.

Many successful families have acquired their wealth the old fashioned way: through hard work, discipline and risk-taking. But acquiring wealth and managing it are different skills. Successful families have many options for wealth management, but numerous options often mean numerous decisions and substantial complexity. This can make managing wealth burdensome.

More Americans today live longer and healthier lives than ever before. While long life is a good thing, in and of itself, it does give rise to one major concern. Many people are worried about outliving their money. This is a legitimate concern. While the right retirement plan can substantially alleviate this concern, building such a plan is now a very complex process that requires specialized skills and tools.

It takes most Americans a life time of work, risk-taking and saving to accumulate wealth. So it only makes sense to protect that wealth through an accurate assessment of risk and proper insurance products. But knowing where one is at risk, which insurance products to buy and how much insurance is the right amount is indeed a tall order.

An increasingly complex and uncertain tax environment makes it difficult for affluent families to plan for the future. After all, taxation represents a significant variable in how much wealth a family retains versus renders to local, state and federal governments.  For many of our clients, taxes symbolize an X factor over which they feel they have little control.

Most Americans who accumulate some level of wealth experience charitable impulses and want to give back. This can be a wonderful experience or very challenging. What determines the experience? Usually it is the presence of a charitable plan, not just good intentions.

Estate planning is often a difficult topic to discuss because of what it suggests – end of life. Most people prefer not to think about this topic because it brings up a lot of emotions. Yet most people make decisions routinely that impact their estate, often without realizing it. Wise and compassionate family leaders, both patriarchs and matriarchs, choose a different path.