After completing over 900 integrated plans ($10- $100M in net worth) during the past nine years, we can confirm that cash flow and meeting lifestyle needs matter.
There is a gaping hole in integrated planning that exists between the financial and legal world. You can’t have one without the other. Clients fear that you will disrupt their cash flow, impede their lifestyle and make them give up control and that’s just the beginning. These are by far the most common reasons clients do not embrace integrated planning. If I was approached by an advisor whether it be an attorney, financial advisor or CPA, trying to sell me a strategy or plan and charging a large fee without understanding my lifestyle and cash flow needs first, I would run the other way. Wouldn’t you?
Advanced estate planning or business transition planning, for example, can’t be done in a vacuum. Over the years we have seen many plans put in place only to see them fall apart because clients didn’t really know what they had and how it affected their cash flow. Finding out the client’s goal and objectives is the first step. Securing their cash flow and lifestyle needs should be second.
Once you’ve come to terms with knowing their cash flow and having them confirm it with you and the rest of the advising team, then you can move into the planning options that will achieve the greatest results.
Take a lesson from us. Cash is king. That is why we start at the top of the wheel, where the cash is.
Filed under: Advanced Estate Planning, advanced tax planning, Business Succession Planning, Business Transition Planning, Estate Planinng, High Net Worth, high net worth tax planning, Uncategorized Tagged: | Advanced Estate Planning, advanced tax planning, Business Succession Planning, Cash flow, estate planning, high net worth