Collaboration – Key To Advanced Planning

Posted on July 12, 2012 by thecomplexestate

If you don’t believe that valuable connections can’t happen through LinkedIn here is a testimonial that they do. I met our recent guest speaker Melanie Hamburger, CEO of Catalytic Women, through a connection on LinkedIn. I couldn’t be more pleased with the results and the value exchange of this relationship.

In a recent webinar hosted by InKnowVision, Melanie helped us to identify potential collaborators by tapping like-minded experts for their input and partnership in expanding programs.

For Melanie, her firm did extensive outreach to experts in philanthropy across the country before launching her business model, taking their suggestions to heart. It was this process of identifying qualified collaborators that launched her successful business of helping women donors find their philanthropic passions and are able to give.

“The easiest thing in the world is getting people to talk about themselves”.

Melanie is right. It is easy yet no one does it. We talk about ourselves. 

In a recent quest to find out why advisors don’t offer or do advanced planning for their clients, I heard many state that it was to complex, to time consuming and disruptive. Yet when we meet with clients and ask them to tell us about themselves we have no problem moving them into advanced planning all while their most trusted advisors are sitting right next to them.

It raises these questions.

Are we creating a mental block about what our clients want?

Are we listening to their stories, passions, and values?

Are we providing a rich environment in which to be solely listened to rather than   spoken to?

Collaboration can help foster valuable relationships while building trust.  Like-minded professionals are those who value the same processes and outcomes that you do. Successful networking increases the value of collaboration exponentially and it is a great multiplier of opportunity.

The next time you are looking to network with someone and find collaborative professionals to partner with, keep in mind the end result; it is the outcome that you must measure.

Kim Hamilton

InKnowVision

Be sure to register for the InKnowVision Institute before July 20th.

Filed under: Advanced Estate Planning | Leave a Comment »

Advanced Planning When The Boat Is Already Full

Posted on July 10, 2012 by thecomplexestate

Tony DiPalo and Chester Bedloe are classic examples of two completely different clients. Both are business owners that have a great need to plan. However, both have had serious medical issues and are aging; Chester is 67 and Tony is only 52 but he has had a heart attack.

Their advisor has been in discussions with both clients for months now. He has explained the opportunities and the potential downside of not taking appropriate action yet both are stalling.

The advisor shares a quote with me from a book entitled “Free Will” and it mentions how difficult it is to make important decisions when one’s boat is already full.

Two clients with seemingly no motivation. What is an advisor to do?

Get to the heart of the matter.

Many times we approach a conversation with a solution to a problem that does not exist, at least in the minds of our clients.

If we start our conversations with something like this, “What is the single most troubling thing on your mind these days?” we just may get the answer were looking for. Conversation, nurturing and listening can provide opportunity where you least expect it.

Although Tony at 52 suffered a heart attack, he more than likely faced his own mortality but he beat the odds. Advanced planning comes in bite size pieces and as advisors we need to “beat the odds”. Don’t make the mistake of asking a client to bite off more than they can chew or to think about mortality when they are not ready to.

Here are three ways to stimulate advanced planning thinking.

1. The high net worth are concerned about cash flow. Cash flow is the first step in advance planning.
2. The high net worth are concerned about increased tax liability. Reducing income taxes is the second step in advance planning.
3. The high net worth are concerned about lawsuit liability. Asset protection is the third step in advanced planning.

These are all current issues and within them there are emotional issues that high net worth families face. Focus on the current and the future will follow.

 

Kim Hamilton

InKnowVision,LLC

 

Register for the InKnowVision Institute Today

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What The Current Tax Laws Means For Advisors

Posted on July 3, 2012 by thecomplexestate

Never before has collaboration become so important in meeting the needs of high net worth clients. Faced with so much uncertainty, the most important role of the advising team is to focus on what they can help the client control today.

In the recent survey by US Trust on Wealth and Worth, it was noted that more than one-quarter of the surveyed Baby Boomers are motivated to leave an inheritance as a tax strategy. This is a very low percentage however it is not surprising.

US Trust 2012 Survey

Many professionals who are leading with the tax strategy approach will find that this  approach will not work for the majority of high net worth people. Alternatively, the InKnowVision process focuses on four key elements which helps clients gain clarity in the advanced planning process.

Focus on Today

How can I protect/increase my cash flow to maintain my lifestyle needs and create a peace of mind?

How can I reduce income tax liability to compound future growth?

How can I protect what I own against lawsuits, creditors and predators?

If I become disabled what planning choices to do have?

Once high net worth clients have a peace of mind then their motivation for inheritance increases. Many from the survey stated that they wanted to leave money to protect family wealth, influence children after they are gone, carry on a family tradition, and some said they that it was a moral obligation. These reasons are more emotional than tactical. Advisors will need to their approach to a high net worth client’s planning conversation.

In October, InKnowVision will be hosting its national conference to teach planning advisors how to achieve success in the high net worth space. I hope you will join us.  You will find the agenda and registration here.

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