Richter > Continuity Planning: A Trusted Advisor Is Key

Continuity Planning: A Trusted Advisor Is Key

Twenty years ago, our vision for this family office was to create a truly independent and objective wealth advisory model for families seeking an integrated approach to wealth continuity and legacy planning. Today, as one of Canada’s oldest and largest fully-independent multi-family offices, Richter Family Office (RFO) has a reputation for providing our families with unique access to best-in-class investment solutions and niche strategies from around the world. RFO is a trusted partner within the global investment community.

A trusted advisor transcends the simple delivery of products and services.

Continuity planning prepares wealth for future generations. For families of significant means, putting together a holistic plan to ensure that their wealth transcends generations needs to consider many things. Top among them:

  • Having a plan that puts the interests of family members, their values and objectives first;
  • An integrated approach that properly informs all decisions relating to tax, estate, and portfolio management;
  • Flexibility and scope to ensure access to appropriate investment solutions and a framework for sound selection;
  • ensuring transparency on fees and potential conflicts of interest.

These elements should be key guiding principles of any true trusted advisor. They are the cornerstone of our approach at RFO.

Richter Family Office leverages an open architecture model and delivers an integrated approach to investment management, tax and estate planning to help preserve, grow and transfer wealth across generations. Providing consolidated reporting across all the family’s traditional and non-traditional investments provides clarity and control. It enables more informed decision making on new and existing investment strategies. While we start on the premise of more informed and objective manager selection and asset allocation, this is only the first step.

Where a family finds further value: we work as a trusted advisor and quarterback across the spectrum of a family’s financial and non-financial advisors. We provide objective guidance and a safe and exclusive forum in which the family can discuss their most pressing issues, goals and family dynamics. Because with great wealth, comes great emotions. Just like a family, wealth and emotions are inherently connected. One influences the other, and this can dampen family harmony and derail the building of a practical, defined and thoughtful plan for wealth continuity.

“A trusted advisor transcends the simple delivery of products and services, to a more holistic approach that helps families address complex relational and emotional issues. We help our families navigate the unique social and human challenges that significant wealth presents,” says RFO Vice President Greg Moore. “We work with the family, and for the family, to help ensure wealth creation is possible across generations. Wealth provides opportunities – it does not need to bring entitlement.”

RELATED: Family Mission Statements: paying more than lip service to the importance of legacy planning.

Independent and free of financial conflicts

This trust is reaffirmed in that RFO is independent and free of financial conflicts. Why? RFO believes that a family’s best interests are served in knowing there are no financial incentives to place investment product, or to “sell” investment solutions. Portfolio construction starts from the ground up based on the unique needs and goals of each family, not on maximizing an advisor’s fees.

“Having greater control and certainty over their wealth legacy allows families time to focus on the human elements that form the foundation of long-term success. We encourage everyone to be part of the process as equals,” notes Richter Family Office Partner Mindy MaymanTo be a trusted advisor you need permission to help the family work through issues at their own pace. Once a family sees we can deliver from a technical and investment perspective, they gain the confidence to move from simple to more complex issues.”

Planning should start now

Building trust and planning for the future takes time and energy. This is best done when there is harmony among family members. Planning during instances of added stress (a liquidity event, a death in the family) only amounts to more tension and heightened emotions. Having a trusted advisor facilitate constructive change not only builds trust in the advisor, it helps families build trust in each other; so collectively, the family is in a better position to deal with significant life events as they take place.

Families of significant means are in a unique position in that their wealth affords them certain freedoms and opportunities. But it also comes with a unique set of challenges. Precious family unity and trusting relationships being top among them. Having a trusted advisor alongside you enables better and more open communication; a well-defined plan for the family wealth to carry on to future generations; and puts less stress on the family members who feel its their duty to keep everything in order without burdening the rest of the family.

“A lot of people want simplicity, they want to have someone in their corner looking out for them and helping them maximize their chances of success in reaching certain goals – both financial and emotional. That’s exactly what we do at Richter” says Moore.

Continuity planning is essential for any family as it unlocks the potential to preserve wealth for future generations. Having a trusted advisor to guide you through this process is the key to doing this successfully.

 

 

Celebrating its 20th year as a multi-family office, and over 90 years as a tax and business advisory firm, Richter Family Office and Richter LLP have a reputation rooted in trust. Collectively, its professionals provide continuity for you, your family and your legacy for years to come.

Read more:  It’s inevitable, so why are you holding your children back?

 

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