As people graduate to different levels of financial success their needs change. To me, the word ‘concierge” often comes to mind when seeking specialized help. When it comes to finances, concierge financial advice can be instrumental in navigating multiple investment options, complex tax opportunities, risk management, and estate transfer issues in a coordinated and effective fashion.
The American novelist Scott Fitzgerald is supposed to have said once to Ernest Hemingway, ‘You know, the rich are different from you and me.’ Hemingway replied, ‘Yes. They’ve got more money.’ Sometimes the blazing obvious has a point! At the same time, nearly all the wealthy individuals I know bristle at the notion that they are rich. A ‘comfortable’ net worth and income built through hard work and disciplined savings and investing wisely. At the same times, their needs are different than before and deserve advice tailored to them.
Yet, the financial advice industry seems all the same. We all learned as children that each snowflake is unique and different. Financial advisors are much the same, each being different in their own way. At the same time, in the middle of a blizzard, it can seem impossible to distinguish the uniqueness of each snowflake. Clearly, there are no concierge snowflake advisors. Yet, there are advisors that do provide high-level concierge financial advice, however.
Concierge financial advice can be distinguished by 5 factors:
1). The display of professionalism of the advisor(s) you will be working with:
Is their demeanor sharp and professional? If you met a sloppy concierge at a hotel, etc. their advice would be colored by their unprofessionalism.
Exhibits of seriousness about their profession.
What professionals designations have they earned? CFP? CPA? CFA? All are part of the skill sets necessary for high-level work. Most high-level advisors work as a team and it is a sign of best practices.
2). The types of services they provided:
As your financial situation changes so do your requirements for concierge wealth management. Do they include:
- Tax planning.
- Estate planning.
- Asset Protection
- Risk Management for liability and property needs.
- Multi-generational planning and education.
- Investment Design and Ongoing Management.
- Off the shelf or unique opportunities?
- Willing to work with other advisors on your current team?
3). Knowledge of and the ability to access unique investment opportunities.
4). Works on an exclusive fee-only basis and is willing to act as a fiduciary on your behalf.
5). Team with multiple years of experience with no regulatory issues.
Clearly, as your needs shift as you successfully accumulate and acquire more resources, keep in mind that there are advisors who do provide concierge financial advice and the fact you are reading this means you have found one. Let us know if we can help.