Step 1: Gain Clarity
Our team then analyzes all aspects of this portfolio at a high level and generates a customized ClearSight Analysis, which is a thorough picture of the client’s net worth that simplifies a very complex situation as much as possible. The analysis essentially serves as a road map for the next 12 months; it’s our way of quantifying how much value we can add from day one. We begin to assemble our team, from the managing partner down to the administrative assistant, and everyone in between.
Step 2: Tax Optimization and Investment Policy
One of the most common areas we identify with multigenerational families is tax optimization. Clearstead has commonly found thousands of dollars in savings simply by identifying appropriate strategies that previous accountants missed. Some estate planning can even save millions of dollars.
We also create investment policy statements based on our clients’ goals, time frames, and risk tolerance. These policy statements serve as our guide for managing things like assets and educational trusts. Each individual within the family structure might have their own policy statement that is unique to their personal goals.
We assist clients with cash flow planning, whether it’s long-term, such as preparing for retirement, or short-term, such as deciding whether to finance a home or make purchases using portfolio assets.
Step 3: Next-Generation Engagement
Typically, Clearstead holds annual family meetings with clients, as well as quarterly meetings with the individual clients who are part of that larger family. Ultimately, our goal is to strategize with our clients to help them realize their goals while protecting the wealth they have worked so hard to build.