Financial Planning and Administration
The management and administration of significant personal resources goes beyond the selection of investment assets and the allocation of funds among those assets.
UHNW investors must remain aware of routine matters involving tax filings, tracking expenses and receivables, managing personal and business real estate, and meeting public relations requests from multiple sources.
Central State Financial LTD advisors set up family offices to manage these and other routine matters. We always start with the foundation of a UHNW client’s personal wealth management plan and then build systems and mechanisms on that plan that free up the investor’s time and resources for other more beneficial uses, including managing family businesses and adding to generational wealth. A unified and comprehensive management system takes care of an investor’s and his or her family’s daily obligations with no gaps or annoyances to distract from more beneficial pursuits.
Central State Financial LTD family office wealth advisors incorporate several factors into these management systems, all per the client’s unique needs and specifications:
- real time monitoring and reporting of cash liquidity, asset management and maintenance, debt payments, and employee payroll
- evolving strategies for investments and new investment opportunities
- tax planning and legitimate tax reduction strategies
- retirement planning, with considerations for higher education, long-term care, geriatric health care, and personal elder care services
- estate planning, with considerations of multi-jurisdictional challenges and prospective claims to estate assets
- insurance, liability protection, and risk mitigation
Central State Financial LTD family office advisors facilitate the creation of the optimal management structure by accounting for an investor’s personal needs, family values, and generational wealth creation goals. We use “what if” scenario planning to select the factors that require the most attention and account for unique situations that can throw a plan off track. We then finalize a dynamic action plan, present that plan to the client, as just it as necessary, and partner with the client for full implementation of its features.
Asset Consolidation in the Context of Financial Planning and Administration
A UHNW’s asset base will inevitably expand and become more complex over time, particularly if a wealth management plan is properly implemented. Our advisors monitor asset growth and the proliferation of multiple investment accounts at different financial institutions and develop plans to unify those accounts and the reporting of results under a consolidated system. We understand the need and desire for diversity and independence that members of an investor’s family might demonstrate. To support this, we create hybrid reporting structures that retain independence while flushing out any inefficiencies that can erode family wealth when multiple parties are providing identical services.
In the final analysis, our asset consolidation services accomplish multiple goals:
- cost reduction and elimination of overlapping services
- simplification of asset management with the reduction of multiple statements from different financial institutions
- elimination of duplicate investments and conflicting analytical efforts, and verification that all investments are made in accordance with a wealth management plan
- coordination of efforts to simplify the function of estate executors and trustees
- reducing the complexity of retirement planning
- optimizing tax treatment of investments through elimination of high-tax structures