At the Alchemia Group we are helping our clients think & act differently in regards to their wealth and its impact on thier family - because we know it is more than just numbers and plans, it's the Balance of Art & Science with Pragmatism and Vision.
Let me start with a question. Assuming very little, if any cost difference, do you prefer custom made or off the rack? This question can apply across a wide range of areas; clothing, homes, art, and, yes, family wealth plans. There is nothing wrong with ‘buying’ something pre-made into which you had very little input. When you need a spoon, you need a spoon. But when you need a plan that will be serving your family for two or more generations I really believe family wealth advisors should act as artists and treat you as a patron. The design of the plan should reflect your dreams, vision and hoped-for impact on the coming generations. As my friend and colleague, Kim Schneider Malek, asks ‘What is the future story you are trying to write?’.
This all means that you should expect your financial/wealth/whatever advisor to act as if she is fulfilling a commissioned piece of work. It all begins with you feeling understood and listened to. Then attention to detail, not just about assets but about family, becomes the ’secret sauce’. I’ve written and spoken about the concept of ‘advisor as artist’(see pages 131-133 in my book The Middle Way) at dozens of financial advisor conferences and I’ve come to believe that we need our ‘patrons’ to expect this of us.
What has your experience been?
This short (a little over 8 minutes) video is a fascinating look into how a stone carver uses incredibly detailed preparation and both ancient and modern tools to create something unique. I believe this idea has equal applicability when it comes to dealing with the thorny issues surrounding family and financial wealth. https://vimeo.com/216658674