You mentioned trusts before. How can trusts come into play to protect your financial assets?
Many people could benefit from a trust but don’t realize it. A trust can help address estate tax issues and protect your wealth and family should something happen to you or you become incapacitated. A trust is a viable option for preserving wealth and is strongly recommended for anyone who has accumulated wealth. Your private banker, in partnership with your attorney and tax adviser, can help you determine the type of trust that best fits your needs and make any necessary changes as your wealth grows, or as any other life-changing events occur.
Is it important for your private banker to work with your other advisers?
It’s critical. Your private banker should work with your CPA and your attorney to form a collective partnership. The accountant brings tax expertise, the attorney brings legal expertise, and the private banker will bring his or her financial guidance backed by a team with expertise on everything from banking services to trust services to wealth planning. Having a solid team behind you can really bring you an incredible level of comfort. As any executive knows, just like in business, one person doesn’t make all the decisions alone; instead, they gather a team of experts to come up with the best solutions.
How often should you meet with your private banker?
It depends on your needs. Your private banker’s job is to provide timely information, remain in contact with you and create an effective partnership. You should keep this person aware of what’s going on in your life, what worries you have and if anything changes that might require certain areas of your financial life to be reassessed.
How can someone find the right private banker?
One great way is to ask associates or other advisers for referrals. You want someone who is knowledgeable and experienced but you also want someone who you like and trust. Make sure this person is willing to really listen to your needs and not simply provide generic solutions. You want someone who approaches your finances with a 360-degree point of view. This will allow them to help you with your immediate needs, while also setting the foundation to become a lifelong partner — a trusted adviser who can help you get where you want to go. <<
Wealth planning strategies have legal, tax, accounting and other implications. Consult a competent legal or tax adviser.
Vartan Shahijanian is vice president and regional director at Union Bank. Reach him at [email protected].
