How can working with a wealth planning specialist be beneficial?
Often, people are so busy they don’t have a chance to think about planning so it really helps to work with a professional with the experience, knowledge and objectivity to assess the situation and make specific recommendations. Also, a wealth planning strategist is in tune with the constantly changing opportunities that are available. This highly specialized knowledge and experience can translate into a much larger percentage of a client’s wealth being transferred according to their wishes.
Another potential benefit relates to working with a wealth planning specialist who offers very specific expertise aligned with the client’s unique needs. For example, our Private Bank offers experts in succession planning for business owners who need help determining the succession path of the business that they have nurtured over the years. Also, as the Japanese Segment lead, I provide specialized solutions for Japanese and Japanese-American clients including members of the Nisei generation, which is first-generation U.S.-born Japanese-Americans, many of whom are now in their 70s and 80s. Many of these people built their wealth in the aftermath of World War II, so extra care should be taken to transfer their legacy in a tax-efficient manner. This is where I feel I can add great value to these clients.
How important is being fluent in Japanese when working with the Nisei generation on wealth planning?
By definition, the Nisei were born in the U.S., so there are no language issues. But I think many of them would appreciate working with a banker who understands and shares their culture and heritage.
For those who immigrated to the U.S. after the war, or whose spouse is from Japan, however, there may be a strong preference to work with a Japanese-speaking banker. You want to make sure that they understand the options that are being presented, and sometimes the best way to do that is in their native tongue.
When someone is ready to begin planning, what are the first steps?
The process starts with an interview with a wealth planning specialist. Many people have a vague understanding of what they want, and the right wealth strategist will be able to ask pertinent questions to bring those needs to light. Once the wealth strategist has all the relevant information, he or she can develop a goal-based client analysis and then present specific implementation suggestions. After that, he or she will work with the client’s CPA and attorney to help the client implement the plan.
Wealth planning strategies have legal, tax, accounting and other implications. Consult a competent legal or tax adviser.
Lance Yanagihara is a relationship manager at the Private Bank and Japanese Segment lead at Union Bank. Reach him at [email protected].
