About the Family
In initial meetings with the family and their accountant, HighView determined that the primary aspiration of the family was to create true multigenerational and sustainable family wealth.
An entrepreneurial family had built a successful business over three decades, ultimately selling it to net several million dollars. At the time, in working with the entrepreneur’s accountant, the family’s investable assets were allocated between three financial advisory firms. After three years of operating in this manner, the family found themselves feeling financially lost as their portfolios were simply riding the waves of the capital markets with no defined purpose or method of measuring success that’s personally relevant for them.
Through their accountant, the family approached HighView to create an integrated wealth plan for the whole family—first generation of Mom and Dad, second generation of adult children, and future generations as well. In initial meetings with the family and their accountant, HighView determined that the primary aspiration of the family was to create true multigenerational and sustainable family wealth.
Collaborating with the Family’s Advisors to Create a Wealth Plan
Over the next few months, by collaborating with the family and their accountant and estate lawyer, HighView crafted a tailored wealth plan that illustrated how the family could create a sustainable balance sheet that could be passed down through the generations. Alongside that, we also drew together a succession plan that included wealth management education for the children and their participation, over time, in managing their family’s wealth. This approach is what HighView refers to as stewarding in the family wealth management business!
Increasing Wealth Security and Decreasing Fees
Instead of having multiple advisors working independently without shared objectives, HighView consolidated the family’s assets with a single, large Canadian financial institution for custodial and safekeeping purposes. Then separately, as the family’s outsourced CIO, HighView constructed an integrated set of portfolios that aligned with their wealth and succession plan goals.
We were also able to materially lower their investment management fees relative to expensive retail-priced investment products in which the family had previously been invested.
This objective, transparent approach gives the entire family confidence in knowing that their portfolio is supporting their goal of creating multi-generational, sustainable family wealth.
Providing the Family with Peace of Mind
After six years of years engaging HighView as their outsourced CIO, the family frequently states that they now enjoy “true financial peace of mind”. They receive quarterly reviews that measure their portfolio’s behaviour against their stated goals as well as annual reviews during which HighView sits down with the family and their advisors to do a full review of their Investment Policy Statement (IPS) and Family Wealth Plan.
This objective, transparent approach gives the entire family confidence in knowing that their portfolio is supporting their goal of creating multi-generational, sustainable family wealth.
