An entrepreneurial family had built a successful business over three decades before selling it. Their investable assets were allocated between three financial advisory firms, but after three years the family found themselves feeling financially lost as their portfolios were simply riding the waves of capital markets. HighView created an integrated wealth plan for the whole family to build truly multigenerational, sustainable family wealth.
The family was approaching retirement and had been working with an investment advisor for over 10 years who had been a personal contact. They were not comfortable with his abilities to handle their increased wealth, however, and asked their accountant to recommend alternative wealth management services. When HighView dug deeper during our discovery process, we found that the actual fees charged were 2.5%, more than double the amount disclosed in annual statements.
The father had been managing the family’s wealth for over two decades. Although he had done this well, there were investment options that he could not access as an individual investor, and he was growing concerned about who would manage the wealth as he aged or if something happened to him. These apprehensions prompted him to search for a wealth management firm able to provide the same fiduciary responsibility and level of care that he would for his family over the long term.