A coherent financial plan where all elements of the family have considered every aspect in tandem with every sector of the advisory team remains an ever-evolving process and rarely seen in the HNW space. Typically, HNW families have an eclectic array of products collected over time from different divisions of the advisory fraternity which, in most cases, are relevant for a short period but rarely reviewed to ensure they remain extant. HNW advisory remains siloed with weak communications between the stakeholders where even family offices fail to bring all the essential elements to a financial plan together.
Pure financial planning should cover a myriad of topics and not should be given parameters as to what and what not to discuss. It is a discovery process that requires constant review and should be ubiquitous in all discussions with the family to ensure that it matches their dynamics. HNW families rely on the expertise around them, but it must be symbiotic since weak communication will result in poor decisions and investment choices.
With some many moving parts in financial planning it is important to allow technology to serve its purpose in delivering real time data to make informed decisions. So many families still rely on XLS spread sheets and the back page reports from the FT that invariably will put them at a disadvantage; perhaps they just don't know that it already has.
Formulating a dynamic, evolving and accurate financial plan is the cornerstone to any successful strategy and positive outcome for HNW families.
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Dubai | London | Monaco
