Wealth Planning

Wealth planning is a specialized area of financial planning. It is the most comprehensive approach you can take. In essence, it is the combination of retirement planning, investment management, risk management, and estate planning, focusing on multiple generations of your family at the same time.

Wealth Planning

Wealth Planning

Wealth planning is a specialized area of financial planning. It is the most comprehensive approach you can take. In essence, it is the combination of retirement planning, investment management, risk management, and estate planning, focusing on multiple generations of your family at the same time.

Who Needs Wealth Planning?

As you build your net worth over the years, there comes a time when your net worth is large enough and your situation complicated enough that you need to take this more comprehensive approach to financial planning. There comes a time when your planning decisions will significantly impact both you and your heirs, and that impact needs to be balanced. That is wealth planning.

We do not have absolute criteria for who needs wealth planning over regular financial or retirement planning. However, the transition from regular financial planning to wealth planning usually occurs when you’re extremely confident you can retire. At this point, your concerns shift to preserving your wealth while growing it and preparing the next generation to steward it successfully.

Our Wealth Planning Services​

Because of the complexities involved in wealth planning and the larger consequences of making mistakes, it is extremely important that you work with an experienced wealth advisor to address the following key issues that can put you at risk.

Couple reviewing the needs and goals of their family

Identify Multigenerational Needs

Identifying your needs and goals is part of every financial plan. In wealth planning, you need to identify the next generation's needs in addition to your own. Being "wealthy" typically means you won't outlive your assets, but you also need to position your assets wisely for your lifetime and the generations that come after you.

Older generation deciding how to position assets

Position Assets Correctly

Each generation will share some goals with other generations, but each generation also has its own unique goals and concerns. You need to position key assets for each generation by asking and answering the right questions. Which will best support you? Which should be set aside and grown for your kids/grandkids? Do you want to plan for generations beyond that? Are there charitable bequests to consider?


Couple reviewing strategies in wealth planning

Develop The Right Strategies

Based on each generation's goals and the assets you position for you and your heirs, you need to develop and identify the right strategy at each level. You may be more concerned with cashflow for your needs, while you are interested in more asset growth for other assets. You should not take a one-size-fits-everyone approach. You need to develop a different strategy to meet each generational level's goals.

Individuals managing their investments on a tablet

Manage Investments Wisely

Investment management is crucial in the wealth planning process. The right combination of stocks and bonds, public and private investments, and liquid and illiquid assets will determine how successfully you meet all your goals across the years, decades, and beyond. You need to get this right, but you will also need to make critical adjustments as time advances. You and your family will move through different life phases over time, so your asset allocation and investment management must adapt accordingly.

Married couple reviewing risk mitigation

Protect Your Castle

The entirety of your net worth is your family's castle, but even if you've built the perfect castle for your family, you need to build the right moat to protect it. Life is full of risks and unpleasant surprises. Being wealthy does not exempt you from these risks. In fact, the more you have, the more you stand to lose. You need to build a moat consisting of proper risk assessment, sufficient diversification, successful risk mitigation, and efficient risk protection.

Father preparing son to manage assets

Prepare the Next Generation

Even if you've done all the above, you still need to prepare the next generation to take over. This is a unique aspect of wealth planning. You need to identify who will lead the next generation in managing your wealth. 

Your kids are not all the same; they have different talents and desires. Someone who doesn't want to manage investments, operate a business, or handle real estate should not be forced to do so.

You need to develop a succession plan while you are still alive and then start training your successors while you are still present. Ultimately, you need to hand the baton to skilled and experienced leaders.

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Why Work With Us?

As you can see, wealth planning is considerably more complex than any other planning area because it involves all other planning areas at a high level where even small mistakes can be enormously expensive. You need the guidance of an experienced wealth manager who provides 100% objective advice at a fiduciary level.

First Financial Consulting has provided this objective service level for 45+ years. We’ve walked with our clients throughout several generations. Those families’ loyalty to us over all these years is the strongest evidence we can offer about our capabilities.

We help our wealth planning clients identify their needs and goals over the years, position the right assets with the right strategies at each level, and then manage and protect those assets as they generate cashflow for the present and grow for the future. We are especially focused on helping our clients’ heirs participate in the discussion and management of their families’ wealth.

Hire An Honest Wealth Advisor

This is not an argument to hire someone who won’t steal from you – that is a given. Instead, this is an argument to hire a wealth advisor who will speak truthfully about the key issues and risks to everyone. Let’s face it, all families come with some level of friction between the generations. A successful wealth manager will serve as an objective sounding board to each generation in times of conflict. A successful wealth manager won’t pull punches to please one family member over the other.

Wealth planning is not the place for family politics or “yes-men.” It demands honesty and sensitivity to all parties. At First Financial Consulting, we help families avoid unnecessary conflicts and eliminate those that still appear. Our promise of 100% objectivity comes with an implicit promise to serve your entire family honestly.

Wealth Planning FAQs

What is Wealth Planning?

Wealth planning is a specialized form of financial planning. It is the most comprehensive approach, combining retirement planning, investment management, risk management, and estate planning at the same time.

Why is Wealth Planning Important?

Wealth planning is crucial for families with large and complicated net worths because the downside risks of small mistakes can be huge. It is the problem of "more;" with more assets to manage come greater risks and more complex decisions.

How Much Should I Pay for Wealth Planning?

The complexity of your situation will determine the costs of wealth planning. You should fully explain your goals - for yourself and for your heirs - and ask a wealth advisor for a detailed cost estimate.

What Does a Wealth Advisor do?

A wealth advisor will work with you to address all your goals, typically across multiple generations. A wealth advisor will help you balance the inevitable conflicts between your needs in retirement and your goals for your heirs and/or any charitable gifts you want to make.

Are Wealth Advisors Worth it?

A good wealth advisor is extremely valuable. As mentioned above, the greater complexity of high-net-worth families means there is more to manage and more to protect. If done correctly, the benefits should be multiple times greater than the costs, usually by factors of 20X or more.

Build Wealth for Tomorrow

Wealth planning is considerably more complex than any other planning area and even a small mistake can be enormously expensive. Schedule a Complimentary Consultation with one of our Wealth Advisors Today to avoid these mistakes and grow your wealth.

Protect Your Future

Your legacy goes far beyond your assets. Ensure that legacy carries on through future generation. Schedule a Complimentary Consultation with one of our Estate Planning Experts Today.