- “However, the most trusted adviser of the future will define comprehensive management as something altogether different. Comprehensive will include accountability for overseeing every insurance professional of every kind; every money manager, whether or not you manage the assets; all of the CPAs and attorneys, any specialist in play at any given time; the wealth holder’s philanthropic adviser; and even his or her bankers. This management role will account for every facet of the wealth holder’s financial life, but won’t stop there. It will address the manner in which their life intersects with their wealth. How will adult children manage and preserve the family’s tangible and intangible assets? What mentorship is required? It will include documenting the wealth holder’s value systems and decision-making patterns and then sharing them with future generations.” The Right Side of the Table: Where do You Sit in the Minds of the Affluent? By Scott Fithian and Todd Fithian. Page 58.
- “This management concept may cause some to contemplate whether to strive for the most trusted adviser role. Being in this role does not mean you have to take phone calls 24 hours a day or be interrupted on a sailboat in the Bahamas. It does mean that you must have a team in place to manage the intricacies, and a high-level person who is accessible when you’re not available. In the emerging-wealthy market, you will need a team that goes beyond an administrative or client service person. In the high-wealth market, and as you move up the net worth spectrum, advisers will have to build out a real back office with a variety of technical and support people.” The Right Side of the Table: Where do You Sit in the Minds of the Affluent? By Scott Fithian and Todd Fithian. Page 58-59.
- “Led by the most trusted adviser, the Core Team’s permanent roles cover four essential areas of competence: tax management, legal management, investment management, and risk management. Core Team members must be willing to take comprehensive responsibility for their arena even when it means verbalizing a need they can’t personally fill, and recommending the temporary addition of a specialist/ expert on the team. They are each compensated according to their individual business models.” The Right Side of the Table: Where do You Sit in the Minds of the Affluent? By Scott Fithian and Todd Fithian. Page 79-80