By John P. Schlatter, CFP®
The completeness and accuracy of planning provided to high wealth families is often threatened by a lack of adequate communication. Spouses and families must communicate amongst themselves. But of equal importance is the level and quality of communication that occurs between various members of the family's planning team.
Competent professionals operating in silos
Most affluent families have an existing team of advisors which may include: one or several CPAs, several attorneys, a stock broker, money manager, investment banker, and an insurance provider. There is no shortage of quality counsel. At the same time, most of the family's advisors communicate directly to the client and not necessarily to each other. Consider the family that agrees to execute a particular estate strategy with the help of a top notch attorney, but the planning is done in a vacuum without comprehensive analysis about the strategy's impact on the client's tax or investment situation. The best intentions can create a tremendous disservice when there's a dearth of communication across the various members of a planning team.