Most advisors focus on your portfolio. Here’s what they’re missing.
Most financial advisors do not use their clients’ tax returns as the foundation of their wealth management and financial planning. With two decades of experience, Vance Barse, CPWA®, AIF®, founder of Your Dedicated Fiduciary®, recognizes that oversight alone can cost families unnecessary taxes every year.
Barse captured what to strive for in comprehensive financial wealth planning on The Purpose-Focused Advisor podcast hosted by Rob Brown.
“There can be inadvertent planning gaps, and part of our job is to fill those gaps to make sure at the end of the day the entirety of that estate is in a nice, pretty box with a metaphorical pretty bow on top and the client can simply live their lives with purpose and fulfillment.”
Watch the segment about comprehensive financial planning on The Purpose-Focused Advisor on YouTube.
The Silo Problem
After consulting leading wealth management firms nationwide for a decade, Barse identified a persistent issue within the industry – clients work with multiple professionals: a CPA, estate planning attorney, wealth advisor, and various insurance agents, but all these specialists rarely communicate with each other.
“It really is what I call a siloed business model, where there’s not a lot of cross-collaboration among the different members of the so-called planning team.”
The Coordinated Approach
True comprehensive planning requires one professional to connect all the pieces. Your Dedicated Fiduciary® requests tax returns, investment statements, estate planning documents, all insurance policies, and a household balance sheet upfront. The firm then analyzes the complete picture while collaborating directly with clients’ CPAs, estate attorneys, and insurance professionals.
According to Barse, families with $2 million to $25 million in investable assets are the most underserved in the wealth management industry because these families have outgrown retail financial advisors but don’t meet traditional family office minimums.
“Part of our job is to fill those gaps to make sure at the end of the day the entirety of that estate is in a nice, pretty box with a metaphorical pretty bow on top,” Barse noted.
Get started with a comprehensive review.
Your Dedicated Fiduciary® offers a flat-cost assessment to provide an independent analysis of your complete financial picture, including potential gaps. Get started today.
Disclaimer: This material is intended for informational/educational purposes only and should not be construed as investment advice, a solicitation, or a recommendation to buy or sell any security or investment product. Contact your financial professional for more information specific to your situation.