The complex issues surrounding the management of multigenerational wealth often creates a significant burden for family members. Experience has demonstrated for us that any important discipline missing in the decision making process for high net worth families can produce results ranging from adequate to totally disastrous for the family. The solutions employed in an attempt to cope with these issues fall into two general categories.
Family members engage in a process of managing relationships with attorneys, accountants, brokers, portfolio managers, insurance agents, financial planners, bankers and other advisors, often in conjunction with running a family business. The advice from each of these advisors differs as each advisor originates their advice from a different perspective. The benefits gained from independent advice are offset by forcing family members to constantly discern which advice to follow and to engage in the arduous task of coordinating and monitoring this process
The second broad alternative involves a captive relationship with a firm that internalizes all of these services in the form of a family office or an institutional wealth management platform. Accounting services, legal advice, portfolio management, insurance, trust services and banking are all offered by one institution encouraging or requiring the family to terminate previous long-term relationships with their attorney and accountant. Offering a more cohesive process, many of the burdens are lifted but conflicts of interest are formed because independent legal, accounting and investment advisors have been eliminated.
Working entirely with independent investment, legal and accounting advisors engaged by our clients, the members of Abridge Partners represent diverse backgrounds and skills that enhance the capabilities and perspective of our clients existing legal and accounting advisors. As directed by our clients, our firm maintains relationships with many of the most prestigious firms and practitioners throughout the country as recognized by their respective peers in the legal and accounting profession. This allows our consultants to constantly be involved in the developement of techniques to solve problems associated with managing multigenerational wealth. This process continues to validate for us and our clients that the best conflict free advice available to our clients is gathered from talented independent advisors that are unwilling to work in a captive environment for one institution.
We appreciate your consideration of our firm as the alternative for your family.