Articles

Are You “Wealthy”?

Thu, 30 Jun 2016 19:33:00 +0000

Questions for the industry and our clients

I can no longer hold back my concerns about the way in which private wealth advisors address the questions of wealth, family, success and society.

After the Plan

Thu, 12 May 2016 17:44:00 +0000

Guiding personal trustees

Well-meaning, competent individuals have become trustees without proper orientation or training and, as a result, end up failing to implement trusts in the way they were intended.

Next Gen 2.0

Fri, 19 Feb 2016 19:11:00 +0000

Taking things to a higher level

Patricia M. Angus identifies major trends occurring with Millennials and offers practical advice on how to maximize opportunities that may exist to bring Millennial clients to the next level.

Discovering the “New World” of Family Business

Mon, 25 Jan 2016 15:53:00 +0000

Looking back some day, 2015 may become known as the year that family business was “discovered,” at least by a group far larger than those specializing in the field.

Hearing Women’s Voices in Wealth Planning

Mon, 26 Oct 2015 15:46:00 +0000

Bringing everyone to the table

It’s striking how many of the top executives are male and how many advisory boards of multi-family offices and financial institutions don’t include any women.

Sharing the Family Vacation Home

Fri, 31 Jul 2015 20:03:00 +0000

Five tips for making frolicking more likely than fighting

For those with clients who are lucky enough to have a vacation home, here are some tips on how to help them make frolicking more likely than fighting.

Mindfulness in Advisor-Client Relationships

Wed, 27 May 2015 16:18:00 +0000

By slowing down and simply noticing emotions, thoughts, and sensations as they occur, one can find a way to reduce stress and ultimately be more at peace in the world.

Beyond the Traditional Estate Planning 'Choices'

Thu, 26 Mar 2015 17:53:00 +0000

Expanding the options

Estate planners often advise clients that there are only three places where you can leave your assets at death: family, taxes and charity.

Should Parents Tell Their Adult Children What’s in their Estate-Planning Documents? Yes

Mon, 23 Feb 2015 16:01:00 +0000

In general, transparency is the best approach

I believe transparency is the best approach to estate planning when a client has adult children.

Changing Lenses

Thu, 29 Jan 2015 17:35:00 +0000

How perspective affects family wealth advising

Too often, professionals privately refer to their clients in ways that are unflattering at best and derogatory at worst. The advisor’s “lens”–seeing the client as less than competent—affects every interaction between them.

‘Tis the Season

Mon, 01 Dec 2014 22:18:00 +0000

Year-end planning that doesn’t lead your clients down the road to conflict

What can advisors do beyond the usual year-end planning to help families stay intact?

Planning Trust Administration to Avoid Conflict

Fri, 21 Nov 2014 17:05:00 +0000

Insights and best practices for individual trustees

Joseph C. Mahon & Patricia M. Angus offer insights and best practices for individual trustees

Family Feuds

Wed, 05 Nov 2014 18:35:00 +0000

Lessons learned from the headlines

Hardly a day goes by without a headline about a “family business feud” in the pages of national newspapers or in blasts from various media sources.

Private Wealth Advice in the Social Media Era

Tue, 23 Sep 2014 13:53:00 +0000

If work is done well but no one tweets about it, is it still good?

In the age of social media, a great deal of personal information about client family matters is now shared freely, tweets and all.

Beneficiary’s Choice

Thu, 21 Aug 2014 18:34:00 +0000

One way to reduce the chance of creating trust fund babies

Clients with the opportunity to leave assets to children ask for advice about how to avoid harming their children with inherited wealth.

Attending to a Client’s True Needs

Tue, 29 Jul 2014 13:34:00 +0000

Lessons learned in unexpected places

My simple story highlights some important issues for lawyers, accountants and investment advisors seeking to serve their clients well and build their business practices.

My Family Enterprise Day

Tue, 27 May 2014 18:36:00 +0000

Don’t overlook what’s all around you

It's easy to miss how pervasive family businesses, and the complexities they entail, affect life in the United States and around the world.

Scattergories?

Mon, 05 May 2014 20:00:00 +0000

Getting on the right track for financial security

As a long-time proponent of knowing one’s own finances to be able to live a financially secure and purposeful life, I was recently reminded of some of the challenges that arise when one attempts to actually keep track of income and expenses.

Estate Planning Metrics

Fri, 28 Mar 2014 14:56:00 +0000

Outcomes beyond measure?

“Metrics” is a hot word these days. In the world of charitable giving, donors and philanthropic advisors are focused on finding ways to improve how they measure, evaluate and assess outcomes. Non-profit organizations are encouraged to run their operations more like for-profit

Reality Trumps Myth

Mon, 03 Mar 2014 14:32:00 +0000

The Pritzker family enterprise story

Patricia M. Angus uses a specific example to demonstrate how even the most established family businesses can experience succession planning difficulties

Got Love?

Fri, 14 Feb 2014 18:34:00 +0000

Getting to the “heart” of it

If love is at the heart of all human beings and families, why do private wealth advisors spend so little time talking to their clients about it?

New Year’s Resolutions

Fri, 27 Dec 2013 15:18:00 +0000

Goals for 2014 to improve client/advisor relationships

As another year ends and a new one begins, it’s hard not to reflect on achievements and shortcomings—all the things that one has accomplished over the past year, and those we wish had been done before year-end.

Gallery: 5 Takeaways - Family Meetings Come of Age

Fri, 08 Nov 2013 20:56:00 +0000

Here are the top 5 takeaways from Family Meetings Come of Age

Family Meetings Come of Age

Thu, 07 Nov 2013 15:40:00 +0000

How to create an effective forum for all generations

As family meetings grow in popularity, it’s a good time to reflect on what they can and can’t do for a family and how an advisor can help make them effective.

Friend or Foe?

Fri, 27 Sep 2013 18:54:00 +0000

Think twice before becoming your client’s BFF

While many advisors see their clients as their “friends,” still others seem to place their clients in the position of “foe.”

“Go Away!”

Mon, 05 Aug 2013 14:43:00 +0000

A tried and true wealth preservation “technique”

Today, I share an easy technique that’s been proven to help lawyers, accountants and investment advisors meet their ultimate goal of helping clients preserve their wealth: just tell your clients to “go away!”

What is a “Family?”

Fri, 28 Jun 2013 18:26:00 +0000

Supreme Court rulings highlight timeless estate planning questions

This has been quite a week for legal rulings affecting the trusts and estates community: the Supreme Court essentially struck down the Defense of Marriage Act and declined to rule on California's Proposition 8 for lack of standing.

Which Gen?

Wed, 29 May 2013 14:42:00 +0000

Questioning the Labeling Trend

The private wealth management industry has recently directed its focus to the “Next Gen.” Across the board, Next Gen is hot, and the trend shows no signs of abating any time soon.

Trust and Miracles

Wed, 01 May 2013 06:47:00 +0000

A simple test as useful groundwork for establishing a long-term relationship

The word “trust” is used all the time in the private wealth management world. While there are numerous academic studies on the issue, Patricia Angus has found a simple rule of thumb that helps her identify someone who might be trustworthy.

The Perfect Storm?

Wed, 27 Mar 2013 19:20:00 +0000

It’s brewing on the estate-planning horizon, and clients and their advisors may be heading directly into it

Advisors need to think about the direction that their advice and decisions will lead their clients and themselves.

May I Help You?

Thu, 28 Feb 2013 14:54:00 +0000

How perspective matters in client-advisor relationships

Patricia Angus addresses an important advisorial dilemma: Have you been hired to help, or are you the hired help?

Now What?

Tue, 29 Jan 2013 15:42:00 +0000

The hard work has only just begun

The collective sigh among advisors was practically audible as Dec. 31, 2012 came to a close. It would be nice to think that all is behind now, with documents having been signed, assets transferred and account titles changed. But, alas, the real hard work has only just begun. Patricia Angus explains...

Island Hopping

Thu, 20 Dec 2012 14:49:00 +0000

An archipelago can be a model for healthy relationships.

Patricia Angus offers the latest installment of her column on strengthening the relationships between high-net-worth families and their advisors

New and Improved?

Fri, 30 Nov 2012 14:53:00 +0000

Do we run the risk of discontinuing advice and services that are quite good?

Many perfectly good items that may have served us well no longer exist. How does this phenomenon relate to private wealth management? Patricia Angus explains

(Re-)Building Bridges: Reflections on All Hallows' Eve 2012

Fri, 02 Nov 2012 16:00:00 +0000

Lessons learned from our response to crisis

Patricia Angus discusses how advisors can begin to pick up the pieces in the wake of disaster.

Client Engagement

Fri, 21 Sep 2012 15:31:00 +0000

How to improve participation to achieve better results

Patricia Angus discusses how to get the most out of client engagement letters

A View of the Bridge

Mon, 13 Aug 2012 13:30:00 +0000

An enduring Italian landmark offers up lessons for private wealth advisors

Patricia Angus explains how Italian architecture can be a source of inspiration for how to build a solid relationship with your high-net-worth clients

Being “Good With Clients”

Tue, 17 Jul 2012 15:35:00 +0000

Four common assumptions to avoid

Today, being “good with clients” is undoubtedly a qualification sought in all applicants to law, accounting, financial services and other firms serving private clients. However, recognizing an issue isn’t the same as mastering it. Indeed, there’s still a gap between clients and their advisors that can get in the way of the development and implementation of estate and financial plans.

Donor Networking

Sun, 01 Aug 2004 16:00:00 +0000

Patricia M. Angus, president, Angus Advisory Group LLC, New York

Charitable giving through private foundations, trusts and donor-advised funds has been booming for the past few decades. There are now more than 40,000