This wealthy retired couple in their late 60’s was looking to transfer wealth to their family and needed expertise.
The Client’s wealth manager got Plumb involved to assist the patriarch of the family in understanding the financial consequences of the wealth transfer to his two sons. He was concerned that his net worth was decreasing every year, not understanding the consequences of his spending and the wealth transfer strategies.
The Client engaged Plumb in creating a big picture custom reporting tool that could be updated by their Family Controller on a quarterly basis.
Plumb’s initial engagement included the following:
- Regular monthly meeting with the family to fine tune the custom reporting tool.
- Create a reporting tool that can be easily updated by the family’s internal resources.
- The Client is now able to see quickly where his money is going on a quarterly basis.
- It provides him with a piece of mind that he is not just spending his net worth but rather transferring it to his two sons.
- Plumb is now further engaged to create a similar reporting tool for the two sons and ultimately an overall reporting tool for the entire family.