Family businesses have long been the backbone of economies worldwide, contributing significantly to job creation, innovation, and community development. However, managing a family business comes with its unique set of challenges, particularly when it comes to wealth management and legacy planning. Boutique Advisers Private Wealth excels in helping family businesses navigate these complexities, ensuring that their wealth is preserved, and their legacy is secured for future generations.
Setting the Platform for the Future
The journey of managing family wealth begins with creating a Strategic Family Plan. This plan serves as a financial roadmap, outlining the family’s values, vision, and priorities for their wealth. It includes the development of an investment policy that governs how the family’s wealth is invested and structured.
Family Governance Plan
A crucial aspect of wealth management for family businesses is the Family Governance Plan. This plan documents how the family will work together towards a shared vision. It allocates roles and responsibilities to different family members and establishes a family constitution to govern investment decisions, manage risk, and ensure a smooth transfer of wealth across generations.
Estate and Legacy Planning
Estate planning is essential to protect the family’s wealth and ensure that their wishes are carried out in the future. This is more than just creating a will and appointing a power of attorney. It is about making sure all structures including family trusts, self-managed superannuation funds and companies are aligned with control to keep assets out of the estate. At Boutique we work with our clients to help establish workable mechanisms to manage the family’s financial and wealth management affairs when they are no longer able to do so.
Holistic Approach to Wealth Management
Boutique Advisers takes a holistic approach to wealth management, considering all aspects of a family’s financial life. This integrated approach ensures that all financial decisions are aligned with the family’s overall goals and objectives. By offering services such as investment management, retirement planning, and estate planning, Boutique Advisers helps families achieve financial security and peace of mind.
Education and Mentorship
Boutique Advisers believes in the importance of educating and mentoring current and future generations about wealth and business. They have developed programs tailored to the needs of each family, preparing heirs to be good stewards and thoughtful managers of the family’s wealth enterprise.
Client-Centric Approach
At the heart of Boutique Advisers’ success is their client-centric approach. They prioritise building strong relationships with their clients, taking the time to understand their unique needs and goals. This personalised service ensures that each client receives the attention and support they need to make informed financial decisions.
Award-Winning Practice
Boutique Advisers’ dedication to providing exceptional service has not gone unnoticed. They have been recognised with several industry awards, including the prestigious 2023 Financial Advice Association of Australia (FAAA) National Professional Practice of the Year. This recognition is a testament to their commitment to excellence and their ability to deliver outstanding results for their clients.
Managing a family business and its wealth requires careful planning and a holistic approach. Boutique Advisers Private Wealth excels in providing the expertise and support needed to ensure that family businesses can preserve their wealth and secure their legacy for future generations.
Contact the team at Boutique Advisers Private Wealth today.
Gary Hasler is the Managing Director of Boutique Advisers Private Wealth and works with highly successful individuals and families, providing strategic financial advice. Gary specialises in working with generational family businesses, executives and family office clients as well as high level professional athletes. Gary is passionate about working with Boutique clients in a collaborative way, providing clarity and confidence, and helping them navigate their financial life.