Holistic Planning for High Net Worth Individuals and Families

Financial planning is crucial for individuals and families with high net worth. These individuals often have complex financial situations that require specialized expertise to manage effectively. Without proper planning, high net worth individuals may struggle to achieve their long-term financial goals. However, financial advisors face unique challenges when planning for these clients. This is where holistic planning comes in.

Holistic Planning: A Comprehensive Approach

Holistic planning is a comprehensive approach to financial planning that involves a combination of different components, including cash flow planning, goal-based planning, portfolio management, income tax planning, and wealth transfer planning. 

Unlike an isolated approach to financial planning (for example, an approach in which there are a larger number of providers working in silos to provide expertise), holistic planning takes into account the big picture, considering how different aspects of financial planning impact each other and bringing that expertise under one roof. 

This ensures that any recommendation made on one piece of the financial plan will likely affect other areas as well. Holistic planning is particularly beneficial for high net worth individuals and families, as it helps to manage the complexity of their financial situation effectively.

Benefits of Holistic Planning

Holistic financial planning offers several benefits to high net worth individuals and families. Let’s take a look.

Customized Approach to Financial Planning

One of the most significant advantages is the customized approach to financial planning that it provides. This approach is tailored to the unique needs of each client, taking into account all aspects of their financial situation. By doing so, advisors can create a plan that maximizes their client’s wealth and minimizes their tax liability. This results in a more efficient use of resources and a higher probability of achieving long-term financial goals.

Tailored Tax and Wealth Transfer Planning

In addition to customized planning, holistic financial planning ensures that all aspects of a client’s financial situation are considered. This includes income tax planning and wealth transfer planning, which are often outsourced by advisors to other professionals. By incorporating these elements into the planning process, advisors can create a comprehensive financial plan that considers the interplay between different aspects of the client’s financial situation. This approach can help clients to achieve a better understanding of how their financial decisions impact their overall financial health.

Focus on Long-term Goals and Legacy Planning

Holistic financial planning also places a strong emphasis on long-term goals and legacy planning. This means that advisors work with clients to ensure that their financial plan aligns with their long-term objectives, such as retirement or legacy planning. By doing so, clients can have peace of mind knowing that their financial future is secure and that their assets will be managed in a way that aligns with their values and long-term goals. This approach can also help to minimize the emotional and financial impact of life events such as divorce, death, or disability.

Risk Management

Finally, holistic financial planning can help clients to manage risk and navigate uncertainty. By taking a comprehensive approach to financial planning, advisors can help clients to identify potential risks and develop strategies to mitigate them. This can include everything from investment risk to estate planning risk to market risk. By having a plan in place that considers these risks, clients can feel more confident about their financial future and be better equipped to handle unexpected events.

For ultra high net worth individuals and families, the approach to financial planning is quite different from traditional financial planning. 

Holistic planning is becoming increasingly important for ultra-high net worth individuals and families, as traditional financial planning approaches often fall short in addressing the complexity and high stakes involved in managing their wealth. Rather than focusing on individual pieces of the puzzle, holistic planning takes into account the big picture.

According to Sean Clark, MBA Director of Financial Planning at Centura Wealth Advisory, this approach involves pairing all the different parts of financial planning with income tax planning, wealth transfer planning, and balance sheet optimization. By understanding how all the parts work together and move, holistic planning ensures that any recommendation made on one piece of the financial plan will likely affect other areas as well. This comprehensive approach to financial planning helps identify small adjustments, such as debt or where an asset is held or titled, that can make a big difference in maximizing wealth and minimizing tax liability.

The Centura Approach

At Centura Wealth Advisory, we understand the unique needs of ultra high net worth individuals and families when it comes to financial planning. Our team of experts is well-versed in all areas of financial planning, including income tax planning and wealth transfer planning, and we work closely with our clients to develop a customized plan that addresses all aspects of their financial situation. Our comprehensive and integrated approach to financial planning ensures that every recommendation made on one piece of the financial plan takes into account its impact on other areas as well.

By adopting this approach, we help our clients achieve their long-term financial goals. Therefore, at Centura Wealth Advisory, we strongly believe that holistic planning is essential for high net worth individuals and families to secure their financial future.

Connect With Centura

At Centura Wealth Advisory, we go beyond a traditional multi-family office wealth management firm to offer advanced tax and estate planning solutions which traditional wealth managers often lack in expertise, knowledge, or resources to offer their clients.

We invest heavily into technology and systems to provide our clients with fully transparent reporting and tools to make informed decisions around their wealth plan.

Read on to learn more about our 5-Step Liberated Wealth Process and how Centura can help you liberate your wealth.

Disclosures

Centura Wealth does not make any representations as to the accuracy, timeliness, suitability, or completeness of any information prepared by any unaffiliated third party, whether linked to or incorporated herein.  All such information is provided solely for convenience purposes and all users thereof should be guided accordingly.

We are neither your attorneys nor your accountants and no portion of this material should be interpreted by you as legal, accounting, or tax advice.  We recommend that you seek the advice of a qualified attorney and accountant.

For additional information about Centura, please request our disclosure brochure as set forth on Form ADV using the contact information set forth herein, or refer to the Investment Adviser Public Disclosure website (www.adviserinfo.sec.gov).  Please read the disclosure statement carefully before you engage our firm for advisory services.