President Richard Joyner discusses how Multi-Family Wealth Management Differs from Traditional Financial Planning with Michael Kitces
Kitces Podcaster Michael Kitces invited President Richard Joyner to discuss the differences in private wealth management services in a multi-family office setting versus traditional financial planning. As a multi-family office, each client is given careful attention to their values and goals to go beyond a traditional financial planning approach.
“When you bring in the multi-generational component, you’re still doing financial planning, you’re still doing the investment management, you’re still doing estate planning and tax planning, you’re still doing all those things, but it takes on a different dimension when you’re bringing several generations into the planning process,” explains Joyner when asked about what makes the firm’s wealth management different.
Our advisors also handle fewer clients and higher net worth families than most financial planning offices. With much of the wealth multi-generational, relationships are typically long-lasting and financial decisions often impact future generations. Execution and communication are also key in the process to help ensure that planning is effective, ongoing, and adjusted when needed.
“Often in the planning world, we’re focused on designing a plan. In our world, it’s got to be the design and execution of the plan. And execution or implementation of the plan takes place over a longer period of time. So whether the process includes meetings with family members multiple times a year, or whether it’s only one touchpoint a year… how much of the focus is on learning? How much of the focus is on making operating decisions together? It really does change the focus of the work so that it’s much more about execution and implementation over longer periods of time.”
Tolleson Private Bank is also connected to the wealth management firm for local and convenient banking solutions. This gives clients the opportunities for increased benefits like direct communication between bankers and advisors with more flexible banking decisions.
“The Tolleson family is several generations in as a banking family, so they know the banking business. When they opened the single-family office, the experience they had was that they had some difficulty finding a bank that would really do the kinds of things that they wanted a bank to do, and do them well,” Joyner describes.
Listen to the full Kitces episode: How Private Wealth Management In a Multi-Family Office Differs From Traditional Financial Planning.
After his 17 years at Tolleson Wealth Management, Joyner continues to strive to “create a sustainable organization with passion about doing things right for clients.”