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Comprehensive Planning
Wealth Management requires careful consideration of all areas of our client's financial situation through a consultative approach. First, comprehensive planning develops a course of action to help achieve personal goals.
Many investors want unbiased advice that is not influenced by advisor commissions. Our clients may choose to work with us to develop a comprehensive financial plan. The process begins with an initial interview in which we will discuss our services, your needs and our fees. Should you desire to continue the process, we will conduct a thorough analysis and create a comprehensive plan including risk management assessment, cash flow analysis, retirement planning using Monte Carlo simulations, budgeting, accumulation, conservation and distribution of your estate. We will then discuss your current strategies and present our recommendations.
If you desire, we can work with you to implement the strategies we have designed. However, you are free to implement the plan as you choose. The cost for a comprehensive financial plan will be presented and agreed upon prior to any work being done and typically can be structured as either an hourly rate of a flat fee. In either case, the complexity and size of your estate, along with the level of service you desire will determine the overall cost.
If you are being offered a “free” financial plan from another advisor, you will get what you pay for - advice that is incidental to the sale of a product.
Trust Services
Trusts are the most common vehicle used by families to pass wealth from one generation to another. Most trusts are created and administered by individuals, but few of them are familiar with how trusts operate and still fewer with the legal obligation of trustees. Trustees, whether they are a bank trust department or an individual, have the following legal duties:
- Exercise reasonable care, skill, and caution
- Keep and render accounts of trust assets
- Take and keep control of trust assets
- Preserve the trust property
- Enforce claims and defend actions
- Make the trust property productive
Portfolio Management
Portfolio management is based on asset class selection to meet their individual risk tolerance and time horizon of the individual client. The objective is to design the portfolio to be extremely efficient – that is, to provide the maximum expected return per unit of risk. Tax considerations are an important part of the portfolio design.
The construction of the portfolio is accomplished using institutional mutual funds that represent distinct asset classes within the domestic, international and emerging equities markets; domestic and international real estate; and global fixed-income. These funds are very inexpensive to own because they are designed to meet the needs of institutions that invest large sums of money in a disciplined manner.
Estate Planning
The estate planner must have a solid understanding of the tools of the field, including knowledge of property and tax law as well as financial planning. Estate planning is inherently complex because of the technicalities of the applicable law and the foresight required to develop a program that best suits the client’s immediate as well as anticipated needs and desires.
There is a common misconception that an estate is only the property that one leaves at death. In reality, it is much more than that. The term estate planning in its broadest sense encompasses the accumulation, conservation, and distribution of an estate.
Retirement Planning
As an integral part of designing a client portfolio, Talis offers objective advice concerning retirement account investment selection, including the advantages of rollover IRAs and Roth IRA conversions.
Sustainable withdrawal plans can be designed using probability models based on Monte Carlo simulation and consideration of individual client risk tolerance. We measure risk tolerance using the FinaMetrica system, a scientifically validated risk profiling tool developed and tested with the assistance of the University of New South Wales School of Psychology.