WMC’s integrated planning
process revolves around the ongoing comprehensive review
of the client's current and long term situation,
continual development of a detailed strategic action
plan and a periodic monitoring program that ensures that
each client’s objectives are being achieved. While all
of our clients are unique and our services can vary to
accommodate special or unusual cases, most of our
clients fall into three general categories:
corporate executives,
wealthy individuals,
and
family business owners.
Integrated
Planning Process—Wealthy Individuals
WMC’s integrated planning process revolves around the ongoing
comprehensive review of your current and long term situation,
continual development of a detailed strategic action plan and a
periodic monitoring program that insures that your objectives are
being achieved.
Current Financial Situation
After an initial meeting, and after financial information is
received, a detailed review of your personal financial situation is
performed. Detailed goals, objectives and concerns are identified
as the framework to evaluate your current and long-term financial
situation. The analysis of the current situation includes detailed
projections of net worth, income taxes and cash flow. Opportunities
are identified to maximize the value of existing assets, or
alternatively, minimize their risk exposure. A review of your
current investment allocation is also made relative to your
individual objectives.
Financial Security Analysis
Next, a long-term projection of your cash flows and investment
assets, including retirement plans or trust assets is prepared.
This analysis reviews various life scenarios, including disability
and death. The intent is to define the level of investment assets
you and your family need to achieve financial security under the
various scenarios. In addition, the analysis provides insight into
how long your investment or trust assets will last, the level of
spending you can afford, the type of investing you can or must
target (e.g., the rate of return needed), the amounts and types of
life and disability insurance needed and the impact of your planning
on your estate plan.
Investment Implementation
WMC provides sophisticated counseling in the design, implementation
and monitoring of investments. In addition, the evaluation of
tax-advantaged investments is also provided.
The development of an overall investment plan starts with the
investment and rate of return targets established in the financial
security analysis. These are then supplemented with constraints
specific to each client. These would include, for example, the need
to hold a certain level of company stock, the need to maintain
liquidity in your portfolio, aversion to investment in certain types
of investments like limited partnerships, etc. These constraints are
then applied to an asset allocation model based on the historical
performance of various broad based investment classes and their
correlation of performance with each other. Ranges for ownership are
then established for each asset class. A review of the current
economic environment will then define which investment classes
should be emphasized at the high end of the range and which
investments should be diminished.
Once the broad asset classes are defined, narrower asset classes are
then selected through a similar portfolio allocation strategy and
finally, individual securities or managers are recommended. Various
portfolio screens are applied to each level of asset selection so
that only those assets with excellent performance given the
constraints applied are selected.
The performance of each asset selected is then monitored relative to
the targets established for the investment, the targets established
for the portfolio and the targets established for financial
security. This periodic monitoring is performed for every
investment you own, including those assets not managed by us.
Estate Planning
WMC has extensive expertise in the development of sophisticated
estate plans to meet your objectives. Your estate plan’s foundation
again starts in the financial security analysis to determine what
you can "afford" to do now and in the future. A synopsis of your
existing plan is prepared, along with a detailed flowchart
explaining the disposition of the estate in the event of your death,
your spouse’s death or both. Observations and implications are then
forwarded, especially as they relate to your objectives. Specific
recommendations are then made and implementation is coordinated with
your attorney and with company benefits personnel. The plan is then
reviewed periodically as your situation or objectives change.
Income Tax Preparation
Income tax preparation is not included in the financial counseling
program. However, we can coordinate the preparation of your income
tax returns with your local tax advisor or with firms we have worked
with in the past. An income tax variance analysis is performed
prior to you signing your tax return to ensure that the return
reflects what has been projected for you. If it does not, detailed
explanations of variances are presented so that you are comfortable
that the tax return accurately reflects your situation. This
variance analysis is then used to ensure future projections continue
to be accurate.
Risk Management
WMC provides ongoing review of existing debt, life insurance and
property and liability coverage. We will provide you with
observations and implications of your current coverage, along with
detailed recommendations.
Personal Administrative Services
WMC also coordinates personal secretarial,
bookkeeping and check-writing services for those individuals who
require the most comprehensive assistance. A personal secretary is
identified for the client and is an integral part of the
coordination and implementation of the client's financial affairs.
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