Recently I had the pleasure of atte...

Recently I had the pleasure of attending a round-table discusat the Business Families middle at the UBC Sauder indoctrinate of Business. At the table were a variety of financial professionalsCAs, tax and estate lawyers, financial advisors, calm a family counsellor-all of whom worked exclusively with the high-net-worth (HNW) population.

The form into groups was asked a simple question: What professional is best suited to being the affluent individual's "primary advisor" when it follows to managing wealth? The ensuing discussion was lively and spirited. Perhaps unsurprisingly, each individual of these professionals thought their profession was best suited to be the "quarterback." And I must admit, the reasons provided for these determinations were each quite persuasive.

I conception it would be interesting to replicate this dialogue for Beyond Numbers, and asked a number of acquaintances and associates the same question: When working with the wealthy, which professional makes the best "leader"? I encouraged them to be frank and expand with their responses in an effort to better understand the relationship between the various professionals who work with the wealthy. Here's what they had to say.

At the table:

Thane Stenner CIM, FCSI, first vice-president and investment advisor, T Stenner collection CIBC Wood Gundy.

Robert Can-others, LLB partner, Legacy Tax and Trust Lawyers.

Neil Colquhoun CA, TEP incorporated tax partner, PricewaterhouseCoopers LLP

Josephine Margolis Nadel, LLB director, middle for Entrepreneurs and Family Business, PricewaterhouseCoopers LLP

David Raffa, LLB partner, Catalyst Corporate Finance Lawyers.

David house of god CLU, TEP, estate-planning specialist, CIBC grove Gundy Financial Services Inc.

Thane Stenner: with equal reason let me open this discussion with a simple question: When working with the wealthy, which professional makes the best leader? Who should be the "primary advisor?"

Robert Carrothers, LLB: To start with, I'd rephrase the question: Which profession is best able to assist in the management of the ownership of wealth? I'd say that question is a little more in line with the lawyer's perspective forward the issue.

TS: Why the distinction?

RC: Well, I think of the actual management as being the investment function itself, and that should always be done primarily on members of the financial industry. They're trained to do it, and they doom most of their time and resources to that function. That said, I think that each HNW individual should have an advisor who has a grasp of the entire picture: family, assets, business, historical knowledge, and time to come plans.

Josephine Margolis Nadel, LLB: I think you have to start by the agency of defining the true meaning of wealth management. I believe that wealth management encompasses a broad range of services ranging from investment management, to succession, estate, tax and retirement planning, philanthropy, cash management, banking, inter-generational wealth plannine, exit strategies, merger and acquisitions, to family and lifestyle advisory services.

TS: thus can one person do all that?

JMN: Speaking from my experience, it's the exception rather than the empire It's rare that one advisor possesse the specialty knowledge to provide the filled range of advice that's necessary in a HNW context

David house of worship CLU, TEP: To go back to the initial question about who should be the HNW client's primary advisor, I'd say that in my 25 years of experience, more repeatedly than not the primary advisor is the accountant. I would also hint that if you took a head of these HNW clients, the majority of them would agree that their accountant is their primary advisor. Because it's the accountant who invariably has the greatest in number interaction with the client-particularly if the client is a business owner

TS: Neil, you're an accountant. Who should be leading the client's wealth management team?

Neil Colquhoun CA, TEP: I think it's extremely important that the client have a team of professionals-a serviceable lawyer, a good investment advisor, and, from time to time, they ne an insurance connection. however leading the team? If that's the question, then my answer is a fitly trained accountant. Not necessarily a generalist-you want someone who has a apportionment of experience dealing with HNW individuals.

TS: in this way the accountant should be the quarterback.

NC: Right.

TS: Why?

NC: For brace important reasons: First, the accountant waits to see what's going forward in the HNW individual's financial world. We're privy to the inner workings of the client's financial situation. That information isn't necessarily available to the other parties. secondly we diocese the bigger picture that perhaps an of these other professionals don't behold We come at the puzzle with a much more objective view. That objective position is actual important. The other advisors attend to to turn a blind judgment to what the others have to offer

TS: David Raffa, where do you stand in succession this issue?

David Raffa, LLB: I don't think there's individual any advisor that can play quarterback.

TS: No?

DR: Or rather, if there is individual person, it's the client himself. Anybody who's been remarkably successful, one of their hallmark traits is that they're something who wants to be in direct of their life and their business. They are the populace who say, "I'm going to admit this. I'm going to repress my destiny." So to me the question becomes: Who do they need?