Wealth House was constructed out of the growing need for the full integration of wealth, tax, and insurance management for individuals, families, and business owners. Here was one of the driving forces behind our decision to form Wealth House:
An executive, we will call him Michael, retired from a publicly traded company with a substantial amount of his company stock in his portfolio. Entering retirement, Michael wanted to know the most efficient manner in which to invest his money along with the most tax efficient way to receive distributions. He & his wife were also interested in establishing an estate plan to take care of their children and grandchildren.
Michael made an appointment with his accountant to discuss his situation. Michael’s accountant told him that he should not sell his stock because he has such low cost basis in it he will owe a lot in capital gains tax.
Michael then went to his broker and his broker told him to diversify, diversify, diversify!
Michael then went to his insurance advisor and she told him to sell a portion of his stock and use the proceeds to buy a second to die life insurance policy.
After several weeks, three separate meetings, and many hours, Michael had a decision to make. He received three decent independent pieces of advice… but which to choose?
Problem: Michael had three advisors but not an integrated team!
We saw this trend of disjointed financial advice to individuals, families, and business owners continue and grow over the years so we asked the simple question…
Would an integrated solution for wealth, tax, and insurance management add value to our existing and future clients?
