Why would a wealth management firm host a giving event?

Written by: Jeff Thomas

IMG_8056Well, our Firm did this week!  Why?  That’s easy:   We use a different scorecard than most firms.

Our team launched Archetype Wealth Partners after 25 years at the big banks.  Our last stop was 17 years at Morgan Stanley.  While at that Firm, we literally had a tab on our computers called “Scorecard” that was all about assets and revenue.  Our team’s scorecard is very different.  Ours is “to help families thrive across multiple generations.”  We think this places us on the same side of the table as clients.  Our scorecards are aligned!

To execute on that unique scorecard within our industry, our team had to change three key things:  Platform, People and Process.

Platform:  We had to leave the big banks where the advisor’s job is to represent the bank and instead become fiduciaries where we represent the client. 

People:  We doubled the size of the team and hired new people aligned with our vision who want to pour into the lives of the families we serve.

Process:  We adopted a unique process to take families through that goes beyond just an investment discussion.  We call our process the “Four quadrants: Investments, Strategic Planning, Family Dynamics, Legacy.” We still like to discuss investments but we also go deep on other important human areas that affect wealth within a family.  

Within this unique “Four Quadrants” process, we like to address what we call “elephant in the room” topics with families.  The hope is that by creating space for conversation and communication around these issues, we shrink them. These are money issues that families struggle to talk about and Wall Street ignores. 

We like to ask the following questions:

How do we make sure our wealth is a tailwind, not a headwind for our kids?

How do you get on the same page as your spouse about money?

What is a fiduciary and why do I need one?

Or, the one we covered this week:  How can I be more confident that my giving is making a difference?

Did you know that only one in three givers are confident that their giving is making a difference (1) and over 90% of high net worth households donate to charity? (2) According to another study, in cases where clients are giving to charity, their advisors initiated the conversation only 17% of the time. (3) That’s a huge gap!

At Archetype, we are all about “shrinking elephants” and filling those gaps.  We take clients through our unique process that allows them to address these tricky issues.  Once clients get “unstuck” from these sticky issues, they are able to thrive.  It is a privilege for us to be on the journey with them.

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Sources:

  • The Chronicle of Philanthropy: 1 in 3 Americans Lacks Faith in Charities, Chronicle Poll Finds

https://www.philanthropy.com/article/1-in-3-Americans-Lacks-Faith/233613

  • Bank of America Newsroom: 2016 U.S. Trust Study of High Net Worth Philanthropy Reveals Positive Giving and Volunteering Forecasts for the Coming Years

https://newsroom.bankofamerica.com/press-releases/global-wealth-and-investment-management/2016-us-trust-study-high-net-worth

  • Philanthropy News Digest: Advisors Underestimate Wealthy Clients’ Philanthropic Goals, Survey Finds

https://philanthropynewsdigest.org/news/advisors-underestimate-wealthy-clients-philanthropic-goals-survey-finds

 

Jeff Thomas is the Founder/CEO of Archetype Wealth Partners. He has assembled an amazing team to provide an open architecture, fee-only (fiduciary) platform that offers a wide variety of investment choice to clients. Archetype exists to help families thrive across generations.

 

Disclaimer: Our intent in providing this material is purely for informational purposes, as of the date hereof, and may be subject to change without notice. This article does not intend to constitute accounting, legal, tax, or other professional advice. Visitors and readers should not act upon the content or information found here without first seeking appropriate advice from a trusted accountant, financial planner, lawyer or other professional.

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