It all boils down to one page. At least it did for one 18 year old trying to make sense of the chaos of inheriting hundreds of millions of dollars. Faced with hundreds of pages of documents, he needed someone to help him understand the parameters of his new found wealth. That’s where TWC’s Myra Salzer came in, as told by the Wall Street Journal in a piece published over the weekend.
The Wealth Conservancy is in the business of helping clients understand the scope of their inheritance and any restrictions there might be on accessing assets. After wading through untold pages of trust documents, family-operated business bylaws, and lists of assets, Myra was able to summarize the entire body of information into one easily digested, one-page document. She met with the teenager and his various attorneys, screened accountants and estate attorneys, and even introduced him to an entrepreneurial coach to help him get a business idea off the ground.
Managing assets is not always the most important part of the advisor-client relationship. Sometimes, putting the emotional needs first is what’s critical. In this case, and in others like it, Myra says, “The work had little to do with assets under management and everything to do with what is sometimes referred to as ‘a soul under management.'”
Wall Street Journal digital subscribers can read the full article published by Cheryl Minokur Munk on November 27, 2015 in their “Wealth Adviser” section.