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Now’s the time to consult an expert: what you need to know about outsourcing your private wealth needs

12 June 2020

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We expect the world to look very different on the other side of the Covid-19 crisis. And while new trends in the finance sector are already emerging from countries more out of the woods from the pandemic, one private wealth trend is becoming increasingly apparent in the Americas as we face this crisis. Wealthy individuals are looking for experts to help preserve their wealth and meet their family’s shifting needs, especially in times of uncertainty.

Kimika Roberts, one of our private wealth experts based in the Bahamas, answers questions on who should consider working with an outsourced professional, and why giving the burden of managing your wealth to an expert is the wise choice.

Getting started: what does a private wealth expert do and why would you want to work with one?

Private wealth professionals help wealthy individuals or accredited investors set up appropriate structures to help achieve financial goals while preserving wealth. By establishing a close working relationship and deep understanding of your financial life as it currently stands, private wealth experts can help with financial planning, succession, inheritance and setting up tailor made structures specifically to meet your individual needs. Having the proper structure in place can make a huge difference in terms of preservation, succession, inheritance and protecting your wealth for future generations.

Who should consider hiring an expert?

Any individual with multiple streams of taxable income should consider consulting a private wealth expert to assist in choosing the best structure to save money and meet all tax obligations.

When talking or reading about private wealth outsourcing, you’ve most likely noticed variations of HNWI (which stands for “high net worth individual”). In general, these are the accepted thresholds for HNWI status: a person with less than USD 1 million but more than USD 100,000 would be considered a sub-HNWI or affluent investor; a HNWI has a minimum of USD 1 million in liquid financial assets; an ultra-HNWI generally exceeds USD 30 million in investable assets.

Why not do it yourself?

Private wealth experts take the risk and responsibility off your shoulders and have the insight and know-how to align your expectations and vision with the most appropriate structures to meet your financial needs. A private wealth expert is focused on addressing the challenges and management hurdles that come with having a high net worth, while removing the burden and stress of properly managing wealth yourself. Choosing a wealth manager may be one of the most important decisions you’ll ever make. An expert will not only help manage your wealth, but will also work to protect you and your family during the most difficult times.

What qualities should you look for in your private wealth expert?

It’s best to choose a private wealth service provider who has served and managed clients’ assets which are similar to yours and who can provide the level of services you require. Accepting recommendations and referrals from other HNWIs with levels of wealth and complex financial needs similar to yours can be helpful. Additional qualifications or certifications like an Bachelors of Law (LLB), Certified Trust & Estate Practitioner (TEP), Certified Private Wealth Advisor (CPWA), Certified Trust and Financial Officer (CTFA) or Bachelors of Business Administration (BBA) show that the expert has the experience in regulatory and legislative landscapes and is recognised in the financial industry globally as having the international professional designations a HNWI can rely on.  Such designations are a clear indication that the expert is qualified to assist you in reaching your financial goals from a private wealth perspective.

Intertrust offers a blend of products and services catering towards every client’s specific needs. From trusts, wills, estate and succession planning, foundations, private trust companies, family offices and beyond, our products are tailored to you.

Kimika has collaborated with international private wealth clients and high net worth individuals in the creation of trusts, preparation of wills and probating of estates from various jurisdictions for over 15 years. She is a member of the International Society of Trust & Estate Practitioners (TEP), is a Justice of the Peace in the Bahamas and was voted as a recommended expert by Global Advisory Experts. Get in touch to learn more about Intertrust’s private wealth offering and how Kimika can assist you in your private wealth goals.