Personal Financial Planning
"Financial planning" is often simply used as a tool to sell investments and insurance products, or tax advice, or wills and trusts. That is not necessarily a bad thing; without knowledgeable advice, these products and services would be a waste of money. True financial planning, however, does not look at these matters in isolation. Good planning requires that we consider the way that all of these issues interact. At our firm, we start by considering where you are today. We listen to your goals and expectations for the future. Then we stand ready to assist you, to whatever extent you desire, in all disciplines of personal financial planning, including:
- Estate planning
- Insurance consulting
- Trust design
- Charitable planning
- Business valuation & appraisal
- Family office & business management
- Executive financial planning
- Cross-border planning
As of 2016, U.S. taxes reached 40 percent for estates of more than $5.45 million. Rates may be even higher when additional factors, such as state death taxes or generation-skipping bequests, are considered. These taxes can have a tremendous impact on a family’s long-term financial position. Tax-saving strategies must be balanced, however, with the needs of the family.
We favor estate plans that promote family harmony, provide for the support of heirs without discouraging the heirs’ own enterprise, and anticipate future contingencies such as a spouse’s remarriage, a child’s divorce or a family member’s bankruptcy. We have years of experience helping families establish charitable trusts, family investment entities, and other vehicles that transfer assets while minimizing income, gift, estate and generation-skipping transfer taxes. In 2009, the Estate Planning Council of New York City, Inc., presented our president, Larry Elkin, with their first ever Lifetime Achievement Award, citing him as a "consummate estate planning professional."
We serve our clients’ investment needs through our registered investment adviser affiliate, Palisades Hudson Asset Management, L.P. PHAM has more than $1 billion in assets under management, including both discretionary and non-discretionary accounts. In discretionary accounts, we help the client to determine and periodically review his or her investment goals. We develop an appropriate investment strategy, and finally we implement the strategy on the client’s behalf. In non-discretionary accounts, we provide portfolio tracking, performance reporting, and timely information for tax planning and compliance.
Our threefold investment approach helps clients organize their financial affairs and build capital in a sustainable way.
- Risk management. We manage risk by investing in carefully researched securities and by achieving substantial diversification through the use of mutual funds, exchange traded funds, and closely held investments that include private equity, hedge funds, natural resources and real estate.
- Long-term orientation. We do not try to time or otherwise “beat” the markets, nor do we try to profit from cyclical market swings. With this in mind, we help clients to develop long-term investment strategies that fit their financial goals, and then implement those strategies using the most appropriate vehicles.
- Financial integration. We offer a comprehensive package of financial services. Our investment management is closely integrated with tax planning and other aspects of our clients’ affairs.
Most client investments are made through low-cost mutual funds and other cost-effective vehicles, which are typically held in custody accounts at large institutions. PHAM can provide its clients with access to premier private equity and hedge fund offerings when these options are appropriate for a client’s risk tolerance and financial position.
We do not commingle clients’ funds with one another or with our own accounts. You will receive statements directly from the custodial institutions, in addition to our own enhanced statement, which will show your comprehensive investment picture.
Palisades Hudson Asset Management bases its fees on assets under management, and its rates are competitive with other independent advisers. We do not accept any commissions, referral fees, sales loads or other incentives from any third parties. All compensation comes directly from our clients and is clearly and fully disclosed.
Our primary aim is to ensure the growth of your portfolios, and aligning our interests with yours is the most efficient way to achieve that goal.
This fee-only compensation structure eliminates the potential for certain conflicts of interest. Our primary aim is to ensure the growth of your portfolios, and aligning our interests with yours is the most efficient way to achieve that goal. Our independence and objectivity are among our strongest competitive advantages.
For more information, you can:
- Send an email to firstname.lastname@example.org.
- Call the office nearest you to speak with an adviser
- Stamford, Connecticut: 914-723-5000
- Fort Lauderdale or Miami, Florida: 954-524-5552
- Atlanta, Georgia: 678-500-8620
- Hillsboro, Oregon: 971-240-4533
- Austin, Texas: 512-201-4022
Click here to read more from our Chief Investment Officer, Paul Jacobs, CFP®, EA.
Financial Management Services
Our comprehensive financial management services include investment management, bookkeeping, bill payment, cash management, budgeting and retirement planning. In some situations, these services pay for themselves through reduced tax costs and better investment results. In nearly all cases, the time you save is invaluable, while the cost of maintaining good records is modest. You also gain peace of mind from knowing that your affairs are organized and well-managed, especially in the event your disability or death requires someone else to take control.
We can set up and maintain your investment records and track your income and expenses. You can see reports on demand that show the sources and applications of your funds, as well as how your investment portfolio is performing.
We help keep accurate and organized records of all of your financial affairs. We consolidate information from multiple brokerage accounts, banks and other custodians into a single set of financial records. We can even share data files with you to provide you with constant access to the most up-to-date information about your financial position.
Our bill payment services relieve you of the burden of paying vendors and service providers. We can prepare your monthly bill payments electronically or by check, and organize your information at year-end so you no longer have to hunt for data to do your taxes. This service is especially helpful if you maintain multiple residences, travel frequently, or have business and personal commitments that leave you little time for paperwork.
Cash Management and Retirement Planning
We create cash flow and tax projections to assess and meet clients’ immediate needs for liquid assets, and offer cash management and budgeting services for security and comfort.
Click here to see a sample cash flow and retirement planning report.
We have extensive experience assisting clients with a wide range of complex personal and business tax concerns. We can provide you with effective planning and efficient tax return preparation, ensuring that you satisfy your legal obligations without overlooking opportunities to reduce your overall tax burden.
Typical tax issues for our clients include:
- Employment or property in multiple states or countries
- Family members who are foreign nationals
- Interests in trusts, partnerships and closely held businesses
- Exposure to the Alternative Minimum Tax
- Involvement in a long-term relationship outside marriage