Aside from significant purchasing power — the wealthy have another secret weapon in their financial arsenal: sage advice from financial advisors.
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“My guidance to the ultra-wealthy is built on three key strategies that set them apart from the merely affluent,” said Stoy Hall, certified financial planner (CFP) and the CEO of Black Mammoth, explained. “These aren’t your average financial tips; they’re the cornerstones of generational wealth preservation and philanthropic power.”
Here’s key advice from a financial advisor that will help you in your financial wealth journey.
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“My belief is that it’s not actually going to go to the hands of the lower generation. It’s going to be mostly in trusts,” Hall explained, addressing the much-talked-about wealth transfer of trillions of dollars.
He noted that complex trusts are the secret weapon of the ultra-wealthy, designed to ensure that their fortune isn’t just passed down, but passed down with purpose.
“These trusts are far more sophisticated than standard estate planning tools. They’re meticulously crafted to align with the wealth creator’s vision.”
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While trusts secure the future, Hall said foundations shape the present.
“Most wealthy people have some type of foundation,” he revealed. “It’s not just about tax write-offs; it’s about directing substantial resources towards causes they care about.”
According to Hall, foundations offer unparalleled advantages. More specifically, to allow their money and dictate where their money goes for charity or for a specific cause.
“I believe the most wealthy people in the world — it’s not about how much money they have. It’s about their ability to use money as a tool for things that they want to do or give back towards.”
For the ultra-wealthy, a family office is more than a luxury, said Hall, it’s a necessity.
“It takes care of all of those things we just talked about–but it also takes all of the burden of everyday life things off of our clients,” Hall explained.
He added that the scope of services provided by a family office is comprehensive.
“From travel [and] bill pay, the concierge service of buying vehicles, buying assets, obviously handling where your investments are, all your insurance, literally anything that pops up in life. Your family office is going to be there to take care of you.”
