Your Financial Inner Circle: Building the Right Advisory Team

Managing significant wealth comes with unique complexities that demand specialized expertise and a team-based approach. High-net-worth individuals and families often require an interdisciplinary service model which supports investment management, tax planning, estate and legacy planning, philanthropy, risk management, and family governance.

A team of professional advisors can be highly valuable in helping you meet your financial obligations, achieve your goals, and build a legacy. But how can you assemble that dedicated team to guide your wealth strategy?

We'll outline the key roles and practice areas to consider, discuss ways to foster collaboration among your advisors, and help you build a trusted team to manage and help protect your financial future.

Core practice areas of a wealth advisory team

Before you can find the right people, you must clarify your needs. What areas of expertise do your finances require? What roles will those specialists play with your money, business interests and family, and what tasks will they need to complete?

Consider the following proficiencies and areas of focus.

Investment strategy and portfolio management

The investment specialist on your advisory team will customize a portfolio strategy that aligns with your objectives and risk profile. In doing so, they will manage asset allocation to balance risk and return, diversify holdings to reduce exposure to a single asset or sector, and implement tax-efficient strategies to enhance after-tax returns. Additionally, they will proactively identify and mitigate potential risks within the portfolio and provide ongoing performance monitoring and detailed reporting to keep you informed and aligned with your financial goals.

You may also wish to consider an advisor with experience in focused areas, for example: private markets and alternative investments, strategies for managing and/or diversifying concentrated stock positions, and oversight of globally diversified assets and cross-border investment management.

High-net-worth financial planning

Financial planning for high-net-worth individuals focuses on working to help preserve, protect, and transfer wealth to future generations while aligning personal values and goals with income and estate tax efficiencies. Advisors in this area focus on creating a financial blueprint for passing wealth to your heirs.

The core components of the process typically include:

• Tax planning to implement advanced strategies designed to minimize exposure to income, capital gains, and/or estate taxes.
• Estate and legacy planning that structures wills, trusts, and charitable vehicles to support the efficient transfer of assets, with a strong focus on intergenerational wealth transfer. This is complemented by trust administration and fiduciary services for managing complex assets such as real estate, LLCs, and privately held businesses.
• Philanthropic planning, which involves establishing charitable giving vehicles—such as donor-advised funds, private foundations, and charitable trusts—and structuring contributions to maximize tax efficiency, reinforce family legacy, and achieve meaningful social impact.
• Risk management, which encompasses insurance planning, creditor protection, and liability management. As part of the process, advisors evaluate the appropriateness of insurance to safeguard against unforeseen events and transfer risk as necessary. They also assess the structure of asset ownership and legal entities to enhance creditor protection, while reviewing personal and business liability exposures.

Family governance

The goal of family governance is to create a structured framework that helps ultra-high-net-worth families manage their wealth across generations while preserving family unity, values, and purpose.

At its core, family governance aims to:

• Promote clear communication among family members about financial matters, roles, and responsibilities.
• Establish decision-making protocols, such as voting rights, leadership succession, and conflict resolution processes.
• Preserve family values and legacy, often through a family constitution or charter that reflects shared beliefs around heritage, identity, and collective goals in order to maintain continuity and purpose across generations.
• Educate and prepare heirs to become responsible stewards of wealth through mentorship, financial literacy, and involvement in family councils or philanthropic initiatives.
• Support continuity and cohesion, especially when managing family businesses, trusts, or charitable foundations.

You may want your family governance advisor to provide a range of specialized services that support both the structure and values of your family. These may include developing a family constitution or charter that articulates your family's roles, values, and long-term vision, as well as establishing a clear decision-making framework with defined roles, voting procedures, and protocols. Advisors can also facilitate family councils by organizing regular financial meetings, mediate conflicts related to wealth or values and guide philanthropic governance—such as managing family foundations or shaping impact investment strategies.

Family Office Services

What is a family office and why might one be necessary? For wealthy families with needs that extend beyond conventional investment management or financial planning, a family office—typically a private wealth management firm—can offer a comprehensive approach to handling both financial and personal matters. A family office distinguishes itself from a standard financial advisory relationship by its extensive scope, frequently providing an array of concierge services that surpass any singular service required by ultra-high-net-worth families.

Family services may include financial planning, investment management and access to bespoke or direct investment opportunities, insurance, philanthropy, estate planning, tax planning services, consolidated income/expense and balance sheet reporting, budgeting, bill paying and bookkeeping, and engagement with the next generation. They may also handle lifestyle management services - for example - travel coordination, medical appointments, and other concierge services.

These services are provided through either a single-family office, where the staff are employees dedicated exclusively to one family, or a multi-family office, which serves multiple families. The latter allows for shared resources and cost efficiencies, as families become clients of an outsourced firm.

Optimize your financial plan with a unified team

Collaboration across the advisory team is essential in high-net-worth planning because of the complexity, scale, and interdependence of the services required to manage significant wealth. Without coordination, these professionals may offer siloed or even conflicting advice, leading to inefficiencies, missed opportunities, or unintended consequences.

A unified planning framework allows advisors to identify gaps, align strategies, and deliver a cohesive client experience. Achieving this begins with establishing a shared vision across the entire team. Clearly articulate common goals to all advisors and define roles to minimize overlap and reinforce accountability. Consistent communication and regular meetings foster trust and transparency. High-performing advisory teams succeed when each member has a clearly defined role and understands how their expertise contributes to the broader client strategy.

Sustaining wealth through strategic teamwork

A coordinated team of professional advisors working collaboratively can help safeguard your wealth, advance your financial goals and ensure a smooth transfer of wealth. By carefully selecting experts and promoting collaboration, you can build a foundation of financial strength that endures for generations.

Our services cater to your banking and investment requirements with a dedicated team, offering tailored banking solutions, relationship-based access to credit, and advanced wealth management strategies, including alternative investments. Our specialized resources, encompassing estate planning experts, professional trustee services, and comprehensive insurance solutions, provide access to holistic wealth management services for all of your needs.

Ready to start building your team of professional advisors? Connect with a Citizens Wealth Manager to better understand how their services can fit in with your team.