The Financial Times recently profiled master communicator, chief investment officer, and co-founder of AQR, Cliff Asness. His quotes often get our attention and this short clip is no different. “You get paid and you create value by doing something that is good and sticking with it like grim death.”  Click here to read the article.

The name Bill Bachrach may not mean much to you, but in the investment advisory world he is a trusted partner to many of the top firms in the industry. Not long ago he wrote an article in an industry publication aimed at how the ultimate advisor should be promising to serve clients. We pulled and excerpt from the article and have shared it with you here.

Coordinate. “Currently, the various technical experts in tax, financial planning, asset management, insurance and legal do not have an impartial leader holding them accountable to perform at the highest levels possible. They are NOT working together with synergy and harmony for your benefit. In fact, many of them do not even know the others exist and are forced to do their work without any visibility to the important information in the possession of another technician. Your life will be much better when your technical experts are being coordinated through a collaborative process that yields better advice. I can provide the leadership to coordinate these technicians for you and your family’s benefit. How does that sound to you?”

Consolidate. “You have many more accounts, institutions and products than are necessary to achieve your goals and have diversification. The reason is that the various technicians you currently do business with don’t do this kind of work. As a result, your documentation is much more complicated than it has to be and your costs are much higher than they need to be. Your life will be much better when all of your financial affairs are as consolidated as possible. I can provide the leadership to achieve this consolidation. Would you like to get this done?”

Comprehensive. “To put it politely, there are holes in your financial house that you could drive a truck through. It’s simply by luck and the grace of God that an event hasn’t happened that turns one of these holes into a big problem for you and your family. The reason for this is that you have a variety of technicians doing bits and pieces, but nobody with a comprehensive checklist to make sure that virtually everything necessary to get your entire financial house in perfect order gets done. Your life will be much better and safer when you experience truly comprehensive financial services. I can provide the leadership to get your entire financial house in perfect order and help you keep it that way forever. This will give you the confidence that no matter what happens in the markets, the economy or the world that you will achieve your goals. How would having that kind of confidence about your future impact your life?”

Simplify. “By having one trained professional as the leader of your team coordinating the comprehensive and consolidated organization of your financial affairs, your life will be much, much simpler. This means that you can focus your physical time and mental energy on things that are more important to you and bring more meaning to your life than dealing with your money. If anything happens to you, you know the people you care about most won’t be stressed out or frustrated dealing with your technical experts and trying to figure out your unique way of handling your financial affairs. When I am done simplifying your financial life, even the most uninterested person in your family will be able to understand and appreciate your finances. Your life will be much better when your finances are simpler. I can provide the leadership to achieve this simplification. What do you think about the idea of simplifying your financial life?”

Accountability. “We hold the technical experts accountable to give you the best advice necessary to get and keep your entire financial house in order. We hold you accountable to do your part. One of the problems is that you’re driving the train. Because you have so much money and by the nature of your personality, your technical experts are following you instead of leading you. This could be because they don’t really know how to lead or they could just be afraid that if they exert leadership that you will take your business elsewhere. Whatever the case, it’s not working. The technical experts need to be held accountable to do their work at a very high level and you need to be accountable to implement their advice. What’s missing in your financial life is a leader who can make this happen. Are you ready for a leader to hold you and your team accountable?”

We talk frequently about the importance of a well-designed estate plan, but equally valuable is your communication with the next generation. In a recent publication from Vanguard, they pointed out three commonly missed factors associated with a successful transfer of wealth:

• Strong communication and a sense of trust among family members
• Thorough preparation of heirs
• A cohesive purpose for family wealth

A family mission statement provides the perfect template for achieving success in these areas. As a start, we encourage you to think about what enduring values around money persist in your family’s history? We have tools and resources to share in the months ahead, but consider this question until next time.