Our financial planning principles are centered around one point – we are all on this earth for a limited time and money at its best use provides families flexibility and financial assurance. Our goal is to work with families in a holistic fashion to fully understand their circumstance and advise them on their financial affairs, concerns, needs and life goals.
Introduction: Months 1-2
- Get to know you meetings in “bite size” time increments
- Identification of short and long term “intent”
- Inventory of net worth and identification/context of real estate and other hard assets. Introduction to full Starboard Team
- Schedule initial and follow-up meetings as needed by family and each member
- Review all existing life insurances and recommend any necessary modifications
- Review all family related entities and documents (Trusts, LPs, LLCs)
- Determine short, medium term cashflow needs
- Quickly assess any immediate action items
- Assessment & introductions of current advisory team
Orientation & Onboarding: Months 2-3
- Review of required paperwork for account consolidations and onboarding of assets
- Electronic “linking” of assets to be monitored in reporting if not directly custodied
- Review of Investment Advisory Agreement and all applicable fees
- Assessment of 1-5 year cash flow needs
- Provide preliminary recommendation of asset allocation for liquid investments; hard and alternative assets are determined on a client by client basis
- Review and discuss recommendations regarding changes to estate plan(s) including wills, trusts, and other entities in consultation with client attorneys. Chart estate plan
- Contact all outside advisors (accountants, lawyers, etc.) to initiate ongoing communication. Recommend additions if desired.
Implementation: Months 3-4
- Detailed review of real estate, hard assets and alternative investments
- Finalization of timeline for investment, reinvestment or reallocation of assets
- Hiring/documentation of any additional managers or strategies required in financial plan
- Frequent/on demand meetings/huddles depending on market conditions, investment updates and estate planning assessment
- Review all outstanding liabilities (loans, mortgages) and any receivables due client
Ongoing: Months 6+
- Check in on “life planning” in general
- Regular investment management reviews of allocation and objectives
- General financial advice for any new developments in clients’ spending and liquidity management, new purchases, new asset inflows, etc.
- Annual updating of investment parameters, spending rule and goals
- Tax compliance oversight (estimated tax payments, K-1/1099 Management)
- Annual gifting coordination
- Coordination of banking transactions as needed
- Reporting and record keeping (statements, performance, and online access)
- Education meetings for next generation and direct clients as needed
- Family meeting coordination and management
- Private foundation and endowment management