Why high-worth individuals need personal wealth management

Sloan Levett • August 25, 2017

Toronto is thriving, as is the economy in general. Today, there are a greater number of high net-worth individuals and families than ever before, and the specific circumstances of each individual are unique.

Whether you’re from a legacy of wealth or have achieved affluence more recently, your financial needs are likely quite complex and diverse. But let’s face it – you may not have the time, inclination, or financial expertise to manage, grow, and protect your own wealth effectively. This is where a Family Office can help.

Greater Wealth Requires Greater Planning

As your wealth grows, so too does the complexity of managing that wealth in a way that promotes long-term financial growth. Wealthy individuals launch charitable foundations, invest in business ideas or alternative asset classes, manage larger budgets, and plan significant purchases.

Handling the various burdens of wealth management on your own can be daunting, and having a number of disparate advisors working in isolation on your behalf can lead to redundant planning and communication errors. A Family Office can develop a cohesive and coordinated plan to achieve your goals, while keeping an eye on the big picture.

A Greater Material Legacy

One of the greatest motivations for protecting and preserving wealth is the legacy, or leaving something behind for the next generation. With high net-worth individuals, planning becomes considerably more important. After all, high net-worth individuals have more to manage in transition, more to lose in taxes, and more to fight over if the legacy is not adequately protected or communicated.

For more information on preserving your wealth for future generations, see our previous ‘Protecting Your Legacy’ article.

Quality Wealth Management Becomes Considerably More Important

While the average Canadian citizen builds their wealth mostly through their salary with a reasonable retirement savings account, and sometimes a small portfolio, high net-worth individuals often require succession planning, philanthropic planning, comprehensive tax compliance, the management of large and often diverse portfolios, insurance and investment advisory services, and more.

This wider array of requirements necessitates a strategic wealth management advisor who can coordinate all the moving pieces and serve as the quarterback to keep your team of advisors working in sync with each other.

Providing Wealth Management for a Growing City

Fuller Landau Family Office offers dedicated and capable wealth management specialists to meet the ever-growing needs of Toronto’s high-worth individuals, helping you to secure your future—and your legacy. To learn more or to book a consultation, visit our Family Office page, and contact us to get started, today.


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