What Is High Net Worth Financial Planning?

High net worth financial planning involves more than managing a larger investment portfolio. As wealth grows, decisions involving investments, taxes, estate planning, businesses, real estate, and future generations become more connected. In this episode, Greg Welborn of First Financial Consulting explains what high net worth financial planning is, how it differs from traditional financial planning, and why coordination becomes increasingly important as a financial life grows more complex. Greg discusses one of the most common challenges: uncoordinated advice. High net worth families may work with financial advisors, accountants, estate attorneys, bankers, and insurance professionals. Each may provide useful advice within a specialty, but those recommendations can conflict if no one is coordinating the overall plan. He then looks at two real-world planning examples. The first involves a couple approaching retirement with approximately $6 million in investments. Because only part of those assets were needed to support their lifestyle, the remaining assets could be positioned differently for children and grandchildren. Greg explains how an investment policy statement can help separate goals, time horizons, target returns, risk levels, and liquidity needs instead of treating everything as one portfolio. The second case study involves a family with significant investment accounts, real estate, and a privately owned business. Here, the challenge was not simply retirement income, but how future growth of the business and real estate could affect estate taxes and the eventual transfer of assets to the next generation. Greg discusses strategies such as family limited partnerships and dynasty trusts when appropriate. Ultimately, high net worth financial planning is about coordinating investments, retirement income, taxes, estate planning, businesses, real estate, and family goals so they work together rather than as separate decisions. Topics discussed: What high net worth financial planning means Coordinating multiple financial professionals Lifetime tax planning Estate and legacy planning Investment policy statements Retirement liquidity and investment risk Planning for children and grandchildren Business and real estate ownership Multi-generational wealth planning Family limited partnerships and dynasty trusts Choosing a fiduciary financial advisor Timestamps 00:11 — What is high net worth financial planning? 01:01 — Common high net worth planning mistakes 02:15 — Coordinating multiple financial professionals 03:49 — Tax planning and high net worth families 07:20 — Case study: Planning investments for multiple generations 09:50 — Using an investment policy statement 13:11 — Case study: Business, real estate and estate planning 15:11 — Family limited partnerships and dynasty trusts 16:45 — Choosing objective financial advice 18:49 — When high net worth planning may be appropriate Learn more about First Financial Consulting: High-Net-Worth Financial Planning The information discussed in this episode is intended for educational purposes only and should not be considered individualized financial, investment, tax, or legal advice. Everyone’s financial situation is different, and the strategies discussed may not be appropriate for every investor. First Financial Consulting is an independent, fee-only fiduciary financial advisory firm providing comprehensive financial planning and investment management services.