By Sharon Perlin
Sharon Perlin joined Whittier Belief Firm in January 2023. With almost 20 years of expertise offering authorized counsel, she often remarks on the distinctive qualities that set Whittier other than different firms within the wealth administration subject. “Though there are numerous methods wherein Whittier stands out,” Sharon explains, “I’d wish to share two key factors the place my shoppers and colleagues agree that Whittier provides a really distinctive expertise.”
Private Consideration
Perlin works with about 24 households in her position as Senior Shopper Advisor at Whittier. The norm within the business is nearer to what she skilled at her prior employer, the place she was chargeable for 180 accounts (a few of which included as much as 9 trusts). There was no time to be proactive in her advising, she remembers, or to construct significant relationships along with her shoppers.
“At Whittier Belief, I communicate with most of my shoppers on a weekly foundation,” she says, “or generally even a number of occasions per week. That is so completely different from my time earlier than, as a working towards lawyer, once I would invoice shoppers in six-minute increments. It’s laborious to get to know somebody when a consumer is conscious that with each story they share, the invoice will increase.”
“At Whittier, I take the time to know the historical past, values and dynamics of the households with whom I work. I do know in regards to the upcoming marriage ceremony, the brand new grandbaby and the son combating dependancy. This data is useful when advising on property and present issues, too. On the identical time, I keep present on legislative proposals and modifications which may influence my shoppers’ property and present plans.”
Perlin provides an instance of a consumer who lately bought a enterprise in Illinois, with two phases to the sale. The primary section was lately accomplished, and section 2 will probably be in two years. As a result of the consumer lives in California, she paid a number of million {dollars} in state taxes on the primary section of the sale. Over lunch someday, she shared with Perlin that she had simply purchased a home in Washington to spend extra time along with her grandchild. Perlin requested how lengthy she usually deliberate to remain in Washington, and the response was, “No less than half the 12 months.”
“I used to be conscious that Washington has no state revenue tax,” Perlin remembers, “so I recommended the consumer change into a Washington resident. I ran a domicile tax evaluation and confirmed that the choice can be very favorable for her.”
Because of Perlin’s advice, the consumer will save hundreds of thousands in taxes on Section 2 of the sale of her enterprise. “She’s delighted,” Perlin feedback, “and this by no means would have occurred if we hadn’t taken the time to speak over lunch.”
Being a part of the Whittier prolonged household additionally opens the door to relationships with different ultra-high-net-worth people with shared pursuits. The corporate hosts particular occasions all year long the place shoppers can benefit from the camaraderie and elevated expertise of our community of colleagues, shoppers and mates.
“Final month, I joined shoppers for an attractive day on the Santa Barbara Polo and Racquet Membership for a polo match hosted by Whittier,” Perlin says. “There was an open bar and scrumptious meals and greater than 100 attendees at this non-public occasion. A month later, one of many shoppers instructed me that she and her accomplice had now gotten along with two different {couples} they met on the match. That was the Whittier distinction in a nutshell.”
Responsiveness
Whittier’s give attention to shoppers’ wants is what drives the corporate’s inner processes as properly. Which means advisors are empowered to be proactive of their steerage on investments, property planning, philanthropy, taxes, actual property and different issues and that shoppers can all the time count on considerate and well timed follow-ups to requests.
Perlin provides an instance: “At my prior agency, if a consumer had a belief the place the agency served as trustee, and so they requested a discretionary distribution from the belief, it was an arduous course of. That they had to offer in depth supporting documentation, after which the request went to an out-of-office committee that met solely twice a month. Nobody with decision-making authority had ever spoken to the consumer, and whilst their advisor, I had no potential to weigh in on the request. Purchasers had been pissed off and felt just like the system was arrange towards them, relatively than in partnership.”
Such a request would usually be accomplished inside hours at Whittier Belief. We function trustee on a lot of our shoppers’ trusts, and a consumer’s request for a belief distribution is vetted by a neighborhood committee, together with the consumer’s advisor. Most often, no supporting documentation is required from the consumer as a result of their advisor already is aware of the finer factors of their monetary standing and understands their world steadiness sheet, money move wants, and household dynamics and circumstances. This enables us to shortly distribute funds, typically on the identical day.
“Whittier Belief is like no different agency I’ve skilled,” Perlin says. “I’m thrilled to be part of the Whittier group and to have deep private connections with shoppers which can be extremely fulfilling for me. I hope in the event you’re studying this, you’ll attain out and discuss to us about whether or not the Whittier expertise can be helpful for your loved ones as properly.”
To be taught extra about how Whittier Belief could make a distinction for you, your loved ones, and your property, begin a dialog with an advisor at the moment by visiting www.whittiertrust.com.
