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Advisor Consulting

Bespoke ideas and solutions for wealth in a cookie cutter world.

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We stand on the precipice of the largest financial wealth transfer in the history of the world.

Over the next 25 years, the Baby Boomer Generation will transfer upwards of $40 trillion to the next generation. 

 

This transfer will eclipse the current financial wealth transfer by the Silent Generation by more than three fold and will go to families half the size of the prior generation.

Only 5% of the children of HNW families have been educated about the broader aspects of wealth.
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Seventy-five percent (75%) of high net worth (HNW) individuals say it’s important to leave wealth to their children but only 20% say their children are prepared to handle that wealth.

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Fifty-four percent (54%) of HNW believe their families would benefit from a formal set of principles to guide the purpose and meaning of their wealth, but only 10% have done so.

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Seventy-two percent (72%) of Baby boomers want to do planning differently than their parents but haven’t been offered any meaningful alternatives to the traditional model of estate planning.

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Seventy seven percent (77%) of the children of HNW parents say that financial literacy programs offered by their parent’s advisors would be of tremendous help to them and yet only 15% have been offered these services

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The market has fundamentally changed.  Have you?

Clients needs have shifted

Professional advisors too often focus their efforts on the financial assets and resources of their clients without understanding the stress, issues, and concerns that their clients are facing.

 

In other words, they are so focused on the How, that they never ask the more fundamental questions of Why.

While most of us think that helping our clients amass and transfer more wealth will result in bringing them more peace, freedom, and contentment, the HNW experience a far different reality and often come to the opposite conclusion.

  • 19% of HNW individuals say more money would make life better.

  • 4% say more stuff would make life better.

  • 3% believe they owe their children an inheritance.

Only...

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Most staggering of all: 
 
90% of HNW individuals say that their current estate plan does NOT deal with their goals, wants and objectives.
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The Current Model

Even though we have more tools, resources, and advanced planning than ever before, the reality is that the current model of estate planning simply does not preserve, protect, and grow wealth.  In fact, the average half-life of inherited wealth among HNW families is 8 years. 

 

That’s right, 8 years.

That would mean, for example, that a person who inherits $20 million would have, on average, just $2.5 million left after just twenty-four years, or one generation. 

Change Brings Opportunity

If you were to sum up all of the statistics, studies, and analysis of financial wealth transfer today in two sentences, it would be this:

 

Undirected and unintentioned wealth is being transferred at historic rates by procrastinating parents, half of whom have no meaningful plan, and that wealth is going to unprepared heirs who have no idea what is going on when it comes to their parents wealth.

 

And, their financial professionals (attorneys, CPAs, and financial advisors) are currently doing little to nothing about it.

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Is it any wonder why a message of "we can increase your net worth in highly tax efficient ways so you can transfer even more undirected and unintentioned wealth to your children" is simply not compelling to an increasing number of clients?
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Consulting with David York

I am an estate planning attorney and CPA with more than 20 years of experience.

 

I have worked with over 7,000 clients, including billionaires and business owners, celebrities and sports figures, and entrepreneurs of all shapes and sizes.  I have represented first generation wealth creators, sixth generation wealth maintainers, and everything in between.

Five years ago, I specifically began working with other professionals to give them simple, practical, and powerful tools, resources, and processes to help professionals work with their clients to put words to their why so they can bring purpose to their plans, whether in their estate planning, their businesses, or simply in life. 

 

A highly-rated speaker and impactful consultant, I has been profiled extensively in numerous publications including Forbes, Trusts & Estates Magazine, Estate Planning, and Investments & Wealth Monitor.

 

I have been regularly brought in to speak directly to clients about the problems with the traditional estate planning model that they are all too familiar with and powerful and impactful alternatives.  I have also spoken to donors of non-profits throughout the nation who want to provide meaningful and entertaining information and new paradigms to those who support them.

 

Through Entrusted Planning, a company I co-founded with Andrew Howell, I have also been hired by national banks and financial institutions to consult with them on how to engage with and meet the needs of a completely different kind of client and a new and all-together different marketplace.  

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"A fantastic approach to estate planning that brings in the technical pieces and--more importantly--the relational pieces."

Conference Attendee

"David gets it! He is honorable and authentic and pragmatic. Very helpful. More people need to hear him."

Conference Attendee

Stand out in your financial advisor industry & better serve your clientele.

If you would like me to speak to your group, whether a group of professionals or to your HNW clients or donors, check out the many different topics I speak on or reach out to build a bespoke presentation to your group or organization.

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Consulted for:

  • Individuals and Families

  • Single Family Offices

  • Multi-Family Offices

  • Professional Advisors and Advisory Firms

  • National Banks and Trust Companies