Private Client Services
Individuals committed to making future dreams a reality need forward-thinking tax consultants.
Several trends in private wealth management are increasing the demand for a wide range of accounting, tax, consulting and investment services. These trends include:
- Continuing liquidity events among many middle-market businesses
- A tremendous number of inter-generational transfers of wealth expected in the coming decades
- Substantial growth in the investment market, consistently producing significant liquid wealth and the need to manage investments
- Baby boomers entering the next phase, requiring retirement and estate planning
- A growing number of virtual family offices needing dedicated accounting assistance and trusted advice
Individuals and families that have achieved a substantial level of prosperity have complex needs and often require expert advice and planning.
How we can help
At McGladrey, our private wealth and tax advisory practice provides integrated services to help clients meet their financial goals. We bring together professionals from several disciplines - including tax, wealth management and business consulting - to serve our clients across the entire financial planning process.
We provide uniquely tailored services to a diverse group of clients, including high-net-worth individuals, affluent family groups, corporate executives and business owners. Our approach allows business individuals to focus on their careers, families and other interests while our business and wealth advisors handle the financial aspects of their lives.
We offer confidential, strategic and customized services. Our philosophy is to provide clients with high-quality, custom-designed financial management services that allow for the attainment of their long-term goals, in addition to relieving them of the day-to-day burden of personal record keeping. The greatest value a business advisor can provide is to coordinate all of the various professional disciplines necessary to streamline and manage their clients? financial affairs.
Tax Services
Income tax planning and compliance - The way you manage your income for tax purposes may have a significant impact, not only on your annual tax liability, but also on your ability to meet your long-term financial objectives. With McGladrey, you receive personalized attention and advice from qualified tax professionals and you benefit from the time-tested, cost-efficient procedures of one of the country's leading tax firms. Our approach helps you formulate and implement a tax plan designed to achieve your overall financial objectives.
Estate and gift planning - Safeguarding your estate is one of the most important things you can do. Smart estate and gift planning minimizes estate and income taxes for your heirs, provides a secure financial future for you, helps ensure future generations benefit in the manner you desire and can protect your assets from liability claims. McGladrey estate and gift planning professionals work closely with you and your trusted advisors - such as your attorney or trust officer - to help you achieve these objectives.
Trust planning and compliance - When you're contemplating establishing a trust, key considerations include the type of assets to transfer, whether you want to retain any benefit during your lifetime, your degree of control over when and how your heirs use the assets, and whether and how to leave something to charity. Changes in law, as well as changes in your family or financial situation, may also impact trust planning. As your tax advisor, we are continuously involved with your financial matters to help you establish - and maintain - a well-designed trust.
Charitable giving, philanthropy or private foundations - Both you and your favored charity or private foundation can benefit greatly through savvy charitable giving. Our tax professionals help you develop the most advantageous plan, whether it's through timing of your contribution or the establishment of a charitable trust. Choices abound, and we?ll help you through the process from concept to implementation.
Consulting Services
Family business consulting - Family and business interests may sometimes be at odds and as a result, cause strife and separation, which may negatively impact a closely-held business. We work with family-owned businesses to help maintain harmony while making effective long- and short-term business operating decisions. Our approach improves family and business communication, helps shape business direction, clarifies the future ownership structure and resolves conflicts among family members.
- Family office design and management - Our advisors help design the systems needed to account for financial activity, manage financial resources, align business goals with individual family wishes, and develop meaningful measurement criteria and reports.
- Family governance and education - Leadership, mission, goals, entity selection and the use of advisory boards are issues faced by all closely-held and family businesses. Developing proper systems to manage business and family dynamics is often best addressed by outside advisors. When governance is tested by a crisis or change, it is usually too late to evaluate and develop a working governance model. Thoughtful planning and education of family members is required for success.
- Transition planning - Perhaps no other topic faced by a family business can produce more animosity and discord than determining who is next to lead. Our business consultants and tax professionals are trained and experienced in all types of transition planning: generational transfer, professional management, public ownership, or ultimate third party sale. Solutions are as varied as the number of businesses, and we can develop the unique answers best suited to your situation.
- Valuation services - Establishing value is not always easy because there is rarely an established market for closely-held business interests. We perform an in-depth analysis using relevant market data and apply state-of-the-art techniques to prepare an accurate and defensible business valuation report.
