By Sharon Perlin
Sharon Perlin joined Whittier Belief Firm in January 2023. With almost 20 years of expertise offering authorized counsel, she incessantly remarks on the distinctive qualities that set Whittier aside from different firms within the wealth administration discipline. “Though there are numerous methods through which Whittier stands out,” Sharon explains, “I’d wish to share two key factors the place my purchasers and colleagues agree that Whittier provides a really distinctive expertise.”
Private Consideration
Perlin works with about 24 households in her function as Senior Consumer Advisor at Whittier. The norm within the trade is nearer to what she skilled at her prior employer, the place she was answerable 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 together with her purchasers.
“At Whittier Belief, I converse with most of my purchasers on a weekly foundation,” she says, “or typically even a number of occasions per week. That is so totally different from my time earlier than, as a working towards legal professional, after I would invoice purchasers in six-minute increments. It’s exhausting to get to know somebody when a shopper 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 wedding ceremony, the brand new grandbaby and the son fighting habit. This data is useful when advising on property and present issues, too. On the similar time, I keep present on legislative proposals and modifications that may affect my purchasers’ property and present plans.”
Perlin offers an instance of a shopper who lately offered a enterprise in Illinois, with two phases to the sale. The primary section was lately accomplished, and section 2 might be in two years. As a result of the shopper lives in California, she paid a number of million {dollars} in state taxes on the primary section of the sale. Over lunch in the future, she shared with Perlin that she had simply purchased a home in Washington to spend extra time together with her grandchild. Perlin requested how lengthy she usually deliberate to remain in Washington, and the response was, “At the least half the 12 months.”
“I used to be conscious that Washington has no state revenue tax,” Perlin remembers, “so I recommended the shopper change into a Washington resident. I ran a domicile tax evaluation and confirmed that the choice could be very favorable for her.”
Because of Perlin’s suggestion, the shopper 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 purchasers can benefit from the camaraderie and elevated expertise of our community of colleagues, purchasers and buddies.
“Final month, I joined purchasers for a ravishing 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 purchasers informed 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 purchasers’ wants is what drives the corporate’s inside processes as effectively. Which means that advisors are empowered to be proactive of their steerage on investments, property planning, philanthropy, taxes, actual property and different issues and that purchasers can all the time anticipate considerate and well timed follow-ups to requests.
Perlin offers an instance: “At my prior agency, if a shopper had a belief the place the agency served as trustee, they usually requested a discretionary distribution from the belief, it was an arduous course of. That they had to supply intensive 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 shopper, and whilst their advisor, I had no means to weigh in on the request. Purchasers had been annoyed and felt just like the system was arrange in opposition to them, moderately than in partnership.”
Such a request would usually be accomplished inside hours at Whittier Belief. We function trustee on a lot of our purchasers’ trusts, and a shopper’s request for a belief distribution is vetted by a neighborhood committee, together with the shopper’s advisor. Generally, no supporting documentation is required from the shopper as a result of their advisor already is aware of the finer factors of their monetary standing and understands their world steadiness sheet, money circulate wants, and household dynamics and circumstances. This permits us to shortly distribute funds, usually 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 staff and to have deep private connections with purchasers which might be extremely fulfilling for me. I hope in the event you’re studying this, you’ll attain out and speak to us about whether or not the Whittier expertise could be helpful for your loved ones as effectively.”
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 right now by visiting www.whittiertrust.com.
