- April 22, 2020
- Posted by: David Lesperance, Managing Partner, Lesperance Associates
- Category: Wealth Management, White Paper
Author: David Lesperance, Managing Partner Lesperance Associates
In this white paper, expert David Lesperance, Managing Partner, Lesperance Associates will explore the purposes and elements of a Backup Plan that is robust and flexible enough to provide the type of rapid response mechanism that HNW families require in modern times.
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The traditional responsibility of a family office is to identify and decrease risks to their client family and its wealth. A second responsibility is to maximize opportunities to expand the client family’s wealth and diversify their lifestyle options. Unfortunately, not all Family Office advisors appreciate the role that residence and citizenship play in fulfilling these responsibilities.
It is worth remembering that countries like the United States, Canada, Australia, and the UK were built by immigrants. Just as relocation had a profound impact on the lives of the original immigrant and their families, it also defined the lives of every generation that followed in their courageous footsteps.
The motivations driving these immigrants were many and varied – economic, political, environmental, technological, and social. While expression and manifestations of these reasons were unique to the time, it is interesting that their present-day offspring are impacted by the very same types of issues.