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Would family office services make your life easier? If so, what is the first step to getting started?

In part two of his mini-series, Tim Scannell explores these questions and talks about which tasks clients are most excited to hand over to his family office service.

In this episode, you’ll learn:

• Some of the most common services families seek out within the family office services
• About the different functions of a single family office versus multi-family office services
• What having a virtual family office involves
• How Tim helps families in emotionally difficult situations make decisions for family members who need support
• The three sections that make up the family needs assessment at HighTower Great Lakes

Tune in to find out how you could benefit from family office services.

Resources:  HighTower Great Lakes | Episode 15: What You Didn’t Know About Family Office Services

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In what instances would you need family office services?

There are straightforward situations and then there aren’t. The latter is where family office services come in. Today, Tim introduces the family office services at HighTower Great Lakes and explains what the services involve for different clients.

In this episode, you’ll learn:

• Why HighTower Great Lakes offers family office services
• What the family office services entail
• How family office services can help with the most complicated situations
• The process of preparing the next generation to take over a business
• The two levels of services offered within family office services
• And more!

Tune in to learn what family office services are all about and how you can benefit from them.

Resources:  HighTower Great Lakes

 

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In part two, Tim Scannell covers another major topic under advanced planning: asset protection. He discusses how children or grandchildren with special needs can be supported by their families without experiencing an interrupting in the benefits they receive.  

In this episode, you’ll learn:

• What is involved in wealth protection for special-needs beneficiaries
• Solutions to prevent special-needs beneficiaries from losing their support services
• Useful tools to help families who are concerned that their children might make poor financial decisions
• And more!

Tune in to discover what financial solutions are available for families with special-needs wealth beneficiaries.  

Resources:  HighTower Great Lakes | Episode 12: Advanced Planning Part 1: Preparing Beneficiaries and Prenuptial Agreements

 

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Change is inevitable and the way we deal with it can have a far-reaching impact on our lives. According to Tim Scannell, this is where advanced planning comes in.

In part one of his mini-series, Tim discusses how advanced planning can help prevent future problems that usually arise from four tough situations. Tim offers guidelines in today’s episode to help you handle two of these scenarios: preparing beneficiaries who have special needs and navigating prenuptial agreements.

In this episode, you’ll learn:

• The meaning of advanced planning
• Why it’s important to gather information in the advanced-planning process
• About the three essential pieces of an estate plan
• How Tim and team help protect beneficiaries who have special needs
• Why prenuptial agreements are an unpopular but crucial area of advanced planning
• The true meaning and purpose of a prenuptial agreement
• And more!

Join Tim now and learn how to live greater today and prepare for life’s big changes!

Resources:  HighTower Great Lakes

 

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Do you know about the softer side of financial planning?

Planning isn’t all about conducting technical quantitative analyses. In fact, Tim Scannell and his team spend half of their time helping clients with more subtle planning items, called “transition points.”

Today, Tim explains how you can prepare for two major transition points—downsizing and retirement.

In this episode, you’ll learn:

• About HighTower Great Lakes’ unique approach to financial planning that additionally focuses on transition points
• What the common examples of transition points are
• About popular downsizing-misconceptions
• How Tim Scannell helps clients’ parents downsize
• About Tim and his wife’s experience with using a five-focused checklist when they downsized

Join Tim now to learn what goes into the process of downsizing and how he can help you through it!

Resources:  HighTower Great Lakes

 

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There are many terms used in the financial industry, and differentiating between similar ones can be confusing. Do you know the difference between a “fiduciary” and a “broker”?

Today, Tim Scannell answers that very question. Not only that, but he also gives insight into how the fiduciary process works, particularly at Hightower Great Lakes.

In this episode, you’ll learn:

• The key differences between brokers and fiduciaries
• Why the fiduciary process can be compared to that of a dietitian
• The fee structure of a fiduciary versus a broker
• How the fiduciary process at Hightower Great Lakes operates
• And more!

Tune in now to learn about the benefits of having a fiduciary on your side!

Resources:  HighTower Great Lakes | HighTower Whiteboard Animation: Brokers vs. Fiduciaries

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Inheriting wealth is harder than it sounds. Too often, younger generations misuse wealth because they don’t know how to preserve it or how to make wise spending decisions.

The family bank could be the solution.

In today’s episode, Tim Scannell gives you a behind-the-scenes look at how clients use family banks to educate their children, protect their assets, and channel money in a direction that aligns with their values.

In this episode, you’ll learn:

• The three most popular reasons for creating a family bank
• Examples of how family banks create educational experiences for adult children
• The benefits and drawbacks of using a family bank
• Different priorities a family bank can address
• How a family a bank can encourage certain behaviors in younger generations
• And more!

Listen in now and learn how you could use a family bank to provide younger generations with support and education!

Resources:  HighTower Great Lakes

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What role does a lifelong learning plan play in multi-generational wealth transfer?

Tim Scannell is picking up from where he left off in his previous episode on multi-generational family meetings. Today, Tim talks about the importance of having a lifelong learning plan, what the plan entails, and how it can help families during wealth transitions.

In this episode, you’ll learn:

• About the role of a lifelong learning plan in transferring wealth between generations
• Why it’s beneficial for families to create a lifelong learning plan
• The #1 concern that clients have during generational wealth transition planning
• Factors to consider when creating a lifelong learning plan
• And more!

Tune in to learn how a lifelong learning plan can help you and your family navigate your financial future!

Resources:  HighTower Great Lakes | Episode 7 – Multigenerational Family Meetings

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Do you know how to prepare for the successful transition of family wealth?

You’re about to find out.

In today’s episode, Tim Scannell discusses a powerful tool that helps families pass on their legacy to their heirs—family meetings.

Here’s what you’ll learn about in today’s episode:

• The primary goals of multigenerational family meetings
• Tim’s approach to introducing his clients to the concept of family meetings
• The importance of transferring wealth as well as the history behind the wealth
• How Tim conducts a multigenerational meeting from start to finish
• What a lifelong learning plan is
• And more!

Tune in now to learn all about multigenerational family meetings and how Tim Scannell can help you!

Resources:  HighTower Great Lakes |

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Preparing to transfer your wealth to the next generation is important, but it’s also important to consider how philanthropy can help prepare the next generation to receive your wealth.

In this episode of the Wealth Stream podcast, Tim Scannell of HighTower Great Lakes shares how he and his team encourage clients to engage their families in their philanthropic legacy giving.

In this episode, you’ll learn:

• How protecting a family brand is equally as important as protecting financial assets
• How philanthropy helps open up the conversation about money and saving with children and grandchildren
• Why you should ask ‘why’ to your mentors when choosing the organizations to support
• Why using philanthropy as a part of your overall financial plan is such a great tool
• The importance of speaking with families about current philanthropy and moving towards an organized family plan for charitable giving
• And more!

Join Tim now to learn all about charitable giving!

Resources:  HighTower Great Lakes