By Sharon Perlin
Sharon Perlin joined Whittier Belief Firm in January 2023. With almost 20 years of expertise offering authorized counsel, she often remarks on the distinctive qualities that set Whittier other than different corporations within the wealth administration subject. “Though there are numerous methods by which Whittier stands out,” Sharon explains, “I’d wish to share two key factors the place my shoppers and colleagues agree that Whittier gives a really distinctive expertise.”
Private Consideration
Perlin works with about 24 households in her position as Senior Consumer Advisor at Whittier. The norm within the business 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 shoppers.
“At Whittier Belief, I converse with most of my shoppers on a weekly foundation,” she says, “or typically even a number of occasions per week. That is so completely different from my time earlier than, as a working towards legal professional, after I would invoice shoppers in six-minute increments. It’s laborious 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 scuffling with habit. This data is useful when advising on property and reward issues, too. On the similar time, I keep present on legislative proposals and modifications which may impression my shoppers’ property and reward plans.”
Perlin provides an instance of a shopper who lately bought a enterprise in Illinois, with two phases to the sale. The primary part was lately accomplished, and part 2 can 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 part of the sale. Over lunch at some point, 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 sometimes 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 turn into a Washington resident. I ran a domicile tax evaluation and confirmed that the choice can be very favorable for her.”
Because of Perlin’s suggestion, the shopper will save hundreds of thousands in taxes on Part 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 shoppers can benefit from the camaraderie and elevated expertise of our community of colleagues, shoppers and pals.
“Final month, I joined shoppers 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 personal occasion. A month later, one of many shoppers advised me that she and her associate had now gotten along with two different {couples} they met on the match. That was the Whittier distinction in a nutshell.”
Responsiveness
Whittier’s deal with shoppers’ wants is what drives the corporate’s inside processes as effectively. Which means advisors are empowered to be proactive of their steerage on investments, property planning, philanthropy, taxes, actual property and different issues and that shoppers can all the time count on considerate and well timed follow-ups to requests.
Perlin provides an instance: “At my prior agency, if a shopper had a belief the place the agency served as trustee, and so they requested a discretionary distribution from the belief, it was an arduous course of. That they had to supply in depth 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 at the same time as their advisor, I had no means to weigh in on the request. Shoppers have been pissed off and felt just like the system was arrange towards them, reasonably than in partnership.”
Such a request would sometimes be accomplished inside hours at Whittier Belief. We function trustee on lots of our shoppers’ trusts, and a shopper’s request for a belief distribution is vetted by an area committee, together with the shopper’s advisor. Normally, 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 international steadiness sheet, money circulation wants, and household dynamics and circumstances. This permits us to shortly distribute funds, typically 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 workforce and to have deep private connections with shoppers which are extremely fulfilling for me. I hope for those who’re studying this, you’ll attain out and speak to us about whether or not the Whittier expertise can be helpful for your loved ones as effectively.”
To study extra about how Whittier Belief could make a distinction for you, your loved ones, and your property, begin a dialog with an advisor at present by visiting www.whittiertrust.com.
