A multi-generational approach to financial planning

Not every firm can say most of their client base consists of multi-generational families. New York City-based Williams Jones Wealth Management has managed this impressive feat over its 36 years of existence in the independent space.

It’s also what attracted Emily Smith, director of financial planning, to the firm when she started five years ago.

“It wasn’t just the low turnover of employees, but the low turnover of clients,” she admits. “I was learning as I was going through the interview phase that there were, in some cases, the fourth generation of families here at the firm. It really speaks volumes to the level of service and our investment offerings.”

It also speaks to the way the firm thinks about retaining the next generation and why they’ve set up a legacy-type team, Smith added. As she explains, next generation clients require a lot of guidance in building up their success. For example, it’s important for them to have a solid investment portfolio with portfolio managers who understand the ins and outs on the equity and fixed income side.

“What we’re also seeing in the next generation is they have small children, but they haven’t created a will. They have spouses who are earning or have a sizeable income, and they haven’t solved for income replacement on the life insurance side. They have charitable needs, but they’re not giving in the most tax efficient way,” Smith highlighted.

“It’s kind of like this blank slate with this generation that’s really fun to work with. They don’t know what they don’t know so it’s really fun to get in there versus the retiree who’s buttoned up and who’s gone through the exercises and is on solid footing.

“We love working with that generation, there’s a lot of building and creating that goes on,” she added.

As the firm is built around investment management, Smith and her team are constantly building customized portfolios for clients from a bottoms-up approach and then “layering in a wealth management wrapper around that,” Smith says.

What has helped attribute to Williams Jones’ success over the years, despite being in one of the largest cities in the world, is having “the best of the best accountants and attorneys and having the people that can work hand in glove with outside the firm,” Smith noted.

Internally, they have a parent company, Focus Financial Partners Inc., who can provide insurance reviews and attorneys “to have a second set of eyes on estate planning documents” and other planners who are equipped to look over all other matters.  

The firm’s demographic of multigenerational clients consists of individuals worth anywhere between $15 million to $100 million. It’s a wide range, Smith says, because these are clients who are building their wealth. However, the average client is the $15 to $25 million high-net-worth individual.

Smith wears many hats. While her primary duties consist of creating and updating financial plans for clients and answering their concerns, she also is focused on building wealth management content for the firm as well as creating a financial planning team.

“I have another financial planner that works for me and we’re looking to grow that team so that our entire book of business has a financial planner tied to their wealth management team, as well as prospects who come through the door,” Smith said. “But the most important role within my job is to make sure our clients are being serviced on the planning side.”

Name: Emily Smith
Position: Director of financial planning
Company: Williams Jones Wealth Management
Founded: 1988
AUM: $11 billion