By Sharon Perlin
Sharon Perlin joined Whittier Belief Firm in January 2023. With practically 20 years of expertise offering authorized counsel, she steadily remarks on the distinctive qualities that set Whittier other than different corporations within the wealth administration area. “Though there are numerous methods by which Whittier stands out,” Sharon explains, “I’d wish to share two key factors the place my purchasers and colleagues agree that Whittier affords a very distinctive expertise.”
Private Consideration
Perlin works with about 24 households in her position as Senior Shopper Advisor at Whittier. The norm within the trade is nearer to what she skilled at her prior employer, the place she was accountable 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 generally 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 purchasers in six-minute increments. It’s exhausting to get to know somebody when a consumer 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 marriage ceremony, the brand new grandbaby and the son scuffling with habit. This information is useful when advising on property and reward issues, too. On the identical time, I keep present on legislative proposals and modifications that may influence my purchasers’ property and reward plans.”
Perlin provides an instance of a consumer who not too long ago bought a enterprise in Illinois, with two phases to the sale. The primary section was not too long ago accomplished, and section 2 shall be in two years. As a result of the consumer lives in California, she paid a number of million {dollars} in state taxes on the primary section of the sale. Over lunch sooner or later, 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 very least half the 12 months.”
“I used to be conscious that Washington has no state earnings tax,” Perlin remembers, “so I recommended the consumer change into a Washington resident. I ran a domicile tax evaluation and confirmed that the choice can be very favorable for her.”
Due to Perlin’s suggestion, the consumer 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 mates.
“Final month, I joined purchasers for an exquisite 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 purchasers informed 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 concentrate on purchasers’ wants is what drives the corporate’s inner processes as properly. Which means that advisors are empowered to be proactive of their steering on investments, property planning, philanthropy, taxes, actual property and different issues and that purchasers can all the time count on considerate and well timed follow-ups to requests.
Perlin provides an instance: “At my prior agency, if a consumer 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 consumer, 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 in opposition to them, relatively than in partnership.”
Such a request would sometimes be accomplished inside hours at Whittier Belief. We function trustee on a lot of our purchasers’ trusts, and a consumer’s request for a belief distribution is vetted by an area committee, together with the consumer’s advisor. Generally, no supporting documentation is required from the consumer as a result of their advisor already is aware of the finer factors of their monetary standing and understands their international steadiness sheet, money circulate 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 crew and to have deep private connections with purchasers which might be extremely fulfilling for me. I hope if you happen to’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 properly.”
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.
