By Sharon Perlin
Sharon Perlin joined Whittier Belief Firm in January 2023. With practically 20 years of expertise offering authorized counsel, she continuously remarks on the distinctive qualities that set Whittier other than different firms within the wealth administration subject. “Though there are numerous methods wherein Whittier stands out,” Sharon explains, “I’d wish to share two key factors the place my shoppers and colleagues agree that Whittier affords a really distinctive expertise.”
Private Consideration
Perlin works with about 24 households in her position as Senior Shopper Advisor at Whittier. The norm within the business is nearer to what she skilled at her prior employer, the place she was liable 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 along 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 training lawyer, after I would invoice shoppers in six-minute increments. It’s exhausting 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 concerning the upcoming wedding ceremony, the brand new grandbaby and the son fighting 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 which may affect my shoppers’ property and reward plans.”
Perlin offers an instance of a shopper who just lately bought a enterprise in Illinois, with two phases to the sale. The primary part was just lately accomplished, and part 2 will likely 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 someday, she shared with Perlin that she had simply purchased a home in Washington to spend extra time along 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 steered the shopper turn out to be a Washington resident. I ran a domicile tax evaluation and confirmed that the choice could be very favorable for her.”
Because of Perlin’s suggestion, the shopper will save tens of millions 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 shoppers can benefit from the camaraderie and elevated expertise of our community of colleagues, shoppers and associates.
“Final month, I joined shoppers for a phenomenal 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 instructed me that she and her companion 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 shoppers’ wants is what drives the corporate’s inner processes as nicely. Because of this advisors are empowered to be proactive of their steering 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 offers an instance: “At my prior agency, if a shopper had a belief the place the agency served as trustee, they usually requested a discretionary distribution from the belief, it was an arduous course of. They’d to offer intensive 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 skill to weigh in on the request. Purchasers had been annoyed and felt just like the system was arrange in opposition to them, somewhat than in partnership.”
Such a request would sometimes be accomplished inside hours at Whittier Belief. We function trustee on a lot of our shoppers’ trusts, and a shopper’s request for a belief distribution is vetted by a neighborhood committee, together with the shopper’s advisor. Generally, 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 move wants, and household dynamics and circumstances. This permits us to rapidly distribute funds, usually 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 group and to have deep private connections with shoppers which might be extremely fulfilling for me. I hope in the event you’re studying this, you’ll attain out and speak to us about whether or not the Whittier expertise could be helpful for your loved ones as nicely.”
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 right now by visiting www.whittiertrust.com.
