RIABiz recently republished a series of tips for financial advisors serving high-net-worth (HNW) clients. The tools were published by Commonwealth Financial Network and are as follows:

1. Portfolios Designed for Complex Goals: The tools incorporate traditional investment solutions, but also add alternative investments. They include hedge funds, structured products, private equity, venture capital, real estate investment trusts (REITs), and initial public offerings (IPOs) offer unique opportunities for portfolio diversification and growth.
2. Trust Planning and Estate Management: The firm strongly advocates that advisors collaborate with estate attorneys and CPAs to facilitate seamless wealth transfer and estate planning, optimize tax strategies, select appropriate trustees, and ensure compliance with current laws and best practices.
3. Legacy Planning and Next-Generation Engagement: Likewise, another tool is facilitating family conversations and involving stakeholders in legacy visions are crucial steps in engaging both current and future generations. Advisors should educate the next generation about financial stewardship and provide resources for individual financial needs.
4. Charitable Giving Strategies: The tools include familiar charitable planning techniques, such as donor-advised funds, charitable remainder trusts, charitable lead trusts, and qualified charitable distributions, which enable clients to support philanthropic causes while maximizing tax benefits.
5. Lending Solutions and Guidance: Another tool is to offer lending solutions, whether secured or unsecured, to help clients leverage assets for major purchases, bridge loans, or real estate investments, providing liquidity and flexibility.
6. Business Growth and Succession Planning: The firm also focuses on HNW clients who own businesses. They will benefit from retirement plans, incentive programs for key employees, and succession planning strategies to preserve their legacy and ensure business continuity. 
7. Comprehensive Financial Planning Software: A final tool is to utilize advanced financial planning software like RightCapital, Money, MoneyGuidePro, and Holistiplan. All such software enables advisors to create holistic financial plans, analyze various scenarios, and illustrate strategies tailored to each client's goals and preferences.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.