A Holistic Approach To Serving Business Owners and High-Net-Worth Families

Livia Benjamin is a Partner within the La Jolla workplace at Duffy Kruspodin. She has over 18 years of expertise in public accounting observe. Livia is obsessed with worldwide and state tax issues and focuses on consulting and compliance within the areas of actual property, service-related industries, well being care, and working with high-net-worth households. 

Russ Alan Prince: Can you inform us a bit of about your agency?

Livia Benjamin: At Duffy Kruspodin we perceive what it takes to excel in as we speak’s extremely aggressive atmosphere. We perceive the wants of entrepreneurs working laborious to develop their companies. We perceive the complicated regulatory compliance necessities entrepreneurs and high-net-worth households face. We have the experience these shoppers require and we work very laborious to not solely meet however exceed their expectations.

Prince: How do you strategy working with shoppers?

Benjamin: People are multifaceted having a wide range of wants and needs. I strongly imagine it’s due to this fact crucial to take a holistic strategy with shoppers. I goal to assist them attain the objectives they’ve set for themselves and to assist them most efficaciously take care of their considerations.

Taking a holistic strategy begins by growing a deep understanding of the lives of my shoppers. The secret to growing such an understanding is asking questions and actually, actually listening. By rigorously listening to my shoppers I—at the side of different consultants, lots of them at Duffy Kruspodin—can develop and implement custom-made on-point planning-based options. In this fashion, we’re fairly often capable of finding methods so as to add appreciable worth. 

When working with profitable shoppers, there may be hardly ever one single technique that is sensible. Instead, the way in which to ship most advantages to shoppers is by having the ability to combine a number of methods that function synergistically. For most of our shoppers, bright-line methods that may mitigate taxes are very enticing. Examples of those embody certified alternative funds, charitable constructions, and non-public placement life insurance coverage. 

The holistic strategy is very precious after I work with family-run companies. I’ve many actual property shoppers, for instance, which can be household companies. From methods to mitigate revenue and property taxes to creating positive their wealth can’t be taken from them due to some unfounded lawsuit, to making sure the enterprise successfully is handed down the generations, these households are searching for state-of-the-art options. Being capable of exceed their expectations requires integrating a number of areas of experience. 

When it involves arranging for the cost-effective transition of a household enterprise throughout the generations, not solely do I take care of the monetary issues, however I additionally—with my staff—can assist be certain the successive era has the data and expertise and is motivated to proceed to develop the corporate. In these conditions, I typically have to faucet into the experience of the agency corresponding to our valuation group and our household workplace practices. No matter whom I convey to the desk, I’m chargeable for making all of it work for my shoppers.

Prince: What do you see as the way forward for your observe?

Benjamin: My observe is rising. Entrepreneurs and high-net-worth people need options that make a significant distinction of their financials and their lives. My holistic strategy can assist them optimize their funds and many occasions optimize their private lives. And only a few persons are not all for optimizing. 

I decide up shoppers, for instance, as a result of lots of them are being poorly served in comparison with what we are able to provide them. That’s to not say these shoppers should not getting some good solutions from their accountants, however these accountants are unable to ship distinctive worth throughout a spread of points and considerations. With my staff, I can ship appreciable worth that addresses a large number of points and considerations synergistically, and that’s what entrepreneurs and high-net-worth household need. Therefore, I do know my observe goes to proceed to develop.

RUSS ALAN PRINCE is the Executive Director of Private Wealth journal (pw-mag.com) and Chief Content Officer for High-Net-Worth Genius (hnwgenius.com). He consults with household workplaces, the rich, fast-tracking entrepreneurs, and choose professionals.

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