Ep 182: How Private Wealth Management In A Multi-Family Office Differs From Traditional Financial Planning with Richard Joyner
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 23 June 2020
⏱️ 103 minutes
🧾️ Download transcript
Summary
Richard Joyner is the President of Tolleson Wealth Management, a multi-family office that manages the wealth of large families with significant assets. He works with multi-generational families to address the complexities of successful wealth transfer and has expertise in many diverse areas, including estate tax planning, family dynamics and education, and investment management for the ultra-rich.
Richard joins us today to discuss what financial planning looks like for multi-generational families with significant wealth, what development dynamics go along with multi-family portfolios, and some of the more diverse issues that can arise in this particular wealth management category. Listen in to hear his top advice for getting started in this field, the skills that are necessary for success, and what he wishes he could tell his younger self just starting his career.
For show notes and more visit: https://www.kitces.com/182
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with financial planner, |
| 0:08.4 | speaker and consultant Michael Kitsis to hear stories of how leading financial advisors |
| 0:13.5 | navigated the inevitable challenges that arise on the path to success and get insight |
| 0:18.6 | from leading industry consultants about how to break through to the next |
| 0:22.2 | level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. |
| 0:29.0 | Welcome to the 182nd episode of the Financial Advisor Success Podcast. My guest on today's podcast is |
| 0:35.3 | Richard Joyner. Richard is a wealth manager and the president of |
| 0:38.4 | Talasin wealth management, a multifamily office based in Dallas, Texas that oversees nearly |
| 0:43.2 | 6.5 billion of assets under management for just 180 affluent families. What's unique about |
| 0:50.3 | Richard, though, is the way he's developed Talison to serve ultra-high net worth clientele |
| 0:54.8 | with a breadth of private wealth management services that truly goes beyond the traditional |
| 0:59.9 | financial planning approach. In this podcast, we talk in depth about what Talasin actually does |
| 1:05.6 | for clients who have an average family net worth of tens of millions of dollars. From a deeper |
| 1:10.1 | level of client financial |
| 1:11.2 | management and support, including bill paying services and family spending reports, to advance |
| 1:16.8 | tax and estate planning services that delve into techniques that can produce seven-figure |
| 1:21.0 | estate tax savings, private banking services to help clients obtain loans and receive corporate |
| 1:26.0 | trustee services, and why arguably |
| 1:28.2 | the biggest value Talasin provides their clients is supporting their family learning and helping |
| 1:33.2 | affluent parents conduct family meetings to develop their children and grandchildren to become |
| 1:38.2 | responsible stewards of the wealth legacy they will someday inherit. |
| 1:42.7 | We also talk about the business of multifamily office, |
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