Delivering Strategic Wealth Planning Services for High-Net-Worth Clients with Frazer Rice

Episode 019: For high-net-worth families, wealth is more than just numbers on a balance sheet. It represents a legacy, a responsibility, and a means to achieve their unique aspirations. Managing the intricacies of wealth preservation, succession planning, philanthropy, and lifestyle management for these families is no easy task. It requires a tailored and holistic approach that takes into account their financial objectives, deeply held values, and unique needs.

In this episode of Connected, Kyle is joined by Frazer Rice, Director of Family Office Services at Next Capital Management. Frazer talks about the role of family office services in managing the wealth and lifestyle of high-net-worth individuals and families. Frazer emphasizes the importance of communication and conflict resolution in preserving wealth across generations.

Join us as we discuss:

• [01:52] - Duke's football victory.
• [04:28] - Frazer's love for film and horror genre.
• [06:51] - Frazer's experience acting in a horror movie.
• [09:06] - How Frazer got into wealth management.
• [14:34] - Multidisciplinary approach in solving problems for ultra-high net worth clients.
• [17:37] - Challenges of raising kids in wealthy families.
• [20:59] - Why Next Capital decided to start family office services.
• [26:12] - When it makes sense to employ a family office.
• [29:59] - What RIAs need to consider when offering family office services.
• [32:02] - What the future looks like for the ultra-high net worth segment.
• [36:46] - The three best golf courses Frazer has played on and his top three bucket list courses.

Key Takeaways

• The wealth management industry requires a multidisciplinary approach to problem-solving, combining expertise in law, finance, and other domains.
• Communication is the biggest challenge in preserving wealth across generations, and conflict resolution is crucial in avoiding destructive situations.
• The ultra-high net worth space requires independent advice and a focus on minimizing conflicts of interest.
• Technology can enable advisors to better serve clients, but manual labor and personal relationships will continue to play a significant role.

Quotes

"When you start moving up the wealth chain, and people start understanding that they have enough to spend during their lifetime and their legacy going forward is what's important to them, that's when you start getting into a different level of discussion and framework-building." ~ Frazer Rice

"The biggest threat to wealth isn't bad tax planning or investments. The ecosystem of smart people to solve those problems is broad and wide. But the biggest issue is communication. And it's amongst in between the generations." ~ Frazer Rice

"It's really my job and the job of the firm to help the families identify the different issues that are out there, look around corners, and look for opportunities, either for tax savings or structuring to further their goals." ~ Frazer Rice

Links 

• Frazer Rice on LinkedIn
• Frazer Rice on Twitter
• Next Capital Management
• The "Wealth Actually" Podcast
• Wealth Actually on Amazon
• Football - Duke University
• Riley Leonard
• Sam Raimi
• Evil Dead
• Steve McQueen
• The Blob
• The Devil's Restaurant
• Tony Guernsey
• Wilmington Trust

Connect with our hosts

• Milemarker.co
• Kyle on LinkedIn
• Jud on LinkedIn

Subscribe and stay in touch

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• YouTube
• Google Podcasts

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