By Sharon Perlin
Sharon Perlin joined Whittier Belief Firm in January 2023. With almost 20 years of expertise offering authorized counsel, she incessantly remarks on the distinctive qualities that set Whittier aside from different corporations within the wealth administration area. “Though there are numerous methods through which Whittier stands out,” Sharon explains, “I’d wish to share two key factors the place my purchasers and colleagues agree that Whittier gives a really distinctive expertise.”
Private Consideration
Perlin works with about 24 households in her position as Senior Consumer 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 together with her purchasers.
“At Whittier Belief, I converse with most of my purchasers on a weekly foundation,” she says, “or typically even a number of instances every week. That is so completely different from my time earlier than, as a training lawyer, after I would invoice purchasers in six-minute increments. It’s exhausting to get to know somebody when a consumer 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 in regards to the upcoming marriage ceremony, the brand new grandbaby and the son scuffling with dependancy. This information is useful when advising on property and reward issues, too. On the identical time, I keep present on legislative proposals and adjustments which may influence my purchasers’ property and reward plans.”
Perlin offers an instance of a consumer who just lately offered a enterprise in Illinois, with two phases to the sale. The primary section was just lately accomplished, and section 2 can be in two years. As a result of the consumer lives in California, she paid a number of million {dollars} in state taxes on the primary section of the sale. Over lunch at some point, she shared with Perlin that she had simply purchased a home in Washington to spend extra time together with her grandchild. Perlin requested how lengthy she usually deliberate to remain in Washington, and the response was, “Not less than half the yr.”
“I used to be conscious that Washington has no state revenue tax,” Perlin remembers, “so I advised the consumer change into 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 consumer 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 purchasers can benefit from the camaraderie and elevated expertise of our community of colleagues, purchasers and pals.
“Final month, I joined purchasers for a lovely 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 non-public occasion. A month later, one of many purchasers instructed me that she and her associate had now gotten along with two different {couples} they met on the match. That was the Whittier distinction in a nutshell.”
Responsiveness
Whittier’s give attention to purchasers’ wants is what drives the corporate’s inside processes as nicely. Which means that advisors are empowered to be proactive of their steering on investments, property planning, philanthropy, taxes, actual property and different issues and that purchasers can at all times count on considerate and well timed follow-ups to requests.
Perlin offers an instance: “At my prior agency, if a consumer had a belief the place the agency served as trustee, and so they 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 consumer, and at the same time as their advisor, I had no capability to weigh in on the request. Shoppers had been annoyed and felt just like the system was arrange in opposition to them, fairly than in partnership.”
Such a request would usually be accomplished inside hours at Whittier Belief. We function trustee on lots of our purchasers’ trusts, and a consumer’s request for a belief distribution is vetted by a neighborhood committee, together with the consumer’s advisor. Usually, no supporting documentation is required from the consumer as a result of their advisor already is aware of the finer factors of their monetary standing and understands their world stability sheet, money circulate wants, and household dynamics and circumstances. This enables us to shortly distribute funds, typically 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 staff and to have deep private connections with purchasers which are extremely fulfilling for me. I hope when 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 be taught extra about how Whittier Belief could make a distinction for you, your loved ones, and your property, begin a dialog with an advisor at present by visiting www.whittiertrust.com.
