Structure of Private Equity and Evaluating Projected Returns
Tim McNeely is CEO of LifeStone Wealth Management and works with a limited number of entrepreneurs and entrepreneurial dentists for whom he can have a major impact. Using a consultative wealth management approach, he helps successfully business owners make smart decisions about their money by addressing their five biggest concerns: preserving their wealth, tax mitigation, taking care of their heirs, ensuring their assets are not unjustly taken, and charitable gifting.
Episode Highlights Here:
Timothy:
That's why they put together a team of the best of the best individuals. And the job of that team is to manage that family well.
Pierce:
In your store here, you unpack a whole bunch of different things. I want to kind of focus on something, though, that you said was that you started to develop a team around you dive into that a little bit, and how has that impacted your business and, and your guys' lives as a whole?
Timothy:
no, that's made more difference than just about anything else I've done is having that top-notch team. And, and it really is, there's a differentiation between, at least in my world, the different advisors out there, and kind of that base level, it's an investment advisor, and they're going to be focused on a singular area of your life, like your investments, that's what they focus on. And as you kind of move up the hierarchy, you may be working with a financial advisor, and they may be, you know, responsive to your request, if you say, Hey, I, you know, I want some help in this area, they'll go great, I can refer someone and that's about as proactive as they're going to be as they'll be responsive to your request. But then as you move up, you'll be working with possibly a wealth manager. And now they're going to be very proactive, actually bringing to you solutions that you never even thought about. And then by the time you reach the highest level, you're gonna probably have a virtual family office around you, which is what the super-rich do. And the super-rich, they've got very complicated financial lives. And that's why they put together a team of the best of the best individuals. And the job of that team is to manage that family's wealth, and the primary reason they do that is they want to work with professionals who really understand them and who know what's important to them. And that's, you know, what goes into a good team is are you working with people who don't just refer back and forth? But are they actually collaborating on your behalf? Are they actually working together to find solutions? Do they really understand what you're attempting to achieve? Or are they just trying to wow you with technical wizardry? It's like, what kind of team do you have in place, and that makes the biggest difference, especially as your wealth continues to grow?
Pierce:
absolutely.
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