PwC US Releases 2012 Guide to Tax and Wealth Management

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Oct 25, 2011, 08:55 ET

NEW YORK, Oct. 25, 2011 /PRNewswire/ -- PwC US today released Managing Your Wealth, the firm's 15th annual guide to tax and wealth management. Consistent with previous years' guides, this edition aims to help individuals, families, and business owners better understand and refine their wealth management strategies as they look to grow and preserve their wealth. The Guide reflects the latest legal, economic, and legislative developments impacting wealth plans, including government deficits, changes in estate tax law, and potential shifts in tax policies.

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"Fundamental changes in government policies will impact wealth management plans, underscoring the importance for high-net-worth individuals and their families to anticipate how those changes might affect them personally," says Brittney Saks, a partner with PwC's Private Company Services practice and editor-in-chief of this year's Guide. "Families should start by having open meetings among themselves and with their advisors to reach a mutual understanding of the family's goals and values. The better informed that advisors are in this vein, the better they can help the family navigate uncertainty, both political and economic. Likewise, the more that families understand their wealth management strategies, the more effectively they can work with advisors to refine their plans."

Families with significant wealth also recognize the importance of managing their investments, charitable giving and trusts across generations. This involves ensuring that younger members understand how effective wealth management reflects and supports the family's values, meets its near-term financial goals and preserves the family's estate for future generations. Family meetings are an effective way to impart this knowledge.

"We believe a successful family meeting is one in which everybody openly participates and agrees to work collectively toward achieving the family's shared objectives," says Saks. "It's not a one-time meeting, either; families should meet routinely to achieve the family's mission today and to educate the younger generations on how to fulfill the mission in the future."

The Guide also addresses the importance of a trusted advisor relationship as families navigate uncertainty. Similar to running a successful business, managing personal wealth requires a strategic growth plan that is tested by trusted advisors and then refined by them to reflect changes in the economic and political landscape.

"We write this Guide as an ongoing resource for families looking to create lasting value for themselves, but always recommend that people reach out to an advisor to determine the best strategy," notes Saks. "Developing a trusted advisor relationship is the best course for success. Families looking to get the most out of their client-advisor relationship must first find the right people to fill the advisory roles, clearly communicate their goals to them, and then build a trust-based relationship that ensures the family's best interests are well looked after."

Available for free download at www.pwc.com/us/pfs, the new Guide clearly explains complex wealth management strategies without resorting to technical language. Like previous years' guides, it is supported by an online resource center, which allows users to download specific chapters or the full book, view video interviews with partners on important financial planning topics, and gain access to other PwC resources regarding personal finance and wealth management. Together, the Guide and the online resource center serve as a reference for overall wealth management planning, including:

Effective tax planning
Managing your investments
Charitable giving
Estate and gift planning
Business succession
Family meetings
Working with advisors
Family offices
Risk management

About the Private Company Services Practice

Moving beyond tomorrow's uncertainty and growing your business matters to you, and to us. Experience what it is like to work with professionals dedicated to serving private companies and their owners. Working with you on both day-to-day and more-complex issues such as compliance, controls, cash flow, expansion, succession, and personal financial matters - this is PwC's Private Company Services.

You talk, we listen and share insight. We are proud to serve as advisors to more than 60% of America's Largest Private Companies,(1) collaborating to help you achieve long-term success.

Experience the difference. Visit us online at pwc.com/us/pcs, email us at [email protected], or call us at 800-844-4PCS to start the conversation.

1. 2010 Forbes America's Largest Private Companies List

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About the Guide's Author

Brittney Saks is a Personal Financial Services partner in PwC's Private Company Services practice in Chicago. She has provided business owners, corporate executives, and wealthy families with consulting and compliance services in areas such as compensation, investment planning, business succession, charitable giving, estate tax, trusts, and retirement planning.

These days most of Brittney's time is spent working with high-net-worth families on tax and wealth management issues. Her clients include some of the largest and most complex family offices in Chicago.

Brittney has received the Personal Financial Specialist designation and is a certified public accountant. She earned a BS in accounting from the University of Illinois at Urbana-Champaign, where she graduated with highest honors, and received a master's in taxation from DePaul University, where she earned special distinction.

She is a member of the American Institute of Certified Public Accountants and the Illinois CPA Society.

SOURCE PwC