Michael Gold Puts Judgment Over Products in Westport
Wealth management for the ultra-wealthy is often sold on personality and product access. Michael Gold, founder and CEO of Gold Family Wealth in Westport, Connecticut, argues that neither explains why some families end up with strong outcomes while others end up disappointed. What separates the two, he says, is who controls the decision-making process and how much research sits behind it.
Gold draws on a personal comparison to make his point. “I think that’s what’s wrong with the industry. Wealth managers want to appease the clients,” he says. “I had three spine surgeries, so I had to deal with neurosurgeons. Not at one point did the surgeon say, ‘So what do you think about this or that?’ They did a suite of tests, MRIs, CAT scans, X-rays. Then they laid out all the options from conservative to aggressive.”
A Different Standard for Ultra High Net Worth Families
For Gold, that surgical approach is closer to how ultra high net worth planning should work. Rather than asking clients what they want to hear, an advisor should present a full, researched set of options and their tradeoffs. Michael Gold Westport describes his Westport based firm’s dedicated practice for these families as the intellectual engine behind everything else the organization does.
Frameworks Built for Complexity
The frameworks Michaael Gold Westport team has built for complex families, including modeling tools and coordination across multiple entities and generations, are not kept separate from the rest of the firm. Gold says they raise the advisory standard applied to every client relationship the firm handles, regardless of the size of the account.
His approach arrives as roughly three quarters of privately held business owners expect to transition or exit within the next decade, and as trillions in family wealth are expected to move between generations in the years ahead. Michael Gold contends that moment calls for advisors willing to control the process rather than simply respond to what clients ask for. Refer to this article for related information.
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