Commonwealth and Legacy Capitals, Empowering Wealth Advisors

Commonwealth Financial Network Partners with Legacy Capitals

Commonwealth Financial Network, a national leader dedicated to providing financial advisors with integrated business solutions, has embarked on an exciting partnership with Legacy Capitals. This collaboration focuses on an innovative advisor education program designed to meet the unique needs of high-net-worth (HNW) families and their advisors.

Addressing the Challenges of Wealth Management

“For many HNW families, navigating complex family dynamics and protecting wealth can be daunting,” said Karen McColl, senior vice president of wealth management at Commonwealth. She emphasizes the importance of passing both values and wealth down through generations. The Whole Family Advisor program developed by Legacy Capitals aims to empower advisors by equipping them with the necessary tools and knowledge to support high- and ultra-high-net-worth clients effectively.

The Program's Implementation

The initial phase of this program is currently underway, with 25 advisors participating in live virtual classes. They are engaging in practical courses and sharing personal experiences related to legacy planning, thus enhancing their skill sets. Commonwealth intends to roll out this program in batches of approximately 25 advisors at a time, ensuring that many can benefit from these vital resources. Additionally, experienced Legacy Capitals consultants will assist Commonwealth advisors in managing family meetings and addressing intricate family dynamics as they arise.

The Need for Legacy Preservation

Dr. Richard Orlando, founder and legacy consultant at Legacy Capitals, pointed out that trillions of dollars are expected to transfer between generations in the coming years. Advisors must be prepped to help families safeguard their legacies and navigate the potential pitfalls in wealth transfer. He believes this partnership signifies a commitment to elevating the standards by which independent advisors cater to the specialized needs of high-net-worth families.

Membership and Ongoing Support

Upon completing the initial program, advisors will receive a complimentary one-year membership to Legacy Capitals’ Academy, which includes ongoing education, access to Commonwealth-branded resources to share with clients, and integration into a supportive peer network. These offerings provide financial advisors the tools they need to foster client relationships and facilitate meaningful financial conversations.

Commonwealth’s Comprehensive Approach

This initiative is part of Commonwealth’s broader Private Client Group effort, aimed at delivering specialized tools, insights, and investment options to advisors who serve high-net-worth clients. By actively investing in advisor education, Commonwealth is committed to improving client outcomes and bolstering its reputation as a leader in financial advising.

About Commonwealth Financial Network

Commonwealth Financial Network is a member of FINRA/SIPC and operates as a Registered Investment Adviser. The firm offers holistic, integrated solutions that support the growth and operational efficiency of financial advisors’ businesses. J.D. Power has consistently recognized Commonwealth as the leader in independent advisor satisfaction among financial investment firms, an honor it has received 11 times in a row. Founded in 1979, Commonwealth is headquartered in Waltham, Massachusetts, with a secondary location in San Diego, California. The firm partners with around 2,200 independent financial advisors overseeing assets exceeding $296 billion.

About Legacy Capitals

Legacy Capitals specializes in providing comprehensive training, coaching, and consulting services on wealth and values transfer, succession planning, and family governance. Their approach integrates humanity and technology, assuring families receive tailored support during crucial transitions. The Legacy Capitals team comprises dedicated professionals with extensive experience in advising financially successful families, ensuring a deep understanding of family wealth and the intricacies involved.

Frequently Asked Questions

What is the purpose of the partnership between Commonwealth and Legacy Capitals?

The partnership aims to enhance the quality of training and resources available to financial advisors serving high-net-worth families, focusing on legacy planning and wealth transfer.

How does the Whole Family Advisor program benefit financial advisors?

The program provides advisors with essential training and support to navigate complex family dynamics and better cater to the needs of HNW clients.

What resources will advisors receive after completing the program?

Those who complete the program will gain a complimentary membership to Legacy Capitals’ Academy, which includes ongoing education and access to a supportive peer network.

Why is wealth transfer education critical for financial advisors?

With the significant wealth transferring across generations, advisors equipped with knowledge in legacy planning can better serve their clients and ensure family values are preserved.

What type of families can benefit from Legacy Capitals' services?

Legacy Capitals serves high-net-worth families, family businesses, and their advisors, providing tailored training and consulting on family wealth management and succession planning.

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