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Situation Tax Partner Michael Desiato and professionals at Cherry Bekaert have been working with the family and their advisors over 30 years, providing guidance in the areas of tax planning and compliance, business consulting, and estate and trust tax planning. During the last year, as the client was in the process of selling their business, Michael introduced the Wealth Management group to develop a disciplined approach to provide comprehensive and integrated asset and income reporting. Wealth Management’s Process Tessie Yuste of Wealth Management and Michael met with the family to understand their objectives and unique requirements for their post-sale wealth. One of the solutions proposed to the family was Investment Advisory & Oversight services, part of the Family Office offering, which involved working with the family’s other service providers and trustees in the areas of investment aggregation, performance reporting, asset allocation and due diligence. Wealth Management’s proposal also included the design of a reporting package and ultimately an automated online reporting system. Our reporting system, which also includes an advisory narrative, is unique compared to other financial services vendors. Solution Feedback from the family and their attorneys after the presentation was extremely positive. The client acknowledged that our ser- vices will be an important aspect in managing their wealth and assisting them in acting in their fiduciary capacity. Cherry Bekaert Wealth Management won the business which will generate recurring annual of approximately $450,000. Wealth Management Group and Tax Case Study Michael DeSiato, CPA, CFP, CExP Partner, Tax Services [email protected] cbh.com 11.13.19 Investment Advisory Services and insurance products are offered through Cherry Bekaert Wealth Management LLC. Our Financial Professional may also act as Registered Representatives. Securities offered through Purshe Kaplan Sterling Investments, member FINRA/ SIPC, headquartered at 18 Corporate Woods Blvd., Albany, NY 12211. NOT FDIC INSURED. NOT BANK GUARANTEED. MAY LOSE VALUE, INCLUDING LOSS OF PRINCIPAL. NOT INSURED BY ANY STATE OR FEDERAL AGENCY. Cherry Bekaert Wealth Management and Purshe Kaplan Sterling Investments are not affiliated. Cherry Bekaert Wealth Management LLC and Cherry Bekaert LLP are affiliated companies. An educator and entrepreneur family with substantial wealth held in real estate and trusts contacted Cherry Bekaert for wealth management services when selling their business.
