Catering to the Needs of Ultra-High-Net-Worth Clients
New job, new challenges, new perks, new salary. The new head coach position was everything the former coordinator had hoped for – except for the new tax bracket. He was understandably concerned about his potential tax liability.
“Fortunately, we discovered he had a lot of 1099 income,” says Scott Sexton, Financial Advisor and Senior Vice President at Venable Cantey Pruitt & Sexton at Morgan Stanley (VCPS). “As a result, we were able to create an individual plan tailored to his specific needs and help save him a tremendous amount on his taxes.”
Based in Knoxville, Tenn., and managing close to $1 billion as of October 31, 2013, VCPS is a comprehensive wealth management team that caters exclusively to the needs of high-net-worth individuals and families throughout the nation. The group provides the service of a boutique while utilizing the capabilities of Morgan Stanley. The practice offers advice in investment management, financial planning, tax and estate planning strategies, asset protection planning, complex trust issues and other areas of concern to its elite clientele.
“Whether the client is a corporate executive, a recent widow, a coach or a professional athlete, the issues they face are very similar,” says Sexton.
“Nearly all of our clients are already wealthy when they come to us,” says Senior Vice President and Financial Advisor Andrew J. Venable. “For the most part, they’re not looking to grow their money but to preserve it for themselves, their families, the next generation and, often, a favorite cause. Most have had a liquidity event or have tremendous cash flow. And all of them are concerned about taxes.”
Strategic Merger Brings Comprehensive Resources Under One Roof
VCPS was formed over the last 10 years, through the strategic merger of three existing teams. The goal, Venable explains, was to bring together highly respected advisors with diverse backgrounds and skill sets under one roof.
Clients know they can count on the 10-member team, which includes financial planners, investment advisors, a former tax attorney and an exceptional support staff, to provide the highest level of professional, personal service.
According to Lance Pruitt, Financial Advisor and a former trust and estate tax attorney, new clients are often pleasantly surprised to learn most relationships start with the planning process, including an in-depth review of goals, needs and any existing documents. Most clients, he says, either need a new estate plan or need to have their existing plan updated by their attorney. Pruitt coordinates the entire process with the client’s outside attorney, with all document preparation and signing taking place at the group’s offices.
“Most of our clients are extremely busy,” Venable says. “Having one advisory team who can handle all of their needs is extremely important to them. We help simplify our clients’ lives and answer the question ‘are we ok?’ — and they appreciate it.”
1111 Northshore Drive, Suite N-160 | Knoxville, TN 37919
865-330-0747 | Toll-free: 800-448-0020
Venable Cantey Pruitt & Sexton is a Financial Advisor/Private Wealth Advisor with the Wealth Management division of Morgan Stanley in Knoxville, TN. The views expressed herein are those of the author and may not necessarily reflect the views of Morgan Stanley Smith Barney LLC, Member SIPC. www.sipc.org
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. This material was not intended or written to be used, and it cannot be used, for the purpose of avoiding tax penalties that may be imposed on the taxpayer. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.
Morgan Stanley Financial Advisors has engaged EMI Network Inc. to feature this profile in Forbes magazine. Venable Cantey Pruitt & Sexton may only transact business in states where it is registered or excluded or exempted from registration http://www.morganstanleyfa.com/vcpsgroup/. Transacting business, follow-up and individualized responses involving either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, will not be made to persons in states where Venable Cantey Pruitt & Sexton is not registered or excluded or exempt from registration.