Wealth & Finance International - January 2017

53 January 2017 Through their client relationships that span generations, private wealth advisory firm EMM has found its niche helping families with substantial wealth focus on their legacy. A Bespoke, Multigenerational Approach to Wealth Management icture the following scene: a new client walks into EMM’s Manhattan offices at East 42nd Street with a shoebox under her arm. She greets her EMM wealth advisor on the 32nd floor and empties the contents of the bulging shoebox onto the advisor’s desk. Strewn across its surface now is an impressively disorganised array of investment statements from multiple custodians, cryptic insurance policies, complex retirement agreements and the washed-out receipt for the box’s long-gone former contents. This assembly of the client’s life in documents now makes up an important piece of EMM’s ‘discovery meeting’ that begins all new client relationships at the firm. After hearing more about the client’s finan- cial goals and personal passions, her hopes for the future and for her children, the EMM advisor can begin to bring into focus a 360-degree picture of the client’s financial world and move forward with clear and tailored suggestions. This scene is a familiar one at EMM; and with nearly fifty years in the family wealth management business, the shoe- boxes have varied widely in size, style and complexity. EMM’s advisors take the time to engage with this meticulous intro- ductory exercise because promoting their clients’ financial wealth and well-being is at the core of the firm’s value proposition. Since its founding in 1968, EMM has operated as an independent wealth advisor, offering high and ultra-high net worth individuals and families compre- hensive wealth management solutions that include investment advisory, financial planning and tax services. Their approach to client service, beginning with the ‘discovery meeting,’ may seem a bit more personal than at other firms. This is deliberate. “We see our role,” says Co-CEO Lloyd Abramowitz, “as our clients’ advocate in any life event that affects their financial well-being. Whether it’s setting up a foundation or starting over after the sale of a business, we seek to be our clients’ first call.” He goes on to describe the collaborative relationships the EMM team builds with their clients’ other trusted advisors— estate attorneys, accountants, even art and philanthropy advisors—all to help clients live their best lives. Mr. Abramowitz refers to this as ‘financial quarter- backing.’ In many cases, particularly with family business clients, EMM also steps in as a mediator and assists in setting up appropriate family governance policies to ease or avoid conflict. The firm’s clients are successful entrepreneurs and leaders in the entertainment, legal and financial fields, as well as institutions and foundations with multiple entities and portfolios. What this advisor group has learned in its half-century’s worth of client relationships however is that a client’s most valuable asset is often not found on their net worth statement; that is, many clients’ primary concern is with the continued security of their family, particularly their children. This type of advising with a multigenerational lens has become a sweet spot for EMM, and it could be one explanation for why over half of EMM’s clients have been with the firm a decade or more. It makes sense that the firm prides itself on its strong work within families. After all, Co-CEO David Aaron took over his current position from his father and EMM’s founder, William Aaron. Together, David Aaron and Lloyd Abramowitz have honed in on the success of creating a familial culture, both within the organisation and with their clients. “In an age where some may be tempted to explore new alternatives such as robo-advisors,” Mr. Aaron says, “it’s more important than ever to reinforce the unique value of face-to-face problem solving, especially for families with complex financial lives.” Though they place a strong emphasis on their personal touch, EMM’s in- dustry expertise is no less palpable. They cite the goal of their investment advisory practice as seeking to provide “maximum risk-adjusted returns tailored to each client’s financial objectives, risk tolerance, cash flow and liquidity needs, existing investments, time horizon and tax situation.” The firm’s investment committee described their rigorous five-step due dili- gence process for approving investments and managers across a diverse spectrum of asset classes. As every client has different return and risk objectives, they customise each portfolio to encourage optimal results. It is this balance of objective financial advice and personalised service across generations that seem responsible for EMM’s rare lifespan. With some client relationships going back forty years, it’s no surprise that the firm’s services would naturally extend to the rising generations of those families. It also helps that EMM’s leadership seems to have embraced the rising generation within their own workforce. So, as the aging of the baby boomers heralds the greatest transfer of wealth in history, to the folks at EMM this will be business as usual. “All too often wealth is squandered as it is transferred between genera- tions,” David Aaron asserts. “We often find that other family offices have good intentions, but the execution of the handoff is lacking.” To this end, EMM offers programs like EMM University, a week-long immersive summer program designed to help clients’ high-school-aged children become more financially literate and better prepared to accept the responsibilities of inheriting and managing wealth. Mr. Aaron sums it up, “Our goal in advising across the generations is to make that transition seamless and serve as a true steward of the family’s wealth and legacy.” As for those shoeboxes, EMM’s team plans to welcome their upended contents for years to come. Company: EMM CEOs: Lloyd Abramowitz - David Aaron Web Address: www.emmwealth.com Address: 220 East 42nd Street New York, New York 10017 Telephone: + 1 212 476 5555 P 1701WF33