Forbes: "A Family-Forward Team Approach To Complex Situations"

Forbes, by R.J. Shook, July 25, 2018

For Jennifer Wappaus, a Private Wealth Advisor with PagnatoKarp, the more complex and challenging a client’s situation, the better. “Our biggest value-add comes from working with entrepreneurs selling their businesses. We focus on moving the whole family forward after the sale event.”

Sales of substantial businesses involve many moving parts—financial and psychological—and emotions often run high. Jennifer begins by focusing on the needs of all family members, including aging parents, children, and even grandchildren.

“We’ve already worked hard to become the go-to for almost everything our high-net-worth family clients need, from tax and financial planning to investments to lifestyle needs through our full concierge service.” Following her Reston, Virginia-based firm’s True Fiduciary? standards, Jennifer then makes sure to bring transparency to what she feels is most important. “The foundation of someone’s financial strategy should go beyond someone’s goals and include their life purpose. Sure, it’s important to sell a business for top dollar and invest in the most tax-advantaged and intelligent ways, but how does that relate to what matters most?”

While Jennifer and her team introduce clients to vetted investment bankers and review all business purchase offers, the real action—where her team approach has the greatest impact—often comes earlier.

Jennifer brought together all relevant family members along with her estate planning attorney and Dr. Richard Orlando, PagnatoKarp’s family coach. “Dr. Orlando, who spoke with everyone ahead of time, knew where all the possible hang-ups and disconnects were. Over the course of the meeting, a clear picture emerged. The patriarch was able to hear his children—who doesn’t want their children to be happy?—and agree to slowly wind down the business. He felt better, the children all felt better, and his wife felt better. And with our estate planning attorney present, we clarified the likely long-term impacts of this new direction on all family members.”

Having been a four-year scholarship lacrosse player at Penn State, the value of the team approach comes naturally to Jennifer. What also comes naturally is her ability to consciously craft just what her clients most need—from emotionally attuned environments where complicated family matters can be elegantly resolved to tax and investing advice that is clear and actionable. “From tax planning to investing to decisions about retiring or selling a business, clients have to wade through a lot of difficult material. That’s why we work so hard to articulate things in a way that every family members can readily understand.”

“Recently, we helped a family patriarch with selling a complicated real estate business. He and his wife each had three children from a previous marriage, and we knew from prior conversations that all family members were not on the same page. The patriarch wanted to keep the business and pass it on to his children. They weren’t really interested, but were too uncomfortable to tell him.”

Jennifer Wappaus was named to Forbes America's Top Next-Gen Wealth Advisors.

Original Forbes article "A Family Forward Team Approach To Complex Situations".

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At PagnatoKarp, we help high-net-worth families move forward. Our boutique team of professionals manage complex needs through investments, financial planning, tax, legal, private banking, family governance and concierge. With True Fiduciary? standards of transparency, we embrace the legal obligation to put your interests first while focusing on asset protection, cost, and opportunities.

Please contact PagnatoKarp at 703-468-2700 or [email protected] to schedule a private, confidential meeting at your convenience.