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Chris Walters to Speak at International Wealth Management Forum
GenSpring executive, Chris Walters, will present on the asset allocation strategies of Family Offices at the International Wealth Management Forum. @IFG #investment #familyoffice
Walters to Speak
Walters to Speak
Wednesday, June 24, 2015
GenSpring Snags Rabobank Wealth Exec
Bank Investment Consultant
The ultrahigh-net-worth affiliate of SunTrust Bank has tapped an industry veteran to increase the firm's business throughout the western United States.
Chris Walters joined GenSpring Family Offices in Costa Mesa, Calif., as managing director for the West Region. He will oversee the firm's family offices in Los Angeles and San Francisco, GenSpring announced in a press release last week.
Walters was previously an executive vice president at Rabobank, where he led the institution's private banking, personal trust, asset management, institutional trust, brokerage, insurance, financial planning and wealth management services. Prior to that, he served as executive vice president at Citizens Business Bank. He also held executive positions at national and international wealth management firms, including Atlantic Trust, Citi Bank and Mellon, according to SunTrust.
"Chris Walters has a long-standing history of helping families achieve their financial goals," Willem Hattink, CEO of GenSpring, said in a statement. "Combined with his background in building and growing wealth management teams from the ground up, Chris has the right combination of experience to lead the West Region."
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Thursday, June 18, 2015
GenSpring Hires Industry Veteran
JUPITER, Fla., June 18, 2015 /PRNewswire/ -- GenSpring Family Offices, a leading wealth management firm for ultra-high net worth families, has named Chris Walters managing director for the West Region. Walters brings more than 25 years of experience to GenSpring, including a background of building and growing successful wealth management teams designed to provide best-in-class service to clients.
In this role, Walters will be responsible for business growth throughout the western United States. He will be based in GenSpring's Costa Mesa, Calif., family office and oversee GenSpring's Los Angeles and San Francisco family offices.
"Chris Walters has a long-standing history of helping families achieve their financial goals," said Willem Hattink, CEO of GenSpring. "Combined with his background in building and growing wealth management teams from the ground up, Chris has the right combination of experience to lead the West Region."
Walters joins GenSpring from Rabobank, N.A. where he served as executive vice president. In this role, Walters led Rabobank's private banking, personal trust, asset management, institutional trust, brokerage, insurance, financial planning and wealth management solutions. Previously, Walters served as executive vice president at Citizens Business Bank where he created Citizens Trust. He also has held executive positions at national and international wealth management firms, including Atlantic Trust, Citi Bank and Mellon.
Walters is active in the Southern California community, having served on the Board of Directors for a variety of not-for-profit organizations, including the Orange County Performing Arts Center, South Coast Repertory Theater, the Pacific Symphony and Little League.
About GenSpring Family OfficesFounded in 1989, GenSpring Family Offices, an affiliate of SunTrust Banks, Inc. (NYSE: STI), is a leading wealth management firm for ultra-high net worth families. Once limited to a few of the world's wealthiest families, the benefits of the family office are rapidly becoming known to a wider circle of ultra-high net worth clients. GenSpring was named 2012 Best Overall Multi-Family Office by Private Asset Managementmagazine, ranked as one of the top three Fee-Only Advisors in America on Forbes' 2013 list of RIA Giants and for four consecutive years has been ranked as one of the top 20 family offices in the world by Bloomberg (2011, 2012, 2013, 2014). For more information on GenSpring Family Offices, please visit www.GenSpring.com.
SOURCE GenSpring Family Offices
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Monday, December 12, 2011
10 Ways to Improve Your Finances Before Year-End - Bloomberg
10 Ways to Improve Your Finances Before Year-End
Dec 12, 2011 11:43 AM ET
Reevaluate Risk
Chris Walters, executive vice president at CitizensTrust, is using the end of the year to discuss with clients how many risky assets, such as stocks, they can handle in their portfolios. In this market, "clients are getting bounced all over the place," he says. "If it's really stressing them out, then do they need to pull back?" One problem is the uncertainty in the financial and geopolitical outlook. "If it's driving you crazy now, it's going to drive you crazy in six months too," he says.
Monday, October 31, 2011
YOUR PRACTICE: Tap shrinks, coaches to avoid estate battles | Reuters
http://in.reuters.com/article/2011/10/31/wealth-familydynamics-idINN1E79R0K320111031
*50 percent of advisers fail to keep wealth, study says
*Some firms hiring psychologists to address problems
By Jessica Toonkel
Oct 31 (Reuters)-- A few years ago, wealth adviser Chris Walters found himself in an impossible situation. After a client died, he had to divide the estate between two ex-wives, one widow and four children, each of whom felt they hadn't received a fair share.
"It was highly contentious and was one of those situations that could have been avoided had there been some legwork earlier on," Walters said.
The psychological aspects of wealth management aren't exactly taught in Adviser 101 and wealth managers too often tiptoe around topics that could be controversial.
But frank discussions about who gets what, how family businesses will to be run and other financial decisions are key if the family wants to keep its wealth, and advisers are increasingly making these discussions a vital part of their practice.
U.S. Bank's Ascent Private Capital Management, for one, has hired a psychologist to address "family dynamics issues."
The new private wealth business, which is targeting clients with at least $25 million in assets, expects will bring on more counselors as it expands, said Mark Jordahl, president of U.S. Bancorp Wealth Management Group.
"We really think having a psychologist on staff will differentiate us," he said.
DAUNTING ODDS
Whenever multiple generations are dealing with significant assets, advisers have to navigate complicated relationships. The complexities are often compounded by blended families and family-owned businesses.
"Estate planning is always a potentially contentious situation, that's why trust companies exist," said Walters, president of CitizensTrust, the private banking arm of Pasadena, California-based Citizens Business Bank, which has $1.7 billion in assets under management.
Avoiding controversial topics exacerbates future problems, he said.
"They are so focused on the math, that they miss some of the issues," he said. "You can have the best investment management plan in the world, but it can all be for naught if the family can't agree on a plan."
The odds of a wealthy family being able to make their money last from generation to generation are daunting.
Seventy percent of wealthy families fail to sustain their level of assets for two to three generations, according to the Institute for Preparing Heirs, which trains advisers on how to deal with wealth transfer issues.
This is often because the family does not agree or have a plan on how it will manage its wealth, advisers said.
And for advisers, the mere existence of generational wealth can be a business killer. Fifty percent of client assets leave a financial adviser when there is a transfer of wealth from one generation to the next, according to a PricewaterhouseCoopers' 2011 Global Private Banking and Wealth Management Survey.
MISSION STATEMENT
Broaching the topic of what clients are going to do with their money when they pass is delicate. And it isn't exactly easy to suggest that a family go see a counselor.
For his part, Walters doesn't tell a family that he thinks they may need a family psychologist outright. Instead, he tries to illustrate how such resources have helped other families in similar situations.
For example, if Walters has a family that can't agree about how the family business will be run after the first generation passes, he will often say something like, "we had another family in this situation and they met with a family coach to figure things out, and that really helped."
GenSpring Family Offices, which services families with at least $25 million in investable assets, has clients take a survey to assess each member's goals and relationships to money. Then the family together creates a "mission statement" on to handle the wealth, said Daisy Medici, director of governance at GenSpring.
"That way if somewhere down the line a family member decides he or she wants to do something else with the money, the family can say 'that's not in the mission statement," she said.
Even for families who don't get along, having these kinds of clear strategies can be helpful, she said.
"We had one family who had a lot of problems and we said to them, 'look you have to just do these meetings, come up with a plan and stick to it. But you don't have to go out and have dinner after,'" she said. "And that worked."
GETTING HELP
For financial advisers who don't have the time or expertise to handle complicated family issues, there are places to turn.
In addition to a two-day training course for financial advisers on how to handle family issues, The Institute for Preparing Heirs is putting together a family coach registry advisers can use to tap experts on matters like dealing with blended families, said Diane Doolin, founding director of the Institute for Preparing Heirs.
The registry will be up by year-end and will start with 50 family coaches. The coaches are not psychologists but have experience with these issues, she said.
At least one bank believes having psychologists on staff will help it win ultra high-net-worth clients.
U.S. Bank's Ascent has hired Amy Zehnder as its "wealth dynamics consultant." Zehnder, who works with a variety of clients -- including high-net-worth families in private practice, said that the main challenge is just getting people to talk about money.
When an adviser refers a family to Zehnder she will generally work with them once a month for 12 to 18 months. She tries to get families to understand each member's differences and she helps them design a plan on which they can agree.
As part of the process, Zehnder, along with the adviser, will meet with each family member for four to six hours individually.
The price tag depends on the level of assets the client has with the bank. For investors who don't work with the bank such a financial-psychological program can cost between $200,000 and $250,000, she said.
Of course, not all advisers believe a staff psychologist is necessary, as long as you have professionals that you can refer a family to when needed.
"I have worked with over 200 families since I came to GenSpring and there have been only three times I have had to refer them to a counselor," Medici said. (Reporting by Jessica Toonkel; Editing by Chelsea Emery)
YOUR PRACTICE: Tap shrinks, coaches to avoid estate battles
*50 percent of advisers fail to keep wealth, study says
*Some firms hiring psychologists to address problems
By Jessica Toonkel
Oct 31 (Reuters)-- A few years ago, wealth adviser Chris Walters found himself in an impossible situation. After a client died, he had to divide the estate between two ex-wives, one widow and four children, each of whom felt they hadn't received a fair share.
"It was highly contentious and was one of those situations that could have been avoided had there been some legwork earlier on," Walters said.
The psychological aspects of wealth management aren't exactly taught in Adviser 101 and wealth managers too often tiptoe around topics that could be controversial.
But frank discussions about who gets what, how family businesses will to be run and other financial decisions are key if the family wants to keep its wealth, and advisers are increasingly making these discussions a vital part of their practice.
U.S. Bank's Ascent Private Capital Management, for one, has hired a psychologist to address "family dynamics issues."
The new private wealth business, which is targeting clients with at least $25 million in assets, expects will bring on more counselors as it expands, said Mark Jordahl, president of U.S. Bancorp Wealth Management Group.
"We really think having a psychologist on staff will differentiate us," he said.
DAUNTING ODDS
Whenever multiple generations are dealing with significant assets, advisers have to navigate complicated relationships. The complexities are often compounded by blended families and family-owned businesses.
"Estate planning is always a potentially contentious situation, that's why trust companies exist," said Walters, president of CitizensTrust, the private banking arm of Pasadena, California-based Citizens Business Bank, which has $1.7 billion in assets under management.
Avoiding controversial topics exacerbates future problems, he said.
"They are so focused on the math, that they miss some of the issues," he said. "You can have the best investment management plan in the world, but it can all be for naught if the family can't agree on a plan."
The odds of a wealthy family being able to make their money last from generation to generation are daunting.
Seventy percent of wealthy families fail to sustain their level of assets for two to three generations, according to the Institute for Preparing Heirs, which trains advisers on how to deal with wealth transfer issues.
This is often because the family does not agree or have a plan on how it will manage its wealth, advisers said.
And for advisers, the mere existence of generational wealth can be a business killer. Fifty percent of client assets leave a financial adviser when there is a transfer of wealth from one generation to the next, according to a PricewaterhouseCoopers' 2011 Global Private Banking and Wealth Management Survey.
MISSION STATEMENT
Broaching the topic of what clients are going to do with their money when they pass is delicate. And it isn't exactly easy to suggest that a family go see a counselor.
For his part, Walters doesn't tell a family that he thinks they may need a family psychologist outright. Instead, he tries to illustrate how such resources have helped other families in similar situations.
For example, if Walters has a family that can't agree about how the family business will be run after the first generation passes, he will often say something like, "we had another family in this situation and they met with a family coach to figure things out, and that really helped."
GenSpring Family Offices, which services families with at least $25 million in investable assets, has clients take a survey to assess each member's goals and relationships to money. Then the family together creates a "mission statement" on to handle the wealth, said Daisy Medici, director of governance at GenSpring.
"That way if somewhere down the line a family member decides he or she wants to do something else with the money, the family can say 'that's not in the mission statement," she said.
Even for families who don't get along, having these kinds of clear strategies can be helpful, she said.
"We had one family who had a lot of problems and we said to them, 'look you have to just do these meetings, come up with a plan and stick to it. But you don't have to go out and have dinner after,'" she said. "And that worked."
GETTING HELP
For financial advisers who don't have the time or expertise to handle complicated family issues, there are places to turn.
In addition to a two-day training course for financial advisers on how to handle family issues, The Institute for Preparing Heirs is putting together a family coach registry advisers can use to tap experts on matters like dealing with blended families, said Diane Doolin, founding director of the Institute for Preparing Heirs.
The registry will be up by year-end and will start with 50 family coaches. The coaches are not psychologists but have experience with these issues, she said.
At least one bank believes having psychologists on staff will help it win ultra high-net-worth clients.
U.S. Bank's Ascent has hired Amy Zehnder as its "wealth dynamics consultant." Zehnder, who works with a variety of clients -- including high-net-worth families in private practice, said that the main challenge is just getting people to talk about money.
When an adviser refers a family to Zehnder she will generally work with them once a month for 12 to 18 months. She tries to get families to understand each member's differences and she helps them design a plan on which they can agree.
As part of the process, Zehnder, along with the adviser, will meet with each family member for four to six hours individually.
The price tag depends on the level of assets the client has with the bank. For investors who don't work with the bank such a financial-psychological program can cost between $200,000 and $250,000, she said.
Of course, not all advisers believe a staff psychologist is necessary, as long as you have professionals that you can refer a family to when needed.
"I have worked with over 200 families since I came to GenSpring and there have been only three times I have had to refer them to a counselor," Medici said. (Reporting by Jessica Toonkel; Editing by Chelsea Emery)
Tuesday, October 4, 2011
News for Brokers, Wealth Managers And Their Clients
http://online.wsj.com/article/SB10001424053111904106704576583011082262384.html
October 4, 2011, 4:04 p.m. ET
Clients may withhold information out of distrust or forgetfulness—and some advisers don't probe too hard "for fear of overstepping their role," says Mr. Walters, the head of CitizensTrust, the wealth-management unit of Citizens Business Bank, Ontario, Calif.
But advisers can do a better job if they know all the facts. And by asking more questions, Mr. Walters and other financial pros say they win clients' loyalty and a shot at becoming the "quarterback" among a client's multiple advisers.
Clients like advisers who take a broad view, says Rob Clarfeld of Clarfeld Financial Advisors in Tarrytown, N.Y. "You're the only one looking at things in a holistic way."
Still, some clients are hesitant to be fully open. Kurt Rozman of Rozman Wealth Management in Brookfield, Wis., tries this strategy on them: He asks in detail about their goals and talks about how having a complete picture of their financial lives will help to get them there.
Income strategies such as annuities and systematic-withdrawal plans are attracting a bigger share of assets rolled over from 401(k)s and other employer-sponsored retirement plans, a Spectrem Group Inc. study found.
This year, about 10% of rolled-over assets went into an income strategy, up from about 4% in 2000, Spectrem says.
Of the money that went into income strategies in 2011, 43% went into systematic-withdrawal plans, where a financial firm provides periodic payments from an investor's portfolio.
Some 31% went into annuities; 22% went into a structured portfolio, primarily fixed income; and 4% went into other solutions.
Written by Dow Jones Newswires writers Thomas Coyle (thomas.coyle@dowjones.com) and Daisy Maxey (daisy.maxey@dowjones.com).
ADVISER ALERT
News for Brokers, Wealth Managers And Their Clients
Pushing for the Full Picture
Once in a while, sometimes years into the relationship, one of Chris Walters's clients will mention holding an investment Mr. Walters didn't know existed.Clients may withhold information out of distrust or forgetfulness—and some advisers don't probe too hard "for fear of overstepping their role," says Mr. Walters, the head of CitizensTrust, the wealth-management unit of Citizens Business Bank, Ontario, Calif.
But advisers can do a better job if they know all the facts. And by asking more questions, Mr. Walters and other financial pros say they win clients' loyalty and a shot at becoming the "quarterback" among a client's multiple advisers.
Clients like advisers who take a broad view, says Rob Clarfeld of Clarfeld Financial Advisors in Tarrytown, N.Y. "You're the only one looking at things in a holistic way."
Still, some clients are hesitant to be fully open. Kurt Rozman of Rozman Wealth Management in Brookfield, Wis., tries this strategy on them: He asks in detail about their goals and talks about how having a complete picture of their financial lives will help to get them there.
Seeking Income Solutions
Income strategies such as annuities and systematic-withdrawal plans are attracting a bigger share of assets rolled over from 401(k)s and other employer-sponsored retirement plans, a Spectrem Group Inc. study found.
This year, about 10% of rolled-over assets went into an income strategy, up from about 4% in 2000, Spectrem says.
Of the money that went into income strategies in 2011, 43% went into systematic-withdrawal plans, where a financial firm provides periodic payments from an investor's portfolio.
Some 31% went into annuities; 22% went into a structured portfolio, primarily fixed income; and 4% went into other solutions.
Written by Dow Jones Newswires writers Thomas Coyle (thomas.coyle@dowjones.com) and Daisy Maxey (daisy.maxey@dowjones.com).
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