Wealthy people have so many different advisors for different aspects of their lives, that it is often a good idea to hire someone who can coordinate all of them and keep them on the same page.
You have financial advisors. You have business consultants. You have accountants. You have estate planning attorneys. You have business attorneys. You have a lot more than that.
It can be difficult to keep all of your advisors coordinated and all working toward the same goals.
The advice you get from the different advisors can be contradictory.
While it is good to get a variety of opinions, it might be a good idea to hire someone to help you manage it all, as Forbes discusses in "Estate Planning For the Ultra Wealthy - The Role of A Family Wealth Advisor."
The idea is fairly simple.
Estate planning attorneys who have the expertise to plan how wealth can be transferred down within families for generations can also act as wealth planners. They coordinate the activities of all of the other advisors and make sure the wealthy client's ultimate estate planning goals are always kept in mind.
Estate planning attorneys can make sure that the other advisors are all working toward the one ultimate goal.
Not everyone needs a wealth planner.
Those that do would be well advised to talk to their estate planning attorneys about the benefits of having one.
Reference: Forbes (Aug. 29, 2017) "Estate Planning For the Ultra Wealthy - The Role of A Family Wealth Advisor."