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Wescott Trust Services

Case Studies

Case Studies

Excellence in financial advisory service means understanding what you have and want, and building a great plan together.

Business Owner

Client Snapshot

A wealthy couple with grown, successful children.  The husband was hoping to sell his assets and better control various other assets accumulated and mismanaged over the years.

Situation and Outcome

The man was an early Wescott client.  As his business grew, he had accumulated assets along with the couple's investments. But with transactional attorneys and business accountants as their only professional advisors, they were underserved, and investment focus and direction were lost. Drawing...

Lessons Learned

Sometimes, plans don't unfold as one intends. Whether coming to realize it's not the right time to sell a business, or discovering a long-time employee has turned thief, a financial advisor should be there to provide the due diligence and advice to help through these times—good and...
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Current Retiree

Client Snapshot

A scientist in his early 60s received a significant buyout from his employer, but needed guidance from a financial advisor willing to work with corporate headquarters in order to determine how best to handle the proceeds.

Situation and Outcome

The newly retired professional received a mandatory buyout package following a merger, but was stymied by his options.  He would have plenty of funds to assure a long retirement, but had no idea how to deal with the proceeds and all the elections that needed to be made in a relatively short...

Lessons Learned

The importance of proper planning during retirement is essential for long-term viability.  Talking to a professional advisor—preferably a year prior to retirement, can help avoid the negative ramifications of ill-timed decisions.
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Divorcée

Client Snapshot

The client was in a high-profile divorce from her husband who had broad investments in a variety of businesses and commercial real estate holdings.

Situation and Outcome

The client came to Wescott through Duane Morris LLP's Tax Accounting Department, by way of divorce counsel.  Wescott specifically was engaged in a fee-based relationship to supplement the Tax Department's forensic accounting and discovery by providing litigation support and assistance in drafting...

Lessons Learned

Wescott knows the complex and highly emotional situations presented with high-net-worth divorces.  The team had to both ensure the client's financial interests were protected, while also keeping in mind the devastating emotional toll any divorce can take.
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Endowment

Client Snapshot

The endowment for a religious non-profit organization helps core initiatives in Eastern Europe, but over the years, scattered assets and multiple custodians bloated the portfolio and made administration a challenge.

Situation and Outcome

When the organization came to Wescott five years ago, they were in a thorny situation. Investments were scattered across numerous custodians amassed over several decades.  The board had little idea where all the investments were and consequently couldn't focus on threats or opportunities the...

Lessons Learned

Keeping a long-term, big-picture eye on an entire portfolio ensures the client never having to face the custodian and portfolio expansion that caused the board to lose track of its investments.
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Estate Planning

Client Snapshot

A CEO at a large, successful company remarried after his first wife died.  He sought to provide for his heirs while ensuring he and his new wife enjoy a comfortable life together.

Situation and Outcome

The widowed patriarch of a large family, an executive, wanted to remarry, while protecting his assets and securing for his first family's future.  Wescott worked on his investment and retirement strategy with him and his first wife before her passing.  Then Wescott worked with the client on his...

Lessons Learned

The dynamics of third-generation giving—combined with the familial complexities of remarriage—can challenge any client-advisor relationship.  Pre-nups can cause friction and gifting can be seen as a threat to the new couple's finances.  Not all relationships are this pleasant.  Between the new...
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Executive

Client Snapshot

A partner at a large law firm—who left to head a billion-dollar business—needed financial management and professional guidance for his personal investments, retirement planning and philanthropic endeavors, especially following the death of his wife.

Situation and Outcome

A former senior law partner and the current CEO of a large and growing company, this client was an active philanthropist.  His goal was to tie his income into multiple charities.  Although his company provided financial planning as an executive benefit, he engaged Wescott as his personal...

Lessons Learned

By working closely with the client and getting to know personally his and his wife's goals and intentions, the Wescott team helped create the strategies and vehicles necessary to fulfill the couple's wishes—and ensure future giving to family and philanthropies alike.
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Family

Client Snapshot

A family patriarch and widower, and his successful adult children all have relied on Wescott for guidance in managing business and the family's estate.

Situation and Outcome

Watching businesses and assets grow, playing a central role in the family's financial and business success and path toward a comfortable retirement—a 20-year relationship between Wescott and this family has traveled many roads through the years. But it wasn't without twists and turns. One of...

Lessons Learned

The role of a financial advisor can take many forms.  The advisor can guide investments, provide due diligence and be a sounding board for all types of transactions.
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Foundation

Client Snapshot

A 40-year-old charitable foundation was unsatisfied with its administrative trustee and investment manager.  The board engaged Wescott for the investment management needs of the foundation to improve performance and administrative support, and reduce underlying fees.

Situation and Outcome

The foundation had been established through a benefactor's will, and today is managed by a six-person board to support the education, special needs and welfare of a select population in the Northeast United States.  As a typical foundation, they accept and evaluate grant requests, and by law must...

Lessons Learned

The client has learned to rely on Wescott not just as a money manager, but as a trusted financial advisor—and to call on Wescott with any question remotely related to the financial well-being of themselves or the organization for which they have a fiduciary responsibility.  Managing the...
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Pension Fund

Client Snapshot

One hundred employee investors in the pension fund of an organization needed guidance in how to plan for their individual retirements.

Situation and Outcome

The company's employees enjoy six-figure incomes with an attractive pension benefit.  But they had no advisor to help educate them on plan options and choices.  Wescott was introduced to the organization through plan administrations' legal counsel, and in 2006 was named to the account.  Today,...

Lessons Learned

Self-directed retirement plan investors often lack the financial savvy to make wise long-term investment decisions.  It was important that the Wescott team offer their services, educate employees about the process, and dispel perceptions of complexity where simplicity is more the norm.
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Professional

Client Snapshot

A partner in a large law firm was seeking to escape the "rat race" and give back to the community through pro bono work and teaching, while also ensuring he had saved enough to retire and maintain his family's  lifestyle.

Situation and Outcome

After a successful career in law, the attorney—in his 50s—had decided he wanted a change. Though looking to retire from his current firm, he hoped to stay immersed in the field through pro bono work and teaching. Through a pre-existing relationship, he brought in Wescott to perform a cash-flow...

Lessons Learned

Careful analysis and planning play an important role in retirement, but especially in early retirement.  A plus is when a financial advisor is also able to provide guidance on additional issues, and continue to guide the retiree through the next phase of his or her life, incorporating planning...
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Retirement Planning

Client Snapshot

A law firm partner, approaching 60, married with no children, has voluntarily halved his billable hours and income—but realizes he needs to protect his savings to secure a comfortable retirement.

Situation and Outcome

After a fruitful legal career, the client found himself ready to retire (while still in his 50s).  Work was less stimulating and his practice area had grown less lucrative.  He had amassed significant assets, and had turned to Wescott through the years to help manage those.  Yet his fears of...

Lessons Learned

In Wescott's experience, those who retire too early often regret the move because they planned poorly and assumed they had enough money—when, in actuality, they didn't.  While this client believes he has plenty of money, his caution is well placed.  Only adroit planning with a cautious eye on...
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The Wescott Network

Client Snapshot

Relationships and connections are at the heart of each Wescott client engagement.  A boutique firm with the resources of a large financial advisory organization, Wescott guides clients at every stage of their professional and personal needs.  Whether the sale or acquisition of a business, or the...

Situation and Outcome

Wescott is a fully integrated and disciplined wealth specialist with deep and broad centers of influence.  Strong relationships with referral and networking connections in commercial and investment banks, private equity firms, law offices, accounting practices and fellow financial advisory firms...

Lessons Learned

Whether buying or selling a business, diversifying holdings, or seeking skilled professional service providers, many clients don't know where or how to start.  Through the years, Wescott has developed a deep network of trusted experts in a variety of fields—and calls on these relationships to...
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Widow

Client Snapshot

A widow had been the wife of a Wescott corporate client.  The husband handled all of the family's finances and the woman, in her 60s, needed the guidance of a trusted friend.

Situation and Outcome

It was supposed to be a storybook retirement for a well-off couple with grown children.  The husband had been a senior executive at a privately-held company, and the wife was a homemaker.  When he was ready to embark on retirement planning, the husband's attorney suggested he contact Wescott. ...

Lessons Learned

Death can be sudden and sometimes people are unprepared.  Finding a trusted advisor who will act as an advocate and guide someone through a difficult time helps alleviate worries and brings comfort and security to a family.
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05

Jan

2017

People On the Move

Steve MacNamara, Chief Investment Officer, featured

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