Planning Wisdom of the Super Rich: Recent Episodes
Devang Patel
Planning Wisdom of the Super Rich provides you and your business with the financial advice needed to make calculated decisions moving forward. Wealth Manager, Devang Patel, provides personalized service as the professional approach he extends to all clients. He strives to understand every client’s individual situation before making any recommendations to them, as well as keep his clients abreast of today’s market conditions by informing them of the latest financial and insurance information.
With each episode, Devang will take a deep dive into a different complex topic surrounding personal and business wealth management. So, sit back, relax, and enjoy enlightening conversations that highlight an array of financial questions and topics.
When you have a trust, it’s overseen by a trustee. However, who is keeping an eye on that trustee to ensure he or she is doing their job effectively and not exploiting you? If your answer is “no one” or “I don’t know,” it may be time to consider adding a trust protector to your team of advisors. In the most recent installment of Planning Wisdom of the Super Rich, Devang examines the role of trust protectors and how you can determine whether you should be working with one. Thanks for joining us for another informative episode, which is bound to leave you with some considerations for yourself and your business! Timecodes: 0:06 – Overview on today’s topic 1:11 – What is a trust protector? 1:56 – The reasoning behind why someone would consider enlisting a trust protector 3:00 – People don’t often realize they should be considering a trust protector 4:27 – The trustee could generate fees that the trust reimburses 5:30 – How the trust protector operates and monitors a given trustee 7:06 – What happens if the trust protector suspects foul play 9:00 – Bottom lining the overall importance of trust protectors 10:08 – How to get in touch with Devang and his team at Virtus Wealth Solutions 11:31 – Closing remarks Connect with Devang Patel: https://www.virtuswealthsolutions.com/ (Virtus Wealth Solutions) https://www.linkedin.com/in/devang-patel-97772b206/ (LinkedIn)
Research shows that entrepreneurship can be one of the most effective ways to become wealthy in our society. However, it takes a lot more than simply being an owner of a business to generate serious wealth. In the latest episode of Planning Wisdom of the Super Rich, Devang showcases the four key drivers of business and financial success that you need to have as a business owner. Listen, as Devang explores each key driver, why it’s so necessary, and how this can be incorporated into your life and business. This episode features a little different of a conversation, surrounding wealth generation, but it’s one that’s bound to leave you with some considerations for your own business! Timecodes: 0:06 – Overview on today’s topic 1:36 – Entrepreneurship is the fastest way to generate significant wealth 2:40 – The best practices of successful entrepreneurs 5:23 – The commitment to achieve isn’t always enough 6:26 – Evaluating a high-quality business model 8:12 – Establishing and maintaining powerful relationships for you and your business 9:25 – Maintaining a great team of employees 10:38 – The willingness to engage with the right professionals 13:33 – How to get in touch with Devang and his team at Virtus Wealth Solutions 15:55 – Closing remarks Connect with Devang Patel: https://www.virtuswealthsolutions.com/ (Virtus Wealth Solutions) https://www.linkedin.com/in/devang-patel-97772b206/ (LinkedIn)
One mistake that can be so easy to make is to hyper-focus on just one aspect of our financial lives. In doing so, we can miss opportunities and take on unnecessary levels of risk. In the most recent installment of Planning Wisdom of the Super Rich, Devang explores strategies to avoid that problem and address the full range of financial concerns, using wealth planning overall. This episode is bound to leave you with some key takeaways! Timecodes: 0:06 – Overview on today’s topic 1:13 – An overview on what wealth planning is 2:10 – A critical tool or technique that’s common across wealth planning 3:40 – Examining trusts as an example of a wealth planning strategy 5:05 – Another tool or strategy that can be used within wealth planning 7:16 – How wealth planning impacts the concerns of families in business together 9:32 – The seven ideals that a wealth manager should be bringing to the table for their clients 12:41 – How to get in touch with Devang and his team at Virtus Wealth Solutions 14:51 – Closing remarks Connect with Devang Patel: https://www.virtuswealthsolutions.com/ (Virtus Wealth Solutions) https://www.linkedin.com/in/devang-patel-97772b206/ (LinkedIn)
Some wealth families that have assets in trusts want more than what they can get from many professional or corporate trust companies. For these people, setting up their own private trust company can be a viable solution! In the latest installment of Planning Wisdom of the Super Rich, Devang explores the inner-workings of private trust companies and who they can be most beneficial for. There are numerous factors to consider when making the decision to go with a private trust company, so we’ll shed some light on how you and your family can decide if one makes sense for your financial situation. So sit back, relax, and enjoy another enlightening conversation! Timecodes: 0:06 – Overview on today’s topic 1:36 – The types of trust companies that exist 2:05 – The appeal of utilizing a private trust company 4:45 – Additional reasoning someone should consider with private trust companies 6:08 – How a private trust company can work with a family on more personal concerns as well 7:40 – How a private trust company incorporates privacy for affluent families 9:40 – Taking the first step forward towards getting a private trust company established 11:09 – How to get in touch with Devang and his team at Virtus Wealth Solutions 11:58 – Closing remarks Connect with Devang Patel: https://www.virtuswealthsolutions.com/ (Virtus Wealth Solutions) https://www.linkedin.com/in/devang-patel-97772b206/ (LinkedIn)
Being a savvy negotiator is a skill that comes in handy both professionally and personally. Highly successful self-made multimillionaires, high-caliber professionals, and other high achievers are typically extremely successful negotiators. In the latest installment of Planning Wisdom of the Super Rich, Devang and Ryan discuss the key negotiating tactics and strategies used by some of the world’s most effective negotiators. Not only does Devang outline the personal habits of these individuals, but also the measures they take to ensure negotiations provide beneficial outcomes for all the parties involved. So sit back, relax, and enjoy another great conversation which is bound to leave you with some strategies to incorporate into your future negotiations! Timecodes: 0:04 – Overview on today’s topic 1:30 – What are some of the habits of effective negotiators? 2:47 – The foundation of a smart approach to negotiating 3:42 – Win-win negotiation outcomes and how they aren’t always possible 4:41 – The importance of having a deep understanding of the issues at hand 5:38 – How people smarts come into play during negotiations 7:23 – What you can do to enhance your people smarts and better size up those across the table 9:07 – “Knowing your enemies” 10:16 – How to put all these strategies together and become an effective negotiator 12:05 – Make sure you’re examining the situation from the other person’s perspective 12:50 – Closing remarks Connect with Devang Patel: https://www.virtuswealthsolutions.com/ (Virtus Wealth Solutions) https://www.linkedin.com/in/devang-patel-97772b206/ (LinkedIn)
In the most recent installment of Planning Wisdom of the Super Rich, Devang and Ryan highlight the five key wealth planning mistakes made by successful family businesses today. Running a successful family business requires a tremendous amount of both working hard and working smart. The dynamics can be ever-changing, and it takes ongoing efforts to ensure all issues are mitigated along the way. Throughout Devang’s experience in wealth planning, he’s spent time with a number of family businesses and helped them avoid these critical mistakes. So sit back, relax, and enjoy another thought-provoking conversation that could help with the wealth planning strategies of your own family business! Timecodes: 0:06 – Overview on today’s topic 1:43 – Why wealth planning as a whole is vitally important for family businesses 3:03 – There are numerous ways for families to be derailed by wealth planning mistakes 4:47 – What family business owners should be looking for in a wealth manager 6:00 – A second wealth planning mistake family businesses make 7:45 – The third wealth planning mistake 9:36 – The fourth mistake of failing to keep your wealth planning accurate and up-to-date 11:30 – What families should be doing if their wealth plan is outdated 12:24 – The final mistake Devang is seeing family business make 13:38 – Closing remarks Connect with Devang Patel: https://www.virtuswealthsolutions.com/ (Virtus Wealth Solutions) https://www.linkedin.com/in/devang-patel-97772b206/ (LinkedIn)
In the newest installment of Planning Wisdom of the Super Rich, Devang and Ryan explore the complex nature surrounding inheritances. The biggest question when facing this financial circumstance is: Are your heirs ready to deal with the wealth you’re planning to pass on to them one day? Unfortunately, inheritors often struggle with the repercussions of an inheritance that can be hazardous to the overall family wealth. It takes proper planning, education, and communication to avoid the internal and external problems that arise. Most of us understand the general idea behind an inheritance, but this episode unveils the intangible elements that come into play, especially when dealing with a significant level of wealth being transferred. So sit back, relax, and enjoy another great conversation surrounding a topic you thought you once knew! Timecodes: 0:06 – Overview on today’s topic 1:35 – Why inheritances can be a double-edged sword 3:20 – The internal and external issues inheritors can often face 4:30 – How to start addressing these issues and begin educating your heirs 5:30 – Lessons to be learned from Devang’s dealings with his super rich clients 9:40 – The importance of understanding an heirs current views on wealth 11:40 – An effective approach towards educating heirs on their wealth overall 14:00 – Additional elements family matriarchs or patriarchs should be considering 15:30 – Educational efforts should be done for all heirs, not just the super-rich 17:40 – Closing remarks Connect with Devang Patel: https://www.virtuswealthsolutions.com/ (Virtus Wealth Solutions) https://www.linkedin.com/in/devang-patel-97772b206/ (LinkedIn)
One of the biggest concerns facing affluent families is how to manage their wealth so it achieves a few different goals. These goals could range from continuing to grow their wealth as it’s transferred to younger generations, to aligning the use of the wealth with the values and ideals the family holds dear, or even to protecting that wealth from creditors and those seeking to take it unjustly. Oftentimes, the best place to start, is to ensure that the family members are aligned when it comes to key issues surrounding the wealth. A family constitution can be a great way to establish this sense of understanding as a whole. In the fifth installment of Planning Wisdom of the Super Rich, Devang and Ryan explore the benefits of establishing a family constitution to ultimately promote clarity and harmony when it comes to managing the family’s wealth and promoting its longevity. Timecodes: 00:06 – Overview on today’s topic 01:00 – The types of challenges that arise when families attempt to work together to manage their wealth 03:20 – The specific wealth-related issues that appear with affluent families 04:50 – What families can do to promote more harmonious relationships surrounding their wealth 06:05 – How a family should go about drafting this family constitution 07:20 – What a family constitution specifies and outlines 09:10 – Who from a given family should be involved in developing this family constitution 10:00 – A family constitution is not a legal document, but it is formal and outlines guidelines 11:00 – How to make sure the family constitution remains relevant over time 13:00 – Summarizing the key reasons why families should be utilizing a family constitution Connect with Devang Patel: https://www.virtuswealthsolutions.com/ (Virtus Wealth Solutions) https://www.linkedin.com/in/devang-patel-97772b206/ (LinkedIn)
One of the smartest financial moves that individuals, families, and business owners can make is to learn what strategies are being utilized by people who are wealthier than they are. In doing so, they can evaluate if they are in a position to benefit by adopting these same habits and best practices. On the fourth installment of Planning Wisdom of the Super Rich, Devang and Ryan explore a particular best practice, utilized by extremely affluent families and business owners, known as stress testing. This essential process ultimately helps ensure your current wealth management plan aligns with your personal and professional goals. So sit back, relax, and enjoy another enlightening episode that highlights one of the most beneficial strategies you can use within your wealth planning toolkit. Timecodes: 00:06 – Overview on today’s topic 02:06 – The stress testing process and how you can benefit from it 04:06 – Stress testing isn’t only reserved for the super-rich 05:49 – The benefits of stress tests for those with less wealth than the super-rich 06:35 – Examples of the elements uncovered within a stress test 09:00 – Oftentimes, people aren’t expecting to see the stress test uncover such significant issues 10:30 – The bottom-line of the stress testing process Connect with Devang Patel: https://www.virtuswealthsolutions.com/ (Virtus Wealth Solutions) https://www.linkedin.com/in/devang-patel-97772b206/ (LinkedIn)
Affluent families and individuals want to make the best decisions about their wealth, which is why so many of them seek out the top financial professionals for guidance. But, it turns out, that technical expertise in investments, and finance as a whole, isn’t enough. Those advisors who truly standout, and who best help their clients overall, possess an additional quality that is equally as important as their financial acumen. In the second episode of Planning Wisdom of the Super Rich, Devang highlights the importance of incorporating the human element into his discussions with clients. Sit back, relax, and enjoy another enlightening conversation surrounding the importance of understanding you, your finances, and most importantly, your personal aspirations for your wealth. Timecodes: 00:06 – Overview on today’s topic 01:15 – Why those with significant assets should be demanding more from their wealth manager 02:30 – The missing link with most wealth managers 03:04 – What the human element entails when it comes to wealth management 06:30 – How the human element is weaved into the stress testing process 07:23 – Instances where stress tests don’t reveal any issues at all 09:00 – How Devang can tell if a wealth manager is incorporating the human element 11:00 – How Devang would pick his own financial advisor 13:00 – Final remarks on the importance of delivering the human element within client’s plans Connect with Devang Patel: https://www.virtuswealthsolutions.com/ (Virtus Wealth Solutions) https://www.linkedin.com/in/devang-patel-97772b206/ (LinkedIn)
It often takes years of hard work and dedication to a career before individuals cultivate a notable level of wealth for themselves and their family. Once they have achieved this wealth, the biggest concern shifts to keeping it and establishing a lasting legacy for generations to come. In the second episode of “Planning Wisdom of the Super Rich,” Devang and Ryan highlight strategies used to protect and secure wealth once it’s been obtained. Bringing a wealth of financial experience to the table, Devang is accustomed to walking clients through wealth retention strategies and identifying mistakes to avoid. Sit back, relax, and enjoy allow Devang to showcase what these mistakes are and the steps you should consider now to avoid making them yourself. Timecodes: 00:30 – Overview on the show and what listeners can expect in future episodes 02:08 – Why it makes sense for homeowners to do a financial checkup on their homes 03:31 – The five most prevalent mistakes that affluent families are making 04:15 – The issues with not having enough liability insurance 05:38 – How Devang is able to tell if a client has a lack of adequate coverage 06:22 – The big insurance pitfalls to avoid 07:50 – The importance of listing any LLC’s on your homeowner’s insurance policy 09:45 – What affluent homeowners are doing to address their unique construction or architecture 11:34 – How these affluent people are insuring their collections and ‘stuff’ 13:15 – What those with multiple homes should be considering when it comes to insurance 14:18 – What Devang’s team can do to help those that require additional coverage 15:09 – Closing remarks Connect with Devang Patel: https://www.virtuswealthsolutions.com/ (Virtus Wealth Solutions) https://www.linkedin.com/in/devang-patel-97772b206/ (LinkedIn)
In the inaugural episode of “Planning Wisdom of the Super Rich,” host Ryan Ruff is joined by the star of the show, Wealth Manager at Virtus Wealth Solutions, Devang Patel. In order to evaluate the risks facing your business or personal estate, Devang and his team need to break down all elements contributing to your personal wealth, including financial goals, savings plans, and even retirement strategies. The most valuable part of this evaluation process is known as a stress test. This test serves as the foundational unit of effectively and efficiently reviewing your portfolio. Sit back, relax, and allow Devang to shed light on the importance of performing regular stress tests on your finances to mitigate potential issues and how they can help position yourself for success! Timecodes: 00:40 – Overview on the structure of the show and what listeners can expect 01:40 – What can people be doing now to secure their finances? 04:20 – The three main ways the stress testing process is utilized 06:59 – An example of where Devang’s stress testing process helped a client 09:00 – The keys to making sure the stress testing process is done well and effectively 10:27 – Why the human element is so important to the stress testing process 12:00 – How Devang’s team at Virtus Wealth Solutions performs stress tests 15:50 – A lesson that can be learned by the super-rich and their stress testing 17:40 – The types of questions Devang’s team will be asking during the stress testing process 21:38 – What can clients expect to receive from the stress testing process 23:17 – Closing remarks Connect with Devang Patel: https://www.virtuswealthsolutions.com/ (Virtus Wealth Solutions) https://www.linkedin.com/in/devang-patel-97772b206/ (LinkedIn)