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Private Client

Work. Life. Balance Sheet.

Through a century of work with affluent clients, the Anchin Private Client team knows that most wealthy families are not living a “carefree life of luxury” – at least not without time being spent to manage their personal financial lives. In the pursuit of meaningful prosperity, many entrepreneurs, executives and innovators find the road to success quite demanding. In some cases, once the wealth is created, family members ultimately become consumed with managing a growing range of professional and personal responsibilities. While focusing on the day-to-day minutiae, families often overlook critical tax, accounting and estate planning opportunities. Facing these challenges alone adds to existing complexities, making it harder to find time for family, friends and finances – let alone pursuits of passion and philanthropy.

There is a solution. High-net worth families need someone at the center of it all with the perspective and experience to identify tax saving opportunities, manage processes, oversee third-party relationships and streamline operations. For many families, the Anchin Private Client team assists in bill payment, lifestyle management, and provides guidance on matters relating to art and other precious collections. Often, Anchin Private Client serves as the “family CFO,” immersed in day-to-day financial matters and tasked with aligning long-term goals with advanced planning components. Whatever the challenge, an unbiased and objective approach allows Anchin Private Client to coordinate with third-party financial managers, attorneys, insurance and other trusted advisors.

Relying on proven methods and a conservative approach, Anchin Private Client delivers effective coordination of financial and tax planning components. This allows our team to consistently achieve exceptional results and avoid the missteps that often prevent families from converting financial success into lasting wealth. Anchin Private Client measures impact not by assets under management, but by the ability to enhance the overall quality of life of our clients.

Find more time for the things that matter most. Contact Anchin Private Client at info@anchin.com for additional information or materials.

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WORK. LIFE. BALANCE SHEET.SM

Every ultra-wealthy family has a unique situation.  The intricacies of everyday life, personal finances and philanthropic interests defy diagrams or demographics. With only complexity in common, each client needs a solution that is specifically tailored to family objectives and resources. Whether the situation calls for a dedicated “family CFO” to handle day-to-day personal financial matters, the creation of a family office structure to capitalize on potential tax benefits, or the outsourcing of critical tax and estate planning components, Anchin Private Client stands ready to assist. Supported by a team of more than 350 professionals under one roof with highly specialized industry and service groups, our team brings stability, foresight and discretion to advanced planning and business management processes.

Delivering value to our clients starts with our Work. Life. Balance SheetSM approach and a commitment to helping clients better manage tax, estate planning and wealth transfer strategies. Anchin Private Client combines experience with a talent for innovation to create customized solutions that fit each family’s distinctive situation and vision for the future.

The ability to seize opportunities and proactively address challenges is something that our clients and their professional service providers have come to expect. Our team is able to coordinate and oversee vital services and third-party relationships to ensure that our clients get the best possible results from their team of advisors. Anchin Private Client is able to provide an integrated financial strategy, encompassing Tax Planning and Compliance, Family Office Support and Business Management, Accounting, Trusts and Estates, Philanthropy, Art, and Matrimonial Advisory services.

In these times, it is an absolute necessity for every business to have the best tax advisors available.

The implementation of complex investment or estate planning strategies without consideration of potential tax implications is like carrying water in a leaky bucket. Large-scale liquidity events bring asset preservation and transfer possibilities that can greatly enhance family wealth. Anchin Private Client offers high level tax consulting and preparation of gift, individual, fiduciary, partnership, corporate and foundation tax filings.

Through years of experience and extensive training, our highly specialized partners and staff allow Anchin Private Client to keep pace with domestic and international filing requirements. Our service offerings include:

  • Tax planning and compliance
    • Individuals
    • Trusts and estates
    • Gift tax
    • Private foundations
    • Partnerships/Corporations
    • International taxation
    • Tax controversy

Anchin Private Client addresses often overlooked aspects including bill pay and household payroll as well as balance sheet and cash flow analysis reporting. Because each client situation is unique, the Anchin Private Client team is reinforced by organizational knowledge earned from a century of service to high-net worth clients. Solutions are enriched by a deep network of centers of influence and a firm-wide dedication to privacy and discretion. Our service offering includes:

  • Business Management
    • Payment of Bills and Vendor Liaison
    • Cash Flow Management and Forecasting
    • Payroll and Compliance for Domestic Employees
  • Integrated Financial Strategies
    • Coordination of Client Advisory Team
    • Net Worth and Cash Flow Analysis
    • Banking – Needs Assessment and Advisor Introductions
    • Financing – Structuring and Resource Introductions
  • Risk Management*
    • Life and Disability Insurance
    • Property and Casualty Insurance
    • Personal Security
    • Recordkeeping, Appraisal and Protection of Collectibles
  • Process, Technology and Internal Controls*
    • Internal Controls Review
    • Information Technology – Networking, System Integrity and Applications

*These services are provided in coordination with Anchin affiliates or third parties.

Nearly a century of experience as a premier accounting firm allows Anchin Private Client to provide a broad range of financial reporting services, treating family finances similar to those of an operating business. Reliable quarterly reports are client-customized and include cash flow transactions, consolidated net-worth statements and recordkeeping for personal properties. Bookkeeping assistance for businesses and for families, litigation support and succession planning are sought after services for Anchin Private Client; the group often provides recommendations to improve controls and operations. Our team is able to leverage industry specialized talent to provide high level accounting and reporting advice, allowing our clients to achieve their long-term objectives Our accounting service offerings include:

  • Preparation of personal financial statements
  • Outsourced accounting and bookkeeping
  • Litigation support
  • Review of internal control systems
  • Consolidated investment reporting

Even when appropriate planning is executed, estate tax can often be one of the largest expenses ever incurred by a family. Anchin Private Client provides tax planning for families, trusts, estates and beneficiaries.   Our team overall first gains an overall understanding of the family picture before working on matters including trust formation, succession planning and other wealth transfer strategies. Our service offerings include:

  • Assistance with development of long term and short term objectives
  • Review of existing multi-generational wealth transfer strategies
  • Financial modeling of alternative strategies
  • Action plan to implement changes

Once families have created exceptional wealth, much of their energy can be focused on enhancing their charitable goals. The Anchin Private Client team has deep expertise in designing, implementing and maintaining sophisticated philanthropic strategies that help to establish family legacies. Our team understands issues involved with establishing a private foundation, how to structure a grant, and on a more global basis, how philanthropy intersects with estate planning considerations. The Anchin Private Client team understands the passion that families can bring to philanthropic goals and will work to help achieve them. Our experience shows philanthropy can unite multiple generations within a family. Our service offerings include:

  • Structuring of personal giving programs
  • Attestation services for established not-for-profit entities
  • Foundation management
  • Strategy analysis and grant implementation

Being an art collector, foundation or gallery comes with a unique suite of tax implications. Whether the issue is to mitigate the tax burden of collecting or selling art, or a family is looking to efficiently transfer wealth to future generations, it is critical to work with advisors with a comprehensive knowledge of the tax codes and legislatures governing the art and collectibles world. Under the umbrella of Anchin Private Client, Anchin’s Art Group offers high level, value added services solving a variety of needs and issues Our service offering includes:

  • Art collectors and investors
    • Tax strategies
    • Wealth transfer planning
    • Tax-free exchanges
    • Asset tracking
    • Nexus
  • Art galleries
    • Financial statement preparation
    • Needs assessment and advisor introductions - banking and other specialists
    • Specialized accounting requirements
  • Artist endowed foundations
    • Entity formation
    • Governance and board development
    • Family participation
    • Staffing and foundation management
    • Inventory control and monitoring
    • Strategy analysis and grant implementation

Divorce may not always derail family finances, but it often impacts their lifestyle and long-term planning. Emotional aspects are further complicated when the well-being of children, businesses and investment assets are at stake. Anchin Private Client has the expertise to guide family members during trying times such as divorce or the death of a spouse and to help restore a sense of normalcy. Through long-term planning and the need for ongoing support, parties are more likely to regain the financial and emotional freedom needed to move forward in the next phases of lives and careers. Our service offering includes:

  • Review of previously filed income and gift tax returns 
  • Assistance with data collection for financial affidavits 
  • Preparation of net worth statements
  • Review of separation/divorce agreements for tax implications on proposed settlements
  • Assistance with innocent spouse relief
  • Assistance with locating hidden assets through forensic examination
  • Assistance with determination of alimony/palimony requirements
  • Personal budget preparation
  • Assistance with the calculation of child support needs
  • Post-divorce income and estate tax planning and compliance
  • Bill paying and other personal financial services
  • Analysis of retirement planning options
  • Analysis of mortgage and debt
  • Analysis of life insurance levels and types

Success Stories

  • The First-Generation Family Office

    Given the recent and continuing proliferation of wealth creators, family office services are in higher demand.

  • Outsourcing Critical Family Office Functions

    For some high-net worth families, several important and impactful decisions and events can occur concurrently, making life seem like an overwhelming juggling act.

  • Archdiocese of New York

    Anchin’s client discussed with the Archdiocese of New York an idea to help them increase their fundraising for the Parochial School System.

  • Private Foundation

    Anchin assisted a private foundation client with their idea to establish matching grant programs which leveraged their philanthropy by enabling the recipient charities to raise additional funds.

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