May 12, 2020
Faces of Glenmede
GETTING TO KNOW OUR PEOPLE
Technology provides our clients with convenient access to their financial information and sophisticated analysis that supports informed decision-making. Introduced in 2015, Glenmede’s WealthView solution organizes clients’ personal and family account information, including assets held outside of Glenmede, in a single, integrated web experience. WealthView’s powerful analytics support dynamic financial planning, investment analysis and budgeting to help clients establish personal benchmarks and track their progress against clearly defined objectives. In this article, Glenmede professionals reflect on the rewards of helping clients use WealthView.
ON BECOMING A WEALTHVIEW EXPERT
I’ve always enjoyed helping clients better understand their financial lives. Today, technology makes that process even more productive. WealthView provides a comprehensive view that enables us to tackle the big questions clients face—like “Do I have enough money?” — more easily than ever before. With everything in front of them, the client’s most important life decisions, like determining when to retire or whether to purchase a second home, become much simpler and less daunting.
ON THE VALUE OF CREATING A PLAN
Clients assume something as consequential as in-depth planning requires strenuous work. I explain that while they will need to gather the relevant documents, such as account statements, tax returns and estate planning papers, Glenmede handles the heavy lifting. Clients are often surprised by the level of support we provide in the upfront process and breadth and depth of our analysis. Our plans build in a wide range of assumptions about capital markets, tax rates and inflation and incorporate market randomizations to create thousands of differing financial return scenarios. By doing this deep dive, we help clients create a plan that reflects their reality and provides them with confidence in their future.
ON THE IMPACTS OF TECHNOLOGY
As a Wealth Planner with a specialty in financial planning software, I oversee our employee training programs. It’s critical for our professionals to be able to explain to clients the far-reaching functionality of WealthView in a user-friendly and manageable fashion. The platform enables clients to visualize a consolidated view of their net worth, assets and liabilities. Working with their relationship management team, clients can see where they stand relative to their goals at any given time — a benefit especially valuable during volatile markets. With this exceptional level of transparency, areas of uncertainty and doubt can be brought into focus and resolved.
ON EMPOWERING CLIENTS
My role is to help clients to make informed choices about their financial lives. WealthView makes me significantly more effective, whether I’m helping clients sort through complex estate planning issues or structuring a multi-generational wealth plan. WealthView visually diagrams a client’s holistic footprint and allows us to quickly hone in on the core issues. As a result, discussions become highly strategic.
ON WHY I CAME TO GLENMEDE
Having volunteered at AmeriCorps and with a background in legal public interest work, I wanted to use my skills to provide direct and meaningful service to investors. During my final year of law school, I participated in Glenmede’s summer internship program and joined the company following graduation. One way I support clients as a member of the WealthView team is by identifying and resourcing the correct internal specialists to address a specific concern, such as investing, tax planning and estate planning. With our collective knowledge, we build upon the firm’s collaborative culture, working seamlessly to identify innovative solutions.
ON WHAT ENERGIZES ME
There is no greater satisfaction for me than building deep, trusting relationships with clients and making a difference in their lives. A case in point: A retired couple I work with wanted to move closer to their adult children. It was a major decision, and they wanted to be sure they could proceed without putting their long-term wealth goals in jeopardy. Through a Goals-Based Wealth Review, we showed how the probability of achieving their goals changed under different spending scenarios. This simulation gave them the knowledge that they made a decision
that would not upend their planning and the confidence to proceed with the move.
Kathleen “Kit” Murphy
ON THE INDISPENSABLE ROLE OF PLANNING
When clients achieve a positive probability analysis as part of a Goals-Based Wealth Review, they invariably breathe a sigh of relief. It means that they’re well-positioned to achieve their financial goals without undue stress. But falling short of the high-probability threshold isn’t necessarily cause for alarm. It’s actually an opportunity for clients to refine their goals, evaluate different investing or wealth planning strategies and discuss ways to change the projections over time.
ON THE REWARDS OF WORKING WITH CLIENTS
The best aspect of my job is those “Aha!” moments when clients clearly see they’re on track to achieve their personal benchmark. For one client, this meant covering the full cost of her grandchildren’s education and contributing to a favorite charity. By looking at multiple scenarios using WealthView, she saw firsthand that both objectives would be possible under a wide range of potential outcomes. For me, the joy was in turning a stressful concern into a source of excitement and confidence.
ON WHAT CLIENTS FIND MOST SURPRISING
The wealth planning process can be an eye-opener because it requires clients to take an honest look at their spending and saving habits. By systematically prioritizing their lifestyle, financial, philanthropic and legacy goals, clients often come away with a sense of pride and accomplishment, knowing that they’ve made sustainable choices that closely align with their resources and values.
ON THE VALUE OF WEALTHVIEW TO THE PLANNING PROCESS
Since life evolves constantly, a wealth plan should be viewed as a work in progress. It’s just the start of an ongoing conversation about meeting goals, setting new ones and reacting to life’s changes. WealthView provides clients and Glenmede with a 360-degree view of their wealth, making it easier to adjust the plan in light of life changes or shifting priorities.
ON HELPING CLIENTS MAINTAIN PERSPECTIVE
A newly retired client called with an urgent concern: Having read about impending tax law changes, he was sure he had to “do something” and do it quickly. Together, we assessed the issue through the lens of his entire wealth profile — his accounts, income, expenses, savings, financial priorities and risk tolerance. It turned out that the situation was far less complex and time-sensitive than he initially perceived, and relatively easy to address.