President, principal, and co-founder of Albion Financial Group

You were recently named by Worth Magazine as one of the country's top wealth advisors. How does your job differ from that of a typical investment broker?

Core concepts of financial advising hold true whether they are for $200,000 or $20 million. However, strategies in estate and tax planning become more powerful as the numbers get larger. Higher net worth investors also have access to investment tools and opportunities the rest of us don't. But don't confuse access with quality. Many of these products are not very good. An area where wealth management differs is ancillary services. Our clients look to us for specific help with issues ranging from the best way to finance the purchase of a multimillion dollar home to tax-advantaged ways to sell a privately held business.

What kinds of concerns do your clients have about the state of the financial markets? How knowledgeable/interested are your clients in emerging markets like India and China?

Stocks feel risky, interest rates are low, and real estate and other real assets seem expensive. However, most investors are viewing the world through the lens of the recent bear market. A wealth manager's job is to remove that lens, remain objective and do the digging to uncover opportunities that do exist. My clients' interest in China and India comes from the perspective of the competitive threat these countries pose to U.S. companies and their impact on the U.S. workforce. Interest in investing in these growing economies is secondary.

What is the biggest mistake people make in managing their wealth?

Three inter-related mistakes commonly occur: 1) Risk of not planning: Whether tax, estate or investment, some have not taken the steps to structure their affairs in a way most likely to meet their objectives; 2) Implementation error: Whether driven by emotional resistance, reluctance to act or time constraints, the best conceived plan in the world is useless if not implemented; 3) Maintaining a proper perspective: Which type of risk matters more? The risk of a specific stock going down over the next several weeks or the risk you will not meet long-term objectives. Sometimes the "lowest risk" investment is least likely to achieve your long-term goals.

How much of your job is spent managing family relationships?

It is impossible to separate money concerns from the issues of the people who control it. Certain events - births, deaths, retirements or marriages - can bring unresolved family dynamics to the surface. Family relationships are important and we do what we can to help clients keep relationships with loved ones real. It is rewarding to see families negotiate these issues successfully.

When it comes to passing on wealth to the next generation, what surprises you most about client attitudes?

We see a sense of duty and responsibility to properly care for the assets that will be passed to children and grandchildren. Clients are rightfully concerned that it be properly planned and implemented. Perhaps the biggest surprise is the challenge of gifting cash to adult children. Occasionally, clients find that the children come to depend on these extra funds. This can become a serious issue if it puts the parents' financial security at risk.