Harriet Davies
Editor - Family Wealth Report
29 June 2012
Daily News Analysis
Tiger 21, a peer-to-peer learning group, is adding estate planning, philanthropic giving, business evaluation and risk management to its curriculum.
The organization has in the past focused on investment in its member sessions. It runs “Portfolio Defense” sessions where one member presents his or her balance sheet, income statement and financial goals, as well as the key events in his or her life that affect these. Other members then give advice based on their knowledge of the presenting member. Through regular contact and communication, the idea is to create advice that comes from understanding each member, Tiger 21 explained.
Going forward, it will run “Defense” programs based on each aspect of its new, broader curriculum. However, these will be phased in and are elective for members, whereas the investment seminars are mandatory.
“Candid feedback from peers can prove invaluable for members, providing insights and understanding that they rarely, if ever, get from paid advisors,” the firm said.
The estate planning program includes a preparation document where members answer questions like how much they expect to pay in estates taxes upon death, and what the potential complications are from business interests, for example. Tiger 21 worked with trust and estate attorneys Proskauer Rose to develop this material.
In the philanthropy sessions members will discuss “goals and strategies,” while the business evaluation program will allow the largely-entrepreneurial membership to get advice on specific issues in their businesses, Tiger 21 said.
Meanwhile, it is collaborating with Frank Crystal & Company, an insurance firm with a specialist private client team, to create a risk management program. This will encourage each member to assess personal, family and organizational risk exposure, and evaluate risk reduction on a cost/benefit basis.
