Tiger 21 has expanded its review of members' financial lives to include estate planning, philanthropy, business evaluation and risk management.
Tiger 21 is a peer-to-peer educational and networking organization for high net worth individuals and families. The 200 members collectively manage more than $18 billion in investable assets.
The new reviews being added to what Tiger 21 calls its Portfolio Defense are created by members filling out extensive preparation documents that are then reviewed by a peer group.
Members already participate in an investment portfolio defense exercise. The new portfolio defense reviews are voluntary. The issues of estate planning, philanthropy, assessment of business plans and protecting members from risk have been the subjects of discussions by Tiger 21 members in the past and adding them to the portfolio program adds another level to the discussion, said Michael Sonnenfeldt, Tiger 21 founder and chairman.
The estate-planning defense involves an in-depth peer review about estate taxes, disposition of assets, trusts and other issues. Tiger 21 worked with trust and estate attorneys in setting up the system, said Joel Treisman, chief learning officer for Tiger 21.
The philanthropy defense templates and process were created to help members organize and articulate their philanthropic goals and strategies.
"Our members are primarily successful entrepreneurs. Most are immigrants to the land of wealth and have never before had the time, the financial wherewithal and the know-how to engage in high-impact, strategic philanthropy," said Treisman.
The business evaluation defense is designed to provide unbiased feedback and ideas from peers on marketing, revenue enhancement, product design and other business strategies, so that it will operate like a board of directors.
The defense on risk management is being designed and tested and will take members through a personal, family and organizational risk-exposure assessment that includes costs and benefits of available risk reduction strategies, according to Tiger 21.
-Karen DeMasters