For Client Families, Advisors Leave Nothing to Chance

When longtime financial industry veterans Tricia S.

When longtime financial industry veterans Tricia S. O’Neil, CFA and Robert B. Richardson, CFP® joined forces two years ago and established the Descendants Wealth Management Group at Morgan Stanley, they saw an opportunity to do more for client families than either could alone. O’Neil, the group’s Senior Vice President, Financial Advisor, and Family Wealth Director, had more than 25 years’ experience analyzing markets and building portfolios. Richardson, Vice President and Financial Advisor, had spent nearly 25 years steeped in accounting, taxation, and financial planning.

O’Neil and Richardson were a perfect fit. Their respective backgrounds complemented each other well, and still do today—to the great benefit of the high-net-worth families who rely on Descendants Wealth Management Group to help manage their financial lives and hard-earned assets.

“As a multigenerational family practice, we take a broad approach to people as opposed to focusing on a specific practice area,” O’Neil says. “Our job is to listen and work with clients on their terms, in an effortto make their lives easier.”

Subscribe to Kiplinger’s Personal Finance

Be a smarter, better informed investor.

Save up to 74%

Sign up for Kiplinger’s Free E-Newsletters

Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.

Profit and prosper with the best of expert advice - straight to your e-mail.

Sign up

“We help address all financial planning topics with our clients: things they’re concerned about, and things they haven’t thought of,” Richardson says. “Managing their investments is just one part of a much larger whole.”

Investments and Financial Planning Tailored to Each Family

O’Neil, a Family Wealth Director (a designation shared by fewer than 4% of Morgan Stanley advisors as of September 2018) and a Forbes 2018 Best-in-State Wealth Advisor, manages client portfolios herself. For the core of her investment portfolios, she selects individual stocks and bonds, utilizing mutual funds and ETFs only to augment allocation in smaller asset classes. O’Neil believes managing assets in house offers clients a distinct advantage: a direct line to the person making the investment decisions.

“We don’t outsource to a third-party mutual fund manager or SMA manager,” O’Neil says. “I’m the one managing portfolios on an individualized basis. Our clients know they can call anytime and I’ll be here to answer their questions and discuss what’s happening in the markets.”

Richardson focuses on assisting clients with developing comprehensive financial plans that support their lifestyles, helping them advance their long-term goals, and working to ensure they are prepared for any contingency.

“It’s different for every family,” Richardson says. “Some families need help with budgeting and bill paying, and others need help with things like debt management, organizing external investments, estate planning strategies, and insurance. High-net-worth families have diverse, specialized needs, and we’re well positioned to serve them.”

Dedicated Team Takes Care of the Details

Whether they’re meeting with clients in the office, touching base with them quarterly, reviewing their investments, or making critical, timely adjustments to financial plans, O’Neil and Richardson listen closely and pay meticulous attention to detail. They also take steps to ensure no administrative details are overlooked.

“We know we need to be the initiator in many cases, because clients aren’t always sure what to ask and sometimes need help with implementation,” Richardson says. “We don’t just advise and offer reactive solutions; we work proactively with clients on their financial plans and help make sure everything gets done.”

“It’s all about saving clients’ time and making the stewardship of a family’s wealth easier for them,” O’Neil says. “The grandparents, parents, and children we serve can have confidence knowing we’re covering all the bases and looking out for their future.”

Tricia S. O’Neil and Robert B. Richardson are Financial Advisors with the Wealth Management division of Morgan Stanley in Providence, RI. The information contained in this article is not a solicitation to purchase or sell investments. Any information presented is general in nature and not intended to provide individually tailored investment advice. The strategies and/or investments referenced may not be suitable for all investors as the appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives. Investing involves risks and there is always the potential of losing money when you invest. The views expressed herein are those of the authors and may not necessarily reflect the views of Morgan Stanley Smith Barney LLC, Member SIPC ( Morgan Stanley Financial Advisors engaged Kiplinger’s to feature this profile. O’Neil and Richardson may only transact business in states where they are registered or excluded or exempted from registration ( Transacting business, follow-up and individualized responses involving either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, will not be made to persons in states where O’Neil and Richardson are not registered or excluded or exempt from registration.

Morgan Stanley and its Financial Advisors do not provide tax or legal advice. Individuals should seek advice based on their particular circumstances from anindependent tax advisor.

Source: (February 2018). Best-in-State Wealth Advisors ranking was developed by SHOOK Research and is based on in-person and telephone duediligence meetings and a ranking algorithm that includes: client retention, industry experience, review of compliance records, firm nominations; and quantitativecriteria, including: assets under management and revenue generated for their firms. Investment performance is not a criterion. Rankings are based on the opinionsof SHOOK Research, LLC and are not indicative of future performance or representative of any one client’s experience. Neither Morgan Stanley Smith Barney LLCnor its Financial Advisors or Private Wealth Advisors pay a fee to Forbes or SHOOK Research in exchange for the ranking. For more

Morgan Stanley Smith Barney LLC offers insurance products in conjunction with its licensed insurance agency affiliates.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the US.

Morgan Stanley Smith Barney LLC. Member SIPC.

CRC 2327661 11/18

This content was provided by Financial Service Directory. Kiplinger is not affiliated with and does not endorse the company or products mentioned above.