SAN DIEGO—As they age, Baby Boomers, along with their potential heirs and advisors, will need professional assistance in asset valuation, management services, asset disposition and entitlement, fiduciary accounting and general business and asset-protection services, Douglas Wilson Cos.' president John Morrell tells GlobeSt.com. The firm just hired Morrell, most recently managing partner of Higgs Fletcher Mack, to join the firm as president, with a broader mission of advising on wealth transfer/dispute issues. Foreshadowing the coming tidal was of asset transfer from aging Baby Boomers to their adult children, Wilson and Morrell are positioning themselves to put a stake in the ground in this niche.

We spoke with Morrell about his new role and why wealth transfer is an important issue now and into the future.

GlobeSt.com: What are your goals in your new role at Douglas Wilson Cos.?
Morrell: I'm excited for the opportunity to work with Doug and the Douglas Wilson Cos. executive team to build new and expand existing relationships in the business and professional communities of San Diego and well beyond. Tapping my 33 years of professional service experience—the last 20 of which were running a very large San Diego-based law firm—I plan to help grow and expand DWC's preeminence in business turn-around and insolvency-resolution professional services. Consistent with my success at Higgs Fletcher & Mack, I hope to expand and diversify the products and services provided by DWC and thereby diversify its client base. I also hope to increase DWC's profile and investment in charitable service and good works throughout the communities where we all live and work.

GlobeSt.com: Why is it important for your firm to focus on wealth transfer/dispute issues now?

Morrell: Although the national economy is expanding, what lies below the surface in the nature of distress is the pending major transition of wealth from the Baby-Boomer generation to its children. Never before in the nation's history has there been a time where so much accumulated wealth will be transferred. We anticipate that this transfer will result in various unintended consequences, including interfamily disputes relative to ownership, control, mismanagement and disputed disposition of inherited assets. We believe that if such conflicts are not resolved appropriately, fortunes could be squandered and families be torn apart. We see this wave coming and are prepared to help families and their advisors avoid the pitfalls of disputes resulting from this tsunami of wealth transfer.

GlobeSt.com: What needs will there be in the market on this topic?

Morrell: Baby Boomers, their potential heirs and advisors will need professional assistance in the following areas: asset valuation, management services, asset disposition and entitlement, fiduciary accounting and general business and asset-protection services. There are also needs for alternative dispute resolution and help in repositioning assets so that they can best meet the needs and aspirations of all parties.

GlobeSt.com: What else should our readers know about where this issue is headed?

Morrell: Disputes come in all shapes and sizes and may come either before or after the wealth transfers from the creating generation to its heirs. One thing is for sure: there will be disputes resulting from different goals among the heirs. Our goal is to help clients avoid the negative consequences caused by their inexperience or emotional reactions. We are prepared to provide solutions utilizing the specialized skills of an experienced fiduciary. The right fiduciary can help at any stage as asset problems surface.

We spoke with Morrell about his new role and why wealth transfer is an important issue now and into the future.

GlobeSt.com: Why is it important for your firm to focus on wealth transfer/dispute issues now?

GlobeSt.com: What needs will there be in the market on this topic?

GlobeSt.com: What else should our readers know about where this issue is headed?

Instant Insights /

Why You Need to Think About Wealth Transfer

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