For Michael Gold, president and CEO of Gold Family Wealth, clients become family. He is on a mission every day to enrich their lives and enhance their experience by delivering massive value in helping them realize their financial goals, while working to preserve and safeguard their wealth.
Although Michael founded Gold Family Wealth, a leading wealth management boutique, in 2018, it was an idea 20 years in the making. It all began with an unexpected tax debacle. After just graduating from Stern Business School at NYU as a newly minted MBA specializing in quantitative finance and leadership, Michael learned that in addition to the business school loans, unfortunately, he also owed a significant amount in taxes due to the work or lack of tax-planning he received from an “ill-equipped accountant.” As he toiled for months to correct the situation, he sought the advice of CPAs and other financial experts and examined planning areas to identify gaps and weaknesses.
“I spent a tremendous amount of time vetting professionals until I found who I believed were top-tier experts and felt comfortable in their advice addressing my current situation and improving it.”
Once I put my team in place, I discovered what it felt like to have my own family office. “I had the top experts in their respective fields, all working together and sharing ideas to help me and my needs- current and long-term,” Michael explains. “That’s when it dawned on me that this is how financial advice should be delivered. It seems that too many people get advice piecemeal and in many cases, end up with a great advisor but a bad accountant or lawyer, insurance agent, investment advisor, etc. Having zero collaboration amongst one another just feels like a disservice.”
With that epiphany, Michael was on a mission to change the way financial advice is delivered in the marketplace. The design for Gold Family Wealth continued to evolve as Michael refined the concept over a 20-year career starting as a 22-year-old financial advisor at Morgan Stanley then Wachovia Securities and branching out to the independent side of the business developing into a private client wealth manager.
Michael adopted the positive attributes from both the big firms as well as the independent ones while closing the “piecemeal” advice gap. Michael further studied the “super rich” and the family office model, helping him develop a process that allows wealthy families to access the family office experience without being “super-rich.”
To deliver holistic wealth management and advanced planning, Michael’s process evaluates every aspect of his client’s financial situation ranging from investment, tax, trust and estate, insurance and retirement, then connects all the dots to identify any gaps or missed opportunities. Based on this evaluation he calls, “stress-testing,” Michael strategically outsources professional experts from these various fields of tax, insurance, retirement and trust, and estate law to collaborate on potential solutions to help position his family of clients to achieve their desired goal(s).
“The idea of the company was to ensure no one got tripped up the way I did,” Michael explains. “Stress testing allows us to look at every aspect of our client’s business and personal financial world to identify obstacles or red-flags, then we bring in vetted professional to address any gaps and explore all appropriate opportunities.”
The company’s name, “Gold Family Wealth,” reflects the importance Michael places on his relationships with his clients and a unique edict among the field of wealth management firms. “We don’t take on thousands of clients. We look for the right fit- clients to whom we can add immense value to” Michael says. “Clients become like family, hence the name. We become an instrumental component of their lives and I fall in love with the families I serve. My entire day is spent figuring out new ways that can improve and enrich the quality of their lives and preserve and safeguard their wealth. In the end, I am always exploring ways to help my clients even more.”
When asked what drives him, Michael explains, “I’m guided by my relationships. The greatest reward I could receive is to learn that the lives of the people I care about have been improved as a result of my guidance, counsel and advice. This goes for all my relationships in life, both professional and personal.”
President and CEO — Gold Family Wealth