Why “Set It And Forget It” May Not Work For High‑Net‑Worth Families
By Advisor Austin Grizzell, CFP®, CPWA
Wealth Planning Strategies For High-Net-Worth Families: Why Ongoing Planning Matters
How Passive Can You Truly Be With Your Finances?
In recent years, the rise of index funds has reshaped how many investors think about managing money. Low costs, diversification, and simplicity are real advantages – and within investment portfolios, they’ve proven effective over time.
But in our experience, the idea of “set it and forget it” doesn’t typically translate well beyond investments.
A traditional buy-and-hold approach provides market exposure, but it doesn’t actively manage taxes, adapt to changing goals, or account for the complexity of a growing financial life. That’s where a more integrated approach - like MarketPlus® investing - builds on indexing by incorporating tax-aware strategies, broader diversification, and active portfolio design.
For high-net-worth families, what works inside a portfolio may not be the best fit across a family’s entire financial plan.
Life changes. Tax laws evolve. Priorities shift. And those realities require more than a static strategy. None of those forces are captured by an index.
Where Simplicity Helps – And Where It Falls Short
Investment decisions are often framed as technical - they are also deeply human. We bring our assumptions, habits, and emotions into every choice. Investment discipline matters. Staying the course, avoiding emotional decisions, and maintaining a long-term perspective are all essential.
Yet many of the most important financial outcomes sit outside market returns, such as:
Funding long‑term goals
Supporting future generations
These outcomes are shaped by decisions that incorporate tax, risk management, estate planning, and philanthropic strategies.
A successful, long-term plan that works over decades must account for the parts of life that do not follow a straight line.
Planning Is Not A One‑Time Event
Integrated financial planning has milestones that arrive year after year. Some are obvious. Others are easy to miss until the cost of overlooking them becomes clear.
Families often expect their plan to scale naturally as assets grow. In reality, complexity tends to outpace structure. New accounts are opened, entities are formed, trusts are amended, beneficiaries change, and tax rules evolve. At the same time, families understandably want more personalization, not less. They want to know that the plan reflects their circumstances, not a general framework.
This is where many families can experience challenges. It can be overwhelming to keep your arms wrapped around your financial lives when it is spread across institutions, professionals, and systems that do not intuitively interact with each other. Depending on how well your team of professionals work together, their collective value delivered can go both ways. The level of collaboration among your team members can add immense value or result in a lack of clarity and avoidable difficulty in your financial situation.
Risk Is About More Than Return
Risk isn’t just about market performance - it’s about timeline and purpose. Assets meant to support near‑term spending should behave differently than those intended for future growth.
Plans do not exist on fixed timelines. They stretch and compress as circumstances change.
Markets move.
Contributions change.
Goals are revised.
Regular meetings create space to continuously re‑evaluate direction.
Sometimes progress comes from reducing risk.
Other times the answer is additional saving rather than higher returns.
Flexibility is one of the most valuable strengths of good planning.
How Often Should A Wealth Plan Be Reviewed?
At a minimum, we believe your financial plans should be reviewed annually, with additional check-ins during major life or financial changes.
Common triggers for review include:
Changes in income or liquidity
New family members
Health events
Business acquisitions or sales
Updates to tax laws
Shifts in goals or priorities
Regular conversations help ensure decisions stay aligned - and that opportunities aren’t missed.
What Are Core Foundations Of An Effective Financial Plan Review?
Much of effective wealth management happens behind the scenes. Good planning requires rethinking familiar assumptions. Even disciplined people often find it harder to stay organized in their own lives. Consolidated reporting, clear tracking, and the ability to forecast progress allows families to understand not just where they are, but what options remain available.
Decisions are rarely isolated
Do you feel understood by your advisor and do they understand the why behind what is important to you?
Consider the big picture when making decisions
Are my assets titled in a manner that fits my goals?
How might a partial Roth IRA conversion impact your tax situation today and your kids when they inherit?
Records matter more than you think
What did we cover in the last meeting?
What was the impact of changes made in the last 12 months?
Thequiet work of coordination
Did your advisor provide the year-end tax summary to your CPA so there are no surprises when tax filing season comes?
Were beneficiary updates implemented since the last meeting?
The Bottom Line
Simplicity still matters. Routines matter. Discipline matters.
For high-net-worth families, the most effective wealth planning strategies evolve with your situation.
In our experience, the families who tend to feel most confident over time stay engaged, revisit decisions, seek incremental improvements, and adjust their plan as life changes.
Important Disclosure Information:
Past performance does not guarantee future results. Diversification neither assures a profit nor guarantees against a loss in a declining market. There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results.
Advisory services are provided by SJS Investment Services, a registered investment advisor (RIA) with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide legal or tax advice. Please consult your legal or tax professionals for specific advice.
MarketPlus® Investing models consist of registered investment companies. Investment values will fluctuate, and shares, when redeemed, may be worth more or less than original cost.
Statements contained in this article that are not statements of historical fact are intended to be and are forward looking statements. Forward looking statements include expressed expectations of future events and the assumptions on which the expressed expectations are based. All forward looking statements are inherently uncertain as they are based on various expectations and assumptions concerning future events and they are subject to numerous known and unknown risks and uncertainties which could cause actual events or results to differ materially from those projected.