Max Crownover

Wealth Manager | Investment, Tax, and Legacy Planning for High-Net-Worth Families

[Max Crownover @mcrown_finance]

AI Experts: If AI is so powerful, why hasn’t it lead to any major breakthroughs? Why can’t we use it to figure out quantum computing, curing disease, building robots, space travel? It seems to me that it’s just a more efficient search engine.

[Max Crownover @mcrown_finance]

It’s almost always better to invest in good investments and pay taxes on gains rather than to invest in poor investments with tax benefits.

[Max Crownover @mcrown_finance]

“Don’t let the tax tail wag the investment dog” is a saying that we frequently use when evaluating investments with tax advantages.

[Max Crownover @mcrown_finance]

Some examples include:
- continuing to defer gains in a market that’s overvalued
- making investments in QOZs for the sake of tax benefits, ignoring underlying economics
- refusing to rebalance a portfolio despite increased risk
-avoiding Roth conversions due to up front taxes

[Max Crownover @mcrown_finance]

Think:

CPA → reports and files taxes
Advisor → integrates taxes into the financial plan
Attorney → implements legal and estate structures

[Max Crownover @mcrown_finance]

One thing that surprises a lot of clients is that tax planning and tax preparation are not the same thing.

Many people assume their CPA and financial advisor do the exact same thing when it comes to taxes, but often they’re solving different problems.

[Max Crownover @mcrown_finance]

While many CPAs provide tax planning as well, financial advisors often focus on investment-driven tax planning and coordinating strategies alongside your CPA and attorney to improve after-tax outcomes over time.

[Mark Cecchini, CFP® @markcecchini]

a "distributed" financial, tax, and legal team usually means a coordinated team of independent specialists, not a full in-house staff under one roof

this post is going to outline how that might look

(bookmark for later as this is a topic that comes up a lot)

the overarching goal of this approach is to cover the same functions a true multi-family office would provide, but through external professionals who collaborate

The key is clear ownership of the quarterback role (typically my role), otherwise the outside professionals operate in silos

In-house vs distributed has pros and cons

I've worked for both models

I'm not here to litigate that comparison in this post but I absolutely have thoughts

That being said, below is a practical roster for a HNW/UHNW household (level of $$ net worth also subject to debate)

1. Lead Advisor (Personal CFO / Wealth Advisor)

Responsibilities:

-financial planning
-investment allocation
-tax strategy coordination
-estate planning coordination
-liquidity event planning
-risk management
-cash flow strategy
-cash movement and capital calls
-coordinating all other professionals

This is typically:

-CFP/CPWA/CFA/CPA etc
-wealth advisor at an RIA or private client group
-multi-family office (MFO) advisor that spearheads the in-house team

Without this role, the system usually fragments into each discipline unless the matriarch/patriarch is extremely active in managing it all.

2. CPA / Tax Strategist

Not just tax prep, someone who can do proactive planning.

Responsibilities:

-tax return preparation
-quarterly tax projections
-entity structure advice
-liquidity event planning
-charitable strategies
-retirement tax planning
-equity compensation planning
-multi-year tax modeling

Ideally, this is a tax filing AND tax planning firm, not just a compliance shop.

3. Estate Planning Attorney

Handles asset protection and wealth transfer planning.

Typical work includes:

-revocable trust
-wills
-healthcare directives
-durable POA
-beneficiary strategy
-gifting strategies
-SLATs or GRATs when appropriate
-trust administration guidance

Some families don't need complex structures, but they do need a well-built estate plan at minimum.

4. Insurance Specialist (ideally independent)

Responsibilities:

-life insurance review and placement
-disability insurance review and placement
-umbrella liability coverage
-property and casualty review
-business insurance coordination

these insurance teams / firms are typically split out by these 2 categories

1. life / disability / long-term care
2. property and casualty (home, auto, boat/RV, liability, personal property)

somewhat rare to find 1 team / person that handles everything in the insurance world as they need to specialize...

this should ideally be an independent insurance consultant, not someone pushing permanent policies for personal gain or an agent captive to 1 carrier.

5. Investment Manager / Portfolio Strategist

Often the same as the lead advisor or Personal CFO / planner, but sometimes separate.

Responsibilities:

-portfolio construction
-tax-efficient implementation
-direct indexing
-rebalancing
-concentrated stock management
-alternative investments
-liquidity management
-consolidated performance reporting across entities

For RIAs, custody is usually through Schwab, Fidelity, Altruist, Goldman or similar platforms.

6. Estate Settlement / Trust Administration Support

This could be:

-a trust company
-estate attorney
-corporate trustee
-family office administrator

Responsibilities:

-trust administration
-estate settlement
-beneficiary coordination
-recordkeeping for ongoing trust management

7. Lending / Banking Specialist

Most HNW families eventually need help with:

-mortgage structuring
-securities-based lines of credit
-liquidity bridge loans
-real estate financing
-cash management

This can be:

-private bank
-regional bank
-specialized lending desk
-custodian (margin, SBLOC, box spreads, etc)

8. Bookkeeping / Financial Admin

Some families need help with:

-bill pay
-document organization
-expense tracking
-household payroll (nannies, etc.)
-financial reporting

This is often called "family office lite" services.

9. Optional Specialists (Case-by-Case)

Depending on the family’s situation:

-business or personal attorney
-tax attorney
-3rd party private investment platforms
-philanthropic advisor
-divorce attorney / family law specialist
-international tax counsel

[Roman Puglise, CFP® @RomanPuglise]

Sitting on legacy mutual funds in a taxable account?

You may be paying taxes every year… even when you don’t sell anything.

We recently helped a new client stop the quiet tax drag most investors ignore.

Here’s the strategy👇

[Basis Points @basispointpod]

Josh Brown on if he's bearish or bullish for 2026:

"I'm always bullish."

[Max Crownover @mcrown_finance]

@CaydenWMcLaugh Agree with this. And it can help reduce sequence of returns risk via less reliance on portfolio withdrawals.

[Thomas Kopelman 💵 @TKopelman]

"There's no reason to hire you, show me your performance agains the S&P 500"

This is what so many people say

But this just shows how little they know about financial planning and the value of advisors

The industry used to be just about stock picking but it has changed

For a long time, the model looked like this:
• Investment management first
• Planning as an afterthought
• Product sales disguised as advice
• Hundreds of households per advisor
• One meeting a year (if that)

That model is breaking

Here’s what it’s shifting toward instead:

➡️ From investment management to true planning
Investments still matter, but they’re just one part of planning.
Tax strategy, cash flow, business planning, equity comp, estate planning, insurance, and major life decisions now drive the real value.

➡️ From selling products to actually advising
Clients are tired of feeling like every meeting ends with a pitch.

They want objective advice, not commissions or incentives driving recommendations.

➡️ From 300–750 “clients” to 100 great ones
The old model required scale.
The new model requires depth.
Fewer households, more intentional work, better outcomes.

➡️ From annual reviews to ongoing engagement
Life doesn’t happen once a year, and neither should planning.
Taxes, income changes, business decisions, equity events, and family changes require proactive, recurring conversations.

➡️ From “assets we manage” to everything with a dollar sign
Clients don’t think in silos.
Their financial life includes:
• Business decisions
• Compensation
• Taxes
• Debt
• Insurance
• Real estate
• Estate planning

Good advisors help across all of it.

[Max Crownover @mcrown_finance]

@tomkeene Two things:
1. What’s the solution?
2. Is there proof of a better model in practice? (Not theory)

[sysls @systematicls]

https://t.co/FQe5bCBqW1

[Nonzee @0xNonceSense]

🇺🇸 JAMIE DIMON, CEO OF CHASE, GOES ON NATIONAL TV AND SAYS:

"CRYPTO IS BETTER THAN THE CURRENT FINANCIAL SYSTEM!"

THE "EXPERIMENT" PHASE IS OVER.

THIS IS THE PIVOT OF THE CENTURY 🔥

[Meb Faber @MebFaber]

NY Resolution....clean out all those garbage high fee tax inefficient mutual funds!