"The Blind Leading the Blind" by Pieter Bruegel the Elder is a painting that depicts a line of blind men stumbling and falling in a rural setting. Each man is following the one in front, leading to a domino effect of missteps and falls.
This painting seems simple. A straightforward cliche. A visual representation of the saying "hire someone who's been there before." This makes sense if the challenges are common, where a guide who's a few steps ahead can navigate with clarity.
We're talking about the management of global enterprises. Hundreds of millions of dollars of wealth. Protecting that for decades. Investing that for decades. Minimizing taxes independent of where you're living and where you are a citizen. All in a way that makes it flexible for you to move anywhere and everywhere.
Who exactly is qualified to do all of that with prior experience? Who exactly has vision here?
“Hey, I'm a certified attorney.” Okay, what does that have to do with anything that I just mentioned? You can file paperwork? Great! We need more than paperwork filed.
“Hey, I'm a qualified financial advisor. I passed my CFA.” Wonderful! How many clients have you dealt with where you've managed 50 years of wealth at half a billion dollars?
So the only person who could possibly say that would be 85. They're not working. And if they are, they're not looking for clients. They've been busy managing half a billion dollars of wealth for the past 50 years. So once again, who are you gonna find to go chart out that type of a future? There isn't such a person!
Sure you can try simplifying some things. “I have numbers and therefore taxes apply to that and I can have a Tax Advisor who's dealt with those types of numbers before.”
That's great. But once again, does that Tax Advisor understand trusts? Do they understand PPLI? Do they understand the consequences of you moving to five different countries over the next three years? (which is what I've been doing). And what that's going to mean for your taxes?
Probably no to all of that.
So, blind leading the blind? Finding someone with complete vision is an impossibility. There are too many variables, too many unknowns. What we need instead is adaptability—advisors who can act like water in a vessel.
This painting is a red herring. It gives you a feeling of comfort - "Oh, I have someone who has done this."
It's not about finding someone who has walked the path before; it's about finding someone who can forge new paths with you; who can innovate and adapt without a precedent.
The real lesson here? Engage with capable and brave pioneers. Not merely experienced advisors—as the singularity of their experience breeds complacency and overconfidence. This blinds them to the uncharted nature of the emerging needs, risks, and opportunities of HNWIs. A capable pioneer does not rely on sight alone but navigates the uncharted territories of wealth and legacy with insight and flexibility. They ensure that your vision for the future is not just maintained but enhanced.