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Richard Tanner
Ownership Advisors, Inc.
6100 Oak Tree Blvd., South
Park Center Plaza 1, Ste. 420
Independence, Ohio 44131

Phone: 216-328-5538
E-mail: rtanner@ownershipadvisors.com

Cleveland Wealth Counselor Introduces Values-Based Financial Planning As Direct Alternative To Social Reforms

04-02-2004 - Independence, OH

According to noted wealth researcher Paul Schervish, 19.3 trillion dollars of wealth will transfer over the next 20 years, and of that amount, about $5 trillion will go to the government for estate taxes and fees. About $3 trillion will make its way to charity.

Richard Tanner, president of Ownership Advisors, Inc. in Cleveland says there is a growing trend among the affluent toward distributing wealth based more on values than valuables. A family wealth counselor, Tanner has devised a family retreat program to help people redirect more of their social capital to the causes close to their hearts. The retreat typically includes both spouses and is transformed into a family mission statement or “family wealth letter of intent.”

Most people write a legal will, or a living will instructing how they want to be treated medically. Tanners concept preserves their most precious legacy: their values, beliefs, dreams and hopes, things that will live on in the hearts and minds of others long after they are gone.

“Affluent people find they can redirect 100% of their social capital to causes they choose, rather than simply allowing Uncle Sam to disperse at will,” says Tanner. “Most couples say this is the first time they have ever gone this deep into their desires for using their families wealth. Most did not know they could use more of their wealth to help others."

Developing balance between finances and the social, emotional and spiritual aspects of life becomes more important as people mature, Tanner said. If everyone got involved with the process he advocates, they would pay no estate taxes at all and capital gains and estate fees would be significantly reduced. “When families make this choice the entire country benefits significantly because the wealth tends to stay in their local communities and families stay involved. There is a much greater chance that your money will go to helping people as opposed to supporting bureaucracy,” Tanner says.

In an unofficial poll of affluent clients, Tanner has found that on average they believe 80% of their tax dollars are wasted on inefficient government bureaucracy. On the other hand, they believe that over 80% of their charitable giving dollars go directly to helping people.

"If this is true then giving directly versus paying taxes may be up to four times more effective. In essence, Family Wealth Counseling™ can make 5 trillion do the same work as 20 trillion redistributed through taxation."

Richard Tanner has been recognized nationally as a leader in relationship solutions in the financial services industry. He is an authority on the use of Employee Stock Ownerships (ESOPs) in family held companies, and has written and lectured extensively on subjects pertaining to why we work, who and what we value, what causes are close to our hearts and what we'd like our legacy to look like.

Mr. Tanner is a Registered Principal with and offers securities through Linsco/Private Ledger, Member NASD/SIPC.