Mrs. ABC, a 79-year-old widow, faced a complex and daunting challenge. Her late husband’s estate, encompassing a diverse portfolio of assets both in Mauritius and abroad, remained unsettled. While she maintained cordial relations with all five of her children (three from her marriage, two from her husband’s previous one), the lack of a clear plan, coupled with emerging disagreements among family members, created significant stress. Adding to her burden, Mrs. ABC felt overwhelmed by the constant demands from financial institutions, the complexities of tax filings, and the sheer weight of managing a substantial estate. She knew she needed to organize her affairs for the next generation, but the path forward seemed unclear, particularly given the growing family tensions. The prospect of open conversations with her children, some of whom had spouses with strong opinions, felt overwhelming. She longed for peace of mind, a way to ensure fairness for all her children, and a trusted partner to help navigate the complexities ahead.

Introduced by mutual friends, Mrs. ABC found the solution she was seeking with Boma Conseil. Understanding the urgency of her situation and the emotional weight she carried, Boma Conseil stepped in to provide comprehensive support and restore her peace of mind.

A Holistic Approach to a Complex Situation:

Boma Conseil began by listening. The team conducted in-depth interviews with Mrs. ABC and each family member, patiently gathering individual perspectives and concerns, frustrations and aspirations. This crucial step laid the foundation for a tailored strategy that would address everyone’s needs.

Next, Boma Conseil undertook a comprehensive “Bilan Patrimonial” – a thorough assessment of the family’s wealth. This involved meticulous research to identify and document all assets, including listed and unlisted shares (valued at approximately Rs 240m a few years earlier), properties in Mauritius and France, a boat, and an art collection. The assessment clarified the status, costs, and income generated by each asset, providing a complete picture of the family’s financial landscape.

With a clear understanding of the assets and family dynamics, Boma Conseil analyzed the current situation and developed restructuring recommendations. These recommendations were carefully crafted to consider Mrs. ABC’s wishes, the individual expectations of each family member, and the legal implications of the proposed transmission.

Boma Conseil then played a crucial role in facilitating family discussions. They presented their recommendations, chaired conciliatory meetings to address concerns, and effectively communicated how each family member’s interests were being considered. Recognizing the sensitivity of these conversations, Boma Conseil engaged a coach to guide the family through this delicate process, fostering a more harmonious and productive dialogue.

Once the restructuring strategy was approved, Boma Conseil took action. Acting on Mrs. ABC’s behalf, they managed all the necessary paperwork, interacted with banks, lawyers, notaries, and authorities, and provided regular updates to Mrs. ABC and her family. The listed securities and bank deposits were transitioned to Boma Conseil’s management, with custodians informed of the new mandate. The assets were then deployed according to the agreed-upon strategy, initiating ongoing monitoring through Boma Conseil’s Investment Platform and regular reporting through a dedicated client portal. A Senior Wealth Manager was assigned to the ABC family, ensuring regular communication and personalized attention.

Recognizing the importance of a fair valuation of illiquid assets, Boma Conseil engaged reputable professional partners to conduct a thorough evaluation of all unlisted assets, including those located abroad. This comprehensive report was presented to the family, and Boma Conseil facilitated discussions to reach a mutually agreeable distribution plan.

Peace of Mind Secured:

With Boma Conseil managing her legal, fiscal, and administrative affairs, Mrs. ABC was finally relieved of the overwhelming burden she had been carrying. Knowing her succession was planned and her future secured, she could relax and enjoy her later years without financial worries.

The positive impact extended beyond Mrs. ABC. All family members agreed to keep the liquid assets under Boma Conseil’s Discretionary Mandate. Furthermore, they sought Boma Conseil’s guidance on managing both their inherited and self-generated wealth. Some of the entrepreneurial children also engaged Boma Conseil for corporate advisory services related to financing their business activities or restructuring their capital.

This case study demonstrates Boma Conseil’s ability to navigate complex family dynamics, provide expert financial guidance, and deliver peace of mind. If you’re facing similar challenges, do not hesitate to contact us for a confidential consultation. Let Boma Conseil help you free your wealth from its constraints and secure your family’s future.