Interview by Aaron Berman
Q&A with Christopher Considine, Director of Wealth Planning for Zions Bancorporation.
1. What led you to focus on wealth planning?
It was really serendipity. I went to law school thinking I wanted to litigate. But I took classes on taxation, business entities and securities law. I don’t know if it was something within me or I just had excellent teachers; they made it come alive.
And then the planning part…I think we all have some level of interest in that. How can I take these limited means that I have and achieve my life goals? That’s at the heart of what wealth planning is about. After law school, I worked for an accounting firm and my mentor there asked me if I’d considered a certified financial planner program. In 2005, I went to work for Wachovia in Texas.
2. How do you “wake clients up” to the importance of family wealth planning?
The main thing I always begin with is “imagine when you’re not able to earn an income.” I know that sounds crazy to some of our wealthier clients, but there will come a point in time when you won’t be able to earn what you’re earning now. If they’ve taken the first step—foregone the pleasures of current enjoyment—the second is to start diversifying; you need multiple sources of income. We’re human and, as humans, we have difficult time thinking long-term.
3. Discussing family wealth planning seems like it could get emotional very quickly. How do keep clients focused?
We say every financial decision is an emotional decision. “I’m giving my life savings, my life’s work, over to this person.” That always raises the emotional hackles.As an undergrad, I was a philosophy and a psychology major. With the psychology part, it’s [about] helping clients narrow in on what they’re trying to achieve. “I want to hand this down to my kids.” Is the goal to get the money to the kids, or for the kids to be responsible with it? And the philosophy part is, “What do you want to do? What’s your passion?”
4. Are there any legislative changes coming up that might affect family wealth planning?
A big tax law change is on the horizon. In 2017, the amount of wealth you can pass on without tax went from $5 million to $10 million. That law expires in January 2026. If they don’t come up with a new law, it will drop back down to the $5 million mark and a lot more people will have to pay those taxes.
5. Do you have any passions, hobbies or interests that might surprise people?
I’m an avid runner. My wife, Penny, and I ran the Paris Marathon last April [2022]. I’ve also been reading a lot of Russian literature: Dostoevsky, Tolstoy. I feel like they have parallels with things we’ve dealt with all along: what to do with their time, their assets.