WSFS Bank Executive Highlights Critical Estate Planning Gaps for Businesses and Families
Jamie Hopkins of WSFS Bank emphasizes the importance of proactive estate planning and trust utilization for business continuity and family wealth protection, addressing common oversights in succession planning and financial consolidation.
Jamie Hopkins, Executive Vice President and Chief Wealth Officer at WSFS Bank, identifies significant educational gaps in estate planning that threaten both family wealth and business continuity. Many individuals and business owners overlook fundamental strategies such as account titling, beneficiary designations, and powers of attorney, assuming estate planning is only for the wealthy. Hopkins notes that awareness is the primary hurdle, with people failing to recognize how estate planning impacts everyday life events like children attending college or business property acquisitions.
For business owners, poor succession planning and liquidity management pose substantial risks to operations. Hopkins advocates for early succession planning, stating that proactive approaches allow for tax-efficient transfers and leadership development. At Bryn Mawr Trust, the focus is on integrating services to coordinate investments, taxes, and estate planning under one framework. This integrated strategy helps clients avoid siloed advice and manage complexities like Delaware’s research and development credits or Philadelphia’s Business Income & Receipts Tax.
Trusts remain underutilized due to societal avoidance of death-related discussions, yet they offer critical protections against probate and business transition issues. Hopkins explains that trusts provide control and efficiency for generational wealth transfer, not just for the affluent. Bryn Mawr Trust’s national and Delaware state charters enable specialized trust services, including special needs and legacy trusts, supporting clients in the Greater Delaware Valley where family-owned businesses dominate.
Financial consolidation is another key area where individuals create unintended risks by scattering accounts across multiple institutions. Hopkins advises simplifying finances, reducing redundant subscriptions, and regular check-ins with advisors to align plans with changing goals and tax laws. For business owners, coordinating banking, wealth management, and estate planning ensures liquidity during transitions, safeguarding regional business legacies. WSFS Bank and Bryn Mawr Trust’s 120-year histories underscore their commitment to long-term, stable solutions for thriving local economies.