Issuu

The 2026

Ballentine Partners Stakeholder Report

©Ballentine Partners, LLC 2026

TABLE OF CONTENTS Firm Overview

A Letter From Our CEO

Recent Milestones

Annual Theme: Client Stories

Domicile Planning Q&A with Rob Vigoda

Behind the Scenes at Ballentine Partners

A decidedly human approach to managing wealth®

$16.5 B

$33.5 B

Assets Under Management as of 6/30/26

Assets Under Advisement as of 6/30/26

142

364

employees

client families

Financial results as of 6/30/2026. Ballentine Partners, LLC does not serve as an attorney, accountant, or insurance agent. Ballentine Partners, LLC does not prepare estate planning documents or tax returns, nor does it sell insurance products. Assets under management (AUM) are assets for which we provide continuous and regular advice, supervisory, or management services. Assets under advisement (AUA) include all assets under management, plus other assets for which we provide advise and implementation services.

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Dear clients, friends, and partners, Each year, our Stakeholder Report provides an opportunity to reflect on the work we do, the families we serve, and the values that continue to guide Ballentine Partners. We believe that lasting success comes from fostering positive outcomes for our clients, employees, profession, industry, and community. Throughout this report, you will find stories that illustrate this reality. You will meet fictional families navigating life across multiple countries and generations, entrepreneurs transforming business success into enduring family wealth, parents rethinking what they hope future generations will inherit, and families facing important life transitions that require thoughtful planning, compassion, and care. While each story is unique, they share a common thread: financial decisions are rarely just financial. They are deeply personal, shaped by values, relationships, aspirations, and the desire to create meaningful lives for those we care about. We believe our role extends beyond helping families manage wealth. We serve as trusted partners and advocates helping clients navigate complexity while staying focused on what matters most. Whether coordinating across legal, tax, investment, and family dynamics; facilitating conversations between generations; or helping families align their resources with their goals, our work is rooted in a decidedly human approach to wealth management. At the same time, we remain committed to investing in the future of our firm. Over the past year, we welcomed new colleagues, celebrated promotions, expanded our presence in downtown Boston, introduced The Center for Family Well-being Certification, strengthened our private investment platform, and continued to develop talent through mentorship and professional growth initiatives. These investments reflect our long-term commitment to serving clients with excellence while preserving the culture that has defined Ballentine Partners for more than four decades. You will also see examples throughout this report of the many ways our team contributes beyond client work. Through industry leadership, volunteerism, mentorship, community engagement, and thought leadership, our colleagues continue to embody the values of curiosity, collaboration, integrity, and service that define our organization. As we look ahead, we recognize that the challenges and opportunities facing families will continue to evolve. Global mobility, technological innovation, changing demographics, shifting tax and regulatory landscapes, and the increasing complexity of family structures will require thoughtful adaptation. Navigating this future will demand not only technical expertise, but also wisdom, empathy, flexibility, and a deep understanding of the human side of wealth. Fortunately, these are qualities that have long been at the heart of Ballentine Partners. Thank you for your continued trust, partnership, and friendship. We are honored to be part of your story and grateful to have you as part of ours. Sincerely,

Drew McMorrow, MBA, CFP® President & CEO Ballentine Partners, LLC

RECENT MILESTONES Welcomed 14 new employees in the last 12 months Appointed 4 new partners: Alexa Carbone, MBA, CFP®, Ryan McManus, CFP®, Jessica Minty, CFA, and Courtney Scott, JD Appointed 2 new principals: Sean Edwards, CFP® and Kimberly Ayer, MSF, MSA Launched commingled private investment funds for a total of 8 active Ballentine Partnersmanaged funds Celebrated our second annual Founder’s Day, featuring Roy Ballentine Introduced The Center for Family Well-being Certification, an internal certification earned upon completion of The Ballentine Partners Center for Family Well-being curriculum Opened an office in the City of Boston, in the heart of Post Office Square Celebrated our 3rd anniversary as a B Corp and recently attended the biannual Champions Retreat, a gathering of business leaders focused on collective actions to benefit people and planet Celebrated the 10th Anniversary of our Florida office

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THE BALLENTINE WAY Our Founder, Roy Ballentine has been working on his latest project – a book titled The Ballentine Way. As we look ahead to its publication later this year, we are pleased to share a preview of its key ideas. When Roy began working on this project, he imagined a new team member joining the firm, anxious to learn, desiring to get off to a strong start, and wanting to succeed. Anyone joining a new organization needs to quickly figure out the organizational culture and to rapidly acquire whatever new skills are needed to succeed. So, he decided to create a book that would serve as a guide to success for new team members and also as a guide for the continual learning and advancement of more experienced team members. The book is the result of Roy’s four decades of experience as an advisor to wealthy families and as the founder of Ballentine Partners. During those decades, he learned many important lessons from the families who placed their trust in us, from the highly skilled attorneys, accountants, and other advisors who were associated with those families, and from his colleagues at the firm. The articles in this book distill these experiences into practical lessons and thoughtful reflections, making them accessible and relevant to our advisors. The book will include 25 articles covering a range of topics, including: How to Succeed at Ballentine Partners The Ethos of Ballentine Partners Fiduciary Advice The Art of Asking Powerful Questions The Art of Crucial Conversations How to Solve Problems You Have Never Seen Before Family Well-being Apprenticeship and Continual Learning Tax-Aware Investing In addition, Drew McMorrow, Jennifer Christian Murtie, Alexys Febonio, Pete Chiappinelli plus many others agreed to be interviewed for various articles. The book is projected to be completed this summer and will be about 460 pages. It is being produced by the outstanding team at Flannel, Inc., the same firm that helped us with our website. Together, these contributions reflect the depth of experience and shared commitment that define our firm. The Ballentine Way offers a meaningful guide for continued growth and professional excellence.

BALLENTINE PARTNERS’ ANNUAL AWARDS WINNERS

Tim Kobler

Innovation Award Recognizes an individual for improving and advancing our processes, systems, and the way we achieve client success.

Emily Cashman Navigation Award

Recognizes an individual for helping a client navigate through a difficult time with skill and care.

Candace, Sophia & Karina; Amazon Book Team Teamwork Award

Recognizes an outstanding, established team for their sustained track record of excellent contributions.

Karen Parton Spirit Award

Recognizes someone for their contributions to making our workplace a great place to be.

Heather Long

Client Comes First Award Recognizes great acts of client service that embody our commitment to putting clients at the center of everything we do.

Reid Monk

Financial Genius Award Recognizes the brilliance of someone's financial engineering, investment, or systems skill.

Steve Martone Alexys Febonio

Alanna Robinson

Ambassador Award

Community Leadership Award

Recognizes contributions to the firm's reputation through writing, speaking engagements, and recruitment efforts.

Recognizes an individual for the impact they have made outside the firm toward making the world a better place.

Roy Ballentine Mentorship Award

Recognizes those who have assisted individuals in reaching their goals, provided positive guidance to a group, and created an environment that fosters and encourages meaningful mentoring relationships with positive outcomes.

The awards presented on this page are internal Ballentine Partners employee recognition awards. They are based on internal criteria established by the firm and are intended solely to recognize employee contributions.

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PEOPLE ARE OUR GREATEST STRENGTH Why Being a Great Place to Work Matters

WHY IT MATTERS Continuity strengthens trust High retention allows clients to work with professionals who understand their family history, goals, values, and evolving needs across generations.

Culture protects the client experience A workplace grounded in integrity, teamwork, intellectual curiosity, and continuous improvement reinforces our commitment to putting clients first.

Talent fuels expertise and innovation By investing in our people, we build the judgment, knowledge, and capabilities needed to solve complex client problems and simplify their lives.

Ownership supports long-term alignment Our employee ownership model and partnership culture help sustain independence, stability, and a shared commitment to the future of the firm.

Annually we partner with an independent third-party organization to conduct an employee engagement survey. The 2025 results of our anonymous employee engagement survey, which had 100% employee participation reinforced that being a great place to work is not just aspirational – it is experienced by our people. Employees showed 100% agreement with statements reflecting connection, purpose, and pride: 1.“I like the people I work with at this organization.” 2.“I understand the importance of my role to the success of the organization.” 3.“I am proud to work for this organization.” 4.“I would recommend this organization’s products/services to a friend.” This success doesn’t come easily. It’s built on intentional actions by everyone to have a culture like ours. We analyze these survey results to identify where we can be better, what’s going well, and how we want to adapt for the years ahead. While we strive for perfect retention we know that will never be achievable. Sometimes when we make senior hires they don’t always work out or we lose current talent to a family business or life choice. We may not always get it right, but we will always try. Together, these results point to a workplace where people feel connected to one another, clear on their impact, proud of the firm, and confident in the value we deliver to clients. Being a great place to work is how we remain a great place for clients. When our people thrive, our clients are better served — and when our clients are well served, our people find purpose, growth, and lasting commitment in the work we do together.

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EMPLOYEE NEWS Congratulations! Employee weddings and babies:

Weddings & Engagements Jonathan Radford and his partner, Meg, were married on September 22, 2025. Jamar Gopie and his partner, Teresa, were married on April 10, 2026. Tim Kobler and his partner, Kate, were engaged in August 2025. Ryan Lenois and his partner, Kate, were engaged in April 2026. James Pleat and his partner, Sarah, were engaged in May 2026.

Baby News Courtney Scott and her husband, James, welcomed their daughter, June Ann, on July 16, 2025. Kati Goguen and her husband, Chris, welcomed their daughter, Amelie (Millie), on July 22, 2025. Cody McCallum and his wife, Hannah, welcomed their daughter, Sadie on August 1, 2025. Chris Pawlowski and his wife, Dawn, welcomed their daughter, Bella Marie, on August 28, 2025. Rob Paone and his wife, Karly, welcomed their daughter, Addison, on September 19, 2025. Jon Lustig and his wife, Ashleigh, welcomed their daughter, Mia June, on February 3, 2026. John Brody and his wife, Sarah, welcomed their son, Miles, on February 15, 2026, joining big brother, Hudson. Megan Havey and her husband, Ryan, welcomed their daughter, Vivian Ann, on February 20, 2026. Jack Lucey and his wife, Caroline, welcomed their son, Theodore “Teddy” Mack, on May 31, 2026. Alanna Paiva Robinson and her husband, Ryan, welcomed their son, Anders, on July 14, 2026 joining big sister, Charlotte. Ryan McManus and his wife, Christina, are expecting a baby in October 2026.

Jamar Gopie and Teresa Colon-Gopie

Hudson and Miles Brody

MEET JACKIE FINNERON After nearly three decades at Ballentine Partners, Jackie Finneron has witnessed the firm's growth while helping shape the culture that defines it today. Her commitment to integrity, lifelong learning, and building lasting relationships reflects the values that have guided both her career and our firm since its founding.

What’s something people might be surprised to learn about you? People are often surprised to learn that I've spent almost 27 years with the same firm. During that time, I've navigated countless technology changes, industry shifts and new challenges, which have reinforced the importance of being a lifelong learner and staying adaptable. During those same years, I've also been busy raising three sons, including twin boys. What makes their story especially fun is how different they are; one is working toward a Ph.D. in pure mathematics, another studied mechanical engineering and the youngest is an electrician. Seeing each of them develop their own interests, talents and careers has been one of the greatest joys of my life.

What’s a lesson you’ve learned that still guides you today? One lesson that continues to guide me today is that relationships matter. People may not remember every detail of a project or conversation, but they do remember how you treated them. Whether at work or at home, I've found that listening, showing respect and building trust create stronger connections and better outcomes. That perspective has also reminded me not to take time for granted. Life moves quickly, and I've learned to make family a priority, celebrate life's milestones and be present for the moments that matter. The relationships we invest in are often our greatest source of fulfillment and the legacy we leave behind.

What makes Ballentine Partners different in your view? Ballentine Partners stands out because of its people and culture. What makes Ballentine Partners different is the combination of expertise, high professional standards and genuine care for clients and colleagues. Throughout my career here, I’ve seen people consistently go the extra mile; not because they have to, but because they truly care about doing what’s right, supporting one another and building lasting relationships. After more than 25 years, that commitment to excellence, integrity, teamwork and genuine care is what continues to make the firm special to me.

What’s one principle that guides your decision-making One principle that guides my decision-making is to do what's right, even when it takes more time or effort. Building trust, treating people with respect and integrity, and focusing on the long-term outcome have been guiding values throughout both my career and personal life

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What do you enjoy doing outside of work? Outside of work, I cherish spending time with family and friends. Whether it's visiting my sons, gathering with extended family, celebrating milestones, or simply enjoying time together, I value the relationships and experiences that bring people closer. I also love being outdoors. I spend a lot of time with my two Rhodesian Ridgebacks, enjoy being on Crescent Lake, and am happiest whenever I'm near the water. In the winter, I enjoy skiing. These activities help me stay balanced and appreciate the beauty of New England. The relationships, experiences and time spent outdoors are what help me recharge and bring me the deepest sense of happiness.

Who has had the biggest influence on your career? Roy Ballentine has had the biggest influence on my career. I've been fortunate to spend almost 27 years at Ballentine Partners, and Roy's leadership, vision and dedication to both clients and employees have left a lasting impression on me. While I've learned a great deal from his expertise and business acumen, what has influenced me most is his character. Over the years, Roy demonstrated that success comes from combining professional excellence with genuine care for people. I've always believed that you can learn a great deal about a person's character by observing how they treat others. Their actions, more than their words, reveal their values and how they view the world. In quiet moments, when there is nothing to gain and no audience to impress, true character is often most clearly displayed. Roy consistently led by that example and it's a lesson I've tried to carry with me throughout my own career.

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SHARING OUR INSIGHTS Our continued success is rooted in the dedication of our talented professionals, who remain focused on emerging trends and evolving industry best practices. Over the past year, several colleagues have been invited to speak at leading forums hosted by prominent family wealth organizations, reflecting the firm’s depth of expertise and growing industry recognition. These opportunities allow us to contribute meaningfully to important conversations shaping the field while bringing valuable insights and strategic perspectives back to the clients we serve.

Alexys Febonio Family Wealth Alliance, The UHNW Institute, Institute for Private Investors

Alexa Carbone Family Office Exchange (FOX)

Chris Chandler Day Pitney Palm Beach Family Office Forum

Coventry Edwards-Pitt Family Wealth Alliance, Institute for Private Investors

Drew McMorrow Family Wealth Alliance

Elisa Gruber Lustig Institute for Private Investors

Michael Chimento Private Debt Investor New York, Private Credit Sourcing Conference, LPGP Connect Private Debt New York

Pete Chiappinelli Institute for Private Investors, Global Absolute Return Congress

Sheila Lawrence CFP Board’s Connections Conference

INDUSTRY RECOGNITION This year, Ballentine Partners and our colleagues were honored with recognition from leading industry organizations. These awards reflect our continued commitment to delivering exceptional advice, fostering a strong workplace culture, and contributing to the advancement of the wealth management profession. Judging panels make choices based on award-specific methodology. Please see important disclosures and limitations here.

CNBC Elite Advisors list 2026

Barron’s Top 100 RIAs 2025

America’s Best Workplaces 2026 Best Places to Work in Boston 2025

Best RIAs to Work for 2025

Alexys Febonio, recipient Young Professionals Award 2026

CNBC Elite Advisors List: Ballentine Partners did not pay any fee or receive any compensation to participate. Ranking awarded in June 2026 based on data within a 12-month period. Barron’s: Ballentine Partners did not pay any fee or receive any compensation to participate. Ranking awarded in September 2025 based on data within a 12-month period. Financial Planning: Ballentine Partners did not pay any fee or receive any compensation to participate. Ranking awarded in December 2025 based on data within a 12-month period. Best Companies Group: Ballentine Partners did not pay any fee or receive any compensation to participate. Awards based on data within a 12-month period. Family Wealth Alliance Young Professionals Awards: Ballentine Partners did not pay any fee or receive any compensation to participate. Ranking awarded in July 2026 based on data within a 12-month period.

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COMMUNITY ENGAGEMENT Giving back is an important part of our culture at Ballentine Partners. Across our offices and through partnerships with colleagues around the world, we are committed to supporting organizations that strengthen communities and improve lives. Together, these efforts reflect our shared belief that meaningful impact begins with compassion, collaboration, and a willingness to serve others. This year, we're proud to highlight our Cross-Border Giving Initiative, an example of how our colleagues came together across borders to support organizations serving children and families in need.

Cross-Border Giving Initiative Through our Cross-Border Giving Initiative, we partnered with our Manila team to make a positive impact in their local community, demonstrating that generosity and compassion know no borders. With the support of our colleagues and the coordination of our Manila team, donations were made to St. Rita Orphanage and Charity First Foundation, helping support their ongoing efforts to care for children and families in need. This initiative reflects our shared commitment to giving back and making a difference in the communities where we live and work.

St. Rita Orphanage Founded in 1964, St. Rita Orphanage provides a safe, nurturing temporary home for abandoned, orphaned, and vulnerable children in Metro Manila, helping them grow, heal, and prepare for family reunification or adoption.

Charity First Foundation Charity First Foundation empowers underserved communities in the Philippines through education, healthcare, and poverty alleviation programs that help individuals build brighter, more self-sufficient futures.

CELEBRATING 10 YEARS IN THE PALM BEACHES

In the fall of 2025, we were delighted to celebrate the 10th anniversary of Ballentine Partners' Florida office with clients, colleagues, and friends. The event, held in an airplane hangar in conjunction with the Stuart Air Show, brought together members of our community to reflect on a decade of growth, relationships, and service while looking ahead to the future. When we opened our Palm Beach Gardens office in 2015, our goal was simple: to better serve the needs of families with ties to Florida and provide local access to the personalized advice and support that define the Ballentine Partners experience. Over the past decade, that vision has evolved into a thriving presence that reflects both the growth of our firm and the trust our clients place in us. The numbers tell part of the story. Since 2015, the number of client households with a primary residence in Florida has grown from 11 to 46, an increase of 318%. Since 2017, our Florida resident households have increased by 156%, representing a compound annual growth rate of 12.4%. Behind that growth are longstanding client relationships, multigenerational families, and new connections forged through referrals and community engagement. More important than the statistics, however, are the relationships that have developed over the past 10 years. Our anniversary celebration brought together clients, prospective clients, industry partners, and team members to recognize the people who have made this milestone possible. It was a reminder that our success is measured not only by growth, but by the trust, collaboration, and sense of community we have built together. As we look to the next decade, we remain committed to helping families navigate complexity, pursue their aspirations, and steward their wealth with purpose. We are grateful for the support of our clients and community and look forward to continuing this journey together.

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CLIENT STORIES At Ballentine Partners, our work is ultimately about people. While wealth planning often involves sophisticated strategies, complex decisions, and evolving financial landscapes, the most meaningful outcomes are measured by the lives, families, and aspirations those resources support. Every family we serve has a unique story, shaped by its values, opportunities, challenges, and goals. While no two situations are alike, many of the questions our clients face share common themes: preparing future generations for responsibility, navigating significant life transitions, adapting to an increasingly complex world, and aligning wealth with a deeper sense of purpose. The stories that follow are inspired by the challenges and opportunities we help clients navigate every day. While the details have been modified to protect confidentiality, they reflect the thoughtful planning, collaboration, and human-centered approach that define our work. Together, they offer a glimpse into our Decidedly Human Approach®, combining technical expertise, thoughtful guidance, and deep listening to help families steward their wealth and pursue what matters most across generations. The client stories contained are illustrative in nature. While inspired by situations encountered by Ballentine Partners, the stories have been materially modified, combined, fictionalized, and anonymized to protect confidentiality. They do not describe any particular client and are not intended to represent that any client experienced these outcomes. Every client situation is unique and results will differ based on individual facts and circumstances.

A FAMILY WITHOUT BORDERS Illustrative case study prepared by Michelle Soufan

As advisors to globally mobile families, we often serve as the connective tissue across jurisdictions, generations, and disciplines. As our clients' personal, professional, and financial lives extend beyond national borders, planning can no longer be viewed through a single-country lens. We help families identify where existing structures may no longer fit, coordinate specialized legal and tax guidance across countries, and develop cohesive strategies that reflect both the founding generation's intent and the evolving realities of the rising generation. Here is one such story: What began as a distinctly American success story gradually became something far more global. The founding generation built its wealth, businesses, and estate plan entirely within the United States. The structures were thoughtful, tax-efficient, and designed to support children and grandchildren for decades to come. At the time, it was a well-contained system, aligned with U.S. laws, advisors, and expectations about where future generations would live and work.

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But over time, the family’s footprint expanded. Members of the second and third generations pursued careers, education, and personal lives across Europe, Asia, and beyond. What had once been a domestic plan was now intersecting with multiple legal systems, tax regimes, and financial infrastructures, none of which had been contemplated in the original design. Over time, the consequences became increasingly difficult to ignore. Trust structures that worked seamlessly in the U.S. created unintended tax exposure abroad. In some cases, the same income was taxed in two jurisdictions, with limited relief due to gaps between treaty systems. Family members found themselves navigating conflicting residency rules, with more than one country asserting taxing rights. Reporting obligations multiplied, from foreign asset disclosures to controlled entity filings, each carrying steep penalties if missed. At the same time, the family's long-standing advisory team, highly capable within a U.S. context, was not equipped to address the growing complexity of cross-border planning. New specialists were needed, requiring coordination across legal, tax, investment, and insurance disciplines in multiple jurisdictions. Operational challenges added another layer. Moving funds across borders proved costly and slow. Currency fluctuations began affecting investment outcomes and even taxable gains. Some family members encountered unexpected banking restrictions, as institutions adjusted to global compliance regimes. Aligning assets and liabilities across currencies became an important, but previously overlooked, discipline.

Perhaps most significantly, the family faced a broader philosophical shift. They had to balance maintaining the intent and structure established by the founding generation with the realities of a globally mobile family. Flexibility became essential, yet so did a degree of control and coherence. Planning could no longer assume a single jurisdiction, nor could it predict where future generations would ultimately settle. Through this process, the family reframed its approach. Rather than reacting to each new issue in isolation, they began building an integrated, cross-border strategy supported by a broader advisory network. They evaluated structures not only for tax efficiency, but for adaptability. They also recognized that higher taxes in certain countries were often accompanied by social systems and opportunities that aligned with family members’ personal and professional goals.

In the end, the goal was not to eliminate complexity—as that was no longer possible—but to manage it thoughtfully. Their experience reflects a broader reality: as families become more global, planning must evolve accordingly. What works in one country, or for one generation, may not translate seamlessly to the next. The most resilient strategies are designed not only for where a family is today, but also for where it may go in the future. In these situations, we help families move from reactive problem-solving to proactive, integrated planning. By coordinating cross-border specialists, monitoring changing residency and reporting obligations, aligning investment and liquidity decisions with global tax considerations, and facilitating family conversations that foster flexibility, we bring greater clarity and coherence to increasing complexity. Ultimately, our role is not simply to help preserve structures built for the past, but to help families adapt their wealth, values, and decision-making across borders.

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WHEN THE BUSINESS BECOMES THE PORTFOLIO Illustrative case study prepared by Elliot Rotstein

For many entrepreneurs, the sale of a business represents far more than a financial milestone. It marks a significant transition in identity, decision-making, and daily life. For years, often decades, the business served as both the engine of wealth creation and the primary source of cash flow. Following a liquidity event, that concentrated operating asset is replaced by liquid capital and a new challenge: transforming the proceeds into a durable, tax-aware investment portfolio capable of supporting multiple future goals. In working with business owners through these transitions, we often find that the most important investment work begins, or should begin, long before the transaction itself. The process typically starts with a comprehensive assessment of the family's balance sheet, anticipated spending needs, philanthropic goals, estate planning structures, liquidity preferences, and tolerance for risk. Equally important is understanding the tax landscape surrounding the transaction, including embedded gains, trust and entity structures, state residency considerations, charitable opportunities, and the timing of future taxable events. These discussions form the foundation of a customized investment framework designed not simply to allocate assets, but to guide decision-making through evolving markets and changing life circumstances. The resulting portfolios are designed through an after-tax lens. We believe investment outcomes should not be evaluated solely by what a portfolio earns, but by what a family ultimately keeps. That philosophy influences every stage of the investment process, from asset location and manager selection to liquidity management and implementation. In taxable portfolios, this often means emphasizing highly tax-efficient public market exposure through low-cost ETFs, separately managed accounts, and increasingly, direct indexing and other tax-aware strategies that can enhance customization and create opportunities for ongoing tax-loss harvesting. For many former business owners, private investments also play an important role. Having built wealth through entrepreneurship, they often have a strong appreciation for long-term capital formation and illiquidity when thoughtfully deployed. Private equity, private credit, real assets, and infrastructure can provide differentiated sources of return and diversification, but only when integrated carefully within the broader portfolio and cash flow plan. Our approach emphasizes disciplined pacing, manager selection, and thoughtful funding strategies that account for the unique challenges taxable investors face when committing capital over time.

Behavioral guidance is equally important during this transition. Many newly liquid clients are moving from an environment where outcomes were shaped by their own operating decisions to one where markets, headlines, and macroeconomic events can feel unpredictable. During periods of volatility, it is natural to question strategy, seek safety, or react to short-term news. A core part of our role is helping clients maintain perspective and discipline, grounding decisions in long-term objectives rather than short-term emotion. Our investment process is designed to be objective, repeatable, and data-driven, recognizing that successful investing often depends less on reacting to headlines and more on maintaining thoughtful exposure through market cycles. Over time, clients often grow more comfortable with this new financial reality. What begins as uncertainty following a major liquidity event gradually evolves into clarity: a durable and resilient portfolio purpose-built around their lives, values, and long-term aspirations. The outcome is not simply an investment allocation, but a coordinated strategy designed to preserve flexibility, support future generations, and steward wealth thoughtfully over time.

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FROM INHERITANCE TO INTENTION Illustrative case study prepared by Alexys Febonio

Historically, multigenerational wealth planning focused on preservation and growth. The objective was straightforward: transfer assets efficiently and sustain them over time. In many ways, each generation was expected to step into a system that had already been designed, assuming a role within a framework that was largely established. That objective still matters, but for many of the inheritors we work with, it is no longer the only priority. A different set of questions is starting to take shape. A meaningful transition often emerges when inheritors become parents themselves, prompting deeper reflection about the purpose and impact of wealth. As parents, they begin to examine their own experiences growing up with wealth, considering not only the opportunities it created but also the ways in which it may have influenced motivation, identity, and independence. Those reflections tend to shift the conversation. Clients often become more deliberate about what their children will inherit and, in some cases, whether future generations should inherit the same level of wealth at all. The goal is not to withhold opportunity, but to find the right balance, giving children access to resources while still allowing them to develop a sense of agency and direction that is their own. At the same time, many families are operating within structures that were designed with a different set of priorities. Existing trusts, estate plans, and governance frameworks often emphasize protection and continuity. They are not built to reflect the evolving views of the rising generation. This creates a natural tension between intention and structure. Our role is to help clients navigate that tension. The process often begins with reflection. What do they want for their children? How should wealth support that vision? And how might their own experiences and assumptions be shaping those answers? From there, the conversation becomes more forward-looking. What role should wealth actually play? Where should it provide support, and where should it step back? And how do those intentions show up in everyday decisions over time? These discussions typically happen both individually and as a couple. Creating space for both perspectives often surfaces differences that might otherwise go unspoken. Over time, that leads to a clearer, more shared point of view. With that clarity in place, planning begins to evolve. With greater clarity around goals and values, clients are better positioned to engage with existing structures, explore areas of flexibility, and, where appropriate, implement changes that more closely reflect their intentions. This may include adjustments to how and when wealth is transferred, as well as how children are introduced to financial responsibility and decision-making.

The specifics vary from family to family, but the broader shift is consistent. Clients move from participating in systems they inherited to shaping them with greater intention. They are no longer simply fitting into a framework designed by a prior generation. Instead, they are creating their own, deciding which elements to preserve, which to adapt, and what future they hope to create for their families. This evolution reflects a broader shift in how wealth is understood across generations, with greater emphasis on agency, responsibility, and long-term family well-being. As advisors, we see this transition as one of the most important developments in multigenerational wealth planning. The conversation is no longer centered solely on what families will pass down, but on why they are passing it down and what they hope it will make possible. Just as importantly, it reflects a shift in how inheritors see themselves, not as passive recipients of a legacy, but as active architects with the agency to shape its future. By helping clients align their structures, decisions, and family conversations with their hopes for their family members to live their own capable, purposedriven lives, we help them pass on a system that fosters this sense of agency and capability in the inheriting generation. In this way, the most enduring legacy may be less about the assets a family transfers and more about the judgment, purpose, and sense of ownership that each generation develops along the way.

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A FAMILY LEGACY, REIMAGINED Illustrative case study prepared by David Ferraro

For entrepreneurial families, wealth is often inseparable from story, identity, and legacy. When a significant portion of that wealth is tied to a highly appreciated company stock, planning requires more than technical execution; it requires a thoughtful balance of risk management, tax efficiency, family values, and long-term flexibility. The following story provides some of the challenges and strategies to accomplish these goals. After decades of building a successful venture-backed company from the ground up, a founder and former CEO faced a challenge common among entrepreneurial families: preserving the value of a highly appreciated, concentrated stock position while balancing taxes, family legacy, and future flexibility. Much of the family's wealth remained tied to company stock acquired at an exceptionally low-cost basis. Beyond its financial value, the holding carried deep personal significance. It represented years of sacrifice, leadership, and identity. Selling outright was neither emotionally appealing nor strategically optimal, particularly given the family's residence in a high-tax state. Over several years, we partnered with the family to implement a long-term wealth transfer strategy designed to preserve opportunity while reducing concentration risk. Through a series of grantor retained annuity trusts (GRATs), a significant portion of the company's future appreciation was transferred to trusts for the next generation with minimal transfer tax consequences. The initial phase of the strategy alone removed nearly one-fifth of the family's taxable estate, creating meaningful longterm benefits for future generations. As the family’s needs evolved, additional planning focused on increasing flexibility and improving the long-term structure of the trusts themselves. Existing trusts were modified and relocated to jurisdictions with more favorable trust and tax laws, helping enhance administrative flexibility, extend multigenerational planning opportunities, and better align the structures with the family’s long-term objectives.

At the same time, we recognized the importance of balancing legacy considerations with prudent diversification. Through a disciplined 10b5-1 trading plan, the family gradually reduced a portion of the concentrated stock exposure at predetermined price levels. This approach seeks to remove emotion from the decision-making process and allow families to monetize shares opportunistically during periods of elevated valuation. Equally important, the family wanted future generations to be prepared for the responsibilities that accompany significant wealth. Over time, our relationship expanded to include the founder’s adult children, focusing not only on investment management, but also on helping them define personal goals, develop financial confidence, and build healthy decision-making habits as they raised families of their own. The result was more than a transfer of wealth. It was the development of a more resilient multigenerational framework, one designed to preserve flexibility, support family development, and cultivate family well-being across generations. By combining disciplined diversification, thoughtful estate planning, trust flexibility, and rising generation engagement, the family created a framework designed not only to help protect wealth, but to invite the voices of the people whose lives may be shaped by it in the years ahead into the conversation.

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RELOCATING WITH PURPOSE:

TAX, LIFESTYLE, AND DOMICILE PLANNING In this Q&A, we speak with Robert A. Vigoda of Rubin and Rudman LLP, a longtime collaborator and trusted advisor to the families he serves. Rob counsels high-net-worth individuals and families on estate planning, trust and estate administration, and business succession strategies, often helping multiple generations navigate complex decisions. Drawing on decades of experience, he shares insights on the evolving planning challenges families face and the considerations that can help them preserve wealth, strengthen family continuity, and prepare future generations for success.

How should individuals think about the decision to change domicile beyond just tax rates? Changing domicile is a significant life decision and should not be driven solely by tax considerations. Before making a move, individuals should ensure they are genuinely comfortable with the state they intend to call home. If they are unfamiliar with the area, I strongly recommend spending meaningful time there first to experience the community, lifestyle, and day-to-day realities. From a legal and tax perspective, a successful change of domicile requires more than simply purchasing property or filing paperwork. To withstand scrutiny in a potential audit by their former state, individuals must be prepared to spend substantial time in the new state and establish meaningful ties to the community. It is also important to consider the personal and emotional implications of the move. Some individuals later regret the limitations that come with maintaining strict day-count requirements, particularly when it affects time spent with family and friends in their former home state. For example, clients sometimes find it difficult to miss important family milestones—such as a grandchild’s birthday party —simply to avoid exceeding the 183-day threshold in their prior state of domicile.

What are the most common misconceptions about establishing domicile in a new state? One of the most common misconceptions is that changing domicile is simply a matter of meeting the 183-day rule. Much of the conversation around domicile—particularly in social settings—focuses on spending more than half the year outside of Massachusetts. While day count is certainly an important factor, it is only one part of the analysis and, objectively, often the easiest requirement to satisfy. Establishing domicile elsewhere also requires demonstrating through one’s actions that a new state has truly become their permanent home.Filing a declaration of domicile and claiming a homestead exemption for your new primary residence, along with registering to vote and obtaining a driver’s license, are among the many commonly recommended steps—often numbering around 30 or more— that help support a subjective determination that you intended to establish a new domicile in another state. A common issue arises when individuals want to retain the home they lived in before relocating. In many cases, that is inconsistent with how people typically behave when making a genuine move to a new primary residence. There can be exceptions, however. If the former residence is a seasonal or vacation property—such as a lake house or a home in Nantucket—it may be reasonable to retain it for limited summer use. In those situations, it is important that the new primary residence be more substantial and clearly reflects the individual’s principal home and center of life.

What are the most common triggers for state residency audits? One of the most common triggers for a state residency audit is the recognition of a large capital gain shortly after claiming a change of domicile. Such timing is often viewed as a red flag and is likely to attract heightened scrutiny from taxing authorities. Another common trigger is the filing of a nonresident income tax return reporting state-source income after having filed as a resident of that state for many years. A sudden change in filing status often prompts tax authorities to closely examine whether the taxpayer genuinely changed domicile and sufficiently severed ties with the former state of residence. In Massachusetts, the potential tax exposure is not limited to challenges regarding whether the taxpayer successfully changed residency before a sale. Following the 2025 decision in Welch v. Commissioner of Revenue, Massachusetts now has added incentive to pursue taxation of gains even where the taxpayer’s change of domicile is respected. In Welch, the Massachusetts Appeals Court upheld the taxation of stock-sale gains realized after a taxpayer moved to New Hampshire, where the gains were found to be sufficiently connected to Massachusetts employment and services. The court accepted the Commonwealth’s position that the income was not purely passive investment appreciation, but rather compensation-related value rooted in Massachusettsbased business activity. The decision reinforces Massachusetts’ willingness to treat certain postdeparture gains as Massachusetts-source income when they are closely linked to in-state employment, even where a taxpayer’s change of domicile is respected.

What are the most important factors states consider when determining domicile? States use what's called a "totality of the circumstances" test, which means they're looking at the whole picture. But certain factors carry more weight than others. Physical presence matters—the 183-day rule is real. But it's not just about counting days; the quality of that time matters. Being present continuously is more persuasive than scattered visits. Your primary residence is huge. States recognize that people have one true home, and if that home is clearly in the new state—substantial, well-appointed, where you actually live—that supports your position strongly. Intent matters, but they evaluate it through your actions, not your statements. Where your family is, where your business is, where your money is managed, where you're involved in the community—all of that together demonstrates intent. If you have your spouse and kids with you in the new state, that's significant. If your primary income comes from work in the new state and your financial accounts are there, that's powerful. Community involvement—clubs, churches, volunteer work—shows you're putting down roots. The key is alignment. The more all these factors point in the same direction, the stronger your position.

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How do non-tax factors (estate planning, asset protection, lifestyle) influence domicile decisions? Honestly, some of the strongest domicile positions involve moving for reasons that have nothing to do with taxes. If you're genuinely retiring to Florida for the weather and lifestyle, if you want to be near grandchildren, if you prefer that community—those are real reasons that will sustain the move even if tax circumstances change. Some moves make sense for estate planning or asset protection reasons too. Maybe the new state has trust laws that are genuinely valuable for your situation, or homestead protections that matter if you work in a profession with liability exposure. These are legitimate reasons that strengthen the credibility of the move. The point is that a move motivated purely by tax savings can look weak if discovered during an audit. But a move motivated by lifestyle preference, family proximity, business opportunity, or asset protection—even if there's also a tax benefit—has stronger credibility. It appears permanent rather than temporary. So think about whether there are genuine non-tax reasons for this move. If there are, lean into those in conversations with advisors and in your documentation. That genuine motivation often matters as much as the tax saving in determining whether the move is defensible.

How should advisors help clients weigh tax savings versus complexity and risk? Start by actually quantifying the tax savings. Avoid vague statements like “I’ll save a lot of money” and instead develop concrete estimates. What will you save annually in state income tax? What will your heirs potentially save in estate tax if you are moving from a state with an estate tax to one without? For ultra-high-net-worth families in particular, estate tax savings can far exceed annual income tax savings, making it a central driver of the overall analysis. Then quantify the complexity costs. New professional relationships, relocation costs if you're moving a business, ongoing tax compliance, potential audit costs. Be honest about whether complexity is temporary or permanent. The real picture is: I expect to save X dollars and it will cost Y dollars in fees and complexity. Does that math work? Understand the audit risk in your specific situation and the state you're leaving. If you're leaving Massachusetts in a high-income year, you should know that Massachusetts audits these things aggressively. Would you rather accept that risk for the savings, or take a more conservative approach? Be honest with yourself about whether you're actually going to stay. Domicile changes are supposed to be permanent. If you're thinking "I'll move for five years for tax savings, then move back," you don't have a domicile change— you have a temporary relocation that's hard to defend. Auditors see through that.

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Behind the Scenes

Operations Team at Bowl-o-Rama - Jun. `25

Ballentine Partners volunteering with Build Beyond in Mexico - Nov. ‘25

Investment Team playing pickleball - Sep. ‘25

Second Annual Founder’s Day - May `26

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Boston Marathon - Apr. `25

The Ballentine Partners Volunteer Day at Lexington Community Farm - Jun. `26

Our team in Rochester volunteering in community clean-up - May. `26

The Investment Team On-site - Mar. `26

Ballentine Partners in Orlando - Jan. ‘26

Pete Chiappinelli speaks at the Global Absolute Return Conference - Oct. `25

Drew and Alexa visit with our colleagues in the Manila Operations Center - Nov. ‘25

Stacey, Elinor, and Maddie at the High Net Worth Team Retreat - May `26

Our team in Rochester volunteering with ShareFund - Nov. `25

Ballentine Partners prepare to run the Ragnar Reach The Beach Relay - Sep. `25

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Members of our admin team at the holiday party -Dec. `25

Our holiday party - Dec. `25

Emily & Nathaniel with the magician at the holiday party - Dec. `25

Jennifer Eaton at the Girl Scouts of Southeast Florida Emerald Awards - Mar. `26 34

Ballentine Partners at the Summer Partner Retreat in Portsmouth, NH - Jun. ‘26

Summer Partner Retreat - Jun. ‘26

The Operations Team at Board & Brush - Jun. ‘26

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Planning Team Retreat - May ‘26

Florida employees gather at Chris Chandler’s house - Jun. ‘26

Ballentine Partners at the Boston Estate Planning Council (BEPC) Gala - May '26

Florida employees gather at Chris Chandler’s house- Jun. ‘26

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This report is the confidential work product of Ballentine Partners. Unauthorized distribution of this material is strictly prohibited. All commentary contained within is the opinion of Ballentine Partners and is intended for informational purposes only. The content is current as of the date indicated and is subject to change without notice. Select statements that are not historical facts may be forward-looking statements based on our current expectations of future events. Information obtained from third-party sources is believed to be reliable; however, the accuracy of the data is not guaranteed and may not have been independently verified. Some of the conclusions in this report are intended to be generalizations. The specific circumstances of an individual’s situation may require advice that is different from that reflected in this report. Furthermore, the advice reflected in this report is based on our opinion, and our opinion may change as new information becomes available. Nothing in this presentation should be construed as an offer to sell or a solicitation of an offer to buy any securities. You should read the prospectus or offering memo before making any investment. The investment recommendations contained in this document may not prove to be profitable, and the actual performance of any investment may not be as favorable as the expectations that are expressed in this document. There is no guarantee that the past performance of any investment will continue in the future. Any investment opportunities discussed herein involve considerable risk, including the potential for total loss of assets. This presentation does not include a complete discussion of the risk factors associated investment opportunities A description of Ballentine’s advisory fee schedule is disclosed on Part 2A of its Form ADV, a copy of which is available upon request or at www.ballentinepartners.com.