200 Meridian Centre, Suite 150
Rochester, NY 14618
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Who We Are

Family, Wealth and Legacy, LLC, was founded by Michael Palumbos, a second generation family wealth advisor in Rochester, New York. The firm began over fifteen years ago as traditional financial advisors offering investment and retirement planning with a concentrated focus on advanced estate, business transition planning, 401(k) design and tax reduction strategies for the owners of family owned businesses.

Michael Palumbos ChFC, Founder

Michael Palumbos, ChFC, has over 15 years’ experience in the financial services industry and holds a bachelor’s degree in economics from the University of Rochester. He was previously in charge of sales and business development for a Xerox Sales Agency. Michael is also on the Board of Directors at Wayne Cooperative Insurance Company and is a member of the Society of Financial Service Professionals, the National Federation of Independent Businesses and the National Association of Insurance and Financial Advisors.

Michael resides in Pittsford, New York with his wife, Victoria; three of their seven children, Alexandra, Talia and Sidra; and their spoiled dog, Gizmo, a mix of Chihuahua and miniature poodle. In his free time Michael loves to create memories with his family, including; soaring in a glider, being passengers in a race car, traveling, fly boarding, and scuba diving (Michael has been diving since he was 16). Michael’s entire family has celebrated 16 consecutive years of a combined family vacation…known as PFV – Palumbos Family Vacation. In 2015, Michael’s parents hosted all 22 of the siblings and cousins at their home on Lake Ontario.

Michael has been published or quoted in a variety of media outlets, including Forbes, Family Business Magazine and several local papers and magazines. His book, Your Family Legacy, is a primer on what has become one of his passions...legacy families.


Why Legacy Families

After practicing for several years Michael realized there was a gap in traditional estate planning. He had spent a lot of time helping families prepare their assets for their families but it became evident that the heirs weren’t always prepared to handle the assets. He saw…

  • 2nd generation family businesses run into the ground by heirs and parents unable to collect anticipated and needed rental income.
  • Estate plans that were negated as soon as the parents passed.
  • Heirs not ready to handle the inheritance…whether it was $100K or $10,000,000.
  • Lack of systems and processes within the family business meant the business is running the family instead of the family running the business.
  • Harmonious families thrown into turmoil over estate distributions perceived as unfair.

All of this led to Michael researching successful multi-generational families…often called legacy families. He worked with several thought leaders and mentors because he wanted to understand how we could serve our clients and their families. And…

  • He read James “Jay” Hughes book, Family Wealth: Keeping it in the family and he spoke with Jay personally about his frustrations with traditional wealth planning and how much he appreciated his book (Jay is considered by many to be the founding father of the family wealth advisor…advisors concerned with all forms of the families’ wealth).
  • Jay introduced him to John “JohnA” Warnick and he became a founding member of The Purposeful Planning Institute that JohnA founded. The institute is a multi-disciplinary collaboration of professionals that believe there is more to estate planning than preparing the assets for the heirs.
  • He read countless books and attended hours upon hours of seminars.
  • The training, research and guidance has been phenomenal but he found that most professionals focus on families with a net-worth exceeding $50mm not on the families with a net worth from $5mm to $50mm…this is where we decided to focus.

It was a matter of trial and error to find out which tools and exercises would have the biggest impact as an investment that was affordable to the families we served. It took hours of extensive research, and frankly, it was also personally driven by a desire to bring these findings to his own family. All of our work has led to the development of a unique process and many tools designed to help successful business owning families excel for generations and to become Legacy Families. Today…

  • We work with many successful family owned businesses that are preparing for a transition, whether an outright sale or a transfer to the next generation. Either way, the business will ultimately benefit from increasing the underlying value of the company.
  • We work with family owned businesses that are struggling to find new leadership or the current leader isn’t sure whether they can retire. Sometimes they’re concerned with what they’ll do with their time if/when they do retire.
  • We especially love working with families that have a desire to cultivate all forms of the family’s wealth and have a desire to pass all forms of wealth to future generations.
  • We have been invited to speak for the Purposeful Planning Institute, the Family Office Leadership Summit, the Society of Financial Service Professionals, the Financial Planning Association and the Association of Fundraising Professionals.
  • We understand that there is no one size fits all solution and we know how to tailor our systems and processes specifically for a family just like yours.


Our Team

In order to provide continuity for the families we serve, FWL decided to eat its own cooking. In 2014 we began our wealth advisor apprentice program. Our program is designed to first train new advisors on the technical side of financial planning…all of the advanced estate, business and tax reduction strategies that we utilize with successful families. We then focus on teaching them the six steps to a successful business transition and strategies to prepare the business for the transition. Finally, and probably most important, we give them the tools necessary to help families prepare their heirs.

Kay Pfleghardt was our first apprentice. She interned with us while finishing her bachelors in financial planning from Alfred State College. She transitioned her leadership skills from her nationally ranked volleyball team to our firm with amazing grace. She caught on immediately and we offered her a full time position after she graduated. She holds her Series 7 and 63 registratons and is preparing to sit for the CFP(R)certification exam in the spring of 2016. She has been a tremendous asset to the firm and she is well on her way to becoming an accomplished family wealth advisor.

Kay is originally from Owego, NY (just outside of Binghamton). She currently resides in Rochester, New York. Kay spends as much time as she can with her parents, two siblings and chasing after her four year old nephew. In her free time she plays beach volleyball, is an assistant coach for the Pittsford Sutherland volleyball team and she loves to ride horses.








Jacob Sadwick is the newest member of our team, Jake, as likes to be called, is currently a student at the University of Rochester in pursuit of his Bachelor’s in Financial Economics. We recruited Jake from a local 401k company where he was an intern in the finance department. He would like to become a family wealth advisor and chose to join our team in order to further his knowledge about the financial services industry and personal wealth management. We are really happy to have Jake here and already, we see great things.

When Jake isn’t studying…ignore that, Jake is going to the U of R, he is always studying if he isn’t here at the office. We’ll have him update what he likes to do outside of work when he gets his life back. Good luck Jake!










Our National Team

Financial planning and design work is typically done at the local level, occasionally we will team up with the technical design services of Lincoln Financial Advisors National Design team. As tax laws change and new ideas emerge we like to have our national team of attorneys* and finanial specialists review things with us. This team-level approach to your wealth planning will holistically address the complexities of your personal situation.

As your family’s plan begins to take shape if there are other resources that you need to tap into we can draw upon our network of attorneys*, CPAs*, and Family Wealth specialists.

*Licensed, not practicing on behalf of Lincoln Financial Advsors Corp.