As a family builds wealth, the more complex the needs become for preserving, managing and using the wealth.
Ultimately, there comes a tipping point when their needs exceed their capabilities and they begin searching for support through a tax company, local broker or insurance agent.
While this can ease some of the growing pains, this approach is often short lived without an experienced facilitator to support the collaboration amongst the professionals.
The solution is a Family Office.
A family office is a team of professionals assembled by a wealthy family to manage and facilitate their financial business.
The team’s primary function is to facilitate and support the family by coordinating information, growing wealth and protecting their interests.
Due to the absorbent payroll cost and complexities around maintaining such a team, Family Offices are necessarily reserved for the ultra-wealthy.
This is problematic for those who find themselves needing help but are unable to justify the cost of having their own Family Office.
The remedy for this is a multifamily office or Virtual Family Office. This program brings the family office model to those select families who complete our prescreening process and who qualify to receive this level of care and support.
Through our Virtual Family Office, our team fills the role of the family’s facilitator to help identify the needs of the family, develop strategies to meet their goals and collaborate with existing professionals (or will assemble a team) on the client’s behalf to coordinate their wealth management needs.
At its core, the teams are comprised of a relationship facilitator who gathers and collaborates with the tax, investment, insurance, legal and other professionals whose expertise may be required.
You’ve worked hard to build your family’s wealth but on its own, it is not self perpetuating. Retirement and other cash needs can erode the wealth over time without strategic planning. And statistically, family wealth erodes within just two to three generations due to poor planning. In order to prevent this from happening to your family’s wealth, a team of professionals is required to help grow and sustain the wealth for future generations.
There is a tremendous advantage to having a team of professionals who are working together to create a seamless approach to help you Build, Preserve and Utilize Your Wealth.