When you have complex wealth, you need a complex team of professionals to help you manage it. But working with such a team can be, well, complicated. Sometimes it’s hard to know whom to call for what and to collaborate with multiple team members at once. Thankfully, working with a family office can alleviate this stressor.
Here’s how a family office can help to streamline working with your family’s professionals.
Gives you one point of contact—for everything.
Think of a family office as the quarterback of your team of professionals. Instead of having to go between multiple professionals, you reach out to your point at contact at your family office. Then, this person coordinates with your team of professionals, such as your financial advisor, lawyer, banker, or property manager to take care of the issue or need at hand.
Frees you from the mundane.
Signing a “consent to disclose” with your family office gives them the ability to provide financial or tax information on your behalf. This prevents you from having to deal with banking and financing details. For instance, if your bank needed financial details, prior year tax returns, or copies of K1s ahead of a deal, the bank would contact your family office instead of bothering you about it.
This is just one example of how we keep our clients out of the details. No task is too big or small—we help our clients handle everything from the mundane to the sophisticated.
Handles the research duty.
When you’re bombarded by insurance offers, it can be difficult to know which company offers the best rate for your needs. The same goes for banking. But researching rates can feel like a full-time job. When you work with a family office, this is just one example of a task they can take on, so you can feel confident you’re getting the best rates—without having to lift a finger.
Acts as a safety net for your family.
One of the most challenging aspects of having accumulated wealth can be transferring it to the next generation. Working with a family office gives you a safety net for this transition. We can work with your beneficiaries so they understand how to do certain tasks—and which tasks they must not miss—to continue your legacy. In the event of your passing, we facilitate a seamless transition of your financial duties to your spouse or other loved ones.
Provides you with stability.
Life can come at you in unexpected ways. With a family office by your side, you can feel confident knowing you’ll be supported no matter what. We offer our family office services at fixed fee pricing, which means you’ll know what to expect. Most important, you’ll have peace of mind knowing that your family’s affairs are being taken care of.
How could you streamline your life?
If you’d like to learn more about how a family office could help you manage the complexities of wealth, contact us today.