What inspires you to seek more from your advisory team?
As a successful entrepreneur, you have spent much of a lifetime building businesses and are on the verge of a significant exit, or have already accomplished a life changing liquidity event. Now you’re thrust into a whole new world of managing significant liquidity, as well as the myriad of assets that accompany it. You’re really good at what you do, but are suddenly expected to be an instant expert at managing this newly launched business – Your Family, Inc.
Your current advisory team may comprise a wealth manager, corporate lawyer, accountant, insurance agent and possibly an estate attorney. How does this team function in a coordinated manner? They normally look to you to call the shots and organize the strategy, but this new world of efficiently taking care of your family and your wealth is complex and often very time consuming.
Many questions begin to arise.
- Isn’t there a better way to manage my net worth across all disciplines?
- Can I secure greater peace of mind knowing a professional team is handling my affairs on a daily basis?
- Am I paying too much for sub-par performance?
- Does my estate plan align with my goals and take best advantage of tax laws?
- Who is helping manage my day-to-day bill payments, as well as overseeing my properties and businesses?
- Is my money creating bad habits within my family?
- Isn’t my money supposed to make my life easier?
The single-family office model—hiring your own team of dedicated employees to manage and nurture your family’s assets and legacy—is one to aspire to. But this model is reserved for those who seek ultimate privacy, independence and control, and are willing to foot a significant annual bill to get it.
A multi-family office provides the single-family model and extends it to a select number of additional families. This makes it possible to fund a much wider range of expertise and enjoy added efficiencies that keep costs on par with what you would pay for the single-family model. It also empowers professionals to provide truly objective advice, because their livelihood is not tied to one particular family.
If you’re seeking a higher standard of accountability, coordination and insight, the multi-family office model may be the solution you never knew existed.