2021
5 Advantages of working with a Family Office
What is a Family Office?
On the latest episode of the Wealth Wisdom Podcast, I'm joined by Josh Dyck to spend a few minutes breaking down what our Family Office is all about, along with the main advantages of working with a Family Office.
This 15-minute episode a great refresher of the resources we have at our disposal to help you, your family and your business achieve your goals, and most importantly, peace of mind.
You can find the podcast through these avenues:
Or, if you prefer to see our faces, there's the video podcast version as well.
One of the things we wanted to go right off the bat was differentiate between a single family office and a multi-family office.
Here's my explanation of the difference between the two.
Within your family business, does it sometimes feel like an incoming domino effect when one problem arises? We aim to mitigate though our expertise as a Family Enterprise Advisor.
One area that our Family Office deals with regularly is providing oversight of Family Enterprises. I've mentioned Renato Tagiuri and John Davis’s famous three-circle model before, and how each circle affects the family business.
Like I mention in the clip below, you can't affect one part, without affecting the entire operation.
As promised, here are the five advantages of working with a Family Office.
1. Simplification
It takes a team of professionals to run a successful family enterprise. However, coordinating between all of these professionals can be a frustrating and time-consuming task.
Family Offices help coordinate between your family's professionals, so that you only have one call to make when a situation arises.
2. Planning and Organization
Whether it's through Financial Planning, Estate Planning, Tax Planning or Philanthropic Planning, we are planners at the core.
"We get to know and understand our clients," Josh said on the podcast. "We clarify their goals and help them make plans to achieve them. We make sure they're educated along the way, and we make sure they stay on track as life happens."
3. Collective Experience
There's no doubt that each family's situation is unique.
However, the fact that we've been able to navigate our clients through both the good times and the bad over the years has given us a vast breadth of experience to tackle a number of issues.
As unique as your family business is, we have probably dealt with a similar situation in the past. At the very least, we have the resources to help you figure out any kind of conflict.
4. Generational Continuity
If you're talking to Josh, ask him how many times it took him to say "Generational Continuity" on the podcast. :)
A Family Office isn't a Family Office if you're only supplying guidance for one generation. Our office aims to have relationships that span for generations, and we have systems, support and educational workshops in place to create good inheritors within your family.
5. Transparency, Options, Education & Advice
This might be packing too much in for one point...but all are just too important to leave on the sidelines.
With transparency, we always make sure you have a crystal clear picture of what fees you pay and exactly what you'll be paying for before we enter a working relationship.
During our meetings, we always want to make you aware of what your options are. At that point, we can educate and advise on which options make the most sense. Remember though, you and your family get the final say on which options make the most sense.
We do have other resources on our website if you're looking for more information about our Family Office. We've broken this down into two parts: our Wealth Management services, and our services for Advising Family Businesses.
