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Family Office

Preserving Your Mental Health

By Family Office

The challenges we all face today are unique and significant. The Coronavirus has unleashed uncertainty, economic pain and shelter-in-place for much of the population. Any one of those alone can impact our mental health; the combination of all three can wreak havoc on us.

It is completely normal to experience feelings of loneliness, fear and anxiety during these unprecedented times. We may not be able to control the initial feelings, but we can control our internal dialogue. What we tell ourselves and what actions we take each day can either alleviate or intensify the negative feelings.

We can all protect our mental health by focusing on things that we can control. There is no sense worrying incessantly about those things we cannot control. We accept our situation as fact and figure out what we can do to make the most of the situation. Finding joy isn’t so much about our circumstance as it is in the actions we take.

Choosing to act, rather than be acted upon, supports a healthy mindset. I have included a list of actions that may be helpful:

  • Turn off/take a break from the news and social media
  • Continue your daily habits/routines to the extent you are able
  • Adjust to new shopping options and try a home delivery service
  • Exercise, walk, stretch – get the blood flowing
  • Perform an act of service for someone else, checkup on a friend
  • Think purposely about today; accomplish something each day
  • Appreciate the simple things in life, count your blessings

I included several actions that have to do with our individual self-care. Yet, one of the most powerful ways we can feel good is to forget ourselves and do something nice for someone else. Whether that is mailing a card, dropping off some cookies or just talking with someone and lifting their spirits. For some reason whenever we serve another person, we are usually the ones that benefit the most.

Rest assured, the Endowment Wealth Management professional team is diligently working from their homes and our office, to manage your portfolio and we remain focused on achieving your personal long-term goals! So please stay healthy – both physically and mentally!

Robert L. Riedl, CPA, CFP®, AWMA®

CEO & Director of Wealth Management

 

Work Smarter—Not Harder!

By Family Office

Work Smarter—Not Harder!

Reclaim your time and energy to live your best life

Each of us has just 168 hours per week to accomplish our tasks and goals—at work, at home and out in the world. If you feel like you spend too much of that time on things that don’t add value to your life, you’re not alone. Read More

Why You Need a ‘Business Plan’ for Your Family

By Family Office

EXECUTIVE SUMMARY

How is a family like a business? Both need smart planning to succeed, survive and thrive. The fact is, it’s harder to raise kids in the digital age when communities aren’t as tight-knit as they once were. As the rising rate of suicide among teens reveals, children are both struggling more and feeling less certain about how to cope with their problems. But you can turn the tide.

In this month’s Flash Report, Here’s Why You Need a ‘Business Plan’ for Your Family, we’ll show you how to create a family plan that can potentially strengthen existing parent-child bonds, repair any bridges that need fixing, and instill more resiliency and competency in your kids. The end result: A better family dynamic that empowers children to overcome those moments when they struggle—without resorting to dangerous behaviors that could turn them into a statistic. Read More

The Value of Multi-Generational Family Meetings

By Estate Planning, Family Office

EXECUTIVE SUMMARY

The decisions families make about their wealth—how to manage, transfer and spend it—can lead to serious conflicts among family members. With affluence comes the risk of family in-fighting that can damage a family’s financial position and even ruin intra-family relationships forever. The good news: It doesn’t have to be that way.

This month’s Flash Report, The Value of Multigenerational Family Meetings, reveals a formal process used by ultra-wealthy families to educate heirs and potential heirs about sound financial decision-making, to identify shared family financial values and to maintain (and grow) family wealth in a unified and harmonious manner. Read More

Is Your Wealth Advisor a Fiduciary?

By Family Office, Retirement

EXECUTIVE SUMMARY

In the universe of financial professionals you will come across many types of individuals all with differing educational and experience backgrounds. Due to the overwhelming number of financial professionals it can be extremely difficult to distinguish one advisor from another. However, one simple distinction can help sort through a vast number of advisors within seconds. Ask them one question: are you a fiduciary advisor? Yes or No!

A fiduciary advisor is one that is required by law to act in your best interests whereas the non-fiduciary advisor (ie: stock broker) may face a strong conflict of interest when recommending “suitable” investment solutions to you which often lead you, the investor, down a path that is not in your best interest. Read More

Radio Podcast: Family Office Services Support A Family’s Mission To Preserve Wealth, Legacy and Values

By Family Office No Comments

On June 22, 2015, Prateek Mehrotra, MBA, CFA®, CAIA®, Chief Investment Officer, and Wendy Orth, Investment Adviser Representative of Endowment Wealth Management join “Money Matters with Christopher Hensley” radio show. In an informative 30-minute interview, Prateek and Wendy provide an informative interactive discussion that describe the multitude services that a family or multi-family office is designed to support your family’s wealth and legacy within the family’s value system.

Money Matters

 

 

 

 

 

 

 

 

 

 

 

This 30-minute podcast provides an informative discussion that covers the services, organization, purpose, mission and support that a family office or multi-family office provides to its client.  Prateek and Wendy join the show at the 5:30 mark on the podcast.

A traditional family office is a business run by and for a single family. Its sole function is to centralize the management of a significant family fortune. Typically, these organizations employ staff to manage investments, taxes, philanthropic activities, trusts, and legal matters. The purpose of the family office is to effectively transfer established wealth across generations. The family office invests the family’s money, manages all of the family’s assets, and disburses payments to family members as required.  The family office structure takes into account nurturing the human capital within the family along with their financial wealth with a multi generational perspective.

The Family Office itself either is, or operates just like, a corporation (often, a limited liability company, or LLC), with a president, CFO, CIO, etc. and a support staff. The officers are compensated per their arrangement with the family, usually with overrides based on the profits or capital gains generated by the office. Often, family offices are built around core assets that are professionally managed.