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.