Providing Selective Support Services for Family Offices

Different Generations

Mean Different Values

Family Office Facts: In working with the very wealthy, essential qualities the Family Office executive director should possess is listening, comprehension and negotiating skills. The ability to work effectively with others including not only family members but office staff as well is paramount. Don't forget a "sense of humor" is most important during the most trying of circumstances.

Reasons why wealthy clients are moving away from banks, trust company and brokerage firms

• Conflicting Advice- Perceived conflicts of interest from media reporting in bed relationships with research department and investment banking divisions

• Captive Product Mix-Firms claiming open architecture platform but don't.

• Constant Acquisitions- Constant buying resources create uncertainty and lack of continuity within an organization which causes clients to be uncomfortable.

• High Turnover Rate-Bank, trust and wire house personnel constantly on the move make clients uneasy.

• Poor Investment Performance-Recent down market conditions has focused client on firms only utilizing captive or internal asset managers.

Clients Say This is What They Want

• Save Time-It's their major problem.

• No Conflicts of Interest

• Impartiality-No.1 request

• Advisor not selling product, but advising on services that solve problems.

Asset Management-Simple to understand, but like institutional managers with active portfolio and risk management.

Facts on Wealthy: An individual's bank account is an overly simplistic measure of what it means to be wealthy. The things that the wealthy consider to make life worthwhile are family, friendships, health, contentment, and many other factors. Money alone is too narrow a definition.