Seven Indicators You Should Upgrade To A Family Office

There was an interesting piece in the Forbes January edition by Rob Clarfeld, a leading New York-based multi-family office, on the indicators that a wealthy family might benefit from upgrading to a family office.  

A family office is defined as a private wealth management advisory firms that serve ultra-high net-worth investors, according to investopedia.com. They are different from traditional wealth management shops in that they offer a total outsourced solution to managing the financial and investment side of an affluent individual or family. For example, many family offices offer budgeting, insurance, charitable giving, family-owned businesses, wealth transfer and tax services.

Rob Clarfeld's article does a great job of summarizing some of the motivations affluent families have for forming a family office or hiring an outsource family office provider, like InTrust Advisors.  To read this full story in Forbes Magazine...click here.

​Here are his glaring signs that you are in need of a family office:

1. Your direct knowledge of your family’s finances, goals and aspirations cannot meaningfully be recreated by others.
2. You personally coordinate everything: investment management, tax information, estate planning, document retention, property and casualty insurance, etc.
3. You travel often and have concerns over the handling and timing of financial matters in your absence.
4. You have retired and no longer have an executive assistant’s administrative support – or you have concerns as to the potential blurring of lines between your personal and professional lives.
5. There is no obvious future family manager. Your children are grown and their lives have moved in different directions. By “anointing” a successor manager, you may be laying the groundwork for future sibling issues.
6. Your files are an eclectic amalgam of current, relevant, dated, sentimental and useless data that only you can decipher.
7. You no longer want to deal with the financial minutia of life. 

If this describes you, we would love to answer any questions you might have about outsourced family office services from InTrust Advisors as a possible solution.

​We can tailor our program to fit your specific needs and we do not necessarily have to manage your liquid assets to provide this service.

Find out more by clicking here. ​