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Your Values. Your Vision. Your Goals.®

Family Fiduciary Secret #6:
You Are In It For The Long Run

Planning to protect and grow your family wealth is not a set-it-and-forget-it-event, but a continuous journey. In today’s secret you will learn:

  • How your family office can outlive you.
  • Why an annual renewable retainer makes sense.
  • Five ways your family office can and should pay for itself.

As your wealth grows beyond what you will likely spend in your lifetime, multi-generational planning and implementation takes on more meaning.

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VIDEO TRANSCRIPT

We’re configured so that they could stay here for generations. That’s our promise. If they want us to and if we’re adding value, then we could serve the family for generations.

It is not unlike the old family offices or the new family offices that the ultra wealthy folks set up; those with 100 million dollars or more. These family offices are their own and they set them up and they staff them and they pay their employees well. They may be very expensive, but they set them up to be there for generations to come.

And we’re configured like that, but you don’t have that upfront cost, and you don’t have the overhead of working with us. But we are in a position that if the family wants our firm to work with them for generations, we will be around.

Now having said that, they hire us one year at a time and every year we get to assess whether we’re adding value or we don’t think it’s a fit or things have changed so much, then maybe we’ll end the relationship. That’s very rare because we know so much about them that we move on together.

Sometimes after a while they’ll say, “we got this,” and they will leave, but after the first year, I think the number is right around 90 percent of the families that see the value in doing it after the first year. They like what they see. They like what’s happening. They like being in control. The price is right; and so they continue on and they tell us it’s more fun and it is easier and it saves them time and money.

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