{"id":104482,"date":"2022-11-17t11:57:56","date_gmt":"2022-11-17t16:57:56","guid":{"rendered":"\/\/www.g005e.com\/?p=104482"},"modified":"2024-08-07t23:10:14","modified_gmt":"2024-08-08t03:10:14","slug":"build-your-high-performing-family-office-practice","status":"publish","type":"post","link":"\/\/www.g005e.com\/2022\/11\/17\/build-your-high-performing-family-office-practice\/","title":{"rendered":"build your high-performing family office practice"},"content":{"rendered":"

\"\"make your firm indispensable to elite clients.<\/b><\/p>\n

by russ alan prince<\/em><\/p>\n

if you have an elite wealth management practice, you might want to \u201cupgrade\u201d to a family office practice.<\/p>\n

more: <\/b>enhance wealth by mitigating taxes<\/a> | your client\u2019s instincts are wrong<\/a> | preserving wealth is a different mindset<\/a> | three approaches to investment consulting<\/a> | cashing out: your business clients\u2019 five big issues<\/a>
\n\"goprocpa.com\"exclusively for pro members. <\/span><\/strong>log in here<\/a> or 2022世界杯足球排名 today<\/a>.<\/span><\/p><\/blockquote>\n

self-proclaimed family office practices are multiplying at an incredible rate. for a great many financial and legal professionals, professing to have family office practices is nothing more than a marketing ploy.<\/p>\n

as there is no \u201cofficial\u201d definition of a family office practice, anyone can say they have a family office practice irrespective of the expertise they can deliver. today, family offices are being described in all sorts of ways.<\/p>\n

but, when you get right down to it, a family office is a very simple concept: \u201ca family office is an expert coordinator of expertise that optimizes the lives of family members.\u201d<\/p>\n

<\/p>\n

some of the expertise is likely to be in-house, and much of it is probably outsourced. in researching family offices for decades, the most successful ones are extremely proficient at discerning the needs, wants, goals and concerns of wealthy families. they are then able to connect these insights with high-impact solutions, producing exceptional value for these families.<\/p>\n

the growing demand for family office practices
\n<\/b><\/p>\n

the number of wealthy families is greater than at any time in history, and the amount and their level of affluence are greater than at any time in history. moreover, the wealthy can be excellent clients for many professionals.<\/p>\n

the reason so many professionals say they have a family office practice is that based on our research, the wealthy \u2013 defined as families with a net worth of u.s. $10 million or more \u2013 generally prefer a high-performing family office practice to all other types of firms. for this cohort, high-performing family office practices are preferable to accounting firms with or without wealth management practices, law firms, private banks, wealth management and investment firms, insurance firms and consultancies.<\/p>\n

the appeal of high-performing family office practices is a function of the superior results the super-rich \u2013 who have a net worth of u.s. $500 million or more \u2013 get from their high-performing single-family offices. what the wealthy want, and what a family office practice can likely provide them, are many of the same advantages the extremely wealthy get from their high-performing single-family offices.<\/p>\n

if you choose, you can take an elite wealth management practice and expand its offerings, making it a high-performing family office practice. it comes down to greater operational functionality, often predicated on a more expansive team of leading specialists. mastery of certain processes such as discovery is required with both elite wealth management practices and high-performing family office practices.<\/p>\n

more than elite wealth management
\n<\/strong><\/p>\n

a high-performing family office practice will add additional categories of expertise to elite wealth management. as the managing partner of an accounting firm, this is one of the categories your firm already likely provides \u2013 at least to some degree. some other categories of expertise include:<\/p>\n