Adopting the Family Office

Newton, Catherine
June 2002
Journal of Financial Planning;Jun2002, Vol. 15 Issue 6, p66
Academic Journal
The article presents a panel discussion on the issue of adopting a family office model in financial planning practice in the U.S. According to Vaughn Weimer, a family office is like having your own private investment manager, banker, financial planner, bill payer, trust administrator, recruiter of household help and all-around person. In his experience, the family office often takes over where the financial planner leaves off. The essence of a family office is designing specific, customized solutions for the people who need them. According to Joseph J. Kopczynski, one of the five characteristics that his family office has for a prospect is that they must want a relationship with their advisory team, not just a nonpersonal .service. They must want to spend time with the firm so it can make sure that it is working in their best interests. Second, they must be willing to pay for it. The other three characteristics are proprietary. In terms of differentiating the structure of a family office from a typical practice, Eric W. Simons said that it is like being on call 24 hours a day. His family office clients know how to track him down when he is on vacation. They are the only clients who get the home phone number.


Related Articles

  • PROFILES in Success: Legacy Builder. Rusoff, Jane Wollman // Research;May2012, p29 

    The article profiles Henry Montag, an independent certified financial planner, who heads Henry Montag Associates. Montag specializes in helping middle-income individuals and family business owners plan ahead with insurance and investments to maximize their assets. Montag loves spreading...

  • COLD CALL. Britton, Diana // REP.;Feb2013, Vol. 37 Issue 2, p22 

    The article presents an interview with Michael Swenson, Private Wealth Advisor with Merrill Lynch's Private Banking and Investment Group. Swenson discusses the importance of financial planning for family businesses. According to him, one needs to identify the goals of these businesses. Swenson...

  • Strategic Planning for the Family in Business. Jaffe, Dennis T. // Journal of Financial Planning;Mar2005, Vol. 18 Issue 3, p50 

    A family business must balance the sometimes conflicting concerns and demands of both the owner's family and the business itself. Family considerations, however, often overwhelm the strategic realities of the business and hinder the ability to successfully pass the business on to subsequent...

  • Australia. Ferrers, Tony // Chartered Accountants Journal;Oct2004, Vol. 83 Issue 9, p77 

    The article focuses on accounting and financial planning in Australia. Family squabbles distract those engaged in the business, directors spend more time on the infighting than on growing the business, market share may be lost with competitors seizing their opportunity, employees' morale will...

  • The Magnificent Seven. Rattiner, Jeffrey H. // Financial Planning;Nov2003, Vol. 33 Issue 11, p107 

    Presents strategies that financial planners in the U.S. should consider implementing to help clients save taxes. Improved use of the IRC Section 179 deduction; Tips for maximizing retirement contributions; Advantages of hiring family members in a business.

  • Estate Planning for Family Business Owners. Reardon, Dennis // Journal of Financial Service Professionals;Sep2015, Vol. 69 Issue 5, p19 

    Aligning the division of assets of a family business owner for estate planning purposes can often be a challenging proposition for both clients and advisors. However, everyone involved may have to recognize that reaching a solution may require both patience and a practical sense that the...

  • Family business.  // Money Marketing;12/8/2011, p35 

    The article focuses on increasing involvement of independent financial advisers (IFAs) in family businesses. It states that traditionally family businesses used custom-made banking and financial asset management service, but now they are using services of IFAs for specialist financial planning...

  • The Family Way. Hutcheson, James Olan // Financial Planning;Nov99, Vol. 29 Issue 11, p231 

    No abstract available.

  • Advisers for Family Companies.  // Family Business;Winter2011, Vol. 22 Issue 1, p61 

    A directory of advisers that includes family business centers, professional companies and financial institutions serving family-owned business enterprises worldwide is presented.


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics