Hannah Shaw Grove, author of The Family Office: Advising the Financial Elite said, “When an accounting firm creates a dedicated business line to address the needs of clients, there’s substantial evidence that it can increase the firm’s overall profitability, support cross-sell and expansion opportunities, and be a differentiator vis-à-vis their competitors.” Your wealthiest clients need you to do more than just file their tax returns each year. They need a broad array of services that encompass not just tax, but financial, legal, and business services too. Your clients need Family Office services.
The notion that a family office is just an investment office for families like the Carnegies or Rockefellers is outdated. It is true that family offices originated as full-service private wealth management providers that served just one or a small number of ultra-high-net-worth families, but because of the model’s appeal and the spread of wealth to the “millionaire next door,” this model has broadened in terms of reach, scope of services, and the type of firms offering these Family Office services.
Beyond basic or comprehensive wealth services, family offices can also provide concierge services, financial and estate planning, charitable-giving advice, and advanced tax planning. Family Office Services can fall into the following categories:
Business Services Help business owners with strategic planning, financing strategies, exit planning, and wealth management services.
Alternative Investments A range of traditional and alternative investments provide diversification with an eye towards coordinating with the client’s tax strategy.
Strategic Relationship Management Concierge and management services to save clients’ time and make their lives easier.
Tax and Compliance Outsourcing Specialists can supplement your core capabilities and handle excess demand or special situations.
Family Governance Help families with legacy planning and governance.
Income and Estate Planning Tax Mitigation Provide proactive strategies to increase liquidity or reduce tax liability in estates and disposition events including sale of a business or building.
Charity and Philanthropy Create and managing advanced charitable structures to achieve clients’ philanthropic goals while mitigating tax obligations.
You may think that your firm is too small or that you do not have the resources to implement all (or any) of the services listed above, but that is where Array Partners comes in. We have already built a vast network of experts to help you provide Family Office services. Array Partners’ white-labeled partnership model can integrate with your firm seamlessly to help you deliver these services to your clients. Contact us today to learn more about how a partnership would work and see if it may work for you.