Archive for August, 2019

Why High Net Worth Families Should Use a Multi-Family Office

Posted by Carolyn B.R. Decker, CFP®, CPA, PFS

The Benefits of Adding a Wealth Management Firm to Your Advisory Team

Fee-conscious, high net worth families who have a strong estate attorney and CPA may believe a Multi-Family Office is an unnecessary addition to their advisory team and instead choose a do-it-yourself, or DIY, approach.

The real opportunity cost of working with a holistic financial advisor may be going unnoticed in some aspects of one’s financial management; however, it is quite likely that at some point a high net worth family who has chosen the DIY path will face challenges that could be detrimental. 

There are many significant benefits of working with a wealth management firm that can outweigh any cost savings of forgoing that service.

You Can Put a Price on Peace of Mind

The Perks of Experience

In addition to providing peace of mind, Multi-Family Office wealth management firms have the benefit of years of experience with other families to provide the expertise to deftly handle and resolve many of the challenges families face. And these professional wealth advisors do it all in the best interest of the client family.

Before considering a DIY approach to wealth management (or continuing on this path), it is important for high net worth families to consider the benefits of a Multi-Family Office, which ultimately help ensure the family’s financial objectives are being met and opportunities are not being missed.