Managing significant wealth is a complex task. High-net-worth business owners, individuals and families often navigate a tangled web of relationships involving accountants, lawyers, private bankers, and investment managers. Each piece of advice you receive is valuable on its own, but when you’re inundated with input from multiple sources, each working in isolation, it often results in conflicting advice. This discord creates a symphony of confusion, making vital decisions daunting, particularly when handling substantial investment assets or complex tax consequences. Coordination and collaboration between all your advisers is essential to ensure you get the best outcomes.
Challenges of Traditional Family Offices
Many see starting their own traditional family office as the solution to this problem. However, there are several drawbacks. The costs can be high, with reports suggesting that over $100 million in assets is required to fully leverage this structure. Moreover, traditional family offices often fall into the trap of conventional thinking, static mindsets, and organisational stagnation. As wealth management continually evolves, staying at the forefront necessitates securing and retaining top talent in every field, which can be challenging even for large family offices.
The Rise of the Virtual Family Office (VFO) Model
The Virtual Family Office (VFO) model is rapidly gaining popularity worldwide, becoming the preferred structure for high-net-worth families and individuals. It is scalable and works for all levels of significant wealth (starting at about $10m of wealth). The Virtual Family Office Structure (VFO) supercharges your decision making capabilities by allowing you to access best-in-class resources across all areas of advice. We orchestrate all your advisers, so you receive strategies that are harmonised, optimised, and tailored to achieve excellence.
A Virtual Family Office (VFO) results in collaborative and seamless approach to managing your wealth. If you would like to harness the power of having multiple advisers working together across all areas of your wealth, please contact us to explore how we can tailor a Virtual Family Office model to meet your unique needs.
For more information on how a VFO might work for you please visit our website here.
Kind regards,
Shelley Marsh
Outsourced Chief Investment Officer (OCIO) & Founder
Wealth Differently
General Advice Warning: This information is of a general nature only and has been provided without taking account of your objectives, financial situation or needs. It does not represent and is not intended to be personal advice. Because of this, you should consider whether the information is appropriate in light of your particular objectives, financial situation and needs. We strongly suggest that you seek professional financial advice before acting.
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