What is a family office?
A family office, also referred to as a family enterprise or a family firm, is a private company that manages the investments, trusts and wealth for a single family or multiple families.
Should I have a family office?
If you think you need a family office, you probably do. If managing your family’s investments, trusts and wealth is overwhelming or you simply don’t have the time to devote to it; if your family is large, multi-generational or geographically disbursed; or if your family members need help coming to mutual decisions about the family’s wealth, then a family office could be a great benefit to you.
What is your minimum net worth size needed for family office services?
There is no minimum net worth since our fees are hourly (or a fixed monthly fee) based on how much time we spend. We have clients that pay us $1,700 a month up to $35,000 a month. Quite a range. And the net worth of them is all over the board. We have over $2 billion under administration and over 30 employees to give you a scale of our company.
Do I have to be in Dallas Fort Worth to be a client?
No, our roots are in Texas, so we have a lot of Texas clients, but we have clients all over the US and the world. Since our communication is via phone, email, video and a secured portal for access to documents and reports, our clients can live/travel wherever they want and have access to us.
What services are included for a typical client and what would that cost?
Our core services in the $3-8k per month range: getting their mail (at a PO Box in Fort Worth we set up in their name), scanning everything in to document management/filing system for online viewing, processing their bills weekly and giving them weekly/monthly consolidated reports on their financial activity including but not limited to cash and investment brokerage accounts
You say you offer tax preparation, but you’re not a CPA firm. Huh?
When you look at tax work, there are 3 parts: preparation, review and consulting. Two-thirds of the work is in the preparation of the tax returns. Since we created our firm from what we always wanted a family firm to have, one of them was having an experience tax preparer to fill out all the tax forms in our office at a much lower cost and higher efficiency that an outside CPA firm can do the work for. Unless the return is highly complex, most tax preparation work for families and funds can be done by us much more efficiently than a CPA firm can do the work for. Today, we have 3 people on our staff that do this and add more as clients want us to do the work. We can still work with the client’s CPA firm for the review and sign off since we use typical tax software to fill the returns out. It’s an option for each client if it makes sense for them. About half our clients utilize this benefit and the other half have their CPAs do the preparation work. We can work with the client either way.