Understanding the Challenge
A paradigm shift has occurred, drawing wealth holders from their existing advisors to the high net worth planning divisions of trust companies, investment firms and independent family offices. As reported by Forbes[i], “In a survey of 206 ultra-wealthy individuals, about three-quarters of them prefer to work with multi-family offices (or MFO’s).”
MFO services extend far beyond asset management and private equity opportunities. They know their clients intimately (and do so before selling a single service to their client), and can develop targeted charitable planning and customized private placement structures to meet their client’s unique needs. The best MFO’s integrate creative trust, income and estate tax, and asset protection strategies into all solutions – and at all time the entire team works in conjunction with each other, so every advisor is rowing in the same direction and has the same goal; to deliver their client’s enumerated objectives. This design is interwoven through your experience with My Global family Office.
Beyond our technical acumen and the “experience” of concierge handholding, our clients describe three critical drivers that were simply unavailable through their prior advisors;
The MGFO team works exclusively for the wealth holder and the wealth holder’s vision and objectives are foundational to the mission of the MGFO team
The MGFO team is not conflicted by commissions and fees. Each team member has their own value proposition, and there is complete transparency in their compensation, and;
The MGFO team understands their clients entire financial and family matrix. As a team they understand how each piece of the wealth holders’ puzzle fits together. We center our focus around one client at a time.
In short, MGFO exists, not to simply to solve tax problems or manage wealth, but to empower our clients so that they may define and live their dreams. We understand that your ultimate success can only be achieved when your advisors have a both a client-centric focus, and the acumen to deliver the promised results.
Do your current advisors presently have the ability to do the same and deliver optimal results?
Often, the answer is “No”.
We believe this is because many lawyers and other wealth advisors initially focus on identifying problems to solve - instead of first helping their clients develop a clear and articulated vision to drive future decisions.
Consider this; in nearly 80% of advanced wealth planning cases, clients don’t fully execute the plans developed by their planners (Source: The Private Client Lawyer-Wealth Management Press; Prince and Associates).
Why?
Wealth advisors remain largely predicated on the deployment of financial management tools. Their tools are housed within what we call their “toolkits”, consisting of trusts, estate plans, legal structuring, asset management and insurance. Conversely, MGFO seeks to bring a lasting sense of empowerment to our clients.
Ask yourself, “Where do your current advisors fit in the spectrum of service? Is it more wholly aligned with empowerment, or are they tool kit providers?”
You already know the answer. It’s time to reset the way in which you engage and interact with your wealth management team. And here's the great news:
You don't have to replace your wealth management team.
MGFO uses its proprietary design to overlay our client self-discovery and GPS mapping process with your existing attorneys, CPA s and financial service providers. Once we work with you to establish the why and where that points to your true north, we then work with your existing advisors (and others when subject matter experts are needed) to initiate the appropriate planning solutions.
To understand how we do this, click here
[i] Forbes magazine, August 29, 2017