family of four

Protect family wealth, harmony, and legacy with a Family Office

July 20, 2021

Protect family wealth, harmony, and legacy with a Family Office

Synopsis
4 Minute Read

You’ve worked hard to create a bright future for your family. A family office can help you protect it.

Tina Di Vito
Tina Di Vito, CPA, CA, CFP, TEP, FEA
Partner, Family Office Services

Harmony.

During this uncertain pandemic time, the concept of harmony may have special appeal for you – particularly when it comes to managing the complex and stressful issues around the wellbeing of your family and its wealth.

An unsettling economic environment and market volatility present daunting challenges related to wealth preservation and asset protection – as well as family peace. You may be particularly concerned about avoiding destructive conflicts and want to strengthen family unity. Yet managing complex business and personal financial interests while maintaining family harmony is tough during a pandemic.

Family offices are playing crucial roles in supporting families through this turbulent period. First, this type of family office is both comprehensive and flexible – it can address some or all of a family’s unique concerns and needs. This can include financial planning, mitigating risks, tracking investments, managing debts, budgeting, strategizing tax, philanthropic, succession, retirement, and estate planning, and facilitating family communication.

A family office provides a holistic structure, based on best practices, for interrelated family, business, and personal financial interests. This can be particularly important for complex situations involving multiple businesses, or multiple generations of family members with commonly owned assets.

The specialists embedded in a family office team serve as trusted advisors, providing professional oversight and objective counsel to help families strategize and navigate key decisions through both calm and turbulent times.

This team can help you establish goals and a practical roadmap and then monitor, analyze, report, advise, and assist as needed to ensure they are achieved. To promote harmony, a family office can establish a framework and process that support financial clarity and family confidence and peace of mind. These include the following:

  • Alignment of the family’s vision, values and goals
  • Strategic guidance navigating opportunities and risks
  • Governance structures and policies to prevent money conflicts
  • Facilitate communication and meetings and guide families with decision making
  • Reporting that provides a clear, integrated picture of family holdings, enabling you to make fully informed decisions
  • Administration that addresses the family’s needs and priorities
  • Assessment of progress and independent oversight over the full spectrum of family wealth to ensure proper management and protection

The pandemic has served to remind us of the fragility of life and the importance of preparing for the future. A family office can assist in educating and transitioning the next generation to become effective wealth stewards. This preparation supports long-term family harmony by reducing opportunities for surprises that can lead to disagreements.

Ultimately, regardless of the turbulence of the external environment, a family office can protect your family’s wealth, harmony, and legacy. Isn’t this a reassuring vision for the future?

To learn more about Family Office Services, contact Tina Di Vito, CPA, CA, CFP, TEP, FEA, Partner, Family Office Services, at 416.515.5071 or [email protected]

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