Organizing a client's affairs is often FiRN's primary task. Once done, FiRN's
ongoing responsibility is to not only keeping systems operating but constantly
improve information and results. This is how a Family Office begins, and
improves the bottom line for each client.
Below are some of the issues that should be resolved before long-term investing and administration of assets takes place. The FiRN team often creates a personalized financial management system by starting with the overlooked basics before beginning long-term asset management. Wealth Management includes many disciplines and seemingly unrelated activities.
Your FiRN professional can easily, and inexpensively, help in many areas. Often these seem like unnecessary activities, but at the end of the day, a truly comprehensive plan is the only way to make a Family Office succeed. The Family Office can be either run through our office, or with your own team that we can help recruit, train and monitor. Your Family Office administrator masters:
-Cash flow analysis.
-Setting financially related goals.
-Estate & Retirement planning that include a succession plan and a disaster plan.
-Child emancipation issues.
-Planning and implementing major (financial) projects and issues.
-Tax Mitigation: researching domiciliation and understanding the differences between taxation regimes, tax treaties, tax shelters, intergenerational issues.
-Proper long-term documentation and maintenance, record keeping and reporting systems, including yearly evaluations; keeping tax shelters and their structures up to date.
-Creating flexibility - for changes in the family and associated business activities.
-Intergeneration succession issues - preparing the next generation to take over successfully. Family Councils.
-Living Will documentation:
if the owner is incapacitated, what happens to assets, family, business? What level of health care is to be provided in case of incapacitation? Who becomes the decision-maker in case of incapacity? Doyou need family and corporate disaster plans?
who takes over being in charge?
family and corporate disaster plans,
Wills and Trusts.
Once these basic issues are resolved, the administration of assets can begin in a serious, long-term, way.
The Financial Resource Network's team specializes in managing, and protecting assets.
Periodic client meetings and reports provide a comprehensive overview of the client's progress. Although FiRN may have some discretionary decision-making ability, the client generally makes the final financial decisions and always has ultimate control.
Invested capital is transferred directly from the client's bank to the chosen institutions. FiRN has no access to withdraw funds, other than the contractual fees established at the outset.
FiRN provides a strong administrative team keeping an eye on assets and regularly checking that you are not cheated. FiRN works for you and acts as your advocate with the financial service providers.
Contact us for more information