Signs you need a Family Office

Sloan Levett • November 20, 2017

The Canadian economy has been thriving recently, and more specifically, the Greater Toronto Area and Hamilton regions have been experiencing a particularly prosperous period. The markets are strong, unemployment is low, and businesses are growing. While this is an excellent sign for business owners, investors, and high-income professionals, it also means there may be many people who are reaching levels of wealth that they don’t have the experience to manage.

Family Offices exist to help high net worth individuals and families effectively meet the planning and management requirements that come with wealth. So how do you know when it’s time to engage the services of a Family Office?

These 4 signs may indicate that a Family Office can help you:

1. You Have Multiple Advisors with No Central Management

As your wealth grows, so too does your network of advisors. These may include lawyers, bankers, investment advisors, insurance advisors, accountants, tax consultants, and more.

While these advisors have their own areas of expertise, it becomes increasingly important (and increasingly difficult) to ensure that each of these advisors are using their skills in tandem to work towards a common goal. Missed opportunities can be avoided when your advisors are managed by a centralized authority.

A Family Office can help to coordinate your network of advisors, allowing them to collaborate and better manage and protect your interests, while ensuring the pursuit of a common goal.

2. You Don’t Have the Time or Inclination to Manage Everything Yourself

The obligations associated with wealth tend to grow with the wealth itself. After all, more moving parts tend to demand more attention, and trying to manage everything on your own can take your focus away from either accumulating more wealth or enjoying the wealth you already have.

A Family Office can manage the escalating intricacies of wealth management while keeping you involved with the overall strategy. This reduces the demands placed on you, in managing your wealth, thereby allowing you to focus on your business, family, or social life.

3. You Doubt Your Own Experience

Very few professionals have the comprehensive wealth management knowledge and experience required to effectively manage, protect, and grow a complex, multi-faceted portfolio.

If you ever feel any doubt that you’re making the most effective decision with regard to your wealth management, it’s usually best to let an experienced team manage it on your behalf. After all, your wealth is your livelihood and your legacy – you need a trusted advisor to ensure your interests are protected.

4. You’re Being Approached by Advisors Who Are Selling a Product

Not all wealth management firms are objective—some are paid a commission to sell a particular product or solution, whether or not it’s in your best interest. These commission-driven advisors often aggressively approach those who have reached a certain level of wealth. The most immediate and obvious warning sign is that a commissioned wealth manager will often offer it as a ‘free service’.

It’s important to keep in mind that those who charge a fee may also be collecting commission. Your best bet is to do your due diligence and ensure that your advisors are independent and unbiased.

The Best Way to be Sure? Schedule a No-Obligation Consultation.

Fuller Landau is objective and independent. We will identify and present solutions based upon your specific immediate and long-term needs. Your goal is to grow your wealth and secure your future and legacy – we can help. We invite you to schedule a no-obligation consultation with a Family Office advisor at Fuller Landau, today.


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