Family Office Lite TM
At Retirement Planning Services, our mission is to educate and equip you to make wise financial decisions that align your wealth with your values through exceptional financial planning and investment management. By coordinating and simplifying the major components of your financial life, we give you space to focus on the people and activities that bring you energy and life.
In practice this means that we manage your investments, conduct tax planning and coordinate tax return preparation, provide fiduciary counsel on health-care insurance selection, and facilitate estate planning document creation and execution. For clients who invest more than $1M with our firm, we are beginning this fall to pick-up the expense for estate planning document creation (will, living will, powers of attorney), personal tax preparation, and fiduciary health insurance counsel. This describes our Family Office LiteTM offering.
What is a “family office” and where did the idea for it come from? Historians point to John Rockefeller as having setup the first modern single-family office in the late 19th century. As you might expect, the extent of Rockefeller’s fortune warranted hiring a dedicated team of accountants, attorneys, and investment managers solely to handle all of the affairs of his family’s wealth in a consolidated manner. Other tycoons followed suit, and the modern, single-family office emerged as a vehicle to organize and simplify the disparate disciplines involved in stewarding a family’s wealth.
In the last few decades, multi-family offices have emerged to serve clients who are very wealthy ($50M+ in assets) but do not have the requisite assets to hire a dedicated team to serve just their own family. Services tend to include investment management, tax planning and return preparation, health-care insurance selection, real estate management, foundation management, and concierge services (e.g. booking all the components of a European vacation).
The majority of our clients deeply appreciate a coordinated approach to their financial lives, but they do not need some of the services of a family office like foundation management or concierge services. Few have more than one vacation property, and most simply own their primary residence and have no need of property management help. As a result, we focus on delivering the primary components (hence the “lite” moniker) of the traditional family office to our clients.
Let’s be clear: we are not attorneys or CPAs or health-care insurance specialists, but we know some top-flight professionals who are, and we think that their disciplines are vital enough that we are picking up the expense for the work that they do for the clients in our Family Office LiteTM offering. Moreover, we work hard to ensure each piece of service fits together, and we are persistent to make sure that your plan is thoroughly executed.