How Can Client Service Bring Transparency & Order To Your Financial Life?
April, 2016 | Holistic Wealth Management: Our Unique Approach
By: Emily Clare Fenn, Director of Family Office Services
As Published in Worth Magazine
Someone once told me, “If you’ve seen one family office, you’ve seen one family office.” That is how it should be; no two families need the exactly the same thing. At Coastal Bridge Advisors, we offer customized family office services to our clients. Delivering what we refer to as our ‘virtual family office’ (VFO) service model, we act as the liaison between our clients and their other trusted advisors; from business managers and accountants to attorneys and trustees. Simply put, we are here to organize and execute all of the moving pieces, and we feel that our clients value this coordinated service.
Managing the Puzzle Pieces. It is easy for things to fall through the cracks when there is no one to manage a process or see it through to completion. For example, your attorney may draft a complicated structure in which your home is now owned by a trust. With this, you now owe rent to that trust equal to the going market rate for any given year. Who is going to make sure the rent is transferred to the trust on a monthly basis? Who will determine that an annual appraisal is completed? Who oversees the drafting of a new lease when the old lease terminates? Who sees to it that the bills paid from the trust are tracked on a monthly basis and are related to expenses only a home owner would pay (ie: property taxes, landscaping, etc.)? As evident from this one example alone, there are an overwhelming number of factors at play, and engaging someone to navigate and manage the process is crucial in making sure that no details are lost along the way.
Tracking your net worth. Many of our clients have outside investments including, but not limited to, private equity, hedge funds, real estate, and other very illiquid private investments. For these clients, keeping abreast of all these investments can be extremely cumbersome. By taking responsibility for tracking and aggregating this information, our clients have a clear picture of all the investments they have and how they are performing. We believe that our clients feel more secure when they can access a consolidated view of their net worth, and in turn feel more confident in our recommendations for future deals and investments.
Knowing who to call. Wouldn’t it be nice to know that you had someone to call if you had a question but weren’t sure who to ask? We are asked questions all the time about things unrelated to portfolio allocations and every day market updates. Things like, “How can I best track my credit score?”;“How can I protect myself from identity fraud?”;“I’m trying to book a trip with credit card miles but am having a terrible time. Would you call with me?” We continually strive to build relationships founded on trust in which our clients not only value our hands-on approach to offering assistance but also feel comfortable seeking our help with tasks such as these, both big and small.
Rome was not built in a day and our client relationships are not either. Building meaningful relationships takes time, and trust isn’t acquired overnight. However, our ultimate goal is always to make clients feel that we can be trusted and relied upon, almost as though we are an extension of their family. Through constant communication, attention to detail, and our practical approach to offering assistance, our virtual family office services aim to ease the minds of those we have the honor of working with.
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