Family Offices
We recognize that the Family Office landscape is constantly changing and is becoming ever more complex. The cost of maintaining “in house” expertise for all of these facets of advice and service required is often not cost effective. At WMS, we support the core services of the Family Office by working closely with family and multi-family office firms to offer comprehensive strategies tailored to the needs of today’s wealthy.
Our exclusive LegacyTrax™ system supports the Family Office team by helping their clients view their family's financial world from a new and fresh perspective. Through the lens of the Living Legacy Model, LegacyTrax™ helps clients estimate what Living Assets they need for a lifetime of income, what will be their remaining financial Legacy, and how they may be able to maximize that Legacy. Thus, the focus is on seeking to increase the rate of return on Legacy Assets thereby creating a financial legacy “by design” rather than having one unfold “by default.” LegacyTrax™ replaces a traditionally technical, complex discussion with a simple, easy to understand presentation so that important decisions can be made with confidence. Once you've decided upon an appropriate course, our professionals can help you implement strategies to pursue your goals.
Our Duration Plan lifestyle model incorporates planning and strategies that address the primary worry and reduced level of confidence that members have around the financial independence or living income question – Do I Still Have Enough? The model addresses the three primary risks to “having enough”; longevity risk, investment / fat-tail risk1 and withdrawal risk, in a coordinated manner and is designed to provide clarity and confidence. We find that with the confidence restored in the pursuit of their lifestyle financial goals, the families are in a better position to make decisions and implement your advice regarding their family or social legacy goals.
While many estate plans do a fine job preparing the money for the family, we find often overlooked is the preparation of the family to receive the money. Your families don’t need to be part of the 90%2 that build and then lose the wealth in three generations. The true legacy can really be the values and not the money. We offer support services in this area to include; helping you develop the family financial mission statement to document and communicate the values and vision to the entire family, conducting family retreats, and helping to develop the programs to teach about and prepare for handling wealth.
Finally, the “Wealth Management System” is a cutting edge web-based investment aggregation and financial planning program which gives the team and the family members a 24/7 current view of their entire financial picture. The program has built-in sophisticated planning and illustrative capabilities which provides an excellent platform for collaborative team discussions to help maximize the coordination of assets while providing performance tracking against the client’s goals and objectives.
1 The risk that investment returns will not follow a normal distribution, i.e., that returns will cluster in the "tails" of a normal distribution curve. The term is meant to denote the risk of extreme economic conditions.
2 Beating the Midas Curse, Cochell & Zeeb, 2005
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