Benefits of Family Office Services

More Money, More Problems? Consider Family Office Services.

More money, more problems isn’t just an allusion to a chart-topping 90s hit song. Affluent families and individuals can, in fact, run into serious issues trying to manage all their assets and interests. 

Family office services offer a way to cohesively handle your business and personal finances and other affairs. In this article, we’ll introduce the concept of family office services and offer several reasons you may benefit from securing these services.

What Are Family Office Services?

Family office services bring together a team of professionals from different disciplines who work together to manage the interests of high-net-worth clients. Having this team in place lets you focus on your high-value work while giving you peace of mind that your finances are being well taken care of. 

You may already hire accountants and other professionals to handle some of your business and financial needs. But what about your personal estate? What about the day-to-day research and labor it takes for you to book appointments, pay your bills and manage your assets?

Imagine having all of these business and personal tasks handled by a single, highly competent team.

The team approach supports families who need advice and services that are beyond the capacity of a single advisor or traditional firm. BGM’s approach is comprehensive but simple. We have CPAs, wealth advisors, lawyers, trust experts, insurance specialists and others who team up to manage your business and personal affairs.

Family office team members can provide ongoing services for many years or assist with a one-time need. We’ll put together whatever arrangement benefits you most.

With these services, you do not have to spend time searching for professionals from different disciplines to help you; the family office already includes all the experts you need. 

Family Office Services Can Manage Business, Financial and Personal Aspects of Your Life

Business owners, executives, athletes, entertainers and other varieties of clientele use family office services to manage a wide range of activities. 

If you need support for financial and business matters, we can help with services like: 

• Asset tracking
• Contract drafting and review
• Payroll and expense management
• Tax preparation
• Tax planning 
• Insurance

But that’s not all. Additional value can be realized through what are known as lifestyle and family management services. 

Think of this as an ultra-personal experience, similar to concierge services. You’ll have access to dedicated people who manage everything from paying bills to appointment scheduling, vehicle maintenance, philanthropy and more. 

What Are the Benefits of Family Office Services?

Let’s discuss several reasons you may want to consider contacting us about family office services. Whether you’re looking for long-term support or a “one-off” need, these services can save you time while providing peace of mind.

1. Family Offices Have More Capacity to Assist

You may have complex holdings that could require the attention of experts in fields from law to philanthropic planning to investments. It could be difficult for any single advisor to handle these needs effectively.

A family office can meet such needs by providing access to professionals in these varied fields under one roof. There is no need for you to separately locate qualified experts. The family office team works together to help meet all of your goals.

2. Family Office Services Can Be More Cost-Effective

Booking family office services can be more economical than relying on multiple outside advisors. You can avoid duplication of efforts. Further, having your assets centralized is usually more cost-efficient than having them spread across various places where you may be paying higher fees.

If you intend to use family office services on a more a la carte basis, you can still save money. Your task can be worked on by a single team for a single fee rather than outsourcing parts of your task to multiple providers and paying multiple fees.

3. Avoid the Time Cost of Connecting With Multiple Experts

The opportunity cost associated with using multiple advisors/firms can be significant. You may need to invest substantial time into finding the experts you need and trying to coordinate with all of them. Our family office services will handle all your money management, so you can avoid coordinating and connecting with a host of individual experts.

The same is true for services you may need in your personal life. Why spend hours of your time researching service providers or personal assistants? You have higher-value tasks you could be taking on. And you already have a team of trusted advisors that you know are discreet. 

Booking our services means you can take these individual tasks off your plate and focus on what really matters. 

4. Family Offices Offer More Privacy and Better Risk Management

Rather than working with multiple firms and advisors, BGM’s family office services consolidate the management of your affairs. When you have a financial task, bring it to the same small group of people you’ve chosen to work with. By consolidating your experts into one team of carefully vetted professionals, you’re less exposed to the risks of fraud or extortion. 

Using the same team for your business and personal needs also helps keep your important family details secure. Relying on a centralized group dramatically reduces the number of companies and people who can access details about your family, your schedules and your finances.

5. Higher Transparency and Communication

As your net worth increases, your holdings can become so complex that it becomes challenging for anyone to gain a complete grasp of your finances.

Our family office services can help you and your family members understand the depth and breadth of your activities. By serving as a centralized repository of information, we’re a go-to resource for any questions you may have. 

Access information about your businesses, investments, real estate, philanthropic activities and more. You’ll also get the full context of how each asset affects your whole financial situation. 

6. Get Personalized Assistance From People You Trust

Family office services cover more than just finances. At BGM, we can handle many aspects of your personal and lifestyle needs. 

These highly personalized services simplify your complex life by handling various tasks on your behalf. You can “outsource” virtually any aspect of your day-to-day life to the team. 

Researching and booking travel, planning events, managing property and managing your calendar—it’s all covered. You can choose these tasks a la carte at any frequency you need, and your valuable time can be spent on the activities you really want to be doing.

Find Out Whether Our Family Office Services Are Right for You

Are you looking to simplify your task list and focus more of your time on high-value items? If you think our family office services could benefit you, whether on an ongoing basis or for a single need, talk to the team at BGM about your options. We have experienced professionals across multiple disciplines who can help you achieve your financial and personal goals.