The pinnacle of ultra-high-net-worth financial services is a "Family Office." It's a firm dedicated to meeting all the needs of one, or perhaps a small number, of very wealthy families.
But changes in the financial services landscape have made the family office model more accessible. New technology, new approaches to financial advice, and a new business model for planners, like Hampton Park Financial Planning, have allowed for a much broader array of services that can be accessed in various ways.
At the core, it's a way for a trusted financial professional to partner with you in all aspects of your life – because your money usually impacts every area. It's a very modern approach.
What is a Family Office?
The family office model goes beyond investment management and financial planning to offer a very comprehensive model that can include the below planning areas. The below ✅’s are covered in Hampton Park Financial Planning’s comprehensive process.
Complex or Executive compensation ✅
Business planning for business owners ✅
Tax planning ✅
Legal services for estate planning (wills, trusts, etc.) ✅
Divorce planning/blended families ✅
Philanthropy Planning ✅
Wealth preservation across generations ✅
Risk planning ✅
Life planning ✅
Career Coaching ✅
Behavioral finance ✅
Financial literacy for the next generation and you ✅
Resources for therapy ✅
A financial professional is often the one person in your life who sees across every aspect. This puts us in a unique position to be able to help you. And since the money comes into play in every area, having a professional with an eye on preserving and maintaining your wealth while solving issues is a significant advantage.
How Are We Able to Provide All These Services?
A generation of financial planners that have embraced the fee-only (click here to review our previous blog on this topic) fiduciary model is the foundation of providing family office services to a broader range of investors.
Hampton Park Financial Planning focuses on creating trusting partnerships and working with clients across the broad range of everything that touches their lives.
We provide a wide range of tools, including our client center, budgeting software, educational resources, and professional development resources.
Instead of relying on analyzing a range of documents, family-office planners like HPFP often begin the discovery process with a conversation about you. We want to understand your history, your goals, the challenges you face – both internal and external – and how you are comfortable moving forward.
One common refrain is that they want to be your first call, no matter the situation.
We Are Your CFO, Your Quarterback
The family office model puts you at the center, and your planner should coordinate all the necessary resources. They bring together the right professionals through partnerships or in-house in their firm.
This means that for any given issue, there's a seamless process from identifying the problem, creating a strategy, considering the implications on all areas of your plan, and executing the solution.
The right professionals all play their role – but they are orchestrated by one entity with one goal – to preserve and grow your wealth and ensure your family is secure.
The range of professionals Hampton Park Financial Planning works with include:
Real estate professionals
But the actual value, beyond coordinating every aspect of your financial life, is that they are your sounding board. They can help you – and your family – go beyond wealth to create the life you want, according to your values.
How Do You Know If a Family Office is Right for You?
Start by assessing your situation. What are your needs right now? What is likely to happen in the future?
Understand yourself. Are you comfortable with the high degree of trust and collaboration necessary to have a successful relationship?
Are you motivated to work with your planner to create a comprehensive plan that can then be implemented?
The Bottom Line
Working with a financial planner has changed, and it’s possible to find a model that works for exactly what you want to achieve. The family office brings benefits that were previously unavailable except for the very wealthy and incorporates a new way of thinking about wealth. At Hampton Park Financial Planning, we are proud to provide a proactive family office approach to all client's regardless of asset size.
This work is powered by Advisor I/O under the Terms of Service and may be a derivative of the original. The information contained herein is intended to be used for educational purposes only and is not exhaustive. Diversification and/or any strategy that may be discussed does not guarantee against investment losses but are intended to help manage risk and return. If applicable, historical discussions and/or opinions are not predictive of future events. The content is presented in good faith and has been drawn from sources believed to be reliable. The content is not intended to be legal, tax or financial advice. Please consult a legal, tax or financial professional for information specific to your individual situation. This content not reviewed by FINRA