"When we began this process, we didn’t appreciate all the choices that were possible. Without investing in this service, our family would never had been matched with the firm we ended up hiring”. – Satisfied Private Family Member
How do private families benefit from Bespoke Suite?
This is a highly inefficient marketplace in which private families and family wealth firms rarely meet. Bespoke provides that critical link between both sides. Read more… The overwhelming majority of these firms do not advertise, and very few of these best-in-class organizations are household names. If you and your family want to settle for one of the well-known, “big-box” institutional brands, then our service is likely not for you. While many of the best firms do not excel at marketing, they do exceed in serving their private clients.
It is extremely difficult for a private family to find a top-tier family wealth firm that also represents a best fit for them. On the other hand, these best-in-class family wealth firms struggle with getting their message out. In addition, such firms all have limits as to how many client families they can onboard in any given year. Accordingly, they are seeking a best-fit family with whom they can best partner over the next several decades and generations of your family.
Because these firms are as choosy as you, and due to their hard-to-find nature, a significant part of Bespoke’s value-add is finding, then having these firms be aware and consider your family as a possible good fit. Since we already know these firms well (and they us), we provide that difficult access and critical link between private, thoughtful families and the best firms in the business.
What choices are available to our family and what is a family wealth firm?
The choices available to private families today are truly magnificent, yet little understood. These choices range from a family beginning their own private or single-family office (SFO), to hiring the full-service Multifamily Office (MFO) Read more… to executing on a number of variations on the theme of a virtual family wealth operation, utilizing various strategic outsource providers. We have categorized ten different flavors/options of family wealth firms in North America. Each of them is unique as to origins, ownership, and management styles. Understanding how these aspects are woven together is important to understand and is yet another high value-add to you and your family.
How do family wealth firms differ from investment management, financial advisory, and financial planning organizations?
Top-tier family wealth firms are best suited to serve wealthy, complex, multi-generational families because they provide unparalleled client attention and integrate multiple services into one, coordinated deliverable Read more… is what sets these high-level family wealth firms apart. Most private families are familiar with investment management firms, financial advisory, and financial planning firms. While these organizations are usually good at what they do, they are not what we would consider to be the top-tier firms that are best suited to serve wealthy, complex, multi-generational families.
What are the most common services provided by family office providers?
In order of frequency, the Top Ten services delivered are:
- Portfolio Management
- Record Keeping and Reporting
- Estate and Wealth Transfer
- Comprehensive Financial Planning
- Tax and Compliance Work
- Risk Management
- Trust Company Services
- Life Management
- Family Governance, Meetings and Education
- Strategic Philanthropy & Administration
What are the most common services requested by clients?
Based upon our own empirical research, the most commonly requested services are:
- Assistance w/ Executorships
- Household Staffing & Administration
- Family Security
- Healthcare Advocacy & Advice
- Personal Bill Pay & Bookkeeping
- Health Insurance Administration
- Information Technology, Cyber Security, and Secure Emails
- Family Education
- Insurance Review
- Philanthropy Advice
- Tax Planning
- Trustee and Trust Administration
- Concierge/Personal Assistant
- Municipal Bond Management
- Real Estate Management
- Art Appraisals/Consults
- Online Access/Virtual Document Vaults
- Divorce Planning
- School Entrance Assistance, Tutoring, and Career Coaching
Are you open to connecting our family with other types of unique firms, such as those in security, health advisory, home staffing, and others?
Yes, especially if your family has an acute need. We have an entirely separate suite of specialty firms that range in expertise from security, cyber and identity theft, private health advisory, bill pay services, home staffing, family governance, and more. Read more… This exists because the family wealth firms had asked us to put this suite of specialty firms together for the benefit of their private clients, so like our suite of family wealth firms, we have pre-vetted these organizations and know them well.
What sets Bespoke apart from individual consultants to families who purport to do this work?
Most family consultants simply send RFPs (Requests for Proposals) to firms that they may/may not know or understand. We view this approach as highly-flawed. Read more… A good number of the questions in these RFPs are naïve and are not germane. Time is wasted and what comes back is only on paper, to be put in comparison sheets and not what reflects reality. From what we are hearing from many of the leading family wealth firms, is that they no longer respond to these RFPs, because it is such a faulty, time-consuming process. As a result, an adverse-selection of the best firms opting out is increasingly occurring. This does not serve the families well, and yours deserves much better.
We draw from the nation’s most comprehensive database, proprietary research, and connections in the family wealth industry. The result is a treasure trove of intellectual capital about this little-understood industry.
We know its players, their challenges, and the critical trends and implications for these firms and the families they serve. Read more… From fees and pricing data, to the competitive landscape, to what is going on behind and in front of the curtain, no one surpasses our knowledge of this field. You and your family can leverage and highly benefit from our Bespoke Suite of family wealth firms.
We pull from propriety research and we have benchmarked best practices. This enables us to identify and recognize the top tier firms in the country. We have also pioneered leading thinking of the trends and implications for how private families are being served today, as well as into the next generation. This unique combination of connections and insights is unsurpassed in this business.
As a result, we understand the nuances of the different services they each provide, how these family wealth firms charge for their services, and what kind of client family they are best suited to serve. Just like each family is unique, these firms all have their own cultures and styles, which determines which firm we’d be introducing to you and your family. We also understand that no firm is perfect, as each firm has their strengths and Achilles heals. No one understands or appreciates this better than us.
Why do you believe Bespoke Suite is a much better way?
From all of our connections and insights, we invite a limited number of best-in-class family wealth organizations to participate in creating a profile of their firms. We work with them to ensure that their firm profile is accurate and complete, and we keep them refreshed. We also visit each of them onsite, and we keep in contact with them on a regular basis. In addition, our team is constantly talking to many in this industry and over time, firms develop a reputation, to which we pay close attention.
The result of this proprietary work is our well-honed stable of best-in-class firms which we call our Bespoke Suite. This can be readily called upon when we are leading a search for you and your family. No other organization can boast having this unique, innovative approach as a nationwide, premier resource. And the only families with access to this incredible resource are our valued clients.