Bespoke Second Look

Bespoke offers private families and private family offices the Bespoke Second Look, which offers an objective second opinion of how well a private family is being served.  In many cases, while well-intentioned, a family has simply out-grown its advisor and needs a change, just like the family and its needs have changed.

 

Bespoke Second Look is designed to help ensure that all aspects of a family’s requirements have been adequately addressed before they make the major decision to move or upgrade their relationship.   Bespoke conducts a 12-point review that covers all aspects of family wealth, from investments, security, family governance, health advocacy, private travel, technology, and more.

 

Why a Second Look Makes Sense

This is likely one of the most critical life decisions you and your family will make - one that directly affects your livelihood for decades if not generations to come.  Taking an objective look at your current or proposed situation regarding an organization who is to be entrusted as your family wealth advisor only makes sense.

 

According to the 2018 U.S Trust Insights on Wealth and Worth study, “only 16% of ultra-high-net worth households surveyed are effectively utilizing the services of their financial advisor.”  Furthermore, that same study indicates that “fewer than half of the wealthy have clearly identified a purpose for the use of their wealth or taken deliberate steps to use wealth as intended.”  This closely corresponds with a metrics supplied by Alliance Research, which indicates that only 1 in 7 families with a net worth in excess of $30 million is currently being served by a family wealth firm.

 

Our Second Look for Private Families

Below is what could be included in a Second Look for our private families like you.  We are your objective mirror, giving you our opinion of your current situation and what you could be missing.  In this limited engagement, we are mainly in a discovery, then a brief reporting-back-to-you mode, sharing our findings and at the end, “What’s next?”:

  • What is Your Family’s Definition of Success?
  • What does Your Family Need?
  • What are You Currently Being Offered?
  • What are You Being Charged/Paying Now?
  • How do You Know if You have Outgrown Your Financial Advisor?
  • Security/Risk Management
  • Portfolio Management
  • Family Governance/Decision Making
  • Home (Staff, Collections, Prop. Mgt., Health, Travel)
  • Charitable/Impact
  • Communications (Intra & Inter Advisors/Family)
  • What are Your Options, If You Need to Make a Change?

 

Our Second Look for Family Offices

Private family offices are in a very different spot.  They already have a dedicated, hard-working, and committed staff of professionals who are focused upon serving a related set of family households and in many cases, their families are complex and multi-generational.  We are often approached by the staff, the family members, or a key advisor to the family, to see if there are any unknown Achilles heels or blind spots.  Here’s what we can review in most situations:

  • Technology
  • Talent (Compensation, Leadership, Transition)
  • Portfolio Management
  • Your Business Model
  • Fiduciary/Transfer/Tax
  • Your Business Structure
  • Family Governance/Decision Making
  • Your Offerings
  • Home (Staff, Collections, Prop. Mgt., Health, Travel)
  • Charitable/Impact
  • Communications (Intra & Inter Staff/Family)
Offered to Private Families & Family Offices