Services

What Is a Family Office?

Family offices have their roots in the sixth century, when a king’s steward was responsible for managing royal wealth. Later on, the aristocracy also called on this service from the steward, creating the concept of stewardship that still exists today. The modern concept of the family office was developed in the 19th century when families such as the Morgans and Rockefellers founded their own family offices. The term family office covers all forms of organizations and services involved in managing large private fortunes.

A family office acts as a personal Chief Advisor for wealthy families, with a dedicated team of professionals who oversee and manage the complete financial affairs of client families.  Family offices often provide family management services, which includes family governance, financial and investment management services, philanthropy coordination, and succession planning.  They also often manage the lifestyle needs of a family such as coordinated caregiving and special needs planning.

Our Family Office Approach

In the initial meeting, we get to know our prospect and determine if there is a fit for them and for the firm. During the initial meeting, major objectives, urgent issues and potential risks are discussed with the prospect. Once the prospect becomes a client, the topics that are discussed during the subsequent meetings are current estate plans, powers of attorney and advanced health care directives, inheritance plans, philanthropic giving, financial planning for education of children, diversification of income sources, and asset class management.

Benefits of Working with Intracoastal Family Office

  • We provide integrated plans for a family’s complete financial affairs, including investments, wealth transfer strategies, and optimal ownership structures.
  • We provide a comprehensive approach to risk management, so your family and wealth are well protected.
  • We construct a well thought-out Investment Policy Statement and process.
  • We provide risk-averse portfolio management.
  • We provide the coordination of professional advisors – including lawyers, accountants, investment and insurance advisors – to ensure that your family’s objectives are met.
  • We take a strategic approach to family philanthropy.
  • You will have the confidence that, if something happens to the main family decision maker, there will be someone in place who knows the family and the family wealth to advise them through the transitions.
  • You receive the proactive, personalized and highly responsive service of a boutique firm with a professional team from diverse backgrounds with many years of experience.