When Your Family Office Is More Like Your Family

&l;span style=&q;font-weight: 400;&q;&g;The definitions of a Multi-Family Office vary widely. Family Offices are private wealth management and advisory firms that work with high-net-worth individuals and families. The functions of what they do can range from simply managing a family&a;rsquo;s investments, to providing a total outsourced solution for every aspect of a family&a;rsquo;s wealth. The services and structure of a Family Office make the everyday management of affluent families&a;rsquo; financial affairs more convenient and efficient, as well as provide an added level of governance.&l;/span&g;

&l;span style=&q;font-weight: 400;&q;&g;Sometimes the relationship between a Multi-Family Office and the families they work with can grow into much more. That is exactly what happened to one family when both parents died within months of each other, leaving two young boys and the family ranch behind. &l;/span&g;

&l;img class=&q;size-full wp-image-12&q; src=&q;http://blogs-images.forbes.com/whittiertrust/files/2018/03/Whittier-2.jpg?width=960&q; alt=&q;&q; data-height=&q;459&q; data-width=&q;640&q;&g; For two brothers on California&a;rsquo;s Central Coast, their Family Office became more than an investment advisor when they lost both parents

&l;span style=&q;font-weight: 400;&q;&g;Jim, the boys&a;rsquo; father, had recently retired from a successful career in publishing. He and his wife moved with their two young kids to a ranch on the Central Coast of California. He was looking for a firm to help manage their assets. Sadly, Jim&a;rsquo;s wife unexpectedly passed away soon after the move and he was left to care for the two boys on his own. Jim called Whittier Trust for a meeting about their Family Office services.&l;/span&g;

&l;b&g;A Range of Family Office Services&l;/b&g;

&l;span style=&q;font-weight: 400;&q;&g;Families like Jim&a;rsquo;s often look for a Multi-Family Office to manage more than their portfolio. A Family Office centralizes the management of every aspect of a family&a;rsquo;s financial affairs, from day-to-day expenses to long-term legacy planning for future generations. They often help affluent families meet the daily demands of managing their financial affairs, helping with items such as bill payment, payroll services for household staff, insurance reviews, cash flow analysis, fund transfers, and the centralized administration of documents and records. &a;nbsp;&l;/span&g;

&l;span style=&q;font-weight: 400;&q;&g;Family Offices coordinate with a family&a;rsquo;s lawyers, accountants or advisors, facilitate family meetings and wealth education, manage financial documents, maintain records, and assist with family business succession planning, valuation, and governance. Better coordination of all outside advisors can result in more effective tax planning and other benefits that directly affect a family&a;rsquo;s bottom line. The more sophisticated Multi-Family Offices can also serve as trustee for the family for assets such as closely-held businesses, real estate portfolios or other strategic assets. For families with philanthropic efforts, a Multi-Family Office can administer and help guide charitable giving efforts and estate planning. &l;/span&g;

&l;b&g;Not a Typical Client Relationship&l;/b&g;

&l;span style=&q;font-weight: 400;&q;&g;Many families find that their relationship with their Multi-Family Office is very close, often with regular day-to-day interaction. Due to this unique connection, a Multi-Family Office can play a role that goes far beyond portfolio management. &l;/span&g;

&l;span style=&q;font-weight: 400;&q;&g;&a;ldquo;The meeting with Jim was all business with pointed questions about our investment approach, performance and capabilities,&a;rdquo; explained Susan, Jim&a;rsquo;s Whittier Trust Client Advisor.&l;/span&g;

&l;span style=&q;font-weight: 400;&q;&g;That meeting took on a new urgency when he slipped her a note that explained he had terminal cancer and only months to live. It was time to make sure his affairs were in order.&l;/span&g;

&l;img class=&q;size-full wp-image-13&q; src=&q;http://blogs-images.forbes.com/whittiertrust/files/2018/03/Whittier-3.jpg?width=960&q; alt=&q;&q; data-height=&q;427&q; data-width=&q;640&q;&g; Many families find that their relationship with their Multi-Family Office is very close, often with regular day-to-day interaction.

&l;span style=&q;font-weight: 400;&q;&g;&a;ldquo;After Jim passed me that note, we set aside the discussion about our services and investment results and I asked Jim what was the most important thing for him to know before his time came,&a;rdquo; said Susan. &a;ldquo;The conversation was pretty emotional but his answer was simple. He wanted to know his boys&a;rsquo; lives would go on uninterrupted &a;mdash; that they could continue going to the school they loved, keep living on the ranch, and continue to be taken care of by the housekeeper they knew and loved. He wanted to be sure that their future was secure.&a;rdquo;&l;/span&g;

&l;span style=&q;font-weight: 400;&q;&g;Over the course of the next few months, Jim&a;rsquo;s Multi-Family Office mapped out a detailed strategy that left him secure in the knowledge that his sons would be well taken care of. They arranged for the nanny to live at the ranch to care for the boys and determined how the ranch would be run, well into the future. They helped manage the family&a;rsquo;s assets but also played a larger role in ensuring Jim&a;rsquo;s wishes were carried out. When Jim passed away, it was with confidence that his boys and their assets were in the best of hands. &l;/span&g;

&l;span style=&q;font-weight: 400;&q;&g;The relationship with Jim&a;rsquo;s family was managed through Whittier Trust&a;rsquo;s Family Office because they knew the family&a;rsquo;s needs, and could call on the right expertise as it was required. It was much more than that, though. Susan visited the ranch regularly to make sure it was being managed properly and to check on the boys. She oversaw renovations to the house and helped see to the boys&a;rsquo; education. &l;/span&g;

&l;span style=&q;font-weight: 400;&q;&g;Whittier Trust&a;rsquo;s relationship with Jim&a;rsquo;s boys has lasted more than three decades and continues to this day. This deep connection is the type of customized service and genuine care that exemplifies how your Family Office can truly be like family. They&a;rsquo;ve done everything from continuing to manage the family assets and ranch, to helping the boys with college applications. While these are the range of services that fall within what is considered the function of a Family Office, for Jim&a;rsquo;s two boys, it has been anything but typical.&l;/span&g;

&l;div style=&q;font-size: 10px; line-height: 13px;&q;&g;Disclaimer:

$10 million marketable securities and/or liquid assets required to be a client at Whittier Trust. Investment and Wealth Management Services are provided by Whittier Trust Company and The Whittier Trust Company of Nevada, Inc. (referred to herein individually and collectively as &a;ldquo;WTC&a;rdquo;), state-chartered trust companies wholly owned by Whittier Holdings, Inc. (&a;ldquo;WHI&a;rdquo;), a closely held holding company. This document is provided for informational purposes only and is not intended, and should not be construed, as investment, tax or legal advice. Past performance is no guarantee of future results and no investment or financial planning strategy can guarantee profit or protection against losses. All names, characters, and incidents, except for certain incidental references, are fictitious. Any resemblance to real persons, living or dead, is entirely coincidental.&l;/div&g;

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