Family Office
Taking our traditional service to the next level, providing select families with a comprehensive range of services to manage their financial life across generations
The Homrich Berg Family Office division’s goal for family office clients is the simplification of the complex life that comes with being blessed with resources and opportunities. You no longer have to attempt to pull it all together yourself or wonder if someone is making sure that all of the balls in the air are being managed. Homrich Berg Family Office becomes the leader for your family team, working with the various advisors and family staff that are already part of your life. We have specialized expert teams who have managed family offices and worked with family office clients for many years. Even as we utilize this expertise we know that each family office client is unique and we personalize the services and relationship to fit your needs.
Key Advantages of Working With HB Family Office Include:
Fiduciary Advice
Unlike most advisors, HB is not focused on gathering your assets or selling you products. We have flexible fee approaches that do not have to be based on assets under management, and we are not motivated to try to get you to change managers simply to boost fees – in fact our mindset is just the opposite, trying to help families get the best return for their investments in all parts of their financial life.
Consolidated Reporting
According to research from the Family Office Exchange, the average family office spends 32% of its time on collecting, verifying, analyzing, and consolidating financial information. Many family office clients come to us with a mess of multiple managers, tons of statements, and maybe a complex Excel model that attempts to keep track of everything. HB relieves you of the stress of trying to keep it all together by providing comprehensive reporting on all of your investment assets no matter where they are or if they are liquid or illiquid. We can keep track of your private investments including contributions and distributions over time. The result is an easy to understand online reporting system (or printed reports) that show you the family picture however you want to see it and with all of the relevant information you need to understand your situation.
Private Alternatives
Most family office clients take advantage of the wide range of private alternative investment opportunities available for families with wealth. HB has a deep expertise in private investments and a staff of investment analysts focused on finding and evaluating private opportunities for our clients. In addition, our family office clients can share investment opportunities with their HB team that have been presented to the family and HB can provide quick guidance to help the family assess these opportunities (and help them say no when needed!).*
Administrative Services
Our family office clients enjoy a level of service that helps them spend less time on little details and paperwork and more time enjoying their wealth and life. For select clients who choose to add the service, HB can also provide bill pay services for an additional fee based on the level of reporting and approvals involved in the process.
Generational Guidance and Family Governance
Family office clients are often most concerned about their future generations and how best to guide their children and grandchildren to make wise decisions regarding their wealth. HB provides education and counseling to the family as well as assistance with family meetings and other approaches to achieve your personal goals.
Multi-Family Office Scale With Single Family Office Service Mindset
Homrich Berg provides your family the benefits of a multi-family office structure, spreading the costs of staff and systems across more than just your family. You gain the scale benefits of these investments as well as the collaborative expertise of multiple teams serving family office clients. A Family Wealth Strategist is part of your team to assist with estate planning and multigenerational concerns without incurring billable hours until you need a new document written by your attorney. The goal of our HB Family Office service team is to provide you the service levels of a dedicated single-family office but allow you to enjoy the benefits of not having to build out a single-family office on your own. Some of our family office clients have dedicated staff for certain purposes but using HB as their family office team helps them to avoid having to hire the complete single family office team. The multi-family office approach is often the right balance for a family that wants the sophistication of a larger family office but does not want to incur the costs and headaches related to the buildout and maintenance of a full single family office team structure.
Trusts and Estates
How should I structure my estate plan to minimize taxes? How should trusts be structured in terms of access to the assets and allowable distributions? Who should I select as trustees? If I need a corporate trustee listed, how do I avoid the nightmare stories I hear about bank trustees not working well with some families? Your estate attorney will be a key resource for these discussions, but your HB team including our dedicated full time Family Wealth Strategist is also there to help you understand the pros and cons of these complex options based on our collective experience. We also help you see how the estate flows map out over time with real dollars in each bucket, an often eye opening review that sometimes leads to changes in the future. Our Family Wealth Strategist has a deep estate planning background as a former practicing attorney, and she can help you understand all of your options without running up billable hours for the conversation! These estate and trust issues will continue to come up as your situation and the laws evolve over time, and your HB Family Office team is ready to help you with our Family Wealth Strategist resource advising your family.
Philanthropy
Family office clients often have a keen interest in giving back and their level of wealth allows them to make significant gifts or even consider a private foundation. HB helps the family assess their options, navigate major gift discussions, and manage the philanthropy process aligned with the mission, vision, and values of the family.
*Past performance is not a guarantee of future results for any investment. Private alternative investments are not for every client. An individual must be qualified to invest in a private investment based on their net worth and/or other criteria, and they may qualify to invest in some alternative investments while not be allowed to invest in other alternative investments. Alternative investments are not risk-free and there is no guarantee of achieving attractive performance compared to similar liquid investments.