Family Office Service
Varnum's family office services are offered in conjunction with our legal and personal trustee services. Through these services, we serve as a virtual business office for our clients and their families, assisting in the coordination of personal and family financial matters. Our first objective is to aid our clients and their families in establishing long-term financial goals. As your advisor, we coordinate, implement, integrate and monitor the professional services required to meet these goals. We work with other valued family advisors, including investment and insurance professionals, tax advisors and bank trustees, and view our ability to do so objectively, efficiently and effectively as one of our core strengths.
Included among our family office services are the following:
- Service as trustee (see Personal Trust services)
- Financial goal determination - Including both long term and short term cash flow
- Knowledgeable, experienced and active assistance in coordination of other advisors (investment, insurance, accounting, banking)
- Customized summary of financial reports where there are multiple financial advisors involved
- Assistance in selection and evaluation of investment managers and advisors, and assistance in ongoing coordination where there may be more than one investment manager or advisor.
- Collectively, we have been exposed to a variety of financial advisory firms over many years.
- Where the client already has a trusted investment advisor, we will work with them. Chances are good that we already do work with them.
- While we continue to perform estate planning services independently as a stand alone service to our clients, estate planning services may also be woven into a comprehensive set of family office services
Coordination of implementation of major initiatives such as sale of a major asset or a major estate plan revision
Assistance with selection and periodic review of insurance services
Income, gift and estate tax services.
- We offer these services within our group and also work with existing tax providers (and do so effectively with a variety of CPA firms).
Concierge services (for client or parent of client)
- Bill paying
- Home related services
- Second home/cottage management
- Including arrangement for and coordination of necessary home services
- Payroll (household employees)
- Income and expense reporting
- Charitable pledge fulfillment
- Travel arrangements
Family Financial Matters
- Family financial education
- Coming of age seminars (wealth counseling at significant ages such as 18, 21 or other key birthdays)
- Family closely held business matters (including for those not involved in the business day to day or serving on the board of directors)
- Family business succession issues
- Family meetings
Fees and Value
Our family office fees are customized for each client based on the number and depth of services desired by the client and a variety of other factors. Fees are generally a fixed periodic amount. Our commitment is to be fair and to always strive to provide our clients with value commensurate with or greater than the fees for our services.
Estate planning and other personal legal services may be included with family office services in one fixed fee if so desired.