The terminology “family office” comprises a wide-variety of services and offerings that are designed around the needs and desires of ultra-high net worth investors.
Traditionally, these services were available to individuals or families with over $100 million in net worth who generally had a more complex tax, investment or trust need than the average high-net worth investor. Today the term is still applicable to these types of clients, but also has been used to describe offerings for clients with $10 million or less. While these programs can have some of the features of programs for $100 million and up investors they are typically less robust and come with a much higher fee rate (asset charge fee as a percentage of investable assets).
Family office services can include legal needs, accounting, trust establishment and management, bill-paying, financial reporting, investment management, tax work, and insurance need evaluation and implementation. It also can include non-financial services such as: hiring staff to attend to family needs, managing the purchases of homes, cars, and other vehicles.
Custom Tailored Family Office Solutions
While all financial and non-financial services require significant time and effort, the financial services are generally easier for most family office firms to provide than the non-financial which can require the most time and personnel as there can be several full-time staff needed per family office client.
At Alden, we offer—or can refer within our network—many of the financial needs and services that ultra-high-net worth and family office clients need. We have several recommended firms we would refer clients to who need the other non-financial services, which include being a personal executive team and working on a daily basis to fulfill the constant requests and management of a large, dynamic family group whose lives needs are handled on a daily basis by a dedicated staff.
Why Choose Alden?
The Alden Network is a resource available to our clients, derived from years of positive interactions by our founders, executives, employees and advisors with a diverse universe of professional people and firms that can add significant financial and non-financial value to individuals and institutions.
When we meet others that share our core values and demonstrate to us or our clients an above average care and standard of service we strive to find ways to work together for the mutual benefit of our clients. These resources can fill a wide variety of client needs including:
- Accounting and Tax Services
- Benefits and Insurance (both individual and corporate)
- Legal Resources
- Real Estate Professionals (brokers, consultants, lenders, and more)