BRINGING FAMILY OFFICE SERVICES TO THE MASS AFFLUENT - Will Carter, MCKINLEY CARTER WEALTH SERVICES
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Transcript of BRINGING FAMILY OFFICE SERVICES TO THE MASS AFFLUENT - Will Carter, MCKINLEY CARTER WEALTH SERVICES
Family Office ServicesFor the Mass AffluentFor the Mass Affluent
IFG Wealth Management ForumgApril 23, 2013Phoenix, AZ
Will CarterDirector of Wealth Management
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Introduction
McKinley Carter Wealth ServicesMcKinley Carter Wealth ServicesThree principals (50, 42, 42) each starting independently in early 2000sF ffi ( h i WV i PA)Four offices (three in WV, one in PA)24 employees$500M under discretionary managementy g$100M+ 401(k) advisoryClient in 26 states
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McKinley Carter Client Distribution
<$500K
$500K ‐ $2M
h $
$2M ‐ $5M
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
Greater than $5M
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Virtual family offices
“The cost of family office is prohibitive for families ith l th $100 illi B t if with less than $100 million. But if you remove a
lot of the physical infrastructure and create a virtual support network, you could afford a pp y fffamily office at $25 million.”
Jamie Punishill, CapGemini
“Technology is really creating more efficiencies for traditional family offices and its creating
i ti biliti th t did t communications capabilities that we did not have before.”
Lisa Gray, author of The New Family Office
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Definitions of “affluent”
“ flowing in abundance” …flowing in abundance
“ generally sufficient and increasing …generally sufficient and increasing
supply of material possessions”(Merriam Websters)
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Types of Family Offices
• Founder’s Office B i O Offi• Business Owner Office
• Diversified Business/Private Equity Office• Investment Office• Investment Office• Compliance Office• Philanthropy OfficePhilanthropy Office• Multi-generational Office
Source: Family Office Exchange
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Reasons for Family Offices
• Control of assetsC ti it ti• Continuity across generations
• Objectivity • Customization• Customization• Confidentiality• IntegrationIntegration• Education of owner
Source: Family Office Exchange
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Family Office Services
• Investment strategy and implementationI t t d fi i l t t i• Integrated financial strategies
• Client information management• Wealth transfer planning• Wealth transfer planning• Trusteeship• Liability managementLiability management• Family continuity/client education• Philanthropy
Source: Family Office Exchange
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Core Competencies of Family Offices
ComprehensiveCustomer-centered CoordinativeStrategic
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McKinley Carter Mass Affluent CriteriaOn track to maintain standard of living w/out working into old age
f h l fLiving for more than material comfort, e.g., family, communityH bl t h l ti Humble – open to help, respecting reality’s operationsIntellectually and emotionally competent Intellectually and emotionally competent to trust
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Client Information Management
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Comprehensive Preliminary Assessment
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Comprehensive Investment Reporting
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Comprehensive Investment Reporting
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Comprehensive Investment Reporting
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Wealth Transfer Planning
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Trustee Services
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Elevate role of “coordination”
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The Big Picture
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Toll Free: 866.306.2400www.mc-ws.com