CPA Extends His Services for Family Offices

A client with a net worth of $85M was forced to manage relationships with his CPA, Financial Advisors, Attorneys, CFO, Bookkeeper as well as run the family business and also have time for his family and other interests. He was ignored by traditional Family Offices, because he only had $6M of liquid assets, and the majority of his wealth was tied up in his primary business, real estate and other investments. When he had a complicated challenge, he would have to make at least 5 phone calls to gather everyone’s feedback, since he was not an expert in financial, tax or estate planning.

When his CPA told him that they now offer a Virtual Family Office solution, where he can have best of breed resources from one point of contact, saving him all those phone calls and stress, he made the decision that would change his life.

His VFO was able to deliver world class tax mitigation strategy, that also helped to eliminate any estate tax for his heirs. Additionally, his VFO brought in a team to reduce business expenses by 30%, and helped this client to finally understand all of the moving parts of the entire financial picture. This client now has a private web portal where he can see all of his assets marked to market on a daily basis, and can access his VFO virtually any day of the week.

This client is now investing much of this extra time into working closely with his children on helping a number of charities. Teaching his kids to give back and creating these memories has increased quality of life and created a lot more joy and balance in his life.