3 Keys to a World-Class Family Office Experience

This 4 minute audio interview with Dave Specht, National Development Manager for Family Dynamics at Wells Fargo Private Bank, discusses key considerations to look for in a world class family office experience. 

Audio: 3 Keys to a World-Class Family Office Experience

Transcript: 3 Keys to a World-Class Family Office Experience

Host: Dave Specht, National Development Manager for Family Dynamics, Wells Fargo Private Bank

Generational wealth management can look different depending on the family and the types of assets the family owns.  Have you ever wondered what the wealthiest families do to organize their financial affairs to help protect their assets and prepare their families for how the wealth will impact their lives?

I’m Dave Specht, the Family Dynamics National Development Manager for Wells Fargo Private Bank.

Family offices are set up all around the world to provide for oversight and management for the world’s wealthiest families.  They are tasked with managing complex tax, legal and investment holdings of a family.  Family offices typically exist to serve these purposes and to help protect the privacy of these families they serve.  To help achieve the best experience for your family, you may find that you need more. 

  1. High IQ, and high EQ-
    Technical expertise from tax and legal to investing and managing real estate is a given when it comes to managing your wealth.  But don’t forget the softer side of wealth management. You might consider including a business strategists, leadership development experts or a psychologist to assist with the “human capital” that you are managing. Such experts can help manage family conflict, develop education programming for the rising generation and assist with family meeting facilitation.
  2. Differentiated client experience for the next generation-
    Look for a provider who can offer a client experience to serve the varied needs and preferences of multiple generations.  Some family members prefer face-to-face meetings while others are fine with virtual meetings.  Some want paper statements while others prefer the paperless digital option.  Some are happy sharing the same advisor their parents use and others would like to work with someone independent of their parents and closer to their own age.  These are just a few examples.
  3. Ability to proactively address shared ownership/management complexity-
    Your wealth management provider should be able to both cater to and defer to the style and desires of the wealth creating generation and also proactively challenge the family to put systems and structures in place to help protect their relationships with each other and to set a clear understanding of how they will operate together. 

If your family office could use help with any of these common challenges, contact your Wells Fargo relationship manager.