What is a multifamily office?
A family office is a group of people and systems designed to manage the financial affairs of a family. A multifamily office supports several families and thus is more cost-effective. Additionally, a multifamily office reduces the vulnerability to the loss of key personnel.
Will it affect me that you are in Albany, New York?
We find that our location is a positive and not a negative. Costs are lower in upstate New York than in most major metropolitan areas. We typically meet with you at your choice of location, so our travel to and from these meetings will be invisible to you.
Are you a replacement for my attorney or accountant?
We work with your attorneys on estate planning and other legal matters. We are a source of quality information to them. To you, we are a translator to help you better understand your options.
We often prepare tax returns for our clients. However, we appreciate existing relationships. You can continue working with your accountants. We support them and provide them with information.
How do you pay my bills?
Ideally, we substitute our address for yours with all your vendors. Bills are sent directly to us. We promptly process payments from accounts to which you have granted us authority. We then report all transactions to you and reconcile your bank accounts.
Will you help me with my foreign reporting requirements? Reportable transactions?
Tax returns have become more than schedules of income and deductions. They now document transactions of interest to the government. We prepare all necessary domestic filings as required of a US citizen.
Do you sell any insurance products?
No. We only sell our time and talent. You may need insurance, and if you do, we will help you find a solution on a best practices basis. We do not receive payments from anyone other than our clients.
How do you get paid?
We charge a fee for our services. Fees are either a fixed annual amount negotiated in advance or a percentage fee that varies with asset value.
How will my family benefit from this relationship?
While you are alive, we educate your family on methods of wise wealth stewardship, organize family meetings, and coordinate family philanthropic efforts. After your death, we work with your family to ensure a smooth financial transition and substitution of their leadership for yours based on your directions.
Can you manage my assets?
Yes. We can act as either an investment consultant to your current portfolio advisor or manage your assets with our partner custodians. We do not create products nor do we receive commissions.