Brett meets Eric at a multifamily networking conference!
Eric tells Brett that he works at a single family office an (SFO)…..
Brett wants to know what a single family office is and its importance??
Eric explains that a single family office is a wealth management firm for high net worth families….typically with a minimum of 10 million dollars in investable securities!
Single family offices help assist families in a variety of ways including wealth management activities, estate planning, tax optimization, charitable giving, and many other areas that help administer their clients wealth and overall lifestyle!
Eric goes on to say that single family offices get paid a premium from their clients in the use of their services…
Brett wants to know why someone would need to use a single family office?
Eric explains that it takes a lot of effort and expertise to successfully manage high net worth families. Imagine just the paperwork if you had 100 different investments to keep up with!!
Eric states that it is very beneficial to have a team of highly experienced professionals to help make educated decisions regarding all aspects of wealth management!
Brett is excited to now understand the role of single family offices and the factors they play in helping high net worth families!