Have you ever seen a pink elephant?
Perhaps you are wondering why we would ask such a question. Surely pink elephants don’t exist. Yet we would suggest that affluent families and closely-held business owners are actively searching for a pink elephant!
Families with significant net worth need a professional to help them organize their entire financial life while also helping them to execute toward their financial, professional, and personal goals. This consultant should have the capabilities to handle complexities and problems unique to them as well as the ability, desire, and time to coordinate with their accountants, lawyers and other professionals for their sole benefit. They should act as a Personal CFO with a genuine desire to help, rather than to sell them something. Based on your experience, does this type of advisor also seem imaginary?
It’s time to address the pink elephant not in the room. Many financial advisors do not have their clients’ best interests at heart. For those who are fortunate enough to be working with a true fiduciary, there are still only a few financial professionals who have the experience, breadth of knowledge, academic credentials, and time to holistically help families achieve their goals.
The Search is Over
We are here to tell you that such an advisor does exist. Handwerk Multi Family Office (HMFO) is a pink elephant; chances are you’ve never seen something like us before. We work very closely with less than 40 families so we can dedicate the time it takes to plan and execute a holistic wealth strategy. As your Personal CFO we incorporate advanced planning topics such as taxes, asset protection, charitable gifting, estate planning, and exit planning, among many others. We are advanced wealth planners that go way beyond investing to deliver results for our clients. We have a team of idea-driven, proactive, results-oriented problem solvers; we are HR consultants, business consultants, and economists. A real pink elephant.
Currently, we generally see that to access best-in-class holistic planning a family needs to have a minimum of $20-$50 million of investable assets to cover the overhead associated with the broad array of services provided by a multi family office. At HMFO our client base ranges from $2 - $20 million of net worth. How can we give this level of service to these “smaller” clients? Simply put, it has been our specialty since the very beginning. Our managing partner, Derrick Handwerk, designed the practice to be small and service-oriented and our service paradigm is not scalable. We will never have 100 clients and we will not make several million dollars a year in fees like the big companies. But that is just fine with us.
So now that you know that your, or your client’s, financial life may not be with a group that plans holistically, what should you do?
Join us here each month for business insights, tax, retirement, and estate planning tips, and other valuable information on advanced planning topics that can help you get your financial life back on track. Ready to take control of your overall wealth picture? Subscribe to our free newsletter today and start receiving these insights right to your inbox.
About Handwerk Multi Family Office
HMFO provides a multi-dimensional and personalized approach to managing the financial life of affluent families and closely-held businesses. We are known for our in-depth and holistic approach to wealth management, and we work with affluent families in Philadelphia and the surrounding counties to develop actionable plans that go well beyond investing. We proudly serve a small group of families in order to have a truly meaningful impact on their lives.
To learn more about who we are and what we can do for you, visit our website www.handwerkmfo.com or call us at 215.238.0212.
When trying to understand what a holistic approach to wealth management includes, consider this. A survey of nearly 100 multi family offices across the country identified 30 different services offered in the wealth management space, listed below in order of availability. Of these services, Handwerk MFO has provided 26 of these in the last two years to our clients, including some services that were only offered by less than 10% of all offices surveyed. We also regularly provide each of the top 15 services identified.