How a Family Office Can Help
Updated: May 2, 2020
While there have been a myriad of firms and advisors that have taken the moniker of “family office” to attract more affluent clientele, at the core of any multi-family office is typically an anchor family that creates the foundation that many of the services and investment opportunities are based upon.
But what is a family office? A family office is essentially a wealth management firm created to serve a family or families in a fiduciary capacity through the co-ordination of all wealth management services with trusted family advisors.
Managing family wealth can create many challenges beyond the day-to-day management of an operating company, which may already take much of the family’s time and exceed their expertise. Issues such as sustaining purchasing power across generations, financial security without entitlement, preserving the family legacy, and providing a training ground for future family leaders, as they make an impact in the local community, may be too large for an individual family to manage without a coordinated team of professionals to assist them.
This is where the services of a dedicated family office can prove to be beneficial and provide better solutions for a family.
Unfortunately, at this time Canada trails the United States in the field of family offices. There are more than 600 firms in the U.S. dedicated to serving families with greater than $20 million in investible assets. Although Canada has one tenth the population of our southern neighbour, there are a significantly smaller proportion of family offices in Canada. This is largely attributable to most wealth management services being provided by the brokerage and asset management divisions of the major Canadian banks.
It is because of this need that Northland Wealth was built with the purpose of being aligned with families and to serve their individual needs and objectives. We take this purpose to heart and are a member and proud sponsor of CAFE – The Canadian Association of Family Enterprise, as well as a member of FFI – The Family Firm Institute. This effort and expertise has not gone unnoticed, as Northland Wealth was regarded as one of the “leading global family offices” at the recent Campden Media’s - The North American Family Office Conference.
During our next meeting with you, let’s explore how your family can utilize some, or all, of our family office services.