How can excellent client service ensure transparency in your financial life?
Someone once told me, “If you’ve seen one family office, you’ve seen one family office.”
That is how it should be; no two families need exactly the same thing. That’s why, at Coastal Bridge, we offer our clients customized family office services. Using what we call our virtual family office service model, we act as liaison to our clients’ network of trusted advisors, from business managers and accountants to attorneys and trustees.
Simply put, we are here to organize and execute all of the moving pieces.
MANAGING THE PUZZLE PIECES
It’s easy for things to fall through the cracks when no one is there to manage a process or see it through to completion. For example, your attorney may draft a complicated structure in which your home’s ownership is to be held in a trust. You now owe rent to that trust equal to the going market rate for any given year. But who is going to make sure that rent is transferred to the trust on a monthly basis? Who will determine that an annual appraisal is completed? Oversee the drafting of a new lease when the old lease terminates? See to it that the bills paid from the trust are tracked each month and are related to expenses only a homeowner would pay (e.g., property taxes, landscaping, etc.)?
As this example shows, there are an overwhelming number of factors at play, and engaging someone to navigate and manage the process is crucial to ensure that no details are lost along the way.
TRACKING YOUR NET WORTH
Many of our clients have outside investments, including, but not limited to, private equity, hedge funds, real estate and other illiquid investments. For these families, keeping abreast of these investments can be extremely cumbersome.
Because we take responsibility for tracking and aggregating this information, our clients have a clear picture of all their investments and how those investments are performing. We believe that our clients feel more secure when they can access a consolidated view of their net worth, and more confident in our recommendations for future deals and investments.
KNOWING WHOM TO CALL
Wouldn’t it be nice to know that you had someone to call if you had a question but weren’t sure whom to ask? We are asked questions all the time about issues unrelated to portfolio allocations and everyday market updates.
And we answer those questions, from, “How can I best track my credit score?” and, “How can I protect myself from identity fraud?” to, “Can you help me book a trip with credit card miles?”
In this and other ways, we build relationships founded on trust, where our clients not only value our hands-on approach to service but feel comfortable seeking our help with tasks, both large and small.
Rome wasn’t built in a day, and neither are our client relationships. Building meaningful relationships and trust takes time. With that in mind, our ultimate goal is always to make clients feel that we can be trusted and relied upon, almost like an extension of their family.
Through consistent communication, attention to detail and our practical approach to offering assistance, our virtual family office services aim to ease the minds of those we have the honor of working with.
This article is provided for general informational purposes only with respect to the firm’s investment advisory services. The information contained herein should not be construed as personalized investment advice. Information contained herein is subject to change without notice and there is no guarantee that the views and opinions expressed herein will come to pass. Investing in the stock market involves gains and losses and may not be suitable for all investors. References to clients’ experiences should not be considered to be representative of all clients’ experiences or an endorsement by any client of the firm or the investment advisory services offered by the firm. There can be no assurance that the firm will be able to achieve similar results in comparable situations, as your experiences may vary based on your individual circumstances. No portion of this article is to be interpreted as a testimonial or endorsement of the firm’s investment advisory services. For additional information about the firm, including fees and services, send for our disclosure statement as set forth on FormADV, using the contact information herein. Please read the disclosure statement carefully before you invest or send money.