Download pdf - BRINGING FAMILY OFFICE SERVICES TO THE MASS AFFLUENT - Will Carter, MCKINLEY CARTER WEALTH SERVICES

Family Office ServicesFor the Mass AffluentFor the Mass Affluent

IFG Wealth Management ForumgApril 23, 2013Phoenix, AZ

Will CarterDirector of Wealth Management

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Introduction

McKinley Carter Wealth ServicesMcKinley Carter Wealth ServicesThree principals (50, 42, 42) each starting independently in early 2000sF ffi ( h i WV i PA)Four offices (three in WV, one in PA)24 employees$500M under discretionary managementy g$100M+ 401(k) advisoryClient in 26 states

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McKinley Carter Client Distribution

<$500K

$500K ‐ $2M

h $

$2M ‐ $5M

0% 5% 10% 15% 20% 25% 30% 35% 40% 45%

Greater than $5M

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Virtual family offices

“The cost of family office is prohibitive for families ith l th $100 illi B t if with less than $100 million. But if you remove a

lot of the physical infrastructure and create a virtual support network, you could afford a pp y fffamily office at $25 million.”

Jamie Punishill, CapGemini

“Technology is really creating more efficiencies for traditional family offices and its creating

i ti biliti th t did t communications capabilities that we did not have before.”

Lisa Gray, author of The New Family Office

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Definitions of “affluent”

“ flowing in abundance” …flowing in abundance

“ generally sufficient and increasing …generally sufficient and increasing

supply of material possessions”(Merriam Websters)

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Types of Family Offices

• Founder’s Office B i O Offi• Business Owner Office

• Diversified Business/Private Equity Office• Investment Office• Investment Office• Compliance Office• Philanthropy OfficePhilanthropy Office• Multi-generational Office

Source: Family Office Exchange

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Reasons for Family Offices

• Control of assetsC ti it ti• Continuity across generations

• Objectivity • Customization• Customization• Confidentiality• IntegrationIntegration• Education of owner


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Family Office Services

• Investment strategy and implementationI t t d fi i l t t i• Integrated financial strategies

• Client information management• Wealth transfer planning• Wealth transfer planning• Trusteeship• Liability managementLiability management• Family continuity/client education• Philanthropy


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Core Competencies of Family Offices

ComprehensiveCustomer-centered CoordinativeStrategic

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McKinley Carter Mass Affluent CriteriaOn track to maintain standard of living w/out working into old age

f h l fLiving for more than material comfort, e.g., family, communityH bl t h l ti Humble – open to help, respecting reality’s operationsIntellectually and emotionally competent Intellectually and emotionally competent to trust

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Client Information Management

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Comprehensive Preliminary Assessment

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Comprehensive Investment Reporting

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Wealth Transfer Planning

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Trustee Services

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Elevate role of “coordination”

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The Big Picture

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Toll Free: 866.306.2400www.mc-ws.com