How Large Family Offices Assess Fit and Build Trust
At a panel at Richard C. Wilson's super summit, Richard C. Wilson moderates Jonathan, Julie, Pierre, Paul, and Candice as they discuss working with wealthy families.
Richard C. Wilson introduces a panel on how large multifamily offices work with wealthy families and how prospective clients can assess them. The guests describe their firms and roles, then discuss client service, prospect relationships, provider selection, investment oversight, direct deals, and diversification.
In this video: Richard C. Wilson (Panel moderator and event host), Jonathan (President of TAG Associates), Julie (Partner at WE Family Offices), Pierre (Partner who runs a family office practice), Paul (Co-founder of Twin Focus Capital), Candice (Chief investment officer and chairman)
What they said
- Prospect timelines vary. Jonathan says one client relationship took six and a half years to reach an agreement. Another prospect contacted him after a business sale and signed within weeks, when an immediate need prompted action. (at 15:52)
- Candice on trust before co-investing. Candice says her family office co-invested with other families only after knowing them for two years. She describes trust and a personal relationship as central to working together. (at 22:51)
- Paul on reviewing work product. Paul says a prospective client should ask to see the memos and work product an office delivers. He says an adviser's performance record may include investments managed by other firms. (at 20:04)
- Julie on respectful disagreement. Julie says advisers should offer opinions and have the courage to disagree respectfully. She says clients value guidance, not agreement for its own sake. (at 24:17)
In their words
"where we provide bookkeeping and bill payment and taxes estate planning aircraft and aviation management property management to our families"
"I look today for just a few people that I can help grow their businesses without an exit plan"
Why it matters if you are building or preserving great wealth
A spending review can alter a household's routine. Julie says one client started using a budgeting tool after an analysis projected her liquid assets could be depleted within a decade.
From Richard's exclusive Billionaires.com interviews
Lessons from Richard C. Wilson's one-on-one interviews, as published on each interview page.
- Anu Aga: Focus on one main cause. Her family found its giving more satisfying and impactful once it chose primary education for the underprivileged in India.
- Binod K. Chaudhary: Never chase a deal out of desperation. Stay cool and look at every part of the deal. Have your advisers and your finance team review it critically. Your counsel should review it too.
- Larry Connor: Learn from every mistake. Larry's team owns its failures and makes no excuses. They learn, change quickly, and keep getting better.
See the data
Frequently asked questions
How does Jonathan describe his firm's investment work?
He says the firm allocates to external, unaffiliated money managers and that more than one-third of its assets are in alternative investments.
What does Julie say WE stands for?
Julie says it stands for wealth enterprise. She explains that the families her firm works with have accumulated enough capital for their finances to be approached like an enterprise.
Sources
Quotes are copied from the video captions and checked against the transcript. Timestamps link to the moment in the video. General information only, not legal, tax or investment advice.