AN ACCOUNTANT EXPANDING INTO FAMILY OFFICE   This podcast is going to: Get insights from a qualified accountant about why explore Family Office The pathway from employee at Sunshine Coast to multi-family office in Brisbane Leanings to date of selling and delivering a Family Office to a client. Chris Davey is a qualified Accountant, father of his 3-year-old son, Nikita and overall good person. Chris approached me circa one year ago to assist with Family Office coaching and I’m pleased to say, he has his first client with second looking very likely any day. Chris, hullo, welcome and thank ..read more

Cody Harmon, Cruz Family Office walks us though his pathway to being a Family Office adviser. He shares the nuggets about what he has learnt to date along with the good, bad and the ugly. We both hear and feel the light-bulb moment where he made the decision to move to Family Office from Financial Planning. Cody provides his counsel to anyone listening if they are pondering whether or not to put their toe in the water and explore Family Office. What would he have done differently on his journey ..read more

HOW SUCCESSFUL IS YOUR CLIENT RETENTION? This podcast is going to: Challenge your honesty to yourself Explain: why clients leave what you can do to eliminate losing clients how to have client engagement that will lead to referrals Give direct feedback from clients we onboard Now, let’s jump straight into the information for making you money. Why clients leave? You meet your prospect, build a rapport, educate them, discuss options and then implement. Then what? The time between discussions starts to push out, the level of enthusiasm and engagement diminishes because the needs of the now c ..read more

WHAT IS IT LIKE FOR AN ACCOUNTANT WORKING WITH MULTI FAMILY OFFICE? The difference in experience for a qualified accountant in the day-to-day dealings with clients to that of dealing with a Family Office. If you’re a qualified accountant, should or shouldn’t you broaden your service offering to include Family Office? What’s it like to experience the synergy and collaboration of a Family Office Management Team?   ..read more

WHAT ARE THE ATTRIBUTES OF A FAMILY OFFICE CLIENT? What traits you need to look for when deciding on the suitability of a Family Office client for your business. At Generational, we identify the following attributes or we don’t proceed with the family as a client. • No. 1: Delegators • No. 2: Time poor • Pride in establishing a legacy | purpose • A desire to make a difference to the betterment of others • Seeking security for what and who is important to them • Are interesting people - living and people are more important than money • Value integrity • Social inclusion - committed to playing a ..read more

A FINANCIAL PLANNER'S FIRST FAMILY OFFICE EXPERIENCE |  Co-host is Nat Daley, Financial Adviser & Managing Partner at Hard-Line Wealth (Coolangatta, Queensland). Nat is a gentleman, a father to young Lenny Jean, husband, and someone I respect. He certainly punches above his wait in the financial planning sector. Nat is in the process of adding Family Office to the service offering of Hard Line Wealth. Recently, Nat was a guest of our largest Family Office, Management Team meeting so he could experience the reality, not the theory of what goes on. Nat answered the below questions: The ..read more

WHY ADD FAMILY OFFICE TO YOUR SERVICE OFFERING? What levers do you currently have, or use, to stop the loss of your key clients? Here are the only two that I observe financial planners use:1) Lower the price?2) Stager services, conversations &/or the implementation of the services It becomes very difficult to keep justifying the same fee or payment every year given you have already been paid to implement what was recommended | needed in your Statement of Advice. Why add Family Office to your service offering? 1) You will have a clear point of difference2) Engagement, engagement, engagement ..read more

HOW MANY HOURS P.A FOR HOW MUCH INCOME? When it comes to pricing, is it a fixed price per annum and then adjust the hours to suit the price OR is it the hours and then establish the price (like and Accountant | Lawyer)? 36 is the number of hours p.a per Family Office. How does controlling the hours work?The format I utilise and strongly recommend to my coaching clients, is to capture items in an Agenda. This Agenda is disbursed to the Management Team at a certain time, in a format and the hours of the meeting is capped to 2 hours. Depending on location, travel or not, style of meeting (virtua ..read more

WHAT MULTIPLE OF REVENUE DOES A FAMILY OFFICE SELL FOR? If you’re a Financial Planner, Accountant or Mortgage Broker and interested in having a business that has a saleable revenue of 9 to 12 times or EBIT of 5 to 6 times, Family Office is the structure. Why is it that Financial Planning leads the way with revenue multiples? Engagement | discussions | pro-active and caring nature of the human being delivering the advice and value proposition. Clearly there are, have been and will be bad eggs (as there are in every industry where money is involved) however overall, most of the financial planne ..read more

HOW LONG DOES IT TAKE TO SET UP A FAMILY OFFICE? Can I do this on my own? What's involved? How do you bill? How long until I can make money? In my case, it took 3 years: from the idea of becoming a business that would service Family Office clients identifying the client; and getting paid. I started with no idea as to which way to turn, where to go &/or, who to speak to I started with a pilot client and STRONGLY RECOMMEND this approach as; it allows you to make mistakes (based on a discounted rate to the client) it enables you to be authentic you will receive open and priceless feedbac ..read more