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Family Wealth Services Group
Your Family Office FAQs
Why join a Family Office?
Many families are discovering that although their wealth brings many luxuries, it also brings many more complexities and responsibilities. You are probably working with a host of experts in various fields, including tax professionals, attorneys, insurance agents, investment counselors, etc. Yet, you probably don't have someone you can oversee and coordinate all these services, until now.
What is a COS and what is their role?
A COS is a Chief of Staff. The COS is a partner at Marcum who will be your primary contact person for all your financial and life style needs.
Can you help our family determine how much we spend?
Yes. Through our bill paying and check writing process we can monitor and review your expenses. We ensure that all receipts and payments are handled properly. In addition to paying your bills and reconciling your bank accounts, we will prepare a customized monthly or quarterly statement of transactions which will categorize your expenses so that you can see where you are spending the most.
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I trade pretty regularly and make numerous investments. How can the Family Office help me?
The Family Office can track items such as concentrated stock transactions, cost basis, fair market value and average share price. We can also track your investment performance as well as your private equity commitments. All of your holdings can be consolidated into one simple easy to read report.
What is a Lifebook and why would it be of value to me?
A Lifebook is a summary of all your family's personal and investment information. For example, the book contains emergency phone numbers, your advisors names, addresses and phone numbers, insurance and benefit summaries, a one page summary of your will, a balance sheet and income statement. This will help every member of the family keep organized and know how to find everything in one place. The information is updated on a yearly basis. It is an invaluable tool in a time of need.
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Services
