Case Study: Family Matriarch
A family matriarch has been managing her family’s foundation and family office for more than two decades. She thinks now is an opportune time to begin working on a smooth transition of family office and foundation responsibilities to younger members of the family.
Boston Private Solution
The Boston Private Client Advisor began by fully assessing the matriarch’s needs, including documenting and evaluating the foundation’s current practices, assessing its current tax and legal advisors, and spending time with her to understand her values and work style. Then, based on her situation, the team of family office experts recommended and implemented the following solutions:
- Consolidated management: Boston Private identified an opportunity to consolidate the management of the family’s assets by creating investment LLCs that pooled each branch of the family’s assets into one investment vehicle.
- Online portal creation: Boston Private created an online portal for the family to access key information, which greatly appealed to the family’s younger generation.
- Comprehensive reporting: Boston Private gave the family the ability to customize reports and show client-specific asset allocation categories.
- Comprehensive management: Boston Private took both a big picture and long-term planning perspective in approaching financial planning for each member of the family.
- Comprehensive platform: Boston Private provided the family with administrative and support functions through its flexible “a la carte” family office platform, before ultimately providing full investment advisory services.
- Next generation focus: Boston Private provided education and support to the family’s younger generation as they transitioned into leadership roles within the foundation.
- Specialized in-home support services: Boston Private used its extensive partnership network to find the right partners to work with the matriarch in her home.