The Situation

An established family office, which serves a multi-generational family with assets of $100 million, has the majority of assets in trusts. The family office is thinly staffed and is in need of a partner with a flexible range of services to:

Alleviate the administrative and time burden of partnership accounting and tax preparation, reporting, managing alternative investments (i.e., capital calls), and coordinating multiple external advisors.

Generate a clear and comprehensive set of reports across all of its investments, including its large allocation in alternative investments.

Optimize limited resources by outsourcing specific functions to save money and improve employee satisfaction by refocusing responsibilities on value-added services.

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Boston Private Solution

After a full assessment of the client’s needs, Boston Private Family Office Services worked closely with the family office to develop some innovative solutions to its various challenges, including:

• Partnership accounting for a number of investment entities.
• Consolidated reporting and monthly performance reporting for all client investments, including a large number of private equity investments, through its state-of-the-art technology and reporting infrastructure.
• Investment consulting, including asset allocation, research on the market, research on specific securities, and external investment managers
• Document storage and organization for ongoing maintenance of all relevant financial documents, with full access through an on-line portal.

Going forward, the family office has the tools to make better-informed investment decisions with a tax-sensitive approach and to provide more proactive wealth planning advice to its end-client, the family members.

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Investment Management  |  Family Office Services