Business
grandchildren. Planning encompasses the family’s goals, which typically includes passing wealth down to younger generations in a tax- effi cient manner. Children and grandchildren are clients and are counselled on investments, taxes, estate planning, and philanthropy from an early age. MFOs often coordinate and moderate family meetings. T e installation of a Family Charter to which all adults are committed works well and most families look to include pre- and post-nuptial agreements as a pre-requisite of the charter. Basically everything that the FO does is for the benefi t of the family. Also, there is nobody better placed to help with diffi cult decisions, like when to fully retire and pass the baton to the next generation, which children should succeed to head the business and how to maintain family harmony.
We particularly believe that affl uent family business owners benefi t most from the fi nancial education of children from a young age and the installation of strict development programmes that govern family members wishing to join the company or set up their own business.
MFO is a facility that most affl uent family business should not be without.
Alchemy explains why the Multi-Family Offi ce (MFO) is becoming more popular in the fi nancial services market
family business. In the early and mid-1900s in the US, several families formed their own offi ces to oversee their wealth, namely the Rockefellers, Phipps and Pews. T e development of MFOs has come as a result of the growing number of wealthy families, as well as the rapid development in technology within the fi nancial markets which requires greater sophistication and skill in fi nancial advisors. Business owners have enough on their plate
M
running the family business enterprise and they have a real need to be able to delegate the running of the family fi nances to a trusted third party – their Family Offi ce (FO). FO advisers only have the family’s interests at
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FO is an enterprise established to meet the investment, estate planning, lifestyle and tax service needs of a successful
heart, as they are objective providers of advice and do not sell typical fi nancial products to family members. T ey know about the family dynamics and so assist in structuring and administering their fi nancial universe in the best way. Such advisers are truly professional, with diverse skills and specialties on certain topics such as income taxation, estate planning, and investments. Our FO service is diff erent to most other
providers, as we bring structure and governance to the planning and ensure that existing solicitors, accountants, bankers, etc, recognise the need to utilise our individual specialisms for the family’s benefi t. We are the key co- ordinators of other advisers, ensuring that the right planning takes place at the right time. A successful MFO adviser works with an entire family – the parents, children and
Gaynor Lyth (below) has 31 years industry experience and is a Certifi ed and Chartered Financial Planner with Alchemy Advisory Services based on the Wirral. It is one of the few fi rms in the UK who have attained Corporate Chartered Status. Alchemy Advisory Services is authorised and regulated by the Financial Services Authority, although not all FO work requires such regulation.
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