The digital family office is the future of financial advice
Time and time again when people are asked how they feel about financial services it comes up as the least trusted industry. Not surprising as we continue to see stories in the news about scandals and misconduct. For instance, reports show that banks collect over $30B annually in overdraft fees, a number that increasingly rises every year even while people are using overdraft less. That’s because the average overdraft fee has increased by 50% since 2000. Meanwhile, financial institutions are housed with teams of salespeople who's motivation is to sell products to consumers. Their success is measured by how much they have sold not by how many people they have helped.
The root of the problem is that so many financial institutions were not built with a client-first mindset.
Their infrastructure and how they make money is predicated on fees and people holding a lot of cash or not using their accounts so they can charge them more fees. Legacy banks have been around for decades, and to be fair, a lot has changed. While they look to catch up over time, the reality is that they may never get there.
We work for you. What do you need to get done?
Imagine a financial services company created for the sole purpose of taking care of your and your family’s money and financial life. A company whose motivations you wouldn’t need to question because it only exists to serve you. This company exists today, but it’s reserved for the ultra-wealthy. It’s called a family office.
A traditional family office is defined as a privately held company that handles investment management and wealth management for a wealthy family, generally one with over $100 million in investable assets, with the goal being to effectively grow and transfer wealth across generations.
Search family office online and you won’t find much more than that description. There is no reason for these financial institutions to have an online presence. They don’t advertise or market themselves. Lists exist of who some of them are, but don’t bother reaching out to them. They won’t return your calls.
Family offices are established to manage the fortunes of the wealthy and designed to protect and build their wealth through estate planning, tax planning, philanthropy and more.
At their core, they are dedicated to making their client’s lives better. That type of service can be expensive when delivered by traditional family office structures, costing $1 million or more per year. In that form, they only make financial sense for families with at least $100 million in assets.
Farther is the first digital family office
What professionals and families who are building their wealth need from a financial advisor today are much different than what was needed in the past and much more comparable to what family offices deliver which is a holistic approach to personal finance.
Until now, that approach has been reserved for high net worth investors with multiple millions in assets because of the high costs of managing a complete range of expertise and specialty services. That’s where Farther comes in.
We are a new breed of private wealth management providing holistic financial management formerly only available to the ultra-rich.
By leveraging intelligent technology we can deliver the tools and support to help you grow and protect your wealth. Farther will monitor your cash, invest it to fit your unique goals, employ strategies to reduce taxes, and provide expert advice for life’s more complicated questions.
We grind away doing the hard work of building and protecting your wealth to help you live life to your maximum potential. We give you the peace of mind that experienced professionals are managing your financial life, so you can do what you love and take care of the people and causes that are most meaningful to you.
We aren’t an investment company, or a bank, or an insurance company. Just like a family office, we are and always will be a “you company”.
The family office of the future.