Strategies for the best virtual family office

By Taylor K. Ranker, II, President, Questmont Strategic Wealth Advisors

Have you ever wondered how really, wealthy people, $500 million and up, manage their money?  You probably assume they have the best of the best … and you are right.  They have access, and resources, to build, or be part of, a family office.  A team of professionals that are hired to manage nothing but the individual, family’s financial affairs.

Thanks to innovative professionals, striving to disrupt the status quo of the financial industry and vast improvements in technology, this type of arrangement is available at a much more approachable level. A Virtual Family Office is the way to access the world’s best strategies so you can have results worthy of the super-rich!

How is what I have different than a Virtual Family Office?

We all want to believe that we are working with the best professionals available.  The fact is, most people don’t know what to look for, or what to expect, when working with a financial advisor. Even very successful families find themselves missing out on strategies, and opportunities, because their advisor is not working in a Virtual Family Office model.

Ask yourself:

  • Do my advisors really know me … like, REALLY KNOW me? Do they know what my goals are and what drives my decisions?  Do they know what “makes me tick?”
  • Am I getting enough communication about the options available?
  • Do they address the problems I face? How well do these solutions get implemented for me?
  • How much coordination do my professionals (accountants, attorneys, financial advisors, etc.) use to assist me in my planning?

 

By really knowing who you are, and what motivates you, professionals that are part of a Virtual Family Office, tailor custom strategies and best in practice solutions to optimize your results. Key to this deliverable are 3 concepts:

  • Client-Centered Focus: Digging in to discover what does, and doesn’t, matter to you.
  • High Level of Communication: Explaining things in a way that makes sense and leaves you feeling empowered. Making sure that you are “in the loop”.
  • Long-term relationship: Focusing on the long-term involvement of the client helps to establish deep trust, forging strong bonds and a high level of understanding.

 

Do your professionals go “outside the box?”

  • Do your professionals work with other “best in class” experts to bring you solutions outside of their own expertise?
  • Do your professionals continually seek the world’s best strategies and solutions? Do they constantly strive to stay abreast of the advancements and evolving techniques?
  • Do they continue to monitor, and evaluate, your plan to see if there are any new strategies that would improve your outcome? Are they proactively seeking solutions to regulatory changes, and other headwinds, that may affect your results?
Taylor K. Ranker, II

Part of what makes a Virtual Family Office so successful is a team of elite professionals.  A formalized group of specialists, working solely on your behalf, is the magic that makes this high-level deliverable accessible to successful people.  Collaborating to bring state-of-the-art capabilities, the best professionals in their respective fields and implemented solutions to ensure you have the results of the REALLY RICH!

As president of Questmont Strategic Wealth Advisors, Taylor K. Ranker, II, enjoys putting his 30+ years of experience to use by helping clients discover their life’s dreams and ambitions, then consulting with them on how to make them happen. Reach Taylor at [email protected].

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