The MFO will provide a broad array of advanced planning technologies to help transfer wealth tax efficiently from parents (Generation 1) to children or grandchildren (G2 or G3). These techniques can help families avoid the 45% estate tax while passing on their values before they pass on the value of what they own.

Bob has developed a successful wealth advisory business with literally hundreds of high net worth clients who come to him for both tax advice and help with clarifying the values that the clients want to encourage in the next generation. Although clients ask for a broad array of services, Bob has developed his business model around five common needs expressed by clients and staff of family offices:

• One-Stop Family Office Services. Most clients need help in choosing which of over 200 financial services will most help them achieve their goals. A family office should provide all necessary resources through a one-stop planning process. Bob’s Family Office Services firm, like many MFOs, operates as an Investment Adviser Representative while maintaining close affiliations with CPA and law firms. The investment adviser, CPA, and lawyer bring in appropriate insurance and investment professionals to fund trusts and business entities. Each client is served by an advisory team that appoints one adviser to act as a wealth counselor and wealth coach who coordinates all of the other advisory team members. The adviser in the coach role must work as a fee-based fiduciary to maximize client trust and help insure objectivity; however, insurance or investment professionals on the planning team may agree to pay some of the planning fees.
• Zero-Tax Planning. Family office staff members need expertise with zeroing-out unnecessary transfer taxes while reducing capital gains, income, and AMT taxes. Family offices should provide reports to show clients how to reduce taxes while increasing what is available for family needs, retirement security, and favorite charities.
• Vision Funding. Most people, especially those over age 55, are actively thinking about legacy and “casting a shadow beyond the grave.” These clients are looking for the most tax-efficient way to help their spouse, their children and their charities realize a compelling vision. A family office staff should be able to quantify wealth available to help others after clients have provided for their own retirement security. The family office should create and update simple bar charts illustrating how tax savings can fund a vision for providing more resources to family and charity.
• Wealth Counseling. Parents appreciate the wisdom of passing on their values to their heirs before they pass on the value of what they own. This requires that the family office unite the father and mother around a shared vision for passing ownership, management, and control responsibilities to heirs. Specifically, each of these stages needs to occur at the right time according to proven stewardship principles. Although studies show that 4 out of every 5 heirs of wealthy families will not manage their inheritance wisely, a family office should provide access to Wealth Counselors who can help heirs beat the odds. Wealth Counselors use proven techniques to help clients resolve conflicts and unite family members around a shared vision for using wealth to leave a lasting legacy. The best wealth counselors create “ethical wills” or “Family Wealth Statements” that guide family members when attending family meetings or making decisions about how to use inherited wealth.
• Wealth Blueprinting. A typical client wants to work with advisers who can integrate any of over 300 financial tools to achieve a broad array of personal goals. Funding and administering these tools requires millions of decisions. The 21st century adviser must know how to address all of these issues when developing an effective plan! Ideally, the solutions should be summarized on a one-page flow chart with all necessary supporting calculations and explanations. Advisers must have a way to update the flow chart in response to changing tax laws, goals, asset values, or cash flows. Planning techniques should be integrated into a “Blueprint” that provides clear solutions to financial planning, investment management, tax planning, tax preparation, insurance, estate planning, and charitable giving issues. The planning process should recommend the optimal mix of planning tools, identify the best assets to fund each planning tool, and summarize all planning recommendations on one flow chart, “the blueprint” supported by fully-integrated annual cash flow numbers and accurate projections of increased wealth available for funding a family’s vision.

According to respected industry consultant, Mark Hurley, firms that provide comprehensive financial solutions of the type listed above will be the “future dominant competitors.”[1] Although attorneys, CPAs, bankers, money managers, insurance agents, and traditional financial planners now compete to be the most respected adviser in the high net worth market, very few of these advisers have the tools, experience, and resources to provide clients with the convenient “one stop shopping” access to comprehensive planning resources most requested by high net worth clients.

Bob can be contacted at bob@assetstrategiesonline.com or via the firm’s website at www.assetstrategiesonline.com [1] Mark Hurley, “The Future of the Financial Advisory Business and the Delivery of Advice to the Semi-Affluent Investor” published at www.undiscoveredmanagers.com, September, 1999, page 36.

Circular 230 Disclaimer
To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. Federal tax advice contained in this email (including attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

© 2008 Asset Strategies, LLC

]]> http://www.assetstrategiesonline.com/press-releases/family-offices-created-in-orlando-florida-to-serve-affluent-families-and-their-advisers.php/feed http://www.assetstrategiesonline.com/press-releases/proin-massa-praesent-est.php http://www.assetstrategiesonline.com/press-releases/proin-massa-praesent-est.php#comments Thu, 21 Aug 2008 15:02:46 +0000 admin http://assetstrategiesonline.com/?p=105 Financial Advisors, Bob Baker and Zachary Baker, turned to Dicks Nanton & Glass Media Group, an online marketing and search engine optimization firm, to redesign their web presence at www.assetstrategiesonline.com for their financial services company, Asset Strategies, LLC.

Orlando, Fl – Asset Strategies, LLC is a boutique wealth protection and tax-planning firm that works with clients to help them keep more of what they have earned. To better assist current and prospective clients, Bob and Zachary Baker turned to Dicks Nanton & Glass Media Group, Orlando-based Internet marketing, media and public relations firm, to redesign www.assetstrategiesonline.com.

“Our company provides the best financial services possible to our customers, so we decided to update the website to better assist them. The new platform will offer special reports on increasing wealth, monthly newsletters, upcoming events and more,” Bob Baker, C.E.O. of Asset Strategies said. “With the help of Dicks Nanton & Glass, we are able to improve the functionality of our website as another outlet for advice, and maintain relationships with current clients.”

Dicks Nanton & Glass specializes in creating Online Marketing Platforms™ and search engine optimization for businesses and offers a proprietary system of tools that turn websites into sales and marketing systems allowing its clients to leverage online content to create new income streams and maximize revenue.

“Making your existing website into a dynamic platform that is driven by information will ultimately keep your current clients interested and attract new ones as well,” Lindsay Glass, managing partner of Dicks Nanton & Glass said. “The redesign of www.assetstrategiesonline.com gives a fresh new look to the original website and adds great content that will satisfy the needs of their prospects and clients, while maintaining the same values Asset Strategies, LLC holds for their client base.”

About Asset Strategies, LLC:
Founded in 1991 by Bob Baker, Asset Strategies, LLC is a financial services firm assisting business owners, executives and professionals reach financial success. Asset Strategies, LLC does not choose clients by any standard, rather those who are dedicated to retaining their money earned. Asset Strategies, LLC has offices in Orlando, Florida and works with accounting firms, law firms and other financial advisors nationwide. For more information on Asset Strategies, LLC and financial advising, visit www.assettrategiesonline.com.

About Dicks Nanton & Glass Media Group:
Dicks Nanton & Glass is a boutique internet marketing and media agency specializing in creating Online Marketing Platforms™ for businesses. Through the use of a proprietary system of tools for marketing, public relations and search engine optimization, they turn websites into sales and marketing systems allowing their clients to leverage online content to create new income streams and maximize revenue. Dicks Nanton & Glass will improve your website’s exposure and brand recognition and help you profit from your investment by implementing strong search engine optimization techniques. For more information about Dicks Nanton & Glass Media Group visit www.DNGMediaGroup.com.

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