Family offices and the evolution of virtual family offices are offering elite-level services that were once limited to the wealthiest tier of the population, and now at greater value.
SCOTTSDALE, AZ, January 20, 2022 /24-7PressRelease/ — As the number of affluent American households grows, so too does the number of ultra-wealthy families. This specific segment of the affluent population—households with a net worth of $30 million or more–is moving away from traditional advisors and wealth managers to elite wealth managers who use a family office approach for their clients.
While family offices have existed in the United States since the mid 1800s, for many years they catered solely to the wealthiest of the wealthy, whose often complex financial needs required full time attention. In recent years, however, the level of service once reserved for the most privileged segment of society is now available to a far greater percentage of today’s wealthy households through virtual family offices. These virtual family offices, or VFOs, are growing in number to keep up with the demand of ultra-wealthy clients in search of greater value than traditional wealth management firms can provide.
In a recent article by Russ Alan Prince, Executive Director of Private Wealth magazine, Vince Annable, founder and CEO of VFO Advisory Group in Scottsdale, talked about why more and more ultra-wealthy households are seeking the benefits of a family office. “We find the ultra-wealthy prefer the family office approach because we’re able to help them achieve their financial goals, but we’re also able to help them improve other parts of their life such as the quality of the health care they receive.”
But healthcare is only one issue out of the many that today’s family office wealth managers address for their clients. Vince Annable says that many of his clients need assistance overall in optimizing their financial lives. “Very commonly, many of the ultra-wealthy are failing to optimize their lives including missing out on opportunities. We specialize in filling in the gaps. We act as a coordinator to bring in all of their financial experts to discuss their most important needs—a roundtable of experts to discuss all areas of their wealth management needs.”
The benefits enjoyed by the ultra-wealthy of working with leading financial experts seem to outweigh any additional costs associated with family offices. according to Russ Alan Prince who says, “While most everyone wants a bargain, the ultra-wealthy are intensely results-oriented and appreciate the advantages leading professionals provide. They are generally not concerned with costs when provided with demonstrable value.”
More information on this growing trend and how virtual family offices (VFOs) have arrived to fulfill the ultra-wealthy’s complex financial needs can be found by visiting vfoag.com.
VFO Advisory Group, based in Scottsdale, Arizona, offers elite-level wealth management solutions to address the complex financial and lifestyle needs of up-and-coming high net worth individuals and families. The firm works with specialists in the areas of tax planning, estate planning, business succession planning, portfolio management, insurance and more, to provide its clients with exceptional value without the need to hire their own private staff. For more information, email us here, or call (480) 889-8985.
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