WEALTH MANAGEMENT FOR INDIVIDUALS AND FAMILIES
FAMILY BACK-OFFICE SERVICES
The seasoned team of client administrators at The Fiduciary Group provides a range of bookkeeping and household financial services tailored to the needs of our clients. Our principals also provide advanced family office services to meet clients' more complex needs. Our team members are highly accessible, attentive, and responsive. Some of these services are included in the investment advisory fee, while others are billed quarterly based on a pre-agreed flat or asset-based fee.
BILL PAY
The service requested most frequently by our clients is bill pay. Clients find this service helpful in many situations, such as when clients age, when the primary person who took care of family finances dies or becomes incapacitated, when clients travel for extended periods, or when clients become tem-porarily or permanently unable to manage their checkbook. When requested, we will assume responsibility for paying our clients' household bills, from utilities, insurance, and taxes, to caregivers and service providers. Bills that can be paid automatically online are set up to be charged to our client's charge card, which then is set up to be drafted from the client's bank account monthly. When an invoice must be paid by check, we request the checks to be issued by the custodian, Charles Schwab. We transfer cash from the client's investment account to their bank account as required to cover distributions. All invoices and payments are well documented, and we provide detailed transaction reporting to clients and/ or their designated representatives quarterly. We can also provide detailed transaction reporting to clients' accountants at year-end for tax purposes. All transactions are reconciled daily by a different administrator than the one who requested the transaction, and all bill pay accounts are subject to an annual surprise examination by an independent auditor.
RECORDKEEPING FOR FAMILY ENTERPRISES AND PRIVATELY-HELD ASSETS
Some clients have ownership interests in limited partnerships which receive and distribute income to its members. We provide record keeping of inflows and outflows to the entity. For clients who have extended intra family loans, we will track the principal and interest payments. We also will track valuations of and cash flows for privately held assets such as real estate, life insurance policies, and other private investments.
MANAGER RESPONSIBILITY FOR LLCS
Our firm's principals also serve, where requested, as the manager of clients' LLCs. In this role, which is not dissimilar from our responsibilities when our principals serve as trustee of a trust, we manage the assets of the LLC and handle distributions, record keeping, and reporting as well as preparation and filing of tax returns by an independent CPA.
FAMILY CFO
For clients with ultra-high net worth and complex financial holdings and structures, we will maintain the family balance sheet and cash flow statement. We provide monthly reporting. Because of our deep involvement and understanding of our client's total financial picture, we collaborate closely with the client's CPA and attorneys to evaluate and assist in the implementation of private investment, asset protection, estate planning, and tax optimization strategies and opportunities.