Frequently Asked Questions
What is Intracoastal Family Office (IFO)?
How is Intracoastal Family Office different from a wealth management or financial planning firm?
Why do I need Intracoastal Family Office?
How do you approach legacy planning?
What kind of concierge services can you provide?
How can Intracoastal Family Office help in the areas of care giving and/or special needs?
How does Intracoastal Family Office view philanthropy?
How is Intracoastal Family Office compensated?
What is Intracoastal Family Office (IFO)?
The IFO is a multiple family office that is in the business of families. Most successful businesses have a strategic business plan and a functioning board of directors to carry out their mission statement. This model provides direction and accountability. Similarly, we create, implement and oversee a family’s plan for success and, on a day to day basis, serve as “Chief Operating Officer” for that family as problems, issues or needs arise. Working with other professionals, our goal is to keep our families on course and help them achieve their unique definition of success.
How is Intracoastal Family Office different from a wealth management or financial planning firm?
Wealth management and financial planning are about money. They have as their primary focus investments, investment products, and to a degree, how that might match up with your goals. IFO defines wealth beyond the tangible assets to also include the time, reputation, influence, experience, education, and values of the extended multigenerational family. The governance of that wealth provides the ability of family to work together to fulfill a carefully thought out plan providing for a multiplicity of needs, wants and aspirations. In each area of our practice we are advocates not merely advisors.
Our clients cross all age groups, geographical boundaries, and backgrounds. Their commonalities are that they are focused on success, care greatly about their family and recognize the value of a strong team. Some of their issues are straight forward, others, much more complex. They want to be in control but not necessarily hands on. They are purposeful, accustomed to excellence and have a strong sense of mutual accountability. Honesty, transparency, competency and integrity are the foundations of their expectations. IFO works most effectively with families with a net worth above $3 million.
Why do I need Intracoastal Family Office?
A successful family needs a carefully orchestrated plan integrating money, family, legacy, care giving and their philanthropic desires. The other necessity for success is strong day to day management. The world has become much too complex and problematic for one person to have the necessary time and skill sets to do it all. Family dynamics often times impede the ability to keep things on track. In some cases, family members are in denial that problems even exist. The assumption that money will solve all problems and that all bases are covered can lead to unfathomable consequences. Your family deserves better. It is the “what we don’t know that we don’t know “that creates the problems. You need us at least for a second opinion.
What is wealth governance?
Families work a lifetime to accumulate assets. As discussed earlier, family assets transcend the traditional asset classes such as cash, stock, bonds, real estate, business holdings, etc. It is our responsibility to first and foremost, as fiduciaries, protect that wealth and either directly or through oversight, helps those assets grow. Unlike traditional firms that work within the assets under management model, IFO does not require that financial assets be managed in house. All reporting is done by independent third party sources. Our ability to aggregate any financial asset that can be seen via internet allows us to oversee a wide range of assets on one dashboard. That information is shared with our client families, or in some cases, trustees or guardians. The creation of family mission and value statements puts purpose to that wealth and is the starting point for improving family communication and trust.
How do you approach legacy planning?
Traditional legacy planning has always focused on the most efficient ways of transitioning assets to heirs at the time of passing. Taxes, legal obstacles, privacy, and costs are but a part of that complex process. These tasks are usually accomplished by skillful, experienced attorneys and C.P.A.s. Our concern goes beyond those issues to address the statistics of why wealth is typically lost over three generations, (the shirt sleeves to shirt sleeves dilemma). It is here, that our skills in family relationships and family restructuring can help to prepare heirs for their inheritance. The use of incentive trusts and other safeguards can also be part of a solution. Our methodology of educating heirs via philanthropy helps to reestablish trust, honest communication and to learn family teamwork. Repaired relationships that were once fractured can be perhaps the best legacy.
What kind of concierge services can you provide?
Specialized services are available on a fee for service basis from third party providers that IFO has known for many years. The range of services is wide and diverse. Included are such things as home staffing, wine packing, moving and storage, fur storage, high end storage for vault items, precious metals and autos, specialized travel, and art services including storage, restoration, hurricane preparation and cleaning. IFO is a DEMA (Domestic Estate Managers Association) certified service provider. IFO does not share in any fees collected by any third party provider. All third party providers are not part of Capital Guardian LLC, its parent company or any of its affiliates. Some services are available only in Florida.
How can Intracoastal Family Office help in the areas of care giving and/or special needs?
The challenges of care giving and/or providing for a loved one with special needs are faced by many families. These challenges are at times intense, complex and immediate. While advanced planning is the better alternative, there are times when events overtake that luxury. IFO has recognized this important and problematic fact of life. We have mobilized a multi-tier approach to help guide families towards a working solution. Today’s health care system is complex, consumer unfriendly and about to change as a result of recent legislation. Now more than ever, your family needs and deserves an advocate. From an ongoing suite of wellness services to emergency care at home or while traveling, to long term incapacity, we have the resources available to help bring solution and comfort. We have customized services available to businesses to provide care advisory beyond whatever healthcare is provided by the firm. This “C-Suite” program protects the valued employee as well as the productivity of the firm. All medical, care, care giving and related services are provided by independent third party providers.
How does Intracoastal Family Office view philanthropy?
All philanthropy is personal. Our view is that seminal change will only occur when philanthropic endeavors are coordinated and part of a family’s definition of success. Our donors are educated on focusing how to make their giving smart and to create a strategy to get results. For us, it is all about the donor, the family, the prioritized values of that family and ultimately; the commitment to affect change. Our structured process guides families to invest in philanthropy that gets results. Our philanthropic model presents opportunity for families to develop a multigenerational platform to foster cooperation, repair relationships, encourage open communication and teach leadership and team building. It presents a method for getting heirs to learn how to work with money, people and each other. It builds self esteem, allows for younger adults to express their views and learn or relearn respect. The good accomplished is a by product of the benefit the family has received. Philanthropy that works, serves as a learning tool and defines a family is an important part of our work to create a successful family.
How is Intracoastal Family Office compensated?
The Intracoastal Family Office is fee based and is compensated for the ongoing work it does on the family’s strategic plan for success and its ongoing role as Chief Operating Officer for the family. The fee is based upon the complexity of the family and the issues needing to be resolved. There is no additional fee for asset management if it is so desired. Assets are not required to be held in the custody of the firm nor managed by the firm. IFO sells no products nor earns any commissions from any third party provider. As fiduciaries, we represent your interests and only your interests. All of our dealings are transparent and at arm’s length. Our fee is an annual fee and on each anniversary will be revaluated. The new compensation may be adjusted up or down based upon changes that have occurred within the scope of our engagement.