Multi-Family Office Services
We believe that a family office is a plan for the future and an important considerations for affluent families and business owners. As a family becomes more complex due to its growth, its finances or dynamics they often create a family office to help manage their family. The most common form of a family office is a Basic Single Family Office (Basic SFO) where one parent is the center of all the interactions with the various family members, advisors and investments. However, at some point the Basic SFO will become too complex or too large for one person to handle (or this person will no longer be available to manage everything). In this case the family will generally shift some or all of the responsibilities from the Basic SFO to a third party. The third party may run aspects of the family’s office or be the quarterback to the entire family enterprise. There are two main types of family offices - Single Family Offices (SFO) where only one family is the focus, and Multi-Family Offices (MFO) where multiple families share an office.
A multi-family office is run at the intersection of ownership, family and the business/wealth.
At Sadovnick Morgan LLP we have a team of Chartered Professional Accountants and Chartered Accountants who are specially trained in tax, accounting and estate issues. We also work with members of your team of advisors and as needed members from a team of quality advisors we work with and know can provide quality advisory services to you. For work which is completed with external advisors a MFO will generally act as the central coordinator and the central repository of information to ensure the big picture and details are coordinated.
Sadovnick Morgan LLP will provide oversight, record keeping, wealth planning and be a central repository for critical documents and information for the family. We will oversee tax returns, estate planning, manage banking, insurance and outside service provider relationships and function as a gate-keeper to the family if required. We will also provide charitable giving oversight, management and advisement if appropriate. We will offer advice, but final decision making will be yours.