Families with substantial shared assets have tremendous opportunities to benefit their families and communities. At the same time, they also face many challenges in making sure these benefits are used wisely in the lives of younger generations, charities and community groups.
For these reasons, successful families often establish “family offices” – formal or informal – to handle multi-generational financial affairs. Creating a formal family office is daunting and expensive – think board of directors, several layers of management and outside advisors. Our opinion (which experience supports) is a family with less than $200 million in shared assets is better served by an informal family office, with family members selecting an independent fiduciary to act on their behalf.
When JoycePayne Partners is tapped for this role, we become the “Family Chief Financial Officer” with a commitment that reaches beyond simply managing wealth. Yes, we assume responsibility for traditional and non-traditional investments, estate and inheritance planning, tax strategies, family meetings, and many other areas – all the way to educational programs for younger generations and the acquisition of automobiles, airplanes and watercraft. Underlying everything we do, however, is our desire to have a positive and long-lasting impact on a family’s happiness, productivity and generosity.
For families (and formal family offices) that desire only investment expertise, we accept allocations to our non-traditional investment limited partnerships. These fund pools – from clients and friends of JoycePayne Partners – invest in private equity, venture capital, hedge funds, commodities, and real estate. We also provide advice to complement services received from other sources.