In a world where discussions are centred around investments and other considerations are secondary, it has become clear financial institutions misunderstand what successful individuals and families require from their advisory relationship. Investments, financial analysis and budgeting for decision making, income taxes, wills and family trust planning, philanthropy and family education for children regarding the stewardship of wealth are either missing or being thought of in isolation.
Although most firms claim “holistic wealth management”, the execution is lacking.
Given the depth of professionals working in-house at First Avenue, families receive an “Advisory Board” approach, consisting of professionals with unique areas of expertise, all working full time for your family affairs. We proactively bring items to your attention that you likely have not yet started thinking about. We accompany these discussions with input from our tax, investing, trusts, risk management, and legal professionals. Our Advisory Board team works co-operatively with any existing trusted advisors you have to ensure every decision you make is well informed. This way, all aspects are considered and catered to your unique family dynamics. It’s simply our mindset with each and every First Avenue Family Office client we counsel.
First Avenue Family Office professionals work exclusively with Family Office clients and not for other clients of the firm. They understand the wide range of unique risks, opportunities and challenges distinct to families of net worths greater than $10M. This is of direct benefit to our clients and a distinguishing factor in working with us compared to a investment advisor at a bank-owned firm. It is crucial that those advising you have the appropriate mindset- advising those who have achieved financial independence is very different then advising the masses who are working towards getting to that point.
FAMILY OFFICE DIFFERENCE
MINDSET & UNDERSTANDING
Our Family Office professionals work with select families with an average net worth exceeding $10M. This focused approach has allowed us to develop specialized expertise that we leverage in every new client relationship to ensure you benefit from what we have seen over decades of work.
“YOUR FAMILY FINANCIAL STATEMENT”
Every asset you own, from investment portfolios and real estate to fine art, summarized on one document. The dashboard to every conversation. Kept up to date and reported to you quarterly. When doing any planning, we look at your entire picture and our Advisory Board will consider all angles. It’s about much more than just investments.
WEALTH PLANNING & CO-ORDINATION
Whether it’s an immigration lawyer because your child is considering moving to the US after post-secondary studies, or it’s executing a complicated estate planning strategy with various trusts in multiple jurisdictions, we are relentless with planning for every facet of your financial world. Planning is only the first step. Execution is equally important and we are beside you through the entire process. Rather than simply providing a referral and leaving the rest to you, we plan, co-ordinate, and lead execution, attending meetings with your auxiliary professionals to ensure accurate integration at all stages. You avoid dealing with too many individuals and benefit from a further layer of governance on the work being done.
As your children become more independent, there may come a time where you wish to start involving them more in managing family finances. This is the pre-cursor to them making their own sound decisions in the future. Properly preparing beneficiaries for these responsibilities is essential. In conjunction with you, First Avenue Family Office organizes roundtables involving all generations and leads regular interactions to progress education and instill confidence in future generations. This education about the stewardships of wealth motivates successors to increase their involvement, which is invaluable in preserving wealth and family culture.
FAMILY DISPUTE RESOLUTION & COUNSELLING
Every family is complex, and wealth can add a unique dimension to family dynamics. Emotions often replace rational and sound reasoning. Combine this with multiple beneficiaries with different personalities and objectives and it can create divisions within a family. As a trusted, objective partner, we create a safe platform and help guide conversations, allowing family members to maintain healthy relationships. Every beneficiary and family member has their own personality and differing financial needs. We work with each member and incorporate all objectives into the overall family wealth plan. This preserves relationships, wealth and the family legacy
PHILANTHROPY & FAMILY LEGACY
Wealth brings the opportunity to create impact. Before this, it is crucial to focus on oneself to understand: What is your legacy? What are your values and motivations? First Avenue Family Offices ask the appropriate questions and guide conversations to ensure philanthropists to have the greatest impact and create a family legacy. Our Family Office service captures all of the details of your financial world and helps your family make sense of it all. The result: addressing every facet of your financial life in an integrated and personal manner. We understand family dynamics and complexities and will take the necessary time to get to you know you and work through all important areas that need to be planned for.