An often cited statistic says that an astonishing 90% of wealth disappears in less than 3 generations.
Larger fortunes, say in excess of 50M, may rely on the use of Family Office Services for protecting and developing one’s assets.
For families with smaller fortunes the cost associated with a Family Office may be too high to bear, yet the need for adequate management is the same if not higher.
MyPrivate offers families with net worth in the range of 5M-50M the opportunity to benefit from Professional Services associated with a Family Office at a fraction of the cost.
Even if the scope of services provided by Single- and Multi-Family Offices varies a lot, in most cases all transactional, reporting, analysis, management and governance is taken care of by the Service Provider. Annual fees for a Multi-Family Office generally start at around 250K, and can be substantially higher for Single-Family Offices. MyPrivate has been devised for "smaller big" fortunes, or "big smaller" fortunes if you prefer. Its paradigm is based on a three principles: 1] Administrative paperwork is processed by the Family itself, or by a trusted person close to the Family. It is the Family that bears the responsibility for the accuracy and correctness of its data 2] Professional Service Providers are solicited in due time, in line with the Family's priorities and available budget at that moment 3] The Services are of Advisory nature, based on the documentation supplied by the Family, who will be responsible for execution and implementation As the Service Providers do not need to provide administrative processing work, and do not carry responsibility for the accuracy of the numbers, their corresponding fees will be substantially lower. In particular where the Family's Wealth has been acquired recently, there may be substantial gaps in the understanding of the many topics typically handled by a Family Office. In the context of MyPrivate, the Family Advisor plays a key role in four areas: 1] Providing primers for the many important Family Office themes, including finance, tax, legal, real estate, investments, succession, health, personal development, sustainability and social responsibility 2] Organizing, animating and moderating Family Councils & Assemblies, during which priorities and objectives are set for the year to come, and during which past year's performance and objectives are evaluated 3] Drive selection, contracting, directing and overseeing Professional Service Providers 4] Represent a Trusted Point of Contact Family Members participating actively in running the Family Office will acquire over time new skills, knowledge and qualities through their involvement. A Family Office cannot not exist without a solid, administrative backbone. Without doubt, MyPrivate is currently the most complete, affordable and easy-to-use Family Office Software solution on the market, and integrates an electronic document management system. First released in 2005 the software has been continuously updated since; it encompasses 28 modules, contains more than 300 forms and covers all family needs, including household, leisure, prudential and finance. The software runs on top of Microsoft Office 365 in a secure environment, with no need for cloud storage. MyPrivate is connected to 50 stock markets as well as the European Central Bank. Digital archiving, multiple currencies, UK BACS, Swiss and EU ISO20022 electronic payments are all supported.
TRADITIONAL SFO AND MFO
FOR SMALLER FORTUNES IN THE RANGE FROM 5M TO 50M
THE ADVISOR
MYPRIVATE
MYPRIVATE
