BRINGING FAMILY OFFICE SERVICES TO THE MASS AFFLUENT - Will Carter, MCKINLEY CARTER WEALTH SERVICES

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Will Carter, MCKINLEY CARTER WEALTH SERVICES - Speaker at the IFG Wealth Management Forum, held in Phoenix, AZ, April 22-23, 2013, delivered his presentation entitled BRINGING FAMILY OFFICE SERVICES TO THE MASS AFFLUENT

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BRINGING FAMILY OFFICE SERVICES TO THE MASS AFFLUENT - Will Carter, MCKINLEY CARTER WEALTH SERVICES

  1. 1. Family Office ServicesFor the Mass AffluentFor the Mass AffluentIFG Wealth Management ForumgApril 23, 2013Phoenix, AZWill CarterDirector of Wealth Management
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  3. 3. IntroductionMcKinley Carter Wealth ServicesMcKinley Carter Wealth ServicesThree principals (50, 42, 42) each starting independentlyin early 2000sF ffi ( h i WV i PA)Four offices (three in WV, one in PA)24 employees$500M under discretionary managementy g$100M+ 401(k) advisoryClient in 26 states3
  4. 4. McKinley Carter Client Distribution<$500K$500K ‐ $2Mh $$2M ‐ $5M0% 5% 10% 15% 20% 25% 30% 35% 40% 45%Greater than $5M4
  5. 5. Virtual family offices“The cost of family office is prohibitive for familiesith l th $100 illi B t ifwith less than $100 million. But if you remove alot of the physical infrastructure and create avirtual support network, you could afford app y fffamily office at $25 million.”Jamie Punishill, CapGemini“Technology is really creating more efficiencies fortraditional family offices and its creatingi ti biliti th t did tcommunications capabilities that we did nothave before.”Lisa Gray, author of The New Family Office5
  6. 6. Definitions of “affluent”“ flowing in abundance”…flowing in abundance“ generally sufficient and increasing…generally sufficient and increasingsupply of material possessions”(Merriam Websters)6
  7. 7. Types of Family Offices• Founder’s OfficeB i O Offi• Business Owner Office• Diversified Business/Private Equity Office• Investment Office• Investment Office• Compliance Office• Philanthropy OfficePhilanthropy Office• Multi-generational OfficeSource: Family Office Exchange7
  8. 8. Reasons for Family Offices• Control of assetsC ti it ti• Continuity across generations• Objectivity• Customization• Customization• Confidentiality• IntegrationIntegration• Education of ownerSource: Family Office Exchange8
  9. 9. Family Office Services• Investment strategy and implementationI t t d fi i l t t i• Integrated financial strategies• Client information management• Wealth transfer planning• Wealth transfer planning• Trusteeship• Liability managementLiability management• Family continuity/client education• PhilanthropySource: Family Office Exchange9
  10. 10. Core Competencies of Family OfficesComprehensiveCustomer-centeredCoordinativeStrategic10
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  13. 13. McKinley Carter Mass Affluent CriteriaOn track to maintain standard of livingw/out working into old agef h l fLiving for more than material comfort,e.g., family, communityH bl t h l tiHumble – open to help, respectingreality’s operationsIntellectually and emotionally competentIntellectually and emotionally competentto trust13
  14. 14. Client Information Management14
  15. 15. Comprehensive Preliminary Assessment15
  16. 16. Comprehensive Investment Reporting16
  17. 17. Comprehensive Investment Reporting17
  18. 18. Comprehensive Investment Reporting18
  19. 19. Wealth Transfer Planning19
  20. 20. Trustee Services20
  21. 21. Elevate role of “coordination”21
  22. 22. 22
  23. 23. The Big Picture23
  24. 24. 24
  25. 25. 25
  26. 26. Toll Free: 866.306.2400www.mc-ws.com

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