8. THE FAMILY OFFICE It’s a model that was created at the very top, and it’s now flowing down the hill to advisors who are servicing high-net-worth clients outside of those families with billionaire legacies FAMILY OFFICE
Trend in action The idea of a ‘family office,’ where an entire family’s wealth is managed by a single firm or entity, goes back centuries, but the modern incarnation is typically a multi-family office, in Adam Doering, The which financial advi- Waterfront Group sors are essentially the quarterbacks who coordinate the activities of clients’ other advisors and assist in tackling any financial issues that touch the whole family. The family office Dan Wynnyk, The is a nascent business Waterfront Group model in Canada, but it’s been growing as more entrepreneurs and executives in this country reach an age and wealth level that makes them open to a new approach to asset management. According to a global wealth study by Boston Consulting Group, in 2013, Canada ranked seventh in global ‘ultra-high-networth’ households, meaning those with assets exceeding $100 million. The Waterfront Group of CIBC Wood Gundy, founded in 2000 by Adam Doering and Dan Wynnyk, has moved closer to being a true family office during the past year after reducing their number of clients – “so that we are able to spend a much greater amount of time on each relationship, which is what we want to do,” says Doering. If they don’t meet the criteria to qualify as a true ‘family office,’ Doering says that’s OK, pointing out that the concept of a family office is really just wealth management, and
what The Waterfront Group does for its clients is much more encompassing. Doering says conversations he’s had with family office practitioners in Canada recently “were real eye-openers.” “When I asked them what they do, they said they manage money. All they’re doing is due diligence on the managers and reporting. I said to myself, ‘We’re more of a family office than you are, and you’re the ‘family office.’” Doering and Wynnyk, along with their team, believe the most successful wealth advisors are going to be ones who do more than just trade stocks. “Our value is in recognizing that our clients are busy, and finding out what’s important to them and helping to make it happen,” Doering says. “We want to be the best listeners who have ever sat down in front of our clients.” The Waterfront Group’s process identifies planning opportunities and recommends wealth, tax, credit and estate strategies in the context of a cohesive plan that they then help to implement and monitor. They do this by collaborating with clients’ accountants, attorneys and other trusted professionals to help to coordinate a team approach that meets all of their clients’ financial objectives and ensures that no detail is overlooked. If a client requires additional resources, The Waterfront Group can make introductions from their network of professionals, Doering adds. While The Waterfront Group’s model may be an adaptation, Doering believes their version of a one-stop shop is unique. “The better we get at it and the more people we talk to, the more we realize how few people operate like us.”
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“Our value is in recognizing that our clients are busy, and finding out what’s important to them and helping to make it happen”
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