Families that have substantial wealth can have complex and time-consuming responsibilities that often require very specialized coordinated expertise, including maintaining multiple homes in disparate locations, overseeing investments in various operating companies, managing the cash flow of multiple family members, the funding of generational trusts, etc. The very wealthiest can afford their own team who handle investments, deal with legal issues, execute on established family governance, protect against known and unknown risks, and help with most anything else from travel arrangements to household staffing and more. The most successful family offices take the time to organize these responsibilities, including establishing and maintaining family governance, which outlines family values, mission, and expectations. By establishing a framework and educating family members on investing and expectations, families can drive decision-making for multiple generations.
Red Hook has studied the core attributes of the most successful family offices and has redefined who can benefit from that kind of comprehensive approach to managing generations of wealth. With Red Hook as the quarterback helped by specialized, outsourced advisors, no longer does a family have to have hundreds of millions of dollars to have a family office. Through a thoughtful discovery consultation, Red Hook can guide a family through the process of establishing a family office to take advantage of the four key elements: Organized and Monitored Investments, Family Governance and Generational Planning, Risk Management and Downside Protections, and Personal Family Services.
Further, unlike many other advisors, Red Hook does not require that assets be held or actively managed at Red Hook. For certain families, a flat fee, rather than a fee based on assets under management, can be the most cost-effective and efficient way to take advantage of Red Hook’s redefined family office.
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