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|| Understanding the 
Family Office Landscape 
©2014WE Family Offices, LLC.
The Family Office Landscape: 
Cluttered & Confused 
|| ”Family Office” has become a popular term 
|| Family Office label being put on firms of many different stripes for marketing purposes 
|| Many different kinds of family offices 
|| The RESULT: It can be confusing and difficult for families to cut through the clutter and understand 
the landscape 
“Single Family 
ffi ” 
“Virtual Family Office” 
Office” “Smith Family 
Office” “ il 
“Multi-Family 
Office” 
Family Investment 
Office” 
INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT 
PAGE 2 
©2014WE Family Offices, LLC
EXHIBIT A: BLOOMBERG RANKINGS 
INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT 
PAGE 3 
©2014WE Family Offices, LLC
HOW DOES A FIRM MAKE THE 
BLOOMBERG LIST? 
|| ”Family offices…were included if…[they] offer direct and comprehensive investment and non-investment 
services to high net worth families” 
|| ”Non-investment services may include family meetings, financial education, art consulting, estate 
planning, family governance, foundation management, business consulting, property management, travel 
arrangements and shopping assistance.” 
INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT 
PAGE 7 
©2014WE Family Offices, LLC
LET’S TAKE A STEP BACK AND LOOK AT 
THE FAMILY OFFICE IN A HISTORICAL 
CONTEXT 
|| The concept of ‘offices’ or ‘gate-keepers’ or ‘protectors of 
family wealth’ goes back to the Crusades and then on to the great banking families of 
Europe, including the Medicis through to the Rothschilds, and on to the American industrial families 
such as the Rockefellers, Phipps and the Pitcairns 
|| In China in the 17th Century, there were individuals…dedicated to serving, protecting and preserving 
families and their members across several generations 
Source: PRIVATE Magazine, Jahrbuch 2008, Dr. Steen Ehlern 
INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT 
PAGE 7 
©2014WE Family Offices, LLC
WHAT ALL OF THESE HISTORICAL FAMILY 
OFFICES HAVE IN COMMON IS THE ROLE THEY 
PLAYED FOR THE FAMILIES THEY SERVED 
|| Tailored approach catering to the financial 
and non-financial neds of the family 
|| Reduction of costs 
|| D il’ d t f th f il 
|| Reduction and management of complexity 
|| Access to a wide range of experts, services 
Devil’s advocate for the family 
|| Training, education and succession planning 
and opportunities 
|| Consolidated view and reporting of overall 
global || Family cohesion 
|| Family values, stewardship and philanthropy 
wealth 
|| Professionally run service organization 
PAGE 
Source: PRIVATE Magazine, Jahrbuch 2008, Dr. Steen Ehlern 
INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT 
7 
©2014WE Family Offices, LLC
TODAY’S FAMILY OFFICE CAN PERFORM A 
WIDE ARRAY OF ACTIVITIES FOR A 
FAMILY 
"Chart of family office services" by Anja Bauer ‐ http://www.switzerland‐family‐office. 
com/services.html. Licensed under Creative Commons Attribution‐Share Alike 
3 0 via Wikimedia Commons ‐ 
INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT 
PAGE 7 
©2014WE Family Offices, LLC 
3.0 http://commons.wikimedia.org/wiki/File:Chart_of_family_office_services.jpg#media 
viewer/File:Chart_of_family_office_services.jpg
BECAUSE EACH FAMILY IS UNIQUE, EACH 
FAMILY OFFICE WILL LIKELY PROVIDE A 
UNIQUE SET OF SERVICES 
|| Investment oriented 
|| Focused on administration and reporting 
|| Finance and book-keeping focused 
|| Focused on tax and estate planning 
|| Focused on developing Human Capital 
|| Comprehensive 
INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT 
PAGE 7 
©2014WE Family Offices, LLC
AND IN TODAY’S ENVIRONMENT THERE IS 
ALSO A WIDE ARRAY OF FAMILY OFFICE 
OPTIONS 
Single Family 
Office 
Shared Family 
Office 
Cooperative 
Family Office 
Multi‐Family 
Office 
Virtual Family 
Office 
• Traditional 
single family 
offices 
owned and 
• Single family 
offices 
opening up 
to other 
• Amulti‐family 
office, 
owned 
collectively 
• Independent 
organizations 
established 
to provide a 
• A collection 
of 
outsourced 
service 
managed by, 
and 
dedicated to 
serving the 
families to 
share 
expenses 
and increase 
by families 
that use it’s 
services 
family office 
experience & 
benefits to 
families that 
providers 
across 
multiple 
disciplines 
interests of, a 
single family 
• e.g. 
leverage • e.g. Market 
Street Trust 
don’t want 
to establish 
their own 
(Investing, 
planning, 
bookkeeping, 
etc.) 
Okabena, 
Pritzker, 
Waycrosse 
• e.g. Geller, 
Pathstone, 
Vogel, WE 
• e.g. Carol 
Pepper 
INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT 
PAGE 7 
©2014WE Family Offices, LLC
CRITICAL POINT: NO MATTER WHAT SERVICES 
THE FAMILY OFFICE PROVIDES, OR IN WHAT 
FORM IT IS ORGANIZED, THE FAMILY OFFICE 
ROLE WILL ALWAYS BE DISTINCT 
|| Professionals hired and compensated by a family to exclusively 
serve the family and its agenda, often across generations 
|| Complete alignment of interests 
|| Help the family stay in control of their wealth 
|| Provide oversight and quality control 
|| Primary activities: advising, buying and integrating 
INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT 
PAGE 7 
©2014WE Family Offices, LLC
VIEWED THROUGH THIS LENS, A 
FINANCIAL INSTITUTION SHOULD NOT BE 
CONSIDERED A FAMILY OFFICE 
|| A financial institution’s role and business model is to manufacture and/or provide financial service 
products to their clients 
|| This role is essential to a family – all families need financial institutions for wealth management products 
and services, including: 
• Investment management 
• Custody 
• Brokerage 
• Trust 
• Banking 
• Lending 
|| But it’s important that families understand the differences between the provider role and the buying and 
integrating role 
• Potential for multiple agendas 
• Potential for misalignment of interests 
• Purview limited to capabilities of the provider institutions 
INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT 
PAGE 7 
©2014WE Family Offices, LLC
WHEN IS A FAMILY ‘READY’ FOR A 
FAMILY OFFICE? 
|| When the extent of the overall family wealth 
exceeds a certain size, and the number of 
family members, activities, businesses, 
etc…reaches a certain level of complexity, there 
is a need for a central coordinating resource, 
over all wealth management activities 
Source: PRIVATE Magazine, Jahrbuch 2008, Dr. Steen Ehlern 
INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT 
PAGE 7 
©2014WE Family Offices, LLC
HOW CAN A FAMILY UNDERSTAND WHAT 
FAMILY OFFICE OPTION IS RIGHT FOR 
THEM? 
1. There is no single “right answer” for every family, and it is not just about the ‘size of wealth’ 
2. Conduct a thoughtful assessment about what’s important to them in the degree of involvement 
and control they want to have in managing the wealth 
3 3. Use the results of the assessment to evaluate the fit of each potential ‘family office’ provider – be 
an INFORMED buyer 
INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT 
PAGE 7 
©2014WE Family Offices, LLC
THE MOST IMPORTANT QUESTION: 
SHOULD WE THINK OF OUR WEALTH AS 
AN ENTERPRISE? 
|| Is it large enough? 
|| Level of complexity? 
|| Would an explicit strategy and mission help provide direction for our wealth management? 
|| Is a formal governance structure relevant? 
|| Do we need ongoing processes to oversee and manage it effectively? 
|| Are sustainability and succession relevant concepts? 
INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT 
PAGE 7 
©2014WE Family Offices, LLC
IF SO, THEN A FAMILY OFFICE IS 
PROBABLY A GOOD CHOICE 
|| A FAMILY OFFICE SOLUTION: 
|| Has dedicated resources to serve the family wealth enterprise 
|| Can be a partner in helping the family oversee and manage their enterprise at both 
strategic/planning and day-to-day execution levels 
|| Is a professional organization that helps the family source and buy the right financial 
products and services, at the right price, in the right way – according to the family’s 
objectives 
INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT 
PAGE 7 
©2014WE Family Offices, LLC
IF AN ENTERPRISE APPROACH IS 
WARRANTED, THEN A NEXT SET OF 
QUESTIONS MUST BE ANSWERED 
|| Are we willing to pay a fee for Family Office services in addition to the fees we pay our other wealth 
management providers? 
|| Who are we as a family, and what are we trying to accomplish and what role do we want to play in 
the management and oversight of our wealth? 
|| What family office option(s) is/are right for us? 
|| Are we willing to open up and share all of the information related to our wealth enterprise? 
INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT 
PAGE 7 
©2014WE Family Offices, LLC
COST OF A FAMILY OFFICE 
|| Both single and multi-family office fees are in addition to fees for financial services including 
investment management, custody, brokerage, trustee, and banking fees 
|| Dedicated, comprehensive, SINGLE FAMILY OFFICE: Minimum of $1-3million (or more!) per 
year 
|| Multi-Family Office: fees typically a % of assets under management (AUM) or an annual 
retainer 
|| % or AUA typically 0.20% - 0.75% 
|| Annual retainer typically between $150,000 - $1,000,000 
INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT 
PAGE 7 
©2014WE Family Offices, LLC
IF THE FAMILY DOESN’T WANT TO 
ESTABLISH A SFO, IT HAS OTHER 
OPTIONS 
|| Many firms offer Multi-Family Office (“MFO”) solutions to families – estimates are 300+ firms in the 
US 
|| Every firm is unique in terms of: 
• Breadth of service 
• Type of investment advice provided 
• Depth of talent 
• History and motivations of principals 
• Ownership, affiliations and compensation model – and management of any resulting 
actual or potential conflicts of interest with clients 
INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT 
PAGE 7 
©2014WE Family Offices, LLC
WHAT SHOULD A FAMILY LOOK FOR IN A 
MULTI-FAMILY OFFICE? 
|| Clarity on how the MFO is compensated 
• Do they receive fees/commissions from multiple sources (clients and financial product 
providers)? 
• Are they affiliated with financial services companies? 
|| Form of Business Association 
• Will the management of the firm be empowered to make decisions that are best for the 
family office business? 
• Who regulates the MFO? 
• Are they subject to the FIDUCIARY STANDARD? 
|| What type of families does the firm serve? 
|| MFOs that focus on a wide spectrum of the wealth market 
|| MFOs that serve both wealth families and institutions 
|| The experience of the professionals working in the MFO 
INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT 
PAGE 7 
©2014WE Family Offices, LLC
TO SUM IT ALL UP... 
|| It’s important to understand the role of the family office and 
how that differs fundamentally from the role of a financial 
services provider 
|| There are a series of important questions and assessments a 
family can make to determine if: 
a. a family office is right for them, and 
b. if so, which family office is right for them? 
|| There are many options in the multi-family office space – 
understanding the business model and structure of each being 
considered is critical. 
INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT 
PAGE 7 
©2014WE Family Offices, LLC
FOR MORE INFORMATION ON “CUTTING 
THROUGH THE CLUTTER” 
|| Series of white papers aimed at helping families understand the wealth management landscape 
and determine the right solution for them 
|| Topics covered include: 
• Diff Differences b t between wealth lth t 
management 
providers 
• Options and implications of different 
choices for families 
• How to understand the difference, what 
questions to ask 
• How to read a registered investment 
adviser’s disclosure form ADV 
|| wefamilyoffices.com/think-publications/ 
INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT 
PAGE 7 
©2014WE Family Offices, LLC
ROCKEFELLER CENTER 1270 AVE OF THE AMERICAS, SUITE 2101 | NEW YORK, NY 10020 | TEL: +1 212 218 5100 
701 BRICKELL AVENUE, SUITE 2100 | MIAMI, FL 33131 | TEL: + 1 305 825 2225 
©2014WE Family Offices, LLC.

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CUT THROUGH THE CLUTTER: UNDERSTANDING THE FAMILY OFFICE LANDSCAPE - Michael Zeuner, WE FAMILY OFFICES

  • 1. || Understanding the Family Office Landscape ©2014WE Family Offices, LLC.
  • 2. The Family Office Landscape: Cluttered & Confused || ”Family Office” has become a popular term || Family Office label being put on firms of many different stripes for marketing purposes || Many different kinds of family offices || The RESULT: It can be confusing and difficult for families to cut through the clutter and understand the landscape “Single Family ffi ” “Virtual Family Office” Office” “Smith Family Office” “ il “Multi-Family Office” Family Investment Office” INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT PAGE 2 ©2014WE Family Offices, LLC
  • 3. EXHIBIT A: BLOOMBERG RANKINGS INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT PAGE 3 ©2014WE Family Offices, LLC
  • 4. HOW DOES A FIRM MAKE THE BLOOMBERG LIST? || ”Family offices…were included if…[they] offer direct and comprehensive investment and non-investment services to high net worth families” || ”Non-investment services may include family meetings, financial education, art consulting, estate planning, family governance, foundation management, business consulting, property management, travel arrangements and shopping assistance.” INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT PAGE 7 ©2014WE Family Offices, LLC
  • 5. LET’S TAKE A STEP BACK AND LOOK AT THE FAMILY OFFICE IN A HISTORICAL CONTEXT || The concept of ‘offices’ or ‘gate-keepers’ or ‘protectors of family wealth’ goes back to the Crusades and then on to the great banking families of Europe, including the Medicis through to the Rothschilds, and on to the American industrial families such as the Rockefellers, Phipps and the Pitcairns || In China in the 17th Century, there were individuals…dedicated to serving, protecting and preserving families and their members across several generations Source: PRIVATE Magazine, Jahrbuch 2008, Dr. Steen Ehlern INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT PAGE 7 ©2014WE Family Offices, LLC
  • 6. WHAT ALL OF THESE HISTORICAL FAMILY OFFICES HAVE IN COMMON IS THE ROLE THEY PLAYED FOR THE FAMILIES THEY SERVED || Tailored approach catering to the financial and non-financial neds of the family || Reduction of costs || D il’ d t f th f il || Reduction and management of complexity || Access to a wide range of experts, services Devil’s advocate for the family || Training, education and succession planning and opportunities || Consolidated view and reporting of overall global || Family cohesion || Family values, stewardship and philanthropy wealth || Professionally run service organization PAGE Source: PRIVATE Magazine, Jahrbuch 2008, Dr. Steen Ehlern INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT 7 ©2014WE Family Offices, LLC
  • 7. TODAY’S FAMILY OFFICE CAN PERFORM A WIDE ARRAY OF ACTIVITIES FOR A FAMILY "Chart of family office services" by Anja Bauer ‐ http://www.switzerland‐family‐office. com/services.html. Licensed under Creative Commons Attribution‐Share Alike 3 0 via Wikimedia Commons ‐ INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT PAGE 7 ©2014WE Family Offices, LLC 3.0 http://commons.wikimedia.org/wiki/File:Chart_of_family_office_services.jpg#media viewer/File:Chart_of_family_office_services.jpg
  • 8. BECAUSE EACH FAMILY IS UNIQUE, EACH FAMILY OFFICE WILL LIKELY PROVIDE A UNIQUE SET OF SERVICES || Investment oriented || Focused on administration and reporting || Finance and book-keeping focused || Focused on tax and estate planning || Focused on developing Human Capital || Comprehensive INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT PAGE 7 ©2014WE Family Offices, LLC
  • 9. AND IN TODAY’S ENVIRONMENT THERE IS ALSO A WIDE ARRAY OF FAMILY OFFICE OPTIONS Single Family Office Shared Family Office Cooperative Family Office Multi‐Family Office Virtual Family Office • Traditional single family offices owned and • Single family offices opening up to other • Amulti‐family office, owned collectively • Independent organizations established to provide a • A collection of outsourced service managed by, and dedicated to serving the families to share expenses and increase by families that use it’s services family office experience & benefits to families that providers across multiple disciplines interests of, a single family • e.g. leverage • e.g. Market Street Trust don’t want to establish their own (Investing, planning, bookkeeping, etc.) Okabena, Pritzker, Waycrosse • e.g. Geller, Pathstone, Vogel, WE • e.g. Carol Pepper INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT PAGE 7 ©2014WE Family Offices, LLC
  • 10. CRITICAL POINT: NO MATTER WHAT SERVICES THE FAMILY OFFICE PROVIDES, OR IN WHAT FORM IT IS ORGANIZED, THE FAMILY OFFICE ROLE WILL ALWAYS BE DISTINCT || Professionals hired and compensated by a family to exclusively serve the family and its agenda, often across generations || Complete alignment of interests || Help the family stay in control of their wealth || Provide oversight and quality control || Primary activities: advising, buying and integrating INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT PAGE 7 ©2014WE Family Offices, LLC
  • 11. VIEWED THROUGH THIS LENS, A FINANCIAL INSTITUTION SHOULD NOT BE CONSIDERED A FAMILY OFFICE || A financial institution’s role and business model is to manufacture and/or provide financial service products to their clients || This role is essential to a family – all families need financial institutions for wealth management products and services, including: • Investment management • Custody • Brokerage • Trust • Banking • Lending || But it’s important that families understand the differences between the provider role and the buying and integrating role • Potential for multiple agendas • Potential for misalignment of interests • Purview limited to capabilities of the provider institutions INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT PAGE 7 ©2014WE Family Offices, LLC
  • 12. WHEN IS A FAMILY ‘READY’ FOR A FAMILY OFFICE? || When the extent of the overall family wealth exceeds a certain size, and the number of family members, activities, businesses, etc…reaches a certain level of complexity, there is a need for a central coordinating resource, over all wealth management activities Source: PRIVATE Magazine, Jahrbuch 2008, Dr. Steen Ehlern INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT PAGE 7 ©2014WE Family Offices, LLC
  • 13. HOW CAN A FAMILY UNDERSTAND WHAT FAMILY OFFICE OPTION IS RIGHT FOR THEM? 1. There is no single “right answer” for every family, and it is not just about the ‘size of wealth’ 2. Conduct a thoughtful assessment about what’s important to them in the degree of involvement and control they want to have in managing the wealth 3 3. Use the results of the assessment to evaluate the fit of each potential ‘family office’ provider – be an INFORMED buyer INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT PAGE 7 ©2014WE Family Offices, LLC
  • 14. THE MOST IMPORTANT QUESTION: SHOULD WE THINK OF OUR WEALTH AS AN ENTERPRISE? || Is it large enough? || Level of complexity? || Would an explicit strategy and mission help provide direction for our wealth management? || Is a formal governance structure relevant? || Do we need ongoing processes to oversee and manage it effectively? || Are sustainability and succession relevant concepts? INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT PAGE 7 ©2014WE Family Offices, LLC
  • 15. IF SO, THEN A FAMILY OFFICE IS PROBABLY A GOOD CHOICE || A FAMILY OFFICE SOLUTION: || Has dedicated resources to serve the family wealth enterprise || Can be a partner in helping the family oversee and manage their enterprise at both strategic/planning and day-to-day execution levels || Is a professional organization that helps the family source and buy the right financial products and services, at the right price, in the right way – according to the family’s objectives INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT PAGE 7 ©2014WE Family Offices, LLC
  • 16. IF AN ENTERPRISE APPROACH IS WARRANTED, THEN A NEXT SET OF QUESTIONS MUST BE ANSWERED || Are we willing to pay a fee for Family Office services in addition to the fees we pay our other wealth management providers? || Who are we as a family, and what are we trying to accomplish and what role do we want to play in the management and oversight of our wealth? || What family office option(s) is/are right for us? || Are we willing to open up and share all of the information related to our wealth enterprise? INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT PAGE 7 ©2014WE Family Offices, LLC
  • 17. COST OF A FAMILY OFFICE || Both single and multi-family office fees are in addition to fees for financial services including investment management, custody, brokerage, trustee, and banking fees || Dedicated, comprehensive, SINGLE FAMILY OFFICE: Minimum of $1-3million (or more!) per year || Multi-Family Office: fees typically a % of assets under management (AUM) or an annual retainer || % or AUA typically 0.20% - 0.75% || Annual retainer typically between $150,000 - $1,000,000 INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT PAGE 7 ©2014WE Family Offices, LLC
  • 18. IF THE FAMILY DOESN’T WANT TO ESTABLISH A SFO, IT HAS OTHER OPTIONS || Many firms offer Multi-Family Office (“MFO”) solutions to families – estimates are 300+ firms in the US || Every firm is unique in terms of: • Breadth of service • Type of investment advice provided • Depth of talent • History and motivations of principals • Ownership, affiliations and compensation model – and management of any resulting actual or potential conflicts of interest with clients INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT PAGE 7 ©2014WE Family Offices, LLC
  • 19. WHAT SHOULD A FAMILY LOOK FOR IN A MULTI-FAMILY OFFICE? || Clarity on how the MFO is compensated • Do they receive fees/commissions from multiple sources (clients and financial product providers)? • Are they affiliated with financial services companies? || Form of Business Association • Will the management of the firm be empowered to make decisions that are best for the family office business? • Who regulates the MFO? • Are they subject to the FIDUCIARY STANDARD? || What type of families does the firm serve? || MFOs that focus on a wide spectrum of the wealth market || MFOs that serve both wealth families and institutions || The experience of the professionals working in the MFO INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT PAGE 7 ©2014WE Family Offices, LLC
  • 20. TO SUM IT ALL UP... || It’s important to understand the role of the family office and how that differs fundamentally from the role of a financial services provider || There are a series of important questions and assessments a family can make to determine if: a. a family office is right for them, and b. if so, which family office is right for them? || There are many options in the multi-family office space – understanding the business model and structure of each being considered is critical. INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT PAGE 7 ©2014WE Family Offices, LLC
  • 21. FOR MORE INFORMATION ON “CUTTING THROUGH THE CLUTTER” || Series of white papers aimed at helping families understand the wealth management landscape and determine the right solution for them || Topics covered include: • Diff Differences b t between wealth lth t management providers • Options and implications of different choices for families • How to understand the difference, what questions to ask • How to read a registered investment adviser’s disclosure form ADV || wefamilyoffices.com/think-publications/ INDEPENDENT, FAMILY‐ FOCUSED WEALTH MANAGEMENT PAGE 7 ©2014WE Family Offices, LLC
  • 22. ROCKEFELLER CENTER 1270 AVE OF THE AMERICAS, SUITE 2101 | NEW YORK, NY 10020 | TEL: +1 212 218 5100 701 BRICKELL AVENUE, SUITE 2100 | MIAMI, FL 33131 | TEL: + 1 305 825 2225 ©2014WE Family Offices, LLC.