The Family PEOPLE Office™
A New Era of Wealth Management
The Launch of The Family People Office™ - A Transformative Moment in Wealth Management
The introduction of The Family People Office™ (FPO™) by The Legacy Forum™ marks a pivotal turning point in the evolution of Wealth Management and Family Office services. This groundbreaking initiative is fundamentally reshaping the industry, bringing about a radical redefinition of what it means to manage and preserve family wealth. In an era often characterized by the use of bold language, the FPO™ truly embodies terms such as “cutting-edge” and “disruptive paradigm”, signifying a shift whose time has indisputably arrived—particularly as The Great Wealth Transfer comes into focus.
The Great Wealth Transfer has already begun, estimated at an astonishing $124 trillion, and is poised to unfold over the next two decades. This significant transition will see wealth moving from the Baby Boomer generation to the Next Generations, with over $16 trillion specifically being transferred to Ultra-High-Net-Worth (UHNW) individuals and families. The scale and speed of this transfer represent an unprecedented moment in the history of Wealth, demanding innovative strategies and structures to navigate the complexities involved.
This monumental shift is already underway, signaling profound changes in how wealth is protected, invested, deployed, and philanthropic endeavors are approached. The introduction of the Family People Office™ (FPO™) is both timely and necessary, as it responds directly to the evolving needs of families during this period of massive transformation. By placing people at the center of the wealth management equation, The Legacy Forum™ is setting a new standard for the industry and guiding families toward long-term success in an ever-changing financial landscape with The Family People Office™ as the vehicle to accomplish that goal.
The Great Wealth Transfer - A Defining Context
A New Era in Wealth Management
“Family represents the greatest source of enjoyment in life and is the motivator for financial success and security. While more than six in ten wealthy parents say it is important to leave an inheritance to the next generation, only one in five agree strongly that their children will be prepared to handle the wealth they receive.”
The annual survey of high-net worth and ultra-high-net-worth Americans 2015 U.S. Trust Insights on Wealth and Worth*
The Family PEOPLE Office™
Structure and Services
The Family People Office™ functions with many of the same structural elements a traditional Family Office or Private Wealth Advisor does. The essential difference is that in terms of Wealth Management they are Fiduciaries or Financial Advisors.
Fiduciary responsibilities require that Family Offices and Wealth Advisors focus on their core financial expertise, just as we maintain our specialization in people-centered solutions. We recognize and respect these professional boundaries. There are clear advantages to working together in whatever ways best serve the long-term needs of our clients.
The Family People Office™, in terms of Wealth Management, are managed by Legacy Advisors™ or Human/Family Capital Advisors. Because we are the first company to create a Family People Office™, there are no definitions other that what we create ourselves.
Definition: Fiduciary
"A fiduciary is a person or organization legally obligated to act in another party’s best financial interest, holding a position of trust, confidence, and loyalty. They must prioritize the beneficiary’s interests above their own, acting with care, good faith, and honesty in managing money or property." (Consumer Financial Protection Bureau)
Definition: Legacy Advisor™
"A human capital advisor/advisory is a person or organization that has chosen to act in an UHNW individual's or family's best interest, holding a position of trust, confidence, and loyalty. They must prioritize the family's interests above their own, acting with care, good faith, and honesty in managing the human capital, family relationships and systems. The Legacy Advisor™ role is to act as a confidential trusted-advisor, consultant, coach, counselor and confidant."
Portfolios are curated collections of whatever is the focus of value or interest. The essential difference is Fiduciaries manage Financial Assets and Legacy Advisors manage Human/Family Assets.
The two portfolios are identified as Financial Portfolios and Family Capital Portfolios™.
Definition: Financial Portfolio.
"A Financial Portfolio is a curated collection of investments—such as stocks, bonds, cash, and real estate—held by an investor to achieve specific financial goals while balancing risk and return. It is constructed based on an individual's risk tolerance, time horizon, and objectives, often using diversification to minimize risk. Proper management involves asset allocation and regular rebalancing." (Wiki)
Definition: Family Capital Portfolio™
"A Family Capital Portfolio™ is a curated collection of human capital including exceptional innate talents (Spiritual/Beliefs, Physical, Intellectual, Emotional, Social), an analysis and addition of historical family achievements. It includes Non-Cognitive, Spiritual Capital assets: values and virtues, faith and religious beliefs, character and morality, meaning and purpose. These assets are a identified by the Legacy Advisor and Family People Office™ experts. They are all analyzed, valued and then strategically invested in growth pathways, while Legacy Advisors™ direct their engagement potential and risk mitigation. Individual family members set goals, clarify values, work on specific goal achievement, build communication, and focus on family relationships under the guidance and advice of Legacy Advisors." (The Legacy Forum™)
additionally
"We spent decades accumulating financial capital, only to realize belatedly that we had neglected investing in our family capital. The sustainability of the former is ultimately determined by the latter".
(Wealth Manager Unidentified)
The Family People Office™
Bespoke Services
The Legacy Forum™ introduced The Family People Office™ as its premier legacy service. We recognize that many clients are still interested in our individual programs and services, which were initially provided separately. They can still be taken through The Legacy Forum™.
Many of the custom services listed below are now part of The Foundations of Legacy™ the gateway into The Family People Office™.
However, some offerings, such as The Legacy Nexus™ (Next-Gen) and The Conversation™ (Trans-Atlantic Advisory Cruise), are not included or listed in The Family People Office™. They are Signature offerings of The Legacy Forum™.
The Socrates Advisory™ provides a range of options, each tailored to your needs, and connects you with a wise and trusted Legacy Advisor who can assist with challenges, guidance, or problems.
We are here to serve you and your family. We remain committed to working with clients as we have for thirty-five years managing crises, bringing back stability and direction, managing a full range of Mental Health and other life challenges.
"Money represents your time, your energy, your talents, your total personality converted into currency. We usually hold on to it tenaciously, yet it is uncertain in value and we cannot take it into the next world." - Billy Graham