Due to the complexity of the various disciplines it has been previously impossible for a small business owner or the entrepreneur to have access to the tools and strategies of the wealthy.
Quraishi Law and Wealth brings these benefits to a larger market. We combine all core elements of the financial and legal world under a single umbrella.
The "Traditional" Approach
If you’re like most Americans, when it comes to financial and legal services, you’re acting as your own “general contractor.” You find a group of professionals who you can trust with your core needs: estate planning & asset protection, tax planning, financial planning, risk management, and investment management. You turn them loose to do their individual thing as best as they can. And then you sit back and hope that somehow, they'll get you where you need to go.
Here’s the problem. While you may have the best advisors in each of their individual fields, there’s rarely any coordination between them. If the tax hand, for example, doesn’t know what the investment hand is doing, you can wind up paying thousands more in tax than you should. What if the legal hand doesn't know what the other hands are doing, leaving you exposed to lawsuits and more??? This obviously introduces unnecessary risk to your overall plan and puts unnecessary roadblocks in the way of your financial success.
We see this all the time, sadly. Clients come to us and say “I sold my rental property,” or “I sold some stock,” or “I took a distribution from my IRA . . . now how do I handle the taxes?” There are lots of ways we could have helped . . . if we had known before the client acted!
Acting as your own general contractor doesn’t just mean risking mistakes that better coordination could prevent. It means you’re on your own when it comes to navigating new and unfamiliar challenges. Sure, Siri can help you find answers to specific questions about annual exclusion gifts, Roth IRA conversions, and required minimum distributions. But there’s no substitute for an experienced advisor looking over your shoulder with a global perspective. Attorneys understand this problem well when they warn that, “a lawyer who represents himself has a fool for a client.”
Most business owners and affluent investors manage to muddle through. But they make expensive mistakes and miss lucrative opportunities they could have taken advantage of if they had a more holistic perspective. Worst of all, they never even realize how much they’re costing themselves by going it alone!
A Better Solution
The wealthiest Americans don’t worry about inconsistent advice from different financial and legal services providers. They bypass the retail market entirely and set up an entire company solely dedicated to managing their family’s finances. It’s called a family office, and it takes charge of every aspect of the family’s affairs: accounting, legal, tax planning, financial planning, risk management, and investment management. Instead of relying on separate advisors to pitch them separate solutions, they put all those services under a single umbrella. Instead of listening to product pitches, they find a single trusted professional to coordinate “best of breed” solutions in each category.
The Family Office Exchange, a Chicago-based membership organization for family members, family office executives, and other advisors, estimates there are between 3,000 and 6,000 family offices in the U.S. This number has risen from less than 1,000 worldwide a decade ago. This spike in growth proves that once successful people learn about the family office concept, they’re hungry for the level of service and coordination that family offices provide.
The problem, of course, is that establishing, staffing, and maintaining a family office is pricey. That’s why there are so few of them, and they’re generally limited to families with $30 million or more in assets.
So . . . we know when it comes to managing your finances and legal needs, acting as your own “general contractor” can be an expensive mistake, even when your “subcontractors” like your accountant, attorney, investment manager, and insurance agent are all individually outstanding in their fields. We’ve seen how the richest Americans in the country establish family offices to eliminate that danger. But you don’t have the assets to justify an office of your own. So how can you take advantage of this “best in class” financial solution?
Welcome to the Modern Family Office®! The Modern Family Office® takes all the core financial and legal services that successful business owners and investors need – estate planning & asset protection, tax planning, financial planning, risk management, and investment management – and puts them under a single, integrated umbrella offering coordination and expertise that individuals simply can’t match on their own.
Want to learn more about how to put our Modern Family Office® service to work for you through integrated financial, legal and life planning?