Creating a Multi-Family Office
I mentioned earlier that my dad passed away in 2002. While he struggled with his health for a number of years, my family and I were not prepared to be without hime. This was true especially for my 62-year-old mom. She was left with bills to pay, a house to sell, life insurance proceeds to invest and possessions that were more of a burden than things to enjoy. Both my brother and I have financial backgrounds and we were quick to come to our mother's side. This "help" also became a burden because my suggestions were different than my brother's. And, we all know what moms like best . . . harmony! In addition to the emotions mom was experiencing as a result of dad's passing, she found herself staring down this scary, dark financial tunnel without any ideal of how to proceed. Who to ask! What questions to ask! Steps to take, and which step is first. During this process, I found myself wondering, "Where is that person that won't try to sell mom something, that can talk to her with vocabulary she understands, that is loyal to her comfort and that knows the best course to take in similar situations?" I never did find this person.Fast forward to 2007 while I was working as a Private Banker. I had a physician client that had built a new home valued at $1.5 million and I provided the financing. As part of this transactions, I needed to document his homeowner's insurance. When I discussed this with him, he said he would go to work on getting the information I needed but it may take a little while. His agent had sold the practice and he didn't care for the new people. I reminded him that insuring his new home would be very different than his previous $500,000 home. It took him nearly six weeks to get the insurance wrapped up. And, when it was finally finished, he was stressed, upset and frustrated. I felt terrible for him and I was disappointed. I couldn't believe that with all of the financial information, technology and resources available in our world that such a process could be some cumbersome.
I called this client after I incorporated Our Financial Concierge in early 2008 to let him know about my new company. I used his "insurance adventure" as an example of the services I provide. He replied, "Becci, finding insurance for my new home was one of the worst things I have ever had to do. I could not believe how much time and driving around it took. Are you telling me that if you had had your company at the time you could have done all of it for me?" Naturally, I responded "Of course, doc! It's what I do!"
I have too many similar stories and situations to take up your time. I will tell you, as sure as I am publishing this website, that I am the financial resource, the financial interpreter, the unaffiliated person individuals and families have been looking for. I am the person to save you time and stress. You can count on me to ask you questions, explain vocabulary and help you define what you want to accomplish.
This is an exciting time in my career. But, it's an even more exciting time for you. You finally have available the person to call for help and you don't have to suffer through the sales pitch first. Someone that won't intimidate you into a decision because you don't understand the vocabulary. Remember . . .
we help. we don't sell.
Becci Hall, Family CFO
515.208.5706
515.208.5706
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