Independent wealth adviser Bedrock is to
launch a family office platform providing logistical support to
high net worth (HNW) families.
The private investment office, with offices in
London and Geneva, will help HNW clients identify and work with
specialists to co-ordinate non-investment related family needs.
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Bedrock’s offering is similar to many wealth
advisory firms, including US firm WealthTouch which provides
consolidated reporting across all asset classes, custodians and
currencies for ultra high net worth clients.
Growing demand for family office
support services
Bedrock and Wealthtouch’s shared service model
are in response to a growing demand from single and multi-family
offices for a cost efficient way to outsource the management of
their non-investment related personal affairs.
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By GlobalDataBedrock’s new platform will include:
- Lifestyle management – including bill paying
and payroll, cash flow management, private secretary, tax
compliance, private travel management, property
management/aircraft/boat and art management
- Recordkeeping and reporting – including
master consolidation, consolidated statements and analysis, budget
and cash flow forecasts, credit cards control and asset audit
- Legal and tax services – including estate and
tax plans, financial planning and trusteeship
- Monitoring and diligence – including
monitoring of investment guidelines, cost control and optimisation,
audit and follow up of service providers, financial institution fee
analysis, insurance oversight, liability management, bank financing
and security
- Corporate services – including administration
support, secretarial support, financial information, human
resources coordination, tax matter coordination and legal and
compliance
- Specialised services – including family
governance, family education and family philanthropy
Bedrock manages and oversees
CHF5bn ($5.62bn) of client assets and employs 45
people.
