WHAT ARE THE ATTRIBUTES OF A FAMILY OFFICE CLIENT?

WHAT ARE THE ATTRIBUTES OF A FAMILY OFFICE CLIENT?

What traits you need to look for when deciding on the suitability of a Family Office client for your business.

At Generational, we identify the following attributes or we don’t proceed with the family as a client. • No. 1: Delegators • No. 2: Time poor • Pride in establishing a legacy | purpose • A desire to make a difference to the betterment of others • Seeking security for what and who is important to them • Are interesting people - living and people are more important than money • Value integrity • Social inclusion - committed to playing a role in empowering individuals to participate as fully as possible in society • Enjoy simplicity and freedom that comes from having all their financial issues under the watchful eye of a corporate trusted advisor • A necessity to hear the truth • Value the collaboration of professionals working together for their purpose; and • Appreciation of time saving and reduction of grief that Management Team meetings provide.

Why selecting the wrong prospect hurts? • The capacity of your business will be eroded with a relationship that both parties don’t want to be in • You can’t undo a family office easily nor quickly • At Generational our success to date has been 100% aligned, engaged and wonderful clients – this is no luck. If you have ANY doubt, don’t proceed • My three G’s of business | life: Grateful | Grumpy | Greedy (you don’t want your business, yourself, your family nor your staff dealing with a greedy client

Referrals: there’s a difference between grateful and thankful • A Patriarch &/or Matriarch who are: o happy with living their lives, having created a legacy; and o knowing that their eulogy will be aligned with what their values and purpose will be GRATEFUL and your best referrers

• A client being thankful is nice, cute, and financially rewarding but well short of the emotional beauty and richness of a grateful client.

Being grateful is about appreciating what one has (this is a Family Office client), as opposed to what one wants (a prospect who wants what a Family offering delivers but doesn’t want to pay for it) Being thankful implies thanks for something that someone has given you (this is typically a transactional-based relationship).