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The rich are different - and Daszkal Bolton makes the most of it
Daszkal Bolton always served high-networth clients, but when Jennifer Lynch Ridgeiy joined the firm in July, its family office brand really started to take shape.
"Jennifer is an entrepreneur," said Jeff Bolton, the Boca Raton, Fla.-based firm's co-founder and partner, who handpicked Ridgeiy as principal-in-charge of its Family Office Group. "She needed the opportunity to spread her wings and build her business for herself with us."
There were two deciding factors that led Daszkal Bolton to start the Family Office Group: client need, and the firm's ability to find a leader. "It was a migration over time, but the reality is that you don't have an expert offering until you have an expert leading," said Bolton. "Jennifer made the concept into something that was real."
Ridgeiy jumped on the opportunity and designed an à la carte model for the family office practice. "The best way I thought for them was to have an open architecture," she said, explaining tìiat clients can pick the services they need.
Traditional family offices usually help rich clients manage their wealth. Daszkal Bolton's services include bill paying, financial record-keeping, and separate bookkeeping for all of their different entities. The firm's family office works with their client's attorneys to follow up on legal transactions, which may include making sure confidentiality agreements are signed. It also assists with the hiring and firing of domestic staff. Clients can also get insurance reviews and investment analysis for all types of assets. However, the family office does not offer investment advising as a service. "I feel that you should stick to what you're good at," suggested Ridgeiy.
Daszkal Bolton's services also include tax preparation, but it takes its services one step further. The firm conducts family meetings so it can educate their clients. "It's really, really important, because what's the purpose of doing all of this if the family doesn't understand what we're providing them," said Ridgeiy. If the client allows it, the family's advisors are also educated. "Sometimes that education is for the advisors, because oftentimes üiey don't have all of the information necessary to provide the family with the best service."
There are times when the Family Office Group...