Over the past three years, Prescott Securities' parent company, Findex, has executed a major initiative to implement the infrastructure required to effectively support the roll out of Family Office. This is an entirely new financial offering, connecting over 120 advice offices - and approximately 60 Family Office adviser groups - across Australia and New Zealand.
Since its launch in 2016, Family Office is now providing Findex clients with the unique opportunity to harness a complete suite of financial service offerings, accessible through a single point of contact. The services under the Family Office umbrella are diverse and include: tax, wealth management, risk consulting, lending, insurance, self-managed superannuation, audit and assurance, management consulting to business advisory and more.
The offering builds on the back of the traditional family office model, which is usually reserved for the super-wealthy and family-owned empires. This service involves a suite of advisers and specialists designed to manage personal and business wealth. Our Family Office harnesses the same capabilities, and is offered as a product to all Findex clients (more than 250,000) across Australia and New Zealand.
“In the past, only high net worth individuals and businesses had access to Family Office-style services,” says Spiro Paule, CEO of Findex. “After building a company with more than 1,800 advisers in key financial areas, we can make this advice and service accessible to individuals and businesses of all sizes, giving them the same services and quality advice at an affordable cost. As one of Australia’s largest diversified advisory firms, we’re uniquely placed to deliver value across all aspects of our clients’ financial needs.”
Since its inception, Family Office has provided significant value to Findex clients, removing the disjointedness associated with having multiple policies with a myriad of providers. Client information is now stored in one secure location, guided by a family member who understands their client’s unique situation.
Two small business owners, one family solution
With the capability to provide guidance and advice across a full spectrum of financial services, the Family Office model was recently successful in aiding two small business owners at significant stages of their lives.
After receiving advice regarding their joint business venture and multiple investments, the partners highlighted to their adviser an issue they were having obtaining business and personal insurance policies from their current insurance provider. They wanted to seek additional advice regarding the comprehensiveness of their new policies, in addition to the fees and costs associated with their cover.
Both clients were at very different stages of their lives. One has just had his second child, while the other was saying goodbye to his youngest son who had recently purchased his first home. As a result, they required very different policies to suit their needs.
Their adviser was able to arrange a consultation with his family insurance specialist who was then able to review the policy, identify a number of limitations within their existing cover and tailor a new, comprehensive insurance plan to suit each partner’s unique situation. This has saved both men a considerable amount of time and money, while ensuring their families and businesses are appropriately protected.
This is just one of the many examples of the value that Family Office is providing to Findex clients. If you would like to learn more about our Family Office, and understand how it may help you in your financial journey, we encourage you to contact your local adviser today.