What is a Virtual Family Office and How to Use One

Man relaxing outdoors because he is using a virtual family office

If you’re looking to simplify and organize your finances, using a virtual family office can help. This is an effective solution that offers customized services tailored to your needs, empowering you to make sound financial decisions while managing your wealth in a more efficient manner.

What is a Virtual Family Office?

A virtual family office (VFO) serves to “quarterback” all of a person’s various professional advisors. Without a VFO, a financially successful person is stuck coordinating the advisors, including:

  • Estate attorney
  • Insurance agent
  • Investment Advisor
  • Banker
  • Corporate attorney
  • Accountant

And because none of these advisors typically talk to each other, you waste your time making sure they are all doing their job. In the process, mistakes often get made.

To solve this problem, you can hire a VFO to help manage all of your various advisors for you in an efficient way. And if you need a referral to a vetted professional, you can get that too.

Benefits of Using a VFO.

A VFO can offer many benefits to a family and can take the hassle out of managing your finances, investments and legal affairs. It gives you a centralized point of contact. It provides advice and guidance on investment and other decisions. And it offers a personalized experience. A virtual family office makes it easier to manage all aspects of your financial life in one place.

Who Qualifies To Use a Virtual Family Office?

Most people think of virtual family offices as being for the ultra-wealthy – but that’s not always the case! Any family who wants to organize their finances and make managing their wealth easier can benefit from hiring a VFO specialist. From multigenerational families with complex needs, to single parents or young couples just starting out, anyone looking for financial organization, advice and guidance can take advantage of a VFO.

How a VFO Can Help With Financial Planning and Management.

A VFO can help with all aspects of financial management, from budgeting and investing to tax planning and estate administration. It provides a comprehensive overview of your financial position. As a result, you can see the big picture and develop strategies for reaching your long-term goals. With an experienced team at the helm, your advisors can handle day-to-day administrative tasks on your behalf, freeing up your time to focus on more important things.

Conclusion.

A Virtual Family Office or VFO is a vetted advisory team that works together. The benefit is that it takes the hassle out of managing your finances, investments and legal affairs. The team members may include an estate lawyer, financial planner, investment advisors, CPA, attorneys, and other consultants.

Are Your Interested In Learning About Our VFO Services?

At SWPL, we help busy people coordinate all of their various professional advisors. We can help support your financial journey, as you focus on stewarding your wealth safely and securely well into your family’s future. Give us a call at 602-443-4888. We’re here to help.

ABOUT THE AUTHOR

Founding attorney Paul Deloughery has been an attorney since 1998, became a Certified Family Wealth Advisor. He is also the founder of Sudden Wealth Protection Law.

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