Anyone of TV-watching age in the 1980s remembers the commercial for clothing giant Syms, featuring CEO Sy Syms himself. “An educated consumer,” he said, “is our best customer.”
Those words, which sounded revolutionary and enlightened at the time, are today considered the way of the world. The internet has largely leveled the playing field with regard to the access of information, and as a result most people want (and view as their right) to be fully informed about the services and products they invest in. On the flip side, providers recognize that educating their clients leads to smoother transactions and more satisfaction all the way around. This includes complex matters that used to be considered above the heads of laypersons, such as medical procedures and finances. Recently we discussed the growing trend of principals taking greater control of their estates, and how estate management platforms for family offices, specifically all-in-one solutions, can assist them. But what about the experts on whom those principals continue to rely for guidance? If you’re a family office, there are powerful ways in which an all-in-one solution such as EstateSpace can empower your clients and facilitate a more transparent and productive relationship between you.
Share the Wealth. In today’s world, accurate data is worth its weight in gold. As mentioned, there is no limit to the information at our fingertips; the downside to this is that much of it is not useful or even true. Even if it is, there may be countless nuances that only people with the proper training and knowledge can understand. EstateSpace is an estate management platforms for family offices, that allows you to upload data and discuss it via a secure messaging feature, thereby creating a direct pipeline between you and your client. Let’s say, for example, that they read about an enticing investment trend; however, when they reach out, you see several red flags (which is why you didn’t bring it up in the first place) and advise them accordingly. On the other hand, you may share an opportunity for charitable giving that was not on their radar but is aligned with their vision. Whether they listen or not, you have provided an invaluable service, and in many cases without playing telephone tag or sifting through email threads.
Improved Sustainability. One of the greatest challenges for principals is the successful transfer of wealth to their heirs; this, often due to a lack of clear communication about money in general and the family’s legacy in particular. Moreover, younger generations consume information differently, which can be frustrating for older principals who try to educate them with paperwork and face-to-face meetings with advisors. Incorporating EstateSpace into your practice allows you to weigh in on discussions, provide insight to all parties, and perhaps smooth things over when there are misunderstandings or differences of opinion.
Like the rest of the business world, the family office services arena is going through a transitional period, one that reflects a more informed consumer base. That said, even your savviest clients will recognize the expertise and experience you bring to the table, which cannot be replaced by a hundred google searches. Similarly, EstateSpace does not make you obsolete; they help you grow into your evolving role so you can stay relevant and continue bringing your A-game far into the future.