Family Office

 

History
Why a Multi-Family Office?
Specific Family Office Services Provided
Distinguishing Characteristics

History of CDL Family Office Services

The CDL Family Office Services division was formed over 20 years’ ago to respond to client demands. Our customized services provide our high net worth clients with a one-stop approach for all of their personal financial management needs. Family Office Services at CDL are tailored to each family member’s specifications and requirements. Our strict adherence to maintaining independence from professional investment advisors, bankers, insurance specialists and attorneys allows us to bring unmatched objectivity to each relationship and engagement.

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Why a Multi-Family Office?

While the thought of having a single family office is attractive at first glance, the cost versus benefits must be carefully considered and addressed. It is crucial that a family evaluates more than just the monetary cost of maintaining their own family office, but also the intangible costs such as fraud risks; limitation of experience and expertise; lack of accountability; human resource issues and liabilities; continuity and retention of key personnel; and the personal time spent by the family in maintaining the office.

CDL Family Office provides highly responsive, confidential services with a team that thoroughly understands where you have been, your current situation, and the roadmap for your future goals. One significant benefit of a multi-family office is the knowledge our team gains from their experiences with other families. We are aware of the changing trends, opportunities and issues that constantly arise. You directly benefit from the experiences of other clients. Further, as a firm of almost 100 people, you have access to the intellectual capital of the entire firm.

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Family Office Services Provided

CDL Family Office offers a diverse range of services from routine household bill paying to assisting counsel with structuring of complex estate planning. As a valued client, you receive the traditional benefits of a Family Office and the knowledge and resources of a large, sophisticated certified public accounting firm.

We serve as the family’s chief financial officer, ensuring that all professional advisors are working toward the same objectives and providing peace of mind that current and future financial goals are being properly managed and maintained. Additionally, our seasoned professionals bring together the family members, along with their other professional advisors to implement, execute and integrate a family’s financial, estate and cash flow plan. In conjunction with the family’s other advisors, we design a strategy focused on the family’s goals, which includes the optimization of capital resources and wealth enhancement.

Our services include but are not limited to:

  • Bill Paying
  • Coordination of Family Meetings
  • Cash Flow Forecasting
  • Financial Reporting
  • Foreign Currency Matters
  • Tax Planning, Compliance and Preparation
  • Risk Management
  • Customized Analyses & Reporting
  • Aircraft, Yacht and Collectible Consulting
  • Document Management
  • Charitable Giving Strategies
  • Insurance Coordination/Claims Processing
  • Trust Compliance
  • Succession Planning
  • Generational Education and Planning
  • Cash Management
  • Tax Domicile Planning
  • Financing, Collateral and Covenant Issues
  • Estate Planning

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Distinguishing Characteristics

Perform more than accounting services.
Fees not based on net worth.
Do not advise on investments.
Palm Beach location may help with establishing domicile.
No solicitation of business.
Continuity of business.
Stringent internal controls.
Independence and objectivity is maintained.
Tax expertise for high wealth families.

We perform more than accounting services.

Though CDL Family Office was established by an accounting firm, we perform much more than just accounting services. Our extensive client base and experience with multiple high wealth families has provided us with expertise in planning and compliance for high net worth clients. The services we perform range from insurance review and coverage; cash flow planning; yacht and aircraft structuring, compliance and operations; estate plans, wills and trusts; employee staffing and payroll benefit coordination; foreign asset and currency management, and much more.

Distinguishing Characteristics

Our fees are not based on net worth.

Many multi-family offices are associated with investment firms and base their fees on the net worth of the client, as they would for the management of their investments. We prefer to establish fees based upon the complexity of the engagement and our time to perform the needed services. As each client is individually unique, so are the resources to meet their needs. Therefore, although the net worth of two families may vary dramatically, their fees may be similar based on their individual needs.

Distinguishing Characteristics

We do not advise on investments.

CDL Family Office is not a registered investment advisory firm; therefore, we do not direct the investments of our families. We do assist our families in reviewing proposals and asking the “hard questions.” However, it is the client’s obligation to perform the due diligence with the investments and determine for themselves whether or not they want to be involved with the various investment vehicles and products.

Our priority is to assist the families in gathering their various investment information into one place and showing them the monthly, annual and since inception performance of their various investments. We consolidate the information into a concise and meaningful report that shows the client their overall performance results and true asset allocation. We find that the consolidation of the investments assists the client in reviewing their overall picture and provides them with a clear idea of where they have been and where they are going.

Distinguishing Characteristics

Our Palm Beach location may help with establishing domicile.

A large portion of our families are trying to establish domicile in Florida, and one way to help accomplish that is to have service providers in Florida. As many families have already established relationships in other states with investment advisers and legal counsel, they may not to want to change. Therefore, a convenient option is to relocate their family office accounting needs to Florida. Any new legal situation unique to Florida could be referred to a legal counsel in Florida as well. These can be steps followed in assisting families establish a basis for verifying the legitimacy of their Florida homestead and domicile.

Distinguishing Characteristics

No solicitation of business.

CDL Family Office is discrete, and we do not disclose our clients to market our services. New clients are obtained through personal referrals. Our reputation speaks volumes and personal referrals provide us with a client base that both understands the needs and the services that we provide to them.

Distinguishing Characteristics

Continuity of business.

CDL Family Office has been formally established for over 20 years’. CDL has been in business for over 30 years and has earned a reputation that resounds in our community. This means we continue to attract top talent and can maintain an experienced and dynamic team with an outstanding rate of employee retention. In addition, our adherence to accurate, timely and service-oriented work has resulted in sustained growth over the years.

Distinguishing Characteristics

Stringent internal controls.

Because CDL Family Office is a division of a public accounting firm, we are cognizant of maintaining internal controls for segregation of duties, confidentiality, control over financial information, and access to funds.

Distinguishing Characteristics

Objectivity is maintained.

CDL Family Office prides itself on maintaining independence and objectivity on behalf of our families. No associations or arrangements with the various service providers have been or ever will be established. There are no benefits or compensation derived from referrals received or given.

Distinguishing Characteristics

Tax expertise in high wealth families.

CDL Family Office has many high wealth individuals for whom we perform tax preparation. As families often have very complex tax issues and various state and local filing requirements, we can provide you with the expertise of a certified public accounting firm with the ability to offer extensive knowledge and experience with tax planning and compliance. As a family office, we can evaluate each unique opportunity before a transaction is executed to establish the best tax, wealth transfer, or operational strategy to ensure an optimal structure. Additionally, we are experienced with issues that frequently arise for high net worth families, such as estate planning, asset protection, insurance and liability issues, multiple residences, private yachts and aircraft, philanthropic planning, generational concerns, and a variety of other issues.

Distinguishing Characteristics
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