Our unique Net Worth Management™ approach starts with an overall view of a family’s wealth. Wealth is more than just investments. It includes all assets and liabilities, such as family businesses, vacation homes, investment real estate, philanthropic funds and human capital.
At Northwood, we start with the premise that the management of net worth must be planned and managed on an integrated basis. Just like a successful business brings together disciplines to work cooperatively (eg. sales and marketing, accounting, finance, operations, legal, etc.), families of substantial wealth must also take a coordinated approach to their affairs.
As the picture below shows, many families have access to advisors in specific disciplines, such as tax, legal, insurance, and investments. However, there is often very little coordination among these professionals, often resulting in an unconnected mix of investments, strategies and services that may not meet the family’s objectives.
Our role, as a family office, is to develop an integrated plan for family wealth, and then identify areas requiring specific expertise and attention. Typically, we work with our clients’ existing accountants and lawyers, especially where a trusted relationship has existed for years. If our clients don’t have a trusted advisor in a particular discipline, we will introduce them to professionals from our network of specialists, who we believe can best meet their needs.