A newly launched financial-backed firm from 4100 Group Financial Services is supposed to give advisers a competitive edge when working with ultra-high-net-worth clients.
Family Office Resource Group is a family office solution for wealth management professionals and firms that want to compete for the business of UHNW clients.
According to FORG CEO Brian Weiner, these services would be essential in the context of “one of the largest transfers of wealth in the history of the world,” with trillions on the move over the next decade.
“And with a statistic like that I just said, I think it's more than fair to say that our industry needs a different approach,” he said in an interview with WealthManagement.com. “Wealth management service professionals, attorneys, financial advisors and CPAs need and want to flip the script. And to do that requires additional resources and expertise.”
Weiner said the firm hoped to reach advisers and multi-client firms with a “significant balance sheet.” While these firms may provide some essential services for UHNW planning (including bill payment and accounting), they may lack the “specialized expertise and infrastructure to provide a comprehensive solution,” which is where FORG would step in.
Additionally, FORG would provide a variety of UHNW-focused services that RIAs may lack, including outsourced CFO and accounting services, business succession planning, concierge services, family governance and cyber security support starting next month. The firm's products are also white-labeled, so advisors can pass off the services as their own.
Weiner argued that firms and advisors working with UHNW clients need these services in their arsenal to stay competitive.
“If they don't differentiate, if they don't seek to deepen and strengthen their relationship with their customer service delivery, they're going to miss an important opportunity and possibly lose that customer to other firms that offer those solutions.” , he said.
4100FS acts as a strategic investor in the space for firms providing “client-facing services and client support” and owns several wealth and asset management firms in addition to FORG. These include Maryland-based RIA Bull Harbor Capital, Red Cedar Investment Management, an institutional asset manager, and Gries Financial Partners, a $1.7 billion Cleveland-based RIA.
Last month, former Dakota Wealth Management executive Carina Diamond joined Gries in the newly created role of chief growth officer (while also serving the same role for the 4100FS). As part of her role, she will coordinate how 4100FS portfolio companies can help each other, including RIAs that can benefit from FORG's family office services.
Weiner has more than 15 years of experience in family office consulting and nearly 30 years in financial services, managing the family office needs of financial services firms, banks and specialty family offices. FORG's leadership team includes 20 executives and has offices in Boca Raton and Naples, Fla., as well as Boston, Chicago, Dallas, New York and Washington, DC
Daniel Bryant is on board as the firm's executive chairman. In addition to being the founder and CEO of institutional investment firm Sheridan Road Financial, he leads the family office efforts for 4100FS. Like Weiner, Bryant pointed out that UHNW investors often have needs to bypass “traditional” RIA services of investment advice or retirement income planning.
“Until now, many advisers did not have the resources, time or expertise to address such priorities, leaving an opening for private wire-based banks and independent family offices,” he said.