A true family office comprises a team of full-time professionals that entrepreneurs can afford.
It’s hardly news that B.C. is home to wealthy business owners ranging from successful mom and pop entrepreneurs to billionaires. But Cindy David, president of Cindy David Financial Group Ltd., says that “a growing number of wealthy businesspeople are falling into the $10-to-$50-million category, with that parameter defining what their business is worth.”
This becomes noteworthy when these entrepreneurs decide to sell their business and require professional services in order to properly manage their family wealth during retirement. Up until recently, they had two choices, both inappropriate: to retain the services of a traditional banking institution (which, despite evolving, can be in the habit of pushing propriety investments onto their clients), or retain the full-time administrations of lawyers, investment advisors, and other professionals—whose cost is often beyond what they can afford.
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