Boutique Investment Management and Family Office Services
Family Business Consulting and Succession Planning
- Family conflicts can sink a family-owned business. We can help to balance family values with the economic needs of a company to help ensure smart decisions that maximize success and family harmony are made at every step.
Stress Testing
- Stress testing your financial plan (or one you are considering implementing) can be a very smart way to help make certain that the plan will deliver as promised—and not deliver unintended consequences that can derail your financial security and comfort.
Investment Management
- OWP utilizes both internal and external resources to develop solutions for Investment Management
Data Aggregation: Consolidated reporting and advising on overall assets
- We reconcile brokerage and investment accounts, hedge fund and private equity investments (capital contributions and distributions, net asset values) and direct investments. We track and monitor capital commitments and funding requirements related to all fund and private investments. We prepare monthly budget versus actual expenses, cash flow reports and a financial Snapshot. We prepare quarterly balance sheets and statements of revenue and expenses, and an annual Financial Organizer for internal information purposes. These reports are customized to fit your specific needs.
Concierge Medicine
- Health is one of the most important concerns of everyone in the family. We have a Concierge Desk standing by to help you make connections with the right people and resources.
Income tax planning, compliance, and consulting
- We prepare federal and state individual and business income tax returns, including the preparation of extensions, as needed. We work proactively to plan your income tax projections and estimated payments so that you are always minimizing the amount of taxes paid at any particular point in the year, including the minimization of the alternative minimum tax and incentive stock option planning. We review your cash inflows and outflows to ensure all taxable income and tax deductible expenses are being accounted for. We coordinate your information needed for tax filings and facilitate your tax payments.
- Upon commencing our engagement, we review your prior year federal and state individual and business income tax returns and file any amendments that might be needed. We assist with federal or state tax audits relating to years we are responsible for or years prior to our involvement in servicing your account. We work with you to maintain an electronic calendar that summarizes your day count by state. We also maintain and store any necessary documentation to support the dates noted in your calendar.
Risk Management (Life Insurance, Liability, Property and Casualty, Medical)
- We work with you and your insurance broker to ensure that the decisions you have made regarding your various insurance needs have been implemented. We review your balance sheet and ensure that all of your assets are covered under the insurance policies in place and that your umbrella policy provides adequate coverage. As your assets grow, we monitor the policies and update your insurance broker so new assets get added to the policies. In the areas of artwork and collectibles, we assist in cataloging your asset list and coordinate with appraisers where appropriate. We work to ensure that you have the best coverage in place in the event of a catastrophe.
Family Governance including Selection/Training of Trustees and Protectors
- We act as a fiduciary and serve as a trustee when deemed appropriate by you. We review your current estate and wealth management plan, and all life insurance policies. We provide recommendations and advice regarding your estate and financial planning based on our findings and your future objectives, including a sufficiency assessment, using self-cancelling installment notes or intrafamily loans, and irrevocable life insurance trusts.
- We interface with your full team of attorneys and advisors in setting up grantor retained annuity trusts (GRATs), charitable lead trusts, family limited partnerships, qualified personal residence trusts and dynasty trusts, to name a few. We provide coaching and education to the next generation of family members so they gain an understanding of the current legacy plan and can develop their own strategic planning goals for the future.
Philanthropic Oversight and Private Foundation Advisory
- We assist with your family philanthropy, including foundation management, personal giving, proper structuring, and complex compliance issues relating to private foundations. We assist in the structuring of the proper charitable vehicle (e.g., donor advised funds, private foundations) as well as placing the necessary insurance coverage for directors and officers.
- We assist you in your foundation governance and selection of the board members. We work with you to avoid any conflicts of interest issues with disqualified persons, jeopardizing investments and excess business holdings. We advise you on minimizing the tax on net investment income and taxes on undistributed income. We maintain proper records to meet IRS reporting requirements. We facilitate discussions with family members and the foundation board on multigenerational objectives.
Balance Sheet and Cash Flow Management (this includes Full service Bookkeeping)
- We provide outsourced accounting solutions for clients who would like bill payment and bookkeeping services. We obtain and review all invoices and, after appropriate approvals, prepare disbursements drawn on various accounts for those payments.
- We transfer funds from interest bearing accounts to checking accounts to maximize cash efficiency. We receive monies on your behalf from various sources and deposit them into the appropriate bank accounts. We maintain the general ledgers and reconcile all bank accounts on a monthly basis. We prepared detailed listing of opening balances, cash receipts, cash disbursements, transfers, and ending balances for each bank account along with cash budget versus actual reports. We prepare cash flow projections based on our understanding of your cash inflows and outflows. By knowing your cash flow management, we are able to understand your immediate and long-term liquidity needs and ensure those funds are maintained in the appropriate asset class. We work with your banking team to provide appropriate financing arrangements (lease, loan, etc.) to meet your current liquidity needs.
Lifestyle Asset Management (Residences, Vehicles, Aircraft, Yachts, Artwork, Membership Clubs)
- We identify the best service providers that will enhance your family’s quality of life. Our range of concierge services include travel and event planning, education advisory, coordination of moving into/out of a home, negotiation with vendors and public relations. We handle all paperwork, monetary aspects and research of service providers so you can make informed decisions. Without proper attention in these areas, you run the risk of having unintended liabilities, overpayments and inefficiencies. We handle all of your private travel management and medical advisory services.