Oxford, MS (PRWEB) November 19, 2013
In a recent Forbes column, Russ Alan Prince discusses the growth of Multi-Family Offices being fueled by some false claims. Addicus agrees with Prince, responding with their stance as a true MFO.
Addicus, a real multi-family office, responds to the recent column by Forbes contributor Russ Alan Prince.
The column, “The Multi-Family Office Gold Rush,” discusses the boom at which MFOs are appearing all over the map. This growth is fueled by many financial advisors and financial institutions labeling themselves as MFO or adopting some services to fit the MFO model. By definition, however, these advisors, institutions and banks are not fitting the bill as a legitimate multi-family office.
“I think there are many fakes out there, and we are not one of them,” says Drew Adams, Addicus Managing Partner. “I think this is similar to the term ‘financial planner’ and its evolution in the industry where many people who were not CFPs decided to start calling themselves 'Financial Planner' but weren’t providing anything different than they had previously."
“Most financial planners only do enough planning to highlight the need for an insurance or investment product and then the planning miraculously stops.”
What makes Addicus unique and fit the multi-family office model is its focus on planning. The products or investment services of a business will either make sense or not once the planning is complete. Most of Addicus’ successful clients who have family businesses with multiple family members involved have a CFO to coordinate their business/financial/legal affairs. However, often these business owners have a number of other assets – both paper and private business/rea
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