What's a Family Office? #065

A family office can help build and preserve a family’s legacy. Guest Jack Thurman joins Damien Martin to explain how, while also breaking down the ways a family office can benefit a family. TIME STAMPS OF WHAT’S COVERED How Jack defines a family office [01:54] Benefits of a family office [06:01] Is a family office is a good fit for you? [07:38] Common roles a family office can play [12:07] What to look for in a family office advisor [15:16] Evaluating the cost [22:03] Common issues that keep generation one up at night [25:56] Best practices for family offices [29:37] A family office advisor is like a running buddy [31:31] How Jack came to work with affluent families [36:05] How Jack manages his goals and aspirations [39:05] Ways Jack focuses on what he does best while outsourcing the rest [42:46] Closing thoughts [48:45] BIO FOR GUEST Jack Thurman is president of BKD Wealth Advisors, LLC, a subsidiary of BKD, LLP, which provides investment oversight, wealth management and family office services to high-net-worth families and corporations. He has provided wealth management services since 1986 and is regularly contacted by national media for interviews and commentary on the market and economic events. Jack has been quoted in publications such as Forbes, The Wall Street Journal, Businessweek, SmartMoney and CNBC.   Email Jack Connect with Jack on LinkedIn ADDITIONAL RESOURCES MENTIONED IN THE EPISODE Mentioned on the podcast: Strangers in Paradise by James Grubman, Ph.D. The 7 Habits of Highly Effective People by Stephen R. Covey Additional family office resources: Webinar: Want a Family Office That Thrives? Common Mistakes to Avoid presented by Jim Coutre and Jack Thurman on November 13, 2018 Learn more about BKD Family Office Services GET MORE “SIMPLY TAX” We’re excited to now also provide video content to strengthen your tax mind! Check it out on our new YouTube channel. A complete archive of our episodes is available on our website and YouTube playlist. We’d love to hear from you! Email feedback and questions to [email protected]. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube