Tag: trust serivces

Apr 3rd

Whittier Trust Names Whit Batchelor the Head of New San Diego Office

Bringing Decades of Wealth Management Expertise to San Diego’s Ultra-High-Net-Worth Families

Whittier Trust is pleased to announce that Whit Batchelor has been appointed as Executive Vice President, Client Advisor and San Diego Regional Manager, where he will lead the firm’s newest office in San Diego. This appointment underscores Whittier Trust’s dedication to internal leadership development and its commitment to maintaining a client-first culture and relationships spanning generations through experienced, long-tenured professionals.

“Whit’s deep expertise, strong relationships and dedication to client service make him the ideal leader for our official expansion into San Diego,” said David Dahl, President and CEO of Whittier Trust. “Having been with Whittier Trust since 2011, Whit has played a pivotal role in guiding our clients in Southern California. His time as part of the leadership in Newport Beach, coupled with his strong community involvement and extensive work already with clients in San Diego, ensures a seamless transition as we further grow our presence in the region to continue serving our clients locally.”

During his tenure at Whittier Trust’s Newport Beach office, Batchelor spent more than a decade expertly navigating the complex financial landscapes of high-net-worth individuals and families, crafting personalized, multi-generational strategies that align with each family's distinct goals and values. His expertise spans wealth and investment management, estate planning, tax optimization, balance sheet management and comprehensive financial advisory services, essential for a premier multi-family office. Known for his dedication and accessibility, Batchelor cultivated lasting relationships with clients and their families, ensuring continuity and a bespoke approach to financial services. His deep familiarity with the San Diego market, forged through years of building relationships and advising families in the area, further positions him uniquely for this role.

In addition to his expertise in wealth and investment management, estate planning and tax optimization, Batchelor has been an active participant in community initiatives throughout Southern California. While in Newport Beach, he was deeply engaged in service projects and philanthropic efforts, including his tenure on the board of Make-A-Wish Orange County & the Inland Empire, where he served as board chair. He brings this same spirit of community involvement and service to San Diego, where he envisions the office playing an integral role in both client service and regional philanthropy.

Whit Batchelor holds an undergraduate degree from the University of Vermont and an MBA with a finance concentration from California Lutheran University. He is a Certified Trust and Financial Advisor (CTFA) and a Certified Financial Planner (CFP). Outside of work, he enjoys spending time with his wife and three children, pursuing outdoor activities such as sailing, skiing and mountain biking.

As Whittier Trust officially opens this new office in San Diego, the wealth management firm remains committed to its tradition of thoughtful leadership selection, ensuring that every client continues to receive the personalized and sophisticated wealth management services that define the Whittier Trust experience.

For more information about Whittier Trust, start a conversation with an advisor today by visiting our contact page.

From Investments to Family Office to Trustee Services and more, we are your single-source solution.

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Mar 24th

Whittier Trust Promotes Mathew N.S. Neben and Charlie R. Normandin

Whittier Trust Strengthens Client Service Excellence Within Reno and San Francisco Offices Through Advancement of Distinguished Internal Talent.

Whittier Trust is pleased to announce the promotions of Mathew N.S. Neben to Senior Vice President, Portfolio Manager, and Charlie R. Normandin to Vice President, Client Advisor. These advancements reflect Whittier Trust’s continued commitment to finding and developing top-tier talent and its dedication to providing personalized, relationship-driven wealth management services.

“Charlie and Mat exemplify Whittier Trust’s core values—deep expertise, a client-first mindset, and an unwavering commitment to excellence,” said David Dahl, President and CEO of Whittier Trust. “Charlie’s meticulous approach to fiduciary and financial planning and Mat’s leadership in investment strategy reinforce our mission to deliver highly personalized, long-term wealth solutions.”

Mathew Neben has been elevated to Senior Vice President, Portfolio Manager in Whittier Trust’s Reno office. With over a decade at the firm, Mat manages equity, fixed income, and alternative assets for high-net-worth individuals and foundations. As a member of Whittier Trust’s Investment Committee, he helps shape the firm’s overall investment strategy and conducts in-depth analysis of companies in the Communication Services sector. In his new role, he will continue to refine Whittier Trust’s investment approach while deepening client relationships through customized portfolio management.

Charlie Normandin steps into the position of Vice President, Client Advisor in Whittier Trust’s San Francisco office. Since joining the firm in 2020, Charlie has been instrumental in providing tailored family office services, fiduciary guidance, and financial planning for high-net-worth clients. His keen attention to detail allows him to craft optimal solutions to complex wealth management challenges. In his expanded role, Charlie will continue to deliver strategic financial advice while strengthening Whittier Trust’s client service capabilities in the San Francisco Bay Area.

Beyond their professional achievements, both Mat and Charlie are dedicated to their local communities. Mat serves on the Board of Directors of the Boys & Girls Club of Truckee Meadows, supporting youth development initiatives in Northern Nevada. Charlie is an active member of the San Francisco Estate Planning Council and a passionate advocate for youth organizations, including the Boys & Girls Club. 

Whittier Trust views its employees as the foundation of the firm’s success. By fostering a culture of leadership, collaboration, and mentorship, the wealth management company enables team members to grow both personally and professionally. With diverse experiences and expertise, each team member brings fresh insights and innovative solutions that enhance the client experience. Through ongoing knowledge sharing and professional development, Whittier Trust empowers its advisors and portfolio managers in each office to deliver exceptional service, providing clients with local strategic guidance and personalized wealth solutions to preserve and grow their assets for generations.

For more information about Whittier Trust, start a conversation with an advisor today by visiting our contact page.

From Investments to Family Office to Trustee Services and more, we are your single-source solution.

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Mar 13th

Edward Troy Joins Whittier Trust as Senior Vice President

Bringing 13 Years of Wealth Management Expertise, Edward Troy Will Continue to Enhance the Firm’s Legacy of Personalized Wealth Management.

Whittier Trust is pleased to announce the appointment of Edward Troy, CFA, as Senior Vice President and Client Advisor in the firm's Pasadena office. With over 13 years of experience guiding high-net-worth families and institutional investors, Edward Troy brings a wealth of expertise in investment management, tax strategy, and wealth planning.

As the oldest multi-family office headquartered on the West Coast, Whittier Trust has built a legacy of excellence in wealth management, providing personalized investment and advisory services to generations of clients. A hallmark of the firm’s success is its deep bench of expert Client Advisors, who serve as trusted partners in developing tailored solutions that preserve and grow wealth over time. Edward’s addition to the team reinforces Whittier Trust’s commitment to top-tier talent and its dedication to delivering exceptional, relationship-driven service.

“We’re excited to welcome Edward to Whittier Trust,” said Peter Zarifes, Managing Director–-Head of Wealth Management at Whittier Trust. “His ability to blend technical expertise with a personal, relationship-driven approach is exactly what sets us apart. Edward doesn’t just manage wealth—he helps clients build meaningful legacies that last for generations.”

Prior to joining Whittier Trust, Edward served as Vice President at Offit Capital Advisors, where he managed portfolios for multi-generational families, endowments, and foundations. His strategic approach and deep understanding of complex financial landscapes have earned him a reputation as a trusted advisor in the industry.

Edward holds a Bachelor of Science in Economics from the University of California, San Diego and is a Chartered Financial Analyst (CFA). He is an active member of the CFA Institute and the CFA Society of Los Angeles.

Outside of work, Edward enjoys traveling with his wife and children and spending time outdoors with close friends.

For more information about Whittier Trust, start a conversation with an advisor today by visiting our contact page.

 

 

From Investments to Family Office to Trustee Services and more, we are your single-source solution.

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Feb 28th

Thinking of Selling Your Business? Sell Smart

Smart entrepreneurs look far beyond financials.

“The difference between great people and everyone else is that great people create their lives actively, while everyone else is created by their lives, passively waiting to see where life takes them next,” Michael E. Gerber wrote in his book, The E Myth. The sentiment applies to entrepreneurs approaching the impending sale of the business they built: They must create the most favorable conditions to achieve their desired outcome, which can go far beyond optimizing the balance sheet and achieving a high valuation multiple.

Business owners are used to looking at all sides of a transaction, and that skill comes in handy with the ultimate transaction–the sale of the business itself. It is vital to consider not only the financial and tax consequences of such a sale, but also the impact on one’s family situation, next generation planning, other business holdings, and charitable giving pursuits. When all is said and done, you want to know that you maximized opportunities, minimized regrets, and positioned yourself for a rewarding next chapter. This doesn’t happen without thoughtful and timely planning.

Keep these three things in mind so that you can sell smart when you sell your business:

1. Enlist help.

Oftentimes, that’s where a certified exit planning advisor can come in to help strategize and execute the steps leading up to, and following, a sale. At Whittier Trust, the oldest multifamily office headquartered on the West Coast, we take a holistic approach that prioritizes investments, family relationships, and tax, estate, and philanthropic planning. By spending time getting to know clients’ needs and goals, we’re able to help avoid obstacles and optimize results. Often, by taking this approach and thinking ahead, we seek to help them achieve the best results possible. We focus on surrounding the entrepreneur with Whittier and non-Whittier professionals who will collaborate to educate, strategize, and help the business owner exercise more control over personal, financial, and business outcomes that might otherwise be left to chance.

2. Look beyond the bottom line.

One way our Whittier Trust team helps entrepreneurial business owners navigate a potential sale is by doing a deep-dive to understand the impact the sale of the business may have on your business goals and your personal life. In addition to fact-finding about the business itself and how it’s structured, the team works to understand the motivations behind why you built the business, why you’re prepared to sell, and how to best achieve your goals for the future. Here are some questions to help get you started:

  • What prompted you to start the business in the first place?
  • Why are you thinking about leaving the business?
  • Do you have a timeline in mind for your exit?
  • What’s your vision of the ideal transition?
  • What personal or business objectives would you like to see accomplished in the transition?
  • How do you expect exiting the company to impact your life?
  • Do you want to stay involved in the business after the sale?
  • Do you expect any family members to remain active in the business?
  • Are you concerned about any family issues?
  • How do you expect your key employees to be impacted?
  • Are you concerned about any employee issues?
  • Do you anticipate any partner or shareholder issues?
  • How important is preserving the legacy of the business?
  • Have you identified a successor(s)?
  • Have you taken steps to formalize a transfer arrangement?
  • What are you most concerned about relative to the transition?
  • Have you had the business appraised in the last 12 months?
  • Have you worked with anyone to evaluate the health of the business?
  • How will exiting the business impact your personal financial situation?
  • Does anyone else depend on the business for income or financial support?
  • Do you currently have a wealth management consultant?
  • Do you have an estate plan?
  • Do you have a plan for optimizing tax efficiency and savings related to the transaction?
  • Have you estimated your cash flow needs after the transaction
  • To what extent do you expect to rely on proceeds of the sale to meet your post-transaction cash flow needs?
  • What are your post-sale goals?
  • Are there any family dynamics that might be a cause for concern when the sale happens?

3. Establish a realistic timeline.

This list of questions isn’t exhaustive, but it’s designed to help uncover risks and planning opportunities that are best addressed months, or even years, before the sale. Understanding your priorities is the first step in maximizing the success of your outcome.

Keep in mind that to increase your chances for a big win, it is essential that you coordinate with your professionals to tailor the results to your needs. At Whittier Trust, we have years of experience working with legal, accounting, and business advisory teams to ensure that the specifics of your deal will focus on the outcomes you seek from a holistic perspective. No two businesses are alike, just like no two families are the same, and we take pride in being the partner business owners can count on to pave the way for the result they want. Clients who have the most successful sales start thinking about the process early and focus on the personal results they want to achieve as well as the financial payout.

To learn more about how Whittier Trust can help you with the transition away from your business, start a conversation with a Whittier Trust advisor today by visiting our contact page.

From Investments to Family Office to Trustee Services and more, we are your single-source solution.

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Feb 21st

Aging: The Overlooked Risk Factor

Elder care is a personal and financial vulnerability many people fail to plan for.

Wealth can shield you from many of the hardships of life, particularly the discomforts of aging. Luxury retirement accommodations, private caregivers, and the best medical care can smooth the sometimes bumpy path of later years.

But money can’t insulate you from the personal complications of aging. Everyone has tough decisions to face and weighty conversations to initiate with loved ones. Having a knowledgeable partner to help facilitate those discussions and transitions is a privilege no one should forego if they can afford it.

“At Whittier Trust Company, elder care is integrated into the continuum of family office services we provide for clients in collaboration with trusted partner companies,” says André B. van Niekerk, Senior Vice President, Business Development. “Quite often, families end up facing complicated care decisions in the heat of the moment, after a hospitalization or other emergency. With our network of expert partners, we help families prepare for the inevitable and manage it when it comes.”

Failure to plan ahead for elder care makes your family vulnerable to financial risk as well as mental and emotional duress. Van Niekerk and his team spoke with one of Whittier’s partners, Barbara Oberman, CEO and President of Senior Living Solutions, about those risks and how they can be prevented or mitigated.

Crisis vs. Preparation

Making a decision in a time of crisis is never ideal. “It can be a trial by fire,” Oberman says. “I was fortunate that when my mother was hurt, I had already set up a plan, and it gave me the ability to act quickly and decisively.” 

Planning ahead with your Whittier team and exploring options for care in advance ensures you can make the most of available resources, such as long-term care insurance policies, which may help cover certain care expenses. Medicare and supplemental insurance primarily cover medical expenses, so understanding these limitations is key to preparing for non-medical or long-term care needs.

Overload vs. Confidence

Assisted living, independent living, board and care, memory care, or caregivers —there’s an entire spectrum of possibilities, and the differences are often hidden in the fine print. Do you need help with meal preparation or medication management? Do you want activities and socialization? Oberman recalls: “One client came to me after moving their father into assisted living. They were genuinely surprised to find he didn’t have someone by his side to take care of him all the time. But that 24/7 type of service only comes with a private caregiver. It was stressful for them to have to fix that mistake.” 

An upfront needs assessment avoids such mishaps by covering all the factors in advance, such as medical conditions, mobility levels, budget, preferred locations, desired activities, and cognition levels. “We’re like a real estate agent,” Oberman says. “We help you identify your needs and wants, then help you navigate the many moving parts until we reach the best solution. We help moderate tough conversations, analyze choices, and even assist in the move to a new place.” 

Liability vs. Expertise

It is important for families to realize that if you hire private caregivers, you become an employer, with payroll and management responsibilities. You must follow labor laws or you could put yourself in financial jeopardy. Homeowners' insurance typically covers visitors, but often doesn’t cover regular household workers. A reputable agency will handle background checks, pay taxes, and provide workers' compensation for caregivers. If you are certain private care is your preference, however, Whittier Trust and a consultant like Oberman can help you with those arrangements.

We can also help find the ideal senior living community. "Many of these communities are part of national chains, but each one is unique,” Oberman explains. “We build relationships with local staff, visit each community in person, and review their history (including any violations or required corrections). Senior living communities must meet state licensing requirements, and we carefully check these reports to ensure they provide high-quality care before making a recommendation. We know all the finer points of each company’s approach and care philosophy, amenities, and costs.” 

Sales Pressure vs. Concierge Service

The last thing you need during this difficult transition time is a heavy-handed sales pitch or dire warnings about waiting lists from a sales rep trying to meet monthly quotas. Your Whittier team safeguards you from such tactics, acting as your advocate in comparing different senior living options so you can make an informed decision without pressure. 

“As part of our concierge service, we go beyond just making recommendations,” Oberman says. “We arrange personal tours of the communities you wish to visit, help you navigate paperwork in advance, assist with negotiations to secure the most favorable terms and services and coordinate move-in arrangements. Additionally, we connect you with trusted professionals to assist with selling your home, managing estate sales, and downsizing. Through our network of senior advisors, we provide personalized support to make the transition as smooth and stress-free as possible. Then we’ll check in after the move to address any concerns and ensure everything meets expectations.”

Chaos vs. Consensus

Procrastination is likely to leave you in turmoil if an emergency arises and you’ve failed to talk to your family about elder care. We know it’s not easy, though, to organize such personal discussions or reach consensus with multiple family members and multiple generations. We can help facilitate these conversations, create a plan and budget and keep it updated for whenever it ends up being needed.

“At Whittier, we’re here to help you manage life’s many stressors while maintaining your family’s security, unity, and overall well-being,” says van Niekerk.

To learn more about how Whittier Trust's family office services can make a difference for you and your loved ones, start a conversation with a Whittier Trust advisor today by visiting our contact page.

From Investments to Family Office to Trustee Services and more, we are your single-source solution.

Contact Us
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Feb 14th

More than Wealth Management: The Whittier Difference

A fresh perspective from a recent addition to the team:

Sharon Perlin joined Whittier Trust Company in January 2023. With nearly 20 years of experience providing legal counsel, she frequently remarks on the distinctive qualities that set Whittier apart from other companies in the wealth management field. “Although there are countless ways in which Whittier stands out,” Sharon explains, “I’d like to share two key points where my clients and colleagues agree that Whittier offers a truly exceptional experience.”

Personal Attention

Perlin works with about 24 families in her role as Senior Client Advisor at Whittier. The norm in the industry is closer to what she experienced at her prior employer, where she was responsible for 180 accounts (some of which included up to nine trusts). There was no time to be proactive in her advising, she recalls, or to build meaningful relationships with her clients.

“At Whittier Trust, I speak with most of my clients on a weekly basis,” she says, “or sometimes even multiple times a week. This is so different from my time before, as a practicing attorney, when I would bill clients in six-minute increments. It’s hard to get to know someone when a client is aware that with every story they share, the bill increases. 

“At Whittier, I take the time to understand the history, values and dynamics of the families with whom I work. I know about the upcoming wedding, the new grandbaby and the son struggling with addiction. This knowledge is helpful when advising on estate and gift matters, too. At the same time, I stay current on legislative proposals and changes that might impact my clients’ estate and gift plans.”

Perlin gives an example of a client who recently sold a business in Illinois, with two phases to the sale. The first phase was recently completed, and phase 2 will be in two years. Because the client lives in California, she paid several million dollars in state taxes on the first phase of the sale. Over lunch one day, she shared with Perlin that she had just bought a house in Washington to spend more time with her grandchild. Perlin asked how long she typically planned to stay in Washington, and the response was, “At least half the year.” 

“I was aware that Washington has no state income tax,” Perlin recalls, “so I suggested the client become a Washington resident. I ran a domicile tax analysis and confirmed that the decision would be very favorable for her.”

Thanks to Perlin’s recommendation, the client will save millions in taxes on Phase 2 of the sale of her business. “She’s delighted,” Perlin comments, “and this never would have happened if we hadn’t taken the time to talk over lunch.”

Being part of the Whittier extended family also opens the door to relationships with other ultra-high-net-worth individuals with shared interests.  The company hosts special events throughout the year where clients can enjoy the camaraderie and elevated experience of our network of colleagues, clients and friends.

“Last month, I joined clients for a beautiful day at the Santa Barbara Polo and Racquet Club for a polo match hosted by Whittier,” Perlin says. “There was an open bar and delicious food and more than 100 attendees at this private event. A month later, one of the clients told me that she and her partner had now gotten together with two other couples they met at the match. That was the Whittier difference in a nutshell.”

Responsiveness

Whittier’s focus on clients’ needs is what drives the company’s internal processes as well. This means that advisors are empowered to be proactive in their guidance on investments, estate planning, philanthropy, taxes, real estate and other matters and that clients can always expect thoughtful and timely follow-ups to requests.

Perlin gives an example: “At my prior firm, if a client had a trust where the firm served as trustee, and they requested a discretionary distribution from the trust, it was an arduous process. They had to provide extensive supporting documentation, and then the request went to an out-of-office committee that met only twice a month. No one with decision-making authority had ever spoken to the client, and even as their advisor, I had no ability to weigh in on the request. Clients were frustrated and felt like the system was set up against them, rather than in partnership.” 

Such a request would typically be completed within hours at Whittier Trust. We serve as trustee on many of our clients’ trusts, and a client’s request for a trust distribution is vetted by a local committee, including the client’s advisor. In most cases, no supporting documentation is needed from the client because their advisor already knows the finer points of their financial status and understands their global balance sheet, cash flow needs, and family dynamics and circumstances. This allows us to quickly distribute funds, often on the same day.

“Whittier Trust is like no other firm I have experienced,” Perlin says. “I am thrilled to be a part of the Whittier team and to have deep personal connections with clients that are incredibly fulfilling for me. I hope if you’re reading this, you will reach out and talk to us about whether the Whittier experience would be beneficial for your family as well.”

 

To learn more about how Whittier Trust can make a difference for you, your family, and your estate, start a conversation with a Whittier Trust advisor today by visiting our contact page.

 

From Investments to Family Office to Trustee Services and more, we are your single-source solution.

Contact Us
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Jan 21st

Whittier Trust Celebrates 60 Years in the Pacific Northwest

Company Proudly Marks 25th Anniversary in Seattle 

Whittier Trust, the oldest multi-family office headquartered on the West Coast, celebrates two major milestones in 2025: 60 years of service to the Pacific Northwest and the 25th anniversary of our Seattle office. Our legacy in the Pacific Northwest began in the 1960s with founder Paul Whittier's vision and passion for the region. With a rich history and an enduring commitment to clients, Whittier Trust has been a trusted partner to generations of families and local community organizations throughout Puget Sound.

“As we celebrate six decades in the Pacific Northwest and 25 years since opening our Seattle office, we are immensely proud of our rich history and enduring commitment to our clients and the region’s future,” says David Dahl, President and CEO of Whittier Trust. “We look forward to upholding our dedication to excellence and delivering tailored wealth management, family office and trust services for generations to come.”

The Whittiers were visionaries who recognized the potential of the Pacific Northwest. Their passion for the region’s natural beauty initially led them to Goudge Island in British Columbia, which they purchased in 1949, and then to the San Juan Islands, where they dedicated themselves to philanthropic endeavors. 

Today, Whittier Trust’s support of local organizations—including the Friday Harbor Airport, Seattle’s Museum of Flight, San Juan Airlines, Shuttle Express and the San Juan Community Theater—continues to leave a lasting impact on the community. The Whittier Trust team remains actively engaged in supporting these vital entities.

“Paul Whittier’s vision to expand our family office, wealth management and trust services to multi-generational families in the Puget Sound region—anchored by the values of duty, loyalty and commitment—continues to inspire us as we build on our strong foundation,” says Nickolaus Momyer, Northwest Regional Manager, Senior Vice President and Senior Portfolio Manager at Whittier Trust. “We are proud to honor the Whittier Family’s legacy by delivering innovative solutions and personalized service to our clients.”

To view a timeline commemorating the Whittier family’s legacy and Whittier Trust’s impact throughout the region, click here.

Beyond its impact in the Pacific Northwest, Whittier Trust is globally recognized by the Society of Trust and Estate Practitioners (STEP) as one of the top five multi-family offices in the world. The company has also been named one of Washington’s 100 Best Workplaces by the Puget Sound Business Journal, underscoring the company’s dedication to cultivating a positive, productive work environment that empowers its team to exceed client expectations.

Throughout this year, Whittier Trust will host several events and programs to deepen relationships with clients, their families and the local community. Follow Whittier Trust on LinkedIn to learn more about these initiatives and how the company plans to honor this commemorative year. 

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For more information about Whittier Trust's wealth management, estate planning and family office services, start a conversation with a Whittier Trust advisor today by visiting our contact page.

 

 

From Investments to Family Office to Trustee Services and more, we are your single-source solution.

Contact Us
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Dec 16th

Finding The Right Family Office

For high-net-worth individuals and families, a family office can optimize giving, investing and more.

The term “family office” is frequently used, but what exactly does it mean and how are these services delivered? Each high-net-worth family needs a full complement of professionals to manage their needs. What does this look like? There are probably as many configurations of a family office as there are families that use them. Here, we explore some of the many functions a family office may fill in the lives of wealthy families. 

What is a Family Office?

Typically, when we talk about family offices, we think of one or more financial professionals working with wealthy individuals to help them manage their financial lives. This may range from a single “personal CFO” or even a bookkeeper to a team of dedicated employees or an outsourced resource like an accounting firm or multi-family office. 

Who Might Need a Family Office?

Typically, wealthy individuals and families with multiple business interests and a complex ownership structure, including trusts, corporate entities and partnerships, might be well served by a dedicated team. If the beneficial ownership of the assets includes various family members and different generations, then a family office may be an excellent way to optimize investing and reporting. 

Financial Reporting 

At a minimum, most family offices will provide a level of financial reporting and bookkeeping. This will often include paying bills, coordinating insurance and reconciling bank and other financial statements. Depending on the level of assets and complexity, this financial reporting function may be split among a bookkeeping staff and a true accounting/tax staff. Even if the actual tax compliance work is outsourced, many family offices will have CPAs on staff to coordinate tax documents, review returns and schedule payments. These same professionals may also provide tax planning to family members. 

Financial reporting often includes balance sheet and cash flow reporting, broken out by legal entity. In situations where there are multiple family members with split ownership of investing entities, rolled-up reporting by family members is often desired. Cash flow projections and budgeting services are also quite common. For very sophisticated offices, asset allocation and investment performance reporting will also be provided to the family. 

Investment Oversight

Investment functions provided by family offices vary. In some situations, the family members will direct their own investments. In other cases, the family members may have a particular area of investment interest, for example, real estate, and then have investment professionals on the family office team who will either oversee outside managers or directly invest assets themselves, or both. Very large family offices will often resemble major investment firms, with a Chief Investment Officer and managers who specialize in particular asset classes. 

Legal Services

Family offices are often a compliment to the family’s legal team. Larger family offices may have in-house counsel who coordinates the delivery of legal services to the users of the family office. Like the investment function, for very large family offices, a staff of practicing attorneys will perform most basic legal services but work with outside counsel for complex matters, allowing the outside counsel to practice at the higher levels.

Philanthropy

If a family is particularly philanthropic, it may have a private foundation or a very large donor-advised fund. If they’re running their own family foundation, there is usually some level of staffing by philanthropic professionals. This can range from grant-making to full-on compliance services. Of course, the very largest private foundations will have staffs that rival large public nonprofits. Once families are beyond the first-generation wealth creators, it is rare that they don’t use some type of professional philanthropic assistance. 

Family Governance and Family Continuity

The family office may replace the governance structure once provided by an operating business. Whether or not this is the case, multi-generational families of significant wealth tend to benefit from the structure provided by a family office as they can provide a framework for the family to make decisions concerning shared assets and philanthropic goals. In addition, teaching younger generation family members about finances is frequently an important job of the family office. 

Types of Family Offices

As mentioned earlier, the term “family office” can be used to describe everyone from a bookkeeper to a full-time staff covering multiple disciplines. It is generally only the very wealthiest individuals or families who can afford the costs associated with building all the capabilities in-house. 

There are several stand-alone multi-family offices around the United States. These multi-family offices usually provide the services already mentioned, but are typically more economical and can be a more effective choice than a single-family office thanks to their proven infrastructure and access to diverse and comprehensive expertise. Most of these were established by a single family who then expanded their services to include other wealthy families. Multi-family offices are also often set up as trust companies, so they are able to also serve as a fiduciary for the family by acting as the trustee and executor. They typically serve a limited number of individuals and families and offer bespoke solutions depending on the needs of each client's family. 

There are also registered investment advisory firms that offer family office services. Typically, however, they are unable to serve as a trustee as their business models center around providing investment management. Several national banks offer divisions that provide family office services, often tied closely with banking and investment products. 

Next Steps

Each individual and family will need to carefully consider the assistance they require prior to either launching their own family office or securing outsourced support. It is not uncommon for each generation of a family to either reaffirm the choice made by the preceding generation or strike out on a different path. After all, as a family gets generationally further from the wealth creators, the wealth typically becomes dispersed and various family members will have different goals and objectives. 

For those families who make the choice to have family office services, whether they build their own or outsource, a clear understanding of what the family is seeking from the provider and ways to measure against the expectations will be essential. 

Featured in Mountain Home Magazine.

Written by Thomas J. Frank Jr., Executive Vice President and Northern California Regional Manager at Whittier Trust. Tom is based out of the San Francisco Office and oversees the investment team for multiple Whittier Trust offices.

For more information, start a conversation with a Whittier Trust advisor today by visiting our contact page. 

From Investments to Family Office to Trustee Services and more, we are your single-source solution.

Contact Us
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Nov 26th

Wealth Education: Fall Back Into Financial Discipline and Secure Your Family’s Future

As the fall season and the upcoming new year usher in a sense of fresh beginnings, they provide an ideal opportunity to revisit an essential aspect of family wealth: preparing younger generations to manage and preserve it responsibly. Just as students gain knowledge for their futures, educating heirs about financial discipline and responsibility equips them to handle the complexities of wealth. This season is a perfect time to embrace a mindset of renewal and growth in family wealth education, establishing a legacy that will benefit future generations.

Wealth education is a crucial element of estate planning, empowering heirs to understand and build upon the foundation their families have established. Here are five strategies to create a culture of financial responsibility and stewardship within your family, and how Whittier Trust’s family office services can play an influential role in your journey.

1. Start Early

Integrating financial education at an early age is paramount to personal development. Foundational skills like budgeting, saving, and investing can be tailored to fit each stage of development, ensuring that wealth management becomes second nature. These early lessons should progress from simple financial activities, such as managing allowances or setting savings goals, to more complex discussions and experiences that develop a lifelong understanding of prudent wealth stewardship. Fostering these responsible habits will set your children up for success, supporting their futures in many ways.

2. Create a Family Legacy

 True wealth education extends beyond numbers; it instills a deep-rooted understanding of hard work, family values, responsibility, and philanthropy. Children should be taught that wealth extends beyond financial capital—it represents the power to create, impact, and foster societal change. Family discussions centered around shared goals, charitable initiatives, and community contributions not only reinforce these values but also inspire a sense of purpose that transcends material wealth. 

3. Involve Advisors

Navigating the multifaceted nature of wealth management requires expertise, and a family office can play a vital role in supporting families through this journey. Engaging trusted advisors provides heirs with guidance that goes beyond family conversations, introducing them to the nuances of wealth management from a professional standpoint. At Whittier Trust, our team of advisors works alongside families to guide them in creating structured wealth education, ensuring heirs receive advice that reinforces family values and clarifies their financial responsibilities.

4. Foster Open Communication

Effective wealth stewardship is built on a foundation of open communication. Transparent discussions about the complexities of managing significant assets help develop a clear understanding of roles and responsibilities within the family structure. By encouraging questions and facilitating conversations about wealth, families create an environment where heirs feel empowered to participate actively and responsibly in managing the family estate. Such dialogue mitigates potential future conflicts and reinforces a unified family approach to wealth.

5. Embrace Continuous Learning

Financial education should be an ongoing process, with each generation adapting to new financial landscapes and personal milestones. Incorporating continuous learning into family life—through discussions, advisor-facilitated workshops, or shared learning activities—ensures that heirs remain well-prepared to manage their assets as circumstances evolve. This commitment to lifelong learning fosters resilience and a proactive mindset, hallmarks of responsible and adaptive wealth management.

As you look to the future, consider how investing in wealth education can fortify your family’s legacy. By instilling these principles, families create a framework for future generations to navigate their financial responsibilities with acumen and respect for the values that define their family. By embracing these strategies, supported by Whittier Trust’s comprehensive expertise, families can establish a tradition of disciplined wealth stewardship that secures their prosperity and purpose for years to come.

To learn more about wealth education and the stewardship a multi-family office can offer future generations, start a conversation with a Whittier Trust advisor today by visiting our contact page.

 

 

 

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Nov 18th

Weathering the Storm: Preparing for the Unexpected in Wealth Management

In a world where sudden shifts are inevitable, natural disasters such as the recently devastating Hurricanes Helene and Milton are powerful reminders of life’s unpredictability. Such events highlight the importance of robust financial preparation for ultra-high-net-worth individuals (UHNWIs), especially on the West Coast—an area prone to natural risks. While personal disaster preparedness is key, UHNWIs should also focus on “storm-proofing” their estates and real asset portfolios. Just as it's necessary to reinforce a home to withstand a hurricane, safeguarding wealth from the unexpected requires a strategic approach. Proactive wealth planning can act as a financial safety net, helping to ensure financial resilience against both environmental and economic storms and unforeseen complications.

What Are The Challenges For An Estate?

Earthquakes, wildfires, and other natural disasters can create challenges for property, businesses, and financial portfolios. In 2020 alone, OEHHA reported that California experienced a record high of 4.2 million acres burned, which was more than 4% of the state's land. As of October 22, 2024, Cal Matters has recorded 1,708 structures that have already been destroyed by wildfires this year. The California Department of Conservation also estimates that the state's annual earthquake loss is around $3.7 billion. 

UHNWIs are advised to consider not only that real assets could be in danger but a broad spectrum of risks—including family challenges, market volatility, and even potential economic disruptions—that could impact their financial well-being. By aligning wealth management strategies with these regional threats, UHNWIs can create more resilient financial plans.

Staying Ahead of Risk: You May Not Be Thinking About It, But a Good Advisor Is

Ultra-high-net-worth families and individuals already have much to consider, and while they’re deeply invested in managing their estates, they may not fully grasp the range of challenges that could impact their assets. In other words, people often don’t know what they don’t know to look for. Fortunately, multi-family offices and experienced advisors do, and it’s proven to be a sound practice to trust long-term preparation and proactivity to the professionals. 

As an example and an area of focus often impacted by “Acts of God,” Whittier Trust helps clients stay on top of essentials like insurance, ensuring that their coverage matches the current value of their properties, collections, and other real assets and is comprehensive enough to mitigate for any number of events. Proper coverage for homes, collectibles, and other valuables is essential in regions prone to earthquakes and wildfires, where the cost of damage can quickly escalate. Additionally, business owners may need specific policies to protect against disruptions from natural events, ensuring continuity and stability despite environmental challenges. The peace of mind that comes with knowing your family office has thought through every detail—both expected and unexpected—means clients can focus on their passions, families, and future without worry. It’s about being able to enjoy the present, knowing the future is secure.

For ultra-high-net-worth families, a trusted family office does more than manage finances—it handles the day-to-day, so clients can focus on what truly matters, while also preparing for the unexpected. A family office like Whittier Trust is dedicated to looking out for every aspect of a client’s wealth, anticipating needs they may not even be aware of, from tailored insurance coverage to proactive asset protection.

Protecting Real Estate Assets

Real estate can be an impactful asset, but it comes with its own set of risks—especially in regions prone to natural disasters. For the same reasons that Whittier Trust portfolio managers diversify to mitigate the effects of market instability and disaster-related threats on investments, Whittier Trust understands these challenges and takes a “storm-proofing” approach to managing real estate portfolios. This means not only diversifying locations but also selecting properties and investment strategies that can weather market and environmental changes. What sets Whittier apart is their in-house real estate team, which actively manages assets with an eye toward both protection and growth—a unique benefit few family offices offer.

Communication and Education: Ensuring the Family Is Prepared

Preparing for the unexpected isn’t just about securing assets; it’s also about ensuring that family members are prepared. Whittier Trust holds firm to the belief that open communication and education are essential. Our team understands the unique dynamics of family relationships and helps navigate these to promote cohesion and clarity, particularly in times of change or uncertainty. By working closely with families to keep them informed on the protections and strategies in place—from insurance to estate plans—we ensure that each member understands their role and responsibilities in case of an emergency.

Empowering the next generation with financial stewardship education is also a crucial piece of preparation that multi-family offices and wealth management advisors employ to ensure younger members of the family are ready to take on future challenges and responsibilities. Family meetings led by Whittier Trust advisors not only keep everyone informed and engaged but also foster a culture of resilience across generations, making it easier to adapt and respond effectively to the unexpected.

Estate Planning: The Silver Bullet of Preparedness

Estate planning is one of the most valuable tools for preserving family wealth against all manner of challenges. Whittier Trust focuses on creating estate plans that account not only for life’s expected transitions but also for impactful natural events and sudden changes within the family or Family Business. A comprehensive estate plan includes everything from trusts and charitable foundations to provisions for asset distribution and protection in unexpected circumstances. Our goal is to ensure that, no matter what happens, your family’s vision is safeguarded, and your legacy is protected for generations to come.

By working with a multi-family office to prepare for both expected and unexpected events, UHNWIs can build resilience and confidence, allowing them to weather not only financial storms but also life’s inevitable shifts with stability and foresight.

To learn more about how an experienced multi-family office can help protect your assets, start a conversation with a Whittier Trust advisor today by visiting our contact page.

 

 

From Investments to Family Office to Trustee Services and more, we are your single-source solution.

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