Who is GenSpring?

February 22, 2017
GenSpring Family Offices was founded as a multi-family office in 1989 in Palm Beach, Florida by Hap and Ellen Perry, whose family wealth came primarily from newspapers and cable television. After graduating from the Wharton School at the University of Pennsylvania, Hap went to work for his family business. After selling most of the operations in the 1980s, Hap—with the support of a few “founding families”—founded Asset Management Advisors, now GenSpring Family Offices, to manage his family’s liquid wealth.

The founders set out to improve the family office model by creating a multi-family office that differs in three ways: exercising greater buying power and reducing costs for its clients; advising over all aspects of wealth to best manage complexity; and professionally managing wealth with the goal of sustaining wealth across generations. GenSpring seeks to align its services and service model with the unique needs and objectives of ultra-high net worth families.

Do I belong with a Multi-family Office

November 30, 2016
You don’t need to be a Rockefeller or a Carnegie to benefit from the services of a family office. Families with between $25M and $200M of assets are ideal candidates for a multi-family office (MFO) environment, which provides cost-efficient access to a broad suite of services beyond investment management. One leading MFO, GenSpring Family Offices, shared with us their thoughts on the various prototypes of MFO clients, along with what kind of services match the profile and what kind of issues the MFO can help them address:
1)    Multi-Generational Family
Ownership and Liquidity: A wealth creator present and in control, married with two adult children. Mostly liquid wealth from the sale of a business plus a few small real estate investments.
What can a GenSpring Family Office provide?
●    Full investment management, including asset allocation and discretionary investment selection
●    Trust administration
●    Education programs for family members
●    Family governance
●    Quarterly investment updates and annual family meetings
Key Issues
●    Worried about taking too much risk
●    Not sure who will manage things when no longer able
●    Concerned about estate tax liability

2) Entrepreneur
Ownership and Liquidity: A wealth creator still actively growing wealth through multiple ventures and has two younger children. Some liquidity through employment and prior sale of a business; some assets are used for collateral on lines of credit.
What can a GenSpring Family Office provide?
●    Full investment management of liquid assets and oversight of private investments
●    Consolidated reporting
●    Tax and estate planning
●    Coordination of lenders and lines of credit
●    Bill pay and expense management
●    Next generation education programs
Key Issues
●    Unhappy with time required to manage advisors
●    Concerned about risk of financial loss
●    Worried about ability of heirs to manage wealth

3) Self-Directed Investor
Ownership and Liquidity: A wealth creator overseeing primarily liquid assets who wants advice and information but prefers to make investment decisions. Many direct investments and structures; adult heirs are involved.
What can a GenSpring Family Office provide?
●    Asset allocation
●    Investment recommendations
●    Oversight of external investment managers and performance reporting
●    Consolidated investment reporting
●    Consolidated financial reporting
●    Bill pay and expense management
●    Monthly investment updates
Key Issues
●    Having difficulty evaluating providers
●    Worried about not seeing the whole picture
●    Feeling overwhelmed with filings and administration

4) Family with a Closely-Held Business
Ownership and Liquidity: Family owners across multiple branches with some senior generation members involved in leading the family business. Little liquidity outside of the business; regular, ongoing liquidity via dividends.
What can a GenSpring Family Office provide?
●    Tax and estate planning
●    Asset allocation
●    Consolidated financial reporting
●    Bill pay and expense management
●    Personal financial planning
●    Succession planning
●    Quarterly management meetings
●    Annual family shareholder meetings
Key Issues
●    Concerned about number of family shareholders
●    Worried about competing income needs
●    Feeling like family legacy is threatened