Must read column in the Financial Section of the Nov. 7 Leader-Post by Michael Nairne (page C2). It contains some extremely helpful and insightful advice on money management in which he discusses the growing trend of families setting up a “Single Family Office” or SFO to manage their financial affairs.
Well, with the complexity of the financial markets and tax system these days, it just makes sense to have a team of professionals with expertise in investment, accounting, taxes and law working full-time to protect your nest-egg and help you maximize your growth potential.
Sometimes, Nairne notes in his article, familes elect to hire their own Chief Investment Officer to develop an investment strategy and oversee its execution. Other times, families outsource that responsibility to an independent consulting firm. Either way, it’s proving to be an effective way for families to reach their financial goals.
When the Leader-Post publishes great journalism like this I really have to hand it to them. They really do have their finger, as part of the Post-Media chain, on the pulse of Regina, and the needs and concerns of the people who live, work and play here as the saying goes.
So hats off to you Leader-Post! And if you’d like to read Nairne’s article for yourself, here’s a link to the piece as it appeared in the Vancouver Sun. And to whet your appetite, here’s the first paragraph:
It’s demanding enough to manage several million dollars properly but when the wealth climbs into the hundreds of millions or even billions, the challenges and complexity skyrocket.