The average investor has to work smarter and harder by working longer hours and, according to Business Wire, 50% of the population must postpone retirement. Wealthy, successful people who are informed about the latest trends in technology, travel, lifestyle, and entrepreneurship have never heard of the family office. So Steven Abernathy and Brian Luster are addressing this, one investor at a time.
The Hedge Fund Managers turned physicians’ advocates say that saving just 25% of a $350,000 annual income should yield over $7 million by age 65. For many high income earners this is not the case—their wealth, the greatest resource outside of their health, is squandered due to poor planning, bad advice from advisors who are not professional investors, working with non-fiduciary entities, and other circumstances not serving their best interests.
The world’s most prosperous families of the last 300+ years knew how to guard against this. They stopped taking advice from salespeople and spared no expense when it came to finding and employing the best possible team to preserve, protect, and grow their wealth. In 2010 Paul Sullivan wrote an article for Dealbook announcing Oprah Winfrey’s decision to set up a Family Office for hers.
In addition to privacy, having “unconflicted advice” is what investors, such as Ms. Winfrey, and those running Family Offices strive for. While in the past it remained out of reach for all but the families with $100 million or more, today, the first Physician Family Office (PFO) has revolutionized the concept by making it available to physicians and their families with as little as $5 million.
“The Physician Family Office gives doctors access to the tools and advice used by the richest dynasties of the last several hundred years, and, they have the opportunity to build generational wealth by receiving unbiased guidance,” says Steven Abernathy. Source
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