May 11, 2020

EP 46: What is a Family Office and Do I Need One? with Kevin Alerding

EP 46: What is a Family Office and Do I Need One? with Kevin Alerding

Do you know what a family office is? Ed didn't either. He'd heard the term before, but just never really understood its function.  Ed has known Kevin Alerding of Indie Asset Partners for a while. He's seen him speak a couple of times and, he...

Do you know what a family office is? Ed didn't either. He'd heard the term before, but just never really understood its function.  Ed has known Kevin Alerding of Indie Asset Partners for a while. He's seen him speak a couple of times and, he recently joined a practice in which the practice is a family office. So Ed reached out to him and wanted to learn a little bit about what a family office is and who's it for? Why does it work? And why are so many families moving in that direction? 

 

Enjoy this conversation with Kevin Alerding!

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Transcript

Ed Mysogland  0:00  
Thanks for having me. I appreciate it. So before we got started, I, I kind of gave a high level overview of nd asset partners and you but if you would, can you give a little bit more about you and this thing that you have called a family office?

Kevin Alerding  1:41  
Yeah, absolutely. This is I'm a lawyer by training. I spent 23 years in the active practice of law, most of that was doing estate planning work. I started at what, what in Indianapolis would have been a medium sized Law Firm, where I did a lot of tax work estate planning work with a lot of closely held businesses, contractors, subcontractors, construction companies, and, and those are mostly family owned, or maybe have a couple of owners. So we did a lot of business succession planning and estate planning with business owners, I moved to a larger firm, Indianapolis, firm ice Miller, and spent 17 years there with maybe a heavier focus on I started on estate planning, but continue to work a lot with business owners. And because of because the big firm, kind of the level of sophistication of the practice got bumped up several notches. And I had a great experience practicing law, it both places absolutely loved it. But I got a little, I think frustrated with the with the billable hour business model. And it's not that I didn't like keeping track my time so much as I didn't think it was very beneficial to clients, we would do what we thought was really good work plan, you know, meeting with clients trying to figure out what they were wondering what they wanted to accomplish, creating a plan to help them get there, drafting the legal documents that would help them get there. But then once the documents were signed, we would often kind of turn it over to clients say, All right, good luck, good luck implementing this, I hope it goes well. And then they would work with their accountant and their financial advisor to try to do by to implement the plan that we had created and drafted into often the implementation was just poor, just really poor, then we see them a couple of years later, and having that go. And it often they didn't achieve the benefits that they should have gotten, then the benefits that they would have gotten if we had been riding along with them to the implementation process. But the reason we weren't there, the reason they wouldn't call us to help with the implementation was because of the hourly hourly rate, they knew that every phone call was another bill. And in so they would kind of stumble through it on their own or maybe with the help of their accountant or financial adviser who didn't quite understand how it was supposed to work. So the so So I left my firm a couple of years ago to come to India asset partners, which is a an investment management firm, and within the confines of this investment management firm, created the family office with the idea that we could be involved in the planning and the implementation for families. And then we can integrate both the the planning and the investments and then help coordinate the tax work in the charitable giving. And if you've got all of that in one place, then the results of the implementation is is is is is paid much more attention to then the results are going to be a lot more robust. And that's that's actually been the case we've we've been really successful in doing that.

Ed Mysogland  4:49  
So what prompted me to get you to come on is when when we were at the Exit Planning Institute meeting and you were talking about a family office And I guess, what is the challenge to me is what is a family office? And how does it work? I mean, I recognize that, you know, based on your description it was it's kind of like a holistic oversight of asset maximization. But I think there's more to it than that.

Kevin Alerding  5:15  
Right? And I get that question a lot. You know, what exactly is that? What is a family office. And so some clients describe it, or some people describe it, kind of, as you've hinted at, it's kind of one stop shopping for professional advice. But probably the easiest way to describe it is with an example, if you take you take, if you start with an ultra wealthy family, say hundreds of millions of dollars, and you're not required to have this is just for just to explain how it works. If you have a family that has hundreds of millions of dollars, they probably have a pretty complicated financial life. They have certainly stock accounts, but they'll have real estate investments in multiple homes and business interests and trusts and Family Partnerships and private family foundations. And it takes a lot of work to manage all of this. And they don't have to at that level of wealth, you don't have to hire your local stockbroker or your local accountant or your local lawyer, you can actually hire a team of accountants and bookkeepers and lawyers and private equity people and investors to work exclusively for your family. That's the full time job is working for your family. That's a family office. Now, if you if you take that down a couple of notches, we're not talking about hundreds of millions of dollars, but we've got a wealthy family, well shy of hundreds of millions of dollars, but still wealthy and still have a complicated financial, if all those things that I mentioned with the trust and the multiple homes and the partnerships, that could apply to a family that's way lower than hundreds of millions, but it's still complicated. They can't afford to hire a full time team of advisors. And that's what a multiple family office does. And that's what I have the multiple family office is that we have a group of advisors that work for several families. To help them some of the work we do directly. And then other work, we helped coordinate with other professional advisors, but they eventually get the benefits of of having one place to go deal with the complexity of having a lot of wealth, to help coordinate all of their advisors so that everybody's on the same page. And maybe most importantly, to help take advantage of opportunities when they arise.

Ed Mysogland  7:28  
I got it. So who all are the advisors from the research and reviewing indie asset.com, that's ind, ie a SS e t.com. There was you there's as an attorney, there are Wealth Advisors, a compliance officer, and a whole host of other support personnel is that the way the office is structured, or every family office is structured, or is just in your practice.

Kevin Alerding  7:58  
That's the way our office is structured. And so what you'll find many family offices structured, but not all of them. So most family offices do, do handle investor the handle the family's investments, and they'll offer financial planning, and estate planning advice. Some of them also have accountants on staff to handle tax returns, we don't, mostly because our clients tend to come to us already with an accountant who they like. And so and so we prefer to simply work with the professionals that they've already established relationships with and have a long history what so that's a lot easier, but but we'll court will work side by side with them in in the family a little bit more effective when we can, when we can work with them there. I know there is one family office in this state that I've heard of that is only accountants, they don't have anything beyond income tax planning. Yet, there's still a family office. So there are different varieties out there. But most of them I think are going to focus on investments and planning.

Ed Mysogland  9:07  
I'll tell you one family that we worked with, they had a full time therapist on staff, you know, and when I say full time, I guess at will but she was considered in the family office that she was the go to person to address mental health challenges, you know, whether it be but again I mean, this was this was ultra wealthy family that you know, that required some they were needing a business valuation in this case, but it was it I mean, it was a fascinating thing of all these layers and and the divorces in the second and third wives and all of the complexity that you're talking about. So when I saw your team, I'm like, Well, I wonder if that's just your team. Are you a lean machine kind of thing? You know,

Kevin Alerding  9:49  
we're more of a more of a lame machine. But I have in the pet when I was in the act of practice law, I did refer one client out to a family counselor who specialized In working with families of means, I've only done that once. So I can't see that there's going to be a great need for a full time therapist on staff. But But that's one of the benefits that I in particular have. Because I've been around Indianapolis for a long time, I've come from a family of accountants, from a big Irish Catholic family in Indianapolis. And so I have a lot of connections. So when people have these, what may seem like oddball requests are not always oddball, sometimes they are, but they may seem like oddball requests, we're usually able to put them in touch with the right people. So you know, business valuation, as you mentioned, is an easy one, or I want to sell, you know, I want to help, I need some help selling my business, I want to help buy a business. I mean, edge are the perfect resource for that. And so those people don't know who to call, they don't know who to trust. But they may call me and say, Kevin, who's the right person for that, or a coin appraisal or jewelry? You know, property casualty insurance. I mean, these are, these are things that we don't do in house. But we have the relationships out there where we can refer people to the right places, and and then you know, that it's least somebody who we've vetted and worked with before. So they should come with some credibility.

Ed Mysogland  11:09  
Yeah, so I'm a family, and I have a small family, but let's just say the normal business owner has a family and they're like, Well, how do I know if I need a family office? How would I know if that would benefit me? I mean, because at least the smaller businesses, you know, when you start talking complexity, you know, their eyes kind of glaze over, you know, the tax complexity and things like that, but, but those that recognize, you know, the need for advanced planning and things like that, you know, they're engaged. So if I'm a business owner, how do I know that a family office may be something I need to be considering?

Kevin Alerding  11:46  
Probably a couple of ways. One might be, if you're spending a lot more time than you want, simply managing your family's wealth. A lot of a lot of what we do is we take over some of the administrative burden. So, you know, sending out crummy notices or keeping track of when business entity updates have to be filed with the secretary of state, or when distributions from trusts have to be made. Like those are things that, you know, they're just administrative, but gosh, they take a long time. So if you're spending more time managing your wealth and you are enjoying it, then you might benefit from having a family office take over some of that a lot of our clients come in, and they've had financial services, and they've had estate planning services, but they don't really understand what they have. This is really common with the estate plan. And I know I have a trust, I don't really know what kind of a trust, they don't really know what it does. And I'm not sure what I'm supposed to do with it. So if that's you, then you can probably benefit from a family office, we can take that trust that that lawyer may have drafted years or decades ago, and we can show you what it's supposed to do. And if it's still appropriate, we can help you get that done. Yeah, the one of the one of one of the benefits of the family office that that I was kind of surprised about when I started, I didn't know this was going to be an attractive piece of the family office when I left my firm and opened this family office, but has become kind of the number one item to attract families is, is the idea that there's somebody else who knows how this whole system works. So for most, most wealthy families, you probably see this for most families of means, there's one person in the family who kind of gets it. They know, they know what the trust is for they have the relationship with the lawyer who wrote it, they understand where the investments are, and they have the relationship with the investment advisors. They understand have some understanding of the income taxes and the estate and generation skipping taxes, and they and they have a relationship with the account. And then at some point, they go, Hmm, what happens if I die? Who is going to keep this running? Who nobody else knows the account. Nobody else knows the way nobody else has read the trust. Nobody else knows that a life insurance premium is due in June, then that the premium notice goes to my brother, who's the trustee. And so we've got that we've got to transfer money from this account to that account to get that nobody knows these things. So if I die or become incapacitated, who's going to keep this running? And the the family office is often a good answer to that we are the ones who can understand what's already in place, we can probably improve upon it improve the coordination and the effectiveness. And then we serve as the backup plan for the family so that that one person who generally takes care of things dies or becomes incapacitated, we can assist the family through the administration and keep that machine running.

Ed Mysogland  14:57  
That kind of led to my next question on measuring success. I mean, if you keep the machine running, it sounds to me like it's success. But the people you work with or the families you work with, I mean, how do they equate success? I mean, is it time? I mean, you were saying that, you know, the by us doing this service for you, it frees up a lot of your time. Is that it? Or is it you know, we're capitalizing on your on your wealth, that you're able to be more philanthropic? I mean, how do you measure your success?

Kevin Alerding  15:27  
Your the two that you mentioned are right on point. And it's interesting that this is not something that clients bring to us in, they probably should. I mean, once you, once you engage a professional, I think it's perfectly legitimate and appropriate to say, Alright, how do I know if you're doing a good job or not? After we're in this for a year, and we look back? How do we know if we've, if, if you've done if you've worked the money, in some of those, some of those are quantifiable. So a lot of our clients will find that after working with us for a while, they actually pay less overall in professional fees, just because they have better coordination among the professionals, they might find that they're paying less tax, they might find that they've actually transferred more wealth to younger generations. And so all of those things are kind of measurable and quantifiable. And then they're some of the things that are a little softer, like you said, does the family member feel like they're spending less time managing their wealth and more time enjoying it? Do they have more peace of mind, or they just sleep better at night that things are being taken care of, and they're not worried about whether the document has been signed, or if they can find a copy of it, they know that all that stuff is handled, a lot of our clients find that their risk profile and our investments go down. So they're not nearly as worried about a stock market crash as they used to, because their investments are just handled a little bit better. We spent a lot of time in getting the next the younger generations involved. So if you're a family of me, one of the ones we get a lot of our families worry about is our kids and our grandkids are going to inherit a lot of money. But in fact, it might be enough money that they don't really have to do anything that they don't have to work, they can just live off of their inheritance. But I don't want that. I know most of most of our clients are wealthy, because they made themselves wealthy, they, they started the business, this is most common, they started a business, they grew it, they either still own it, or they've sold it. And now they're passing wealth down to the kids and grandkids, but they don't want the wealth to spoil them, they still want their kids and grandkids to be productive members of society. And so in they want the the inheritance, they get to be a blessing for them and not a curse. And so we spent a lot of time working with that next, those younger generations, to educate them on how to deal with the finances. And then we this is kind of a little bit in line with what you're talking about earlier with the family counselor. Now, and this is where a family counselor can help is to kind of put some family ideals in place. There's nothing I can do that will replace good parenting. And the good parenting for a wealthy family can cross several generations good grandparenting is goes along with good parenting. And so pass those ideas, you're gonna inherit some money, but that doesn't mean I want you sitting on the beach, drinking tequila all day, I want you out there working, I want you to be a participating member of community, I want you to be generous with your money, I want you to be active part of our capitalist society. That's what we hear commonly. And sometimes those lessons can be easier, more easily delivered by a disinterested professional than they can be by a parent or grandparents.

Ed Mysogland  18:54  
Yeah, I was gonna ask how does that next generation absorb that because I have young kids and you know that generation is is different. You know, I don't necessarily know if I subscribe to you know, the the millennials being lazy, and things like that. But if I'm a business owner, how do I or better yet what has been an effective way to communicate financial lessons that perhaps they they didn't receive? You know that they have enjoyed the benefit of mom and dad or perhaps grandpa or grandmas? Efforts? How do you communicate that you know what this is, this is a blessing that you receive, and you should make your own path. This, you know, this is again, a blessing and not necessarily something that you earned. So how do you do that? Or do you do that?

Kevin Alerding  19:42  
Well, frankly, it's not us doing it. It's us helping the family do it. And then it takes it takes a heck of a lot of communication and in repetition, so it can't be an event it has to be part of the family's DNA. And so a few years Your family calls us in fact, I'm working with a family right now where the the children are 50. And, and there's a there's a lot of money that's coming downstream to the children, but the children have not had, they've not been spoiled, let me put it that way. They've had a little bit of money that the parents have released to them, but not a lot. But the parents are now at the age where they say, alright, soon we need to start releasing this money and giving it to the kids. And even though they have some experience with money, they're not connected with really high level financial managers, they don't really understand tax or investments. And I'm afraid if I just dumped, you know, several million dollars on that wants, it's not gonna go well. And so we're spending some time really going back to the basics. And even though for these kids, they already have some experience in investing, we're starting at the basics. Let's look how do you review an investment portfolio? What, how to taxes work? How do you what's the best way to benefit charity, let's put a family let's put a budget in place. Let's see what your family spends every year, let's start thinking about how your budget might change. If we added a million dollars into your investment account, how would you spend that? How would you spend the income on it? What are your plans. And if we work through that for a couple of years, and what the family is planning to do, and this was their idea, it wasn't my idea, but I like it, they're going to put a million dollars into a joint account with each child. And they're just going to and then the child is going to kind of report to them, here's my plan is I don't want the details. I don't need all the nitty gritty. But generally speaking, I want to know that you have a good plan that I would agree with, because I want to know that before you inherit the bigger chunk. So we're starting with in that family with relatively small steps so that when they get the big chunk of money, they will already be accustomed to working with high level advisors. And they'll have a plan in place. And then all they have to do is implement it.

Ed Mysogland  22:00  
One of my audience members asked how you get paid? I mean, you said it's not billable any longer. So I mean, certainly you're compensated for the work you do is it just pulled together and you have a particular role? Or how does that work?

Kevin Alerding  22:16  
Well, so most of our most of our family Office clients, we also handle their investments. And so the family office comes as part of the fee, which is billed the same way that most were registered investment advisor. We're not a broker dealer. So our fee is a percentage of assets under management. And I have a couple of clients who I brought with me from my law firm, who have a different financial advisor, so we don't manage their money, all I do is the advice. And for them, they pay an annual fee quarterly, quarterly payments. And a lot of the fee is it's kind of interesting, because first of all, each one of our engagements is separately negotiated, we sit down and we spend some time figuring out what kind of value can we bring? And then what's it worth? It's gonna be what's it worth to the family? And then I have to judge from my side, can I accomplish it? And if so, what kind of effort and skill is it going to take and what's the market value for that. And so every one of our engagements is separately negotiated. In often the fee in the first few years, is higher than it is in later years. Because the early years, there's a lot of time put into getting people organized, and figuring out what we're trying to accomplish. I mean, a lot of times I meet with families and in in, they really don't know yet they haven't fully determined how much they want to leave to their kids or how much they want to leave to charity, or, or if they want to benefit grandkids and figured out yet, so it often takes a lot of time just to figure that out. And then to put the structure in place to help them reach those goals. So that's usually the first couple of years, two or three years is getting that done. And once we get that in place, then the years after that you kind of shift to a maintenance mode, where you're not building it anymore. Now you're just maintaining it and then the fees often will go down.

Ed Mysogland  24:15  
So I'm certainly if if I'm a business owner and I enter into a family office type situation, what happens if it goes bad? How do I unwind it? I've known you for a while so I'm reasonably certain you don't have a great deal of attrition but if I needed to unwind all of this How difficult is it?

Kevin Alerding  24:32  
It's really not difficult there are no there are no legal size.

Ed Mysogland  24:37  
Oh us move from I got so you just pick

Kevin Alerding  24:41  
like hiring your it's like if you needed to fire your accountant or fire your lawyer or follow your invest fire your investment advisor. How would you do that? It's the same for your family office. I suppose it's a little bit of a bigger deal because we don't we're not in there in any official capacity usually So it really is just we found somebody else we're going to work with, and you sever that relationship and start a new one. But the transition is a little bit more you got to start over that new advisor now has to start over. And it's, it's, you know, once again, getting organized again and learning the relationships again. So there's a little bit of effort that goes into it. But right, we don't have a lot of attrition on FX. So far, we've only been we've been a place for a couple of years. But so far, we've had no attrition.

Ed Mysogland  25:26  
Knock on wood. So when I started the podcast, I mean, that premise behind it is that we talked about, you know, what creates preserves and transfers value. So it seems to me that a lot of businesses within the family office, or that that you serve, aren't necessarily interested in exiting, but rather preserving value and passing it on to future generations and establishing the legacy. So do you participate in that? And if so, how do you facilitate it?

Kevin Alerding  25:55  
Would you say they're not interested in exiting, they're not interested in exiting the business

Ed Mysogland  26:00  
through a third party sale.

Kevin Alerding  26:03  
That's true. That's, that's true. Well, I'll say first of all, a lot of our clients come to us after they've exited again. So now they've got they've got liquid wealth. So that's probably three quarters of our family office clientele, is people have already exited. But those who who are still business owners, we have a hint, we have a good number of them also, than we, we participate, by helping them plan for what they're trying to do. So. So again, if you if you meet with a family, and they and they own an active business, then one of the early questions is going to be is when the when the current budget, when the generation that's current currently operating the business wants to retire? What's going to happen? Is there a younger generation that wants to take over? Or is the younger generation not interested in running the family business? Or there are three or four people in those younger generation who are all competing for the top job? So we have to figure those out? And we help the family through that analysis? And then if the answer is, there's nobody in the family who's going to take over the business, eventually, we're either going to hire professional manner, we'll continue to own it. But it'll be professionally managed by paid paid executives, or we're going to call it and he's going to help us sell the business, then then we would integrate the planning that we do with the idea that eventually there will be a liquidation event. And it's it's that it's that income tax planning and the estate tax planning and the charitable giving that you all that you that you kind of integrate all with the idea that there's going to be a sale

Ed Mysogland  27:47  
from a charitable giving standpoint, I'm this is just off topic. I mean, how philanthropic are business owners that you're working with these days, I get mixed information that, you know, it's down that the fractional interest gifts are down right now. And I'm not really certain Why are you seeing that in your practice? Or no,

Kevin Alerding  28:08  
we're seeing a lot of philanthropy I've been we're finding are very active in philanthropy. That is one. So and I think so a couple things driving it. First of all, I have a very positive view of people in general, I think people are philanthropic. And when they have a lot of money, they like to share it. And this is one thing, you know, you know, from your from your exit planning work that a lot of business owners are dissatisfied with their exit from the business a year later. Because not because of the amount of money they got or didn't get, but because they lacked purpose. You know, when you go from being the the man or a woman who's in charge of the business, to I've got a lot of money, you lose something in your life, you lose some sense of purpose. But then a lot of times that sense of purpose is replaced with a very active charitable giving plan. And it's not just writing checks and giving money away. It's being entrepreneurial, in a charitable way. So I find philanthropy being a very big part of it. The other thing is that estate, the estate tax exemption is so high now for a married couple, it's about 23 million. So you can give $23 million a way to your kids and grandkids with no tax at all. So families are able to spend less time on estate and gift tax planning, and more time on income tax planning. And income tax planning often includes family Foundation's donor advised funds, charitable lead trust, charitable remainder trust. And if I tell you what to that's a great way to engage the younger generations. Yeah, when you say family, we're gonna get together we've got $10,000 to give away. Let's talk about where we're gonna give it how we're gonna give it where it can make the greatest impact. That's a great way to bring family together. Yeah,

Ed Mysogland  29:56  
and why we're gonna give it and right and we have a social response. Huntsville. Yeah, that's a great segue. And you, you often

Kevin Alerding  30:03  
find families, you know, everybody's different. You've got kids, and you may have kids who are liberal, you may have kids who are conservative, you have kids who are religious, you have kids who are not. And so there's an element of charitable giving, that everybody's got their own thing. But in but but with a family, when you have a family giving program, you can also use that as a method to find out what are our family ideals? What are the commonalities that we all agree on, and let's get the family giving focused on that. If you want to do your own charitable giving to your alma mater, that's fine, but the family giving is for animals or for the alleviation of human suffering or something like that, but it's a great way to bring the family together for the commonalities.

Ed Mysogland  30:42  
Yeah. And and like said, I think small business owners are the most generous people on the planet. I mean, you know what, I think? Yeah, I mean, whether you're talking to your your ultra high net worth individuals or down to, you know, the drycleaner on the block, one has signs on buildings, other air signs on T shirts, the the local football, you know, you get it.

Kevin Alerding  31:07  
It's pretty common, it's pretty common in my practice now, with our family Office clients, that somebody when we're talking about, what is your end state? What, what do you want things to look like when you're done with this work. And a lot of times, they'll say, I want each kid to get X dollars, I want X dollars to go to my grandkids, and everything else goes to charity. And everything else might be really a lot of money in that makes the planning, really a lot of fun. Because we can use traditional estate planning tools to accomplish the gifts to kids and to accomplish the gifts to grandkids. And then when you're and then once you've kind of got that plan in place, you're really starting to work for the benefit of charity. And then you can start to integrate now you can really get some income tax benefits to by investing in a way that because you know that money is eventually going to go to charity. So let's invest in a way that is income tax efficient, because eventually it's going to go to an income tax free entity. Yeah. So a lot of our work has shifted from less focus on a state tax and more focus on income tax efficiency.

Ed Mysogland  32:14  
Well, I want to be sensitive to your time. So my final question. Well, I have two final questions. But my first one is, you've worked with so many business owners over the over your career, what is one piece of advice that you could give our listeners that would have the most impact on their business? What would it be,

Kevin Alerding  32:30  
I would say start early start your planning early, if there's going to be a transition and ownership transition either to younger generations or a third party sale. If you can start that three, at least three years early, it's going to be many multiples more effective, because you'll have time to integrate some tax and charitable and family planning into the transaction. If you wait too long, once you're in the in use, you know those very well, once you're in the midst of a transaction, you do not want me around, I would just be a bother at that point. Because all of your focus is would be and should be on getting the deal done. But I can if you get me in early enough, we can set the stage so that when you then you can in fact focus and still get all the benefits of the work that we provide. If you if you don't call me early enough, you have the transaction and then you call me I can still provide value. But But many of the opportunities that I would have had will be gone already. So I'd say start early. Got

Ed Mysogland  33:36  
it? Well, and you're never an imposition, whenever you show up, you know that. Right? So what's the best way we can connect with you?

Kevin Alerding  33:47  
The firm's website, as you said is nd asset.com. That's ind, i e asset.com. And the firm's phone number is 317-428-6600. And I think you can put my email address on your notes. Yeah,

Ed Mysogland  34:04  
I'd be happy to do so well, you know what, thank you so, so much for being so generous with your time and experiences, and you know, all that you're doing to, you know, help business owners, you know, maximize their value and establish and preserve a legacy. And so, you know, I'm really grateful for the time that you spent with man. And boy, the theme of of the podcast is defenders of business value, and I think you do a great job being one of those people. So thanks so much for being with me today.

Kevin Alerding  34:35  
Well, thank you. I really appreciate I've listened to a lot of your podcasts and I think you do great work. It's a great benefit to the people out there and I love what I do. So I'm always happy to have an opportunity to talk about it. Thanks for having me. All

Ed Mysogland  34:45  
right. Well, we'll see you down the road. Thanks again. Take care. 

 

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Kevin Alerding

Do you know what a family office is? Ed didn't either. He'd heard the term before, but just never really understood its function. Ed has known Kevin Alerding of Indie Asset Partners for a while. He's seen him speak a couple of times and, he recently joined a practice in which the practice is a family office. So Ed reached out to him and wanted to learn a little bit about what a family office is and who's it for? Why does it work? And why are so many families moving in that direction?