Ep 394: Launching An Administrative Family Office Practice To Deliver Your Best Support To (HNW) Clients with Christi Van Rite

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 16 July 2024

⏱️ 90 minutes

🔗️ Recording | iTunes | RSS

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Summary

Christi Van Rite is the Founder of White River Consultants, a firm that provides administrative family office services to 17 ultra-high-net-worth households. Christi, whose firm is on track to generate nearly $1.5M in revenue this year, offers her insights into the complexities of managing extensive personal finances. You'll learn about the four primary pillars of Christi's services—personal bookkeeping, payroll for household employees, property management, and information and document management—and how each of these plays a role in maintaining financial order and security.

Join us as we delve into Christi's journey from a traditional financial advisor to a leader in administrative family office services. You'll hear about her strategies for managing the financial needs of complex client households, the importance of using a client-owned tech stack for flexibility, and the role of robust referral pipelines in growing her business. Christi also shares her approach to curating, onboarding, and training specialized team members, managing risks associated with serving high-dollar families, and why she believes this niche is a fulfilling career path for financial advisors.

For show notes and more visit: https://www.kitces.com/394

Transcript

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0:00.0	Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with
0:07.1	financial planner, speaker, and consultant Michael Kitsis to hear stories of how leading
0:12.4	financial advisors navigated the inevitable challenges that arise on the path to success
0:17.4	and get insight from leading industry consultants about how to break through to the next
0:22.2	level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone.
0:29.2	Welcome to the 394th episode of the Financial Advisory Success Podcast. My guest in today's podcast is
0:35.3	Christie Van Wright. Christy's the founder of White River Consultants, a firm that provides administrative family
0:40.4	office services to 17 ultra-high net worth households that's on track to generate nearly
0:45.1	$1.5 million in revenue this year from its very specialized services.
0:50.0	What you think about Christy, though, is how she evolved her career into providing this
0:53.5	type of unique family office service after nearly a decade of working as a more traditional financial advisor.
0:59.7	When she realized that she had developed a unique skill set to get very deeply involved in the many administrative demands of running complex ultra high net worth households and slowly becoming the communicative and coordinated glue to manage
1:11.9	each family's financial lives with her eight-person team. In this episode, we talk in depth
1:17.1	about how Christie provides families with four primary pillars of administrative family office
1:21.6	services, bookkeeping for their personal financial household, payroll for household employees,
1:26.5	property management for their multiple
1:27.9	homes, and the information and document management, in order to both help with the day-to-day logistics,
1:33.1	such as paying bills, as well as managing their relationships with other advisors.
1:37.8	How Christie maintains and manages the financial needs of her complex client households,
1:42.5	such as ensuring that all the bills and household
1:44.6	payroll are handled properly, while also maintaining a high level of cybersecurity and client privacy.
1:50.5	And how because Christy views her company as just one piece of the puzzle that these complex
	...

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