Family Office Professionally Manage Your Personal Life
FAMILY OFFICE
Our Mission
Our mission is to help successful business owners and wealthy families by bringing direction and confidence to the everyday management of their lives. As families accumulate wealth their life becomes more complex and difficult to efficiently manage. BerganKDV Family Office specializes in managing these complexities.
We provide our clients more time to focus on what they enjoy in life.
Our Approach
Our approach begins with an overview of a family’s entire wealth. Wealth is more than just investments. It includes all assets and liabilities, such as family businesses, homes, real estate, collectibles, trusts, charitable funds and human capital. At BerganKDV, we strongly believe the management of a family’s wealth must be planned and managed on an integrated basis. Just like a successful business brings multiple disciplines together, families of substantial wealth must also take a coordinated approach to their affairs. Many families have access to advisors in specific disciplines, such as tax, legal, insurance and investments. However, clients often have to coordinate the activities of all these professionals themselves and explain their circumstances multiple times. The result is an unconnected mix of investments, strategies and services that do not meet the family’s objectives. Our role, as a family office, is to develop an integrated plan, and implement this plan with the family’s team of advisors. The breadth and depth of experience at BerganKDV Family Office makes us uniquely positioned to pull all the pieces of the puzzle together.
FAMILY OFFICE SERVICES
Our process starts by sitting down with a family to discuss their hopes, goals, resources and the constraints and challenges they face. We then discuss what the family needs from their Family Office and, together, we tailor-make a service plan that will work for them. The services we offer fall into four main categories as shown below.
COMPREHENSIVE PLANNING
INVESTMENT MANAGEMENT
Estate Planning Family Governance & Education Tax Planning Coordination Succession & Legacy Planning Cash Flow Planning Charitable Planning
Risk Tolerance & Evaluation Asset Allocation Manager Selection & Monitoring Aggregate Reporting Evaluation of New Business Deals External Investment Monitoring
ASSET PROTECTION
INTEGRATION
Risk Management Life Insurance Analysis Liability Insurance Consulting Entity Structure & Ownership
Coordination of External Advisory Team Ongoing Management & Review Entity Administrative Services Recordkeeping & Documentation Consolidated Reporting Lifestyle Services Referral Services
We develop a customized strategy for each family to protect their assets, grow their wealth and help achieve their vision for the future.
Do I Need A Family Office? The decision to engage a family office is important and personal, especially since it will likely be a long-term relationship. Below is a list of considerations to help you make a thoughtful, objective assessment of your family’s needs and objectives. P An integrated plan for our family’s complete financial affairs, including investments, wealth transfer strategies, proactive tax planning and optimal ownership structures.
P P P P P P P
The confidence that, if something happens to me (or the main family decision maker), there will be someone in place who knows our family and our wealth to help us manage through the transitions and into future generations. A comprehensive approach to risk management, so we know our family and wealth are protected. A well thought-out investment policy and process that includes selection and oversight of money managers, effective diversification and consolidated performance reporting. Complexity management and time saving, by having a family office lead and coordinate all the components of our integrated financial affairs. Coordination of our professional advisors –including lawyers, accountants, investment and insurance advisors to ensure that our family’s objectives are met. A strategic approach to family philanthropy. The proactive, personalized and highly responsive service of an employee-owned, boutique firm.
If your family net worth is $20 million or more and you are interested in how we can serve your family, contact us to arrange a meeting to discuss the suitability of becoming a client of BerganKDV Family Office.
OUR FIRM BerganKDV is an independent and privately owned company. We are committed to providing conflict-free advice and solving complex business, financial, and technology challenges for our clients. BerganKDV was formed when three successful firms merged – Bergan Paulsen, Networking Solutions and KDV. Combined, our roots trace all the way back to the 1940s throughout the Midwest. Our people are the heart of BerganKDV. We may be biased, but we think they are pretty great. They are passionate professionals who, among other things, are community stewards, sports fans and family-focused. In other words, they’re real. This translates into genuine relationships with our clients, focused on helping them meet their personal and professional goals. FAMILY OFFICE TEAM At BerganKDV Family Office you have access to a team with a broad base of expertise: from personal accounting to estate administration to lifestyle management services. Our experienced, professional staff provides customized services that address your particular needs. Will Hahesy, CFA (william.hahesy@bergankdv.com) Director of Family Office Will works closely with all our family office clients. He is highly experienced and specializes in advising complex and wealthy families. Will is an expert in investment management, estate planning, risk assessment and family governance. Chris Honkomp, CPA (chris.honkomp@bergankdv.com) Chief Executive Officer In addition to serving as the firm’s CEO, Chris works with our family office clients to help them define their vision for the future and develop a custom strategy to accomplish their personal and business goals. Chris has expertise in tax planning, succession and strategic planning. Dave Hinnenkamp, CPA (dave.hinnenkamp@bergankdv.com) Partner Dave leads the Wealth Management team and specializes in integrating the disciplines of asset management, tax planning, estate planning and financial planning. His extensive accounting expertise is a valuable asset to our family office clients. Derek Hoyt, CFA (derek.hoyt@bergankdv.com) Chief Investment Officer Derek specializes in economic analysis and investment management to provide effective solutions for our family office clients. On a day-to-day basis he monitors and manages the investment strategy for the firm’s wealth management clients.
Derek Dockendorf, CPA, CFP (derek.dockendorf@bergankdv.com) Wealth Advisor Derek serves as a Wealth Advisor with the firm specializing in tax planning related to high net worth individuals, estate, gift and trust. He is an excellent resource for our family office clients, providing assurance with tax and financial planning.
Heather Gunderson, CPA (heather.gunderson@bergankdv.com) Partner Heather is a tax partner who leads our gift, trust,and estate department. She specializes in assisting our family office clients with estate, trust and gift taxation, estate and financial planning and income tax planning.
Leighton Smith, JD, MBA (leighton.smith@bergankdv.com) Director of Client Service Leighton works with our family office clients to help solve problems, grow their wealth and plan for the future. His expertise includes wealth management, business succession planning, estate planning and strategic consulting.
COMPREHENSIVE PLANNING Planning is normally the first step when clients start working with BerganKDV Family Office. Our planning efforts will include some or all of the following items: Estate Planning – We develop a long-term plan to accomplish client’s goals and review annually or as client circumstances change to keep the plan up to date. Family Governance & Education – We help families manage change and educate and prepare future generations for wealth. Tax Planning Coordination – We stay on top of your tax preparation year round. We relieve families of the burden of gathering, tracking and storing historical documents. Succession & Legacy Planning – An effective business succession plan will result in financial benefits, tax advantages and emotional satisfaction, regardless of what the future brings. Cash Flow Planning – We help clients ensure they have the funds available when and where they need them by implementing a proactive and strategic cash management plan. Charitable Planning – We analyze and provide the most tax efficient means for a family to complete any charitable intentions. INVESTMENT MANAGEMENT Once planning work has been mapped out, we then move to the investment management stage. We help families develop a long-term strategy for their investments with an emphasis on cost and tax efficiency. We capture all of this in an Investment Policy Statement, which becomes the framework for all future investment decisions. Risk Tolerance & Evaluation – We analyze a family’s net worth and risk tolerance using our unique risk assessment approach. Asset Allocation – With a strong understanding of the economic environment and investment alternatives, we develop a personalized asset allocation that ensures a diversified, risk-appropriate portfolio is designed to achieve the client's objectives. Manager Selection & Monitoring – Suitable investment managers are chosen from among a carefully selected universe of professional firms. We choose managers based on a number of factors including quality of people, a sensible investment process and consistent investment performance. Aggregate Reporting – We aggregate all investment information into a format the client can easily digest. This holistic approach provides the client the ability to monitor their entire financial picture. External Investment Monitoring – We continually review and monitor all external investments to ensure all advisors and managers are acting in the client’s best interest. Evaluation of New Business Deals – We perform a thorough analysis of the risks and benefits of each new opportunity, helping the client make a confident and informed decision.
Our disciplined investment process is based upon the following principals: Taxes and fees must be minimized. Capital preservation is essential for wealthy families. Diversification is key to better risk adjusted returns. Long term perspective is fundamental to growing wealth. The future is full of unknowns and market timing will not preserve wealth.
ASSET PROTECTION We continually monitor and review a family’s entire risk. You have worked hard to accumulate your assets and they can be lost if not properly protected. We begin by assessing a family’s overall risk situation. We fix any immediate needs and develop a plan to ensure a solid foundation is in place. Risk Management – We continually review your assets and keep up to date on all potential risks. Life Insurance Analysis – We review the need for insurance and make sure client is not under-insured or over-insured and costs are reasonable. Liability Insurance Consulting – Attention to detail is key as small details can add up to large uncovered liabilities. We perform a thorough review of all liability insurance and find any necessary changes and gaps in coverage. Entity Structure & Ownership – We assess the ownership and structure of all client assets with special consideration for tax, risk and liability. INTEGRATION At BerganKDV, we believe that the best plans in the world add little value unless they are successfully implemented and fully integrated. We focus much of our time and attention on this responsibility on behalf of our clients. Coordination of External Advisory Team – We ensure that all of the family’s personal advisors are kept informed, engaged and in sync. Ongoing Management & Review – This includes ongoing advice and counsel, quarterly client meetings and annual reviews. Entity Administrative Services – These services vary depending on the unique needs of each family and can include items such as expense review, tax installment payment coordination, foundation and philanthropy administration, trustee support services, banking needs coordination and insurance renewals. Recordkeeping & Documentation – We reduce the administrative burden of gathering and storing important information. Consolidated Reporting – Reporting is customized to each family and delivered on a quarterly basis. Lifestyle Services – This covers a wide range of services that depend on the needs and circumstances of each family. This can include consultation on issues like assistance with purchase/construction of a home, management and care for multiple residences, health care support, service provider due diligence, private travel management, collectables management or assistance with other special projects. Referral Services – We can help a family find an expert to assist them in a number of areas, including tax advisors, lawyers and other specialists that a family might need to access.
FAMILY OFFICE
Professionally Manage Your Personal Life
bergankdv.com
Investment Advisory Services offered through BerganKDV Wealth Management LLC, an SEC Registered Investment Advisor.Â
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