Chairman's Message: What I Value as a Northwood Client

As some of you will know, Northwood Family Office was founded out of my own family’s need for an integrated family wealth advisor. Our needs helped form the basis of the service offering that Northwood developed for other families all the way back in 2003. Of course, the scope and sophistication of services offered by Northwood has grown substantially over the last two decades.

Reflecting on nearly 22 years as a client of our firm, I wanted to share some of the things my family and I value most. Each client’s experience is unique—whether it’s the busy entrepreneur feeling more in control, the divorced person gaining clarity on their financial situation, or the next-gen inheritor appreciating the guidance on managing new-found wealth - everyone finds their own path to what matters most to them.

While one might argue that the CEO receives preferential treatment, in my case, it’s quite the opposite. Our policy ensures that I’m deliberately placed at the bottom of the priority list until other clients are fully looked after. I also serve as the test subject for new service offerings or reporting, allowing us to fine-tune them before they're ready for our broader client base.

You might also argue that I'm not completely unbiased — and that may be true — but I believe most of our clients would echo the sentiments I share below. Ultimately, I'll let my words speak for themselves.

Without further ado, these are the things my family values most as a client of Northwood:

Regularity – We have come to appreciate the regularity and discipline of a recurring quarterly meeting, where we review our financial information and address planning matters or issues that have arisen or are ongoing. These meetings provide us with the comfort of knowing that our advisors will raise important items, help facilitate decisions when needed, and serve as a valuable sounding board.

Proactivity – It means a lot to us that my Northwood advisors are out in front of important topics and not waiting for us to raise them.

Follow-up/ minutes – We value the fact that minutes are taken of every substantive meeting and circulated to us. It gives us a high degree of confidence to know that all the decisions have been recorded and that items on the “to do list” have been assigned. It also helps us keep track of the things that my wife and I need to discuss and “knock off the list”. Each meeting starts with a review of the “to do list” items from the last meeting.

Bring-forward list – In addition to quarterly minutes, there is a bring-forward list to ensure that key elements are tabled on a regular basis and that nothing falls through the cracks. Life insurance, wills and cash flow forecasts are reviewed on a regular basis to ensure that everything is in order.

Record keeping/ institutional memory – All our documents, information, records and decisions are located in one place for easy access when required. The make-up of our client team has changed over the course of time as the firm has evolved and grown, but we’ve had the same primary relationship for the last 15 years. The team is great at providing reminders about the history and background of key issues, why certain conclusions were reached at that time (that I may have forgotten!), and how they lead to where we are today.

Integration – We value that our client team is able to connect all the dots, and provide integrated advice and implementation, across a wide variety of topics.

Consolidated reporting – Every quarter, we receive consolidated reporting on all our assets and liabilities – personal-use and investment, public and private, and across personal, trust, and corporate entities. The reporting is customized to our specific needs and gives us the clarity and confidence that comes from being able to see the entire picture of our financial landscape.

Coordinating/ liaising with advisors – We value that every major decision is considered from multiple angles, with input from all relevant experts such as CPAs, lawyers, investment managers and insurance advisors. When we need new or expanded professional expertise, we benefit from the firm’s network of professionals across these fields and the ability to ensure we receive high-quality service at a fair cost.

Sounding board – There are many issues that arise that don’t have a simple answer. We value the ability to raise these issues with our client team, to tap their insights and experience, and to hear examples of things that have worked (or not) with other families in similar situations to ours. It’s challenging to advise yourself. A doctor is seen by another doctor and barber gets a haircut from another barber. When it comes to personal matters, emotions and bias can cloud judgment. Having an independent advisor brings objectivity and helps us make clearer, more rational decisions.

Technical competence – Not surprisingly, our staff are highly credentialed, experienced, and knowledgeable in the key areas that matter to private clients, and they stay on top of the technical issues like tax, accounting, estate, investments, insurance, commercial transactions etc. They also work collaboratively with our external advisors to come to a solution that works best for us.  But that technical competence is coupled with the ability to boil down complex issues into layman’s terms so all the family members can understand and participate, and to integrate all of the diverse technical issues into an actionable strategy.  ‍

Involving the family – I am personally appreciative of the job that our client team does in integrating and serving the needs of the whole family. My wife and my adult children have also benefited significantly from the advice and counsel along the way. Northwood staff have led us through a family education, transition and succession planning process that has been very beneficial. Not every family member is captivated by personal finance, and the team adapts their style to engage at a level that is meaningful to everyone.

After our meetings with our Northwood client team, my wife and I often look at each other and wonder how we would manage without them. I know from conversations with clients over the years that many of them feel the same way.

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