Brent chats with Alex Sonkin about building and operating virtual family offices. They talk about how accountants can focus on their largest clients, provide high level planning, and leverage the unique relationships they have to grow strong family office services.
Brent and Alex discuss family offices and the Due Diligence Project. Family offices are private wealth management firms that manage the financial and personal affairs of high-net-worth families. The Due Diligence Project brings these services to accounting firms, vetting key service providers, and acting as the Amazon of family office resources.
Brent and Alex discuss how accountants, with their close client relationships and tax expertise, are uniquely positioned to offer valuable family office services through a virtual family office structure. They dive into the key aspects of services that accountants need to bolster their family office offerings, including conducting background checks, reviewing financial statements and projections, assessing risk management practices, choosing proven tax strategies, and finding experts in the legal, investing, and business arenas.
Maintaining a strong network of trusted advisors and service providers, such as attorneys, accountants, and consultants, is also crucial. Tune in to learn more about family offices, the Due Diligence Project, and how they can help high-net-worth families, investors, and their advisors make informed decisions.
Alex Sonkin is the founder of The Due Diligence (DDP) Project™ and The Virtual Family Office (VFO) Hub™, a revolutionary platform of vetted resources that supports hundreds of leading Tax-Focused CPA firms and the Family Offices around the country.
Mr. Sonkin has authored a book, called “The Due Diligence Project™” and has been published in “Money Matters Volume #2”, both available on Amazon. Alex has been quoted in a number of articles regarding the evolution of the CPA industry published in “Accounting Today” and has been interviewed on popular radio programs, including “It’s Your Money and Your Life!” Alex also hosts The Due Diligence Project Podcast™.
Highly sought after, Mr. Sonkin has been invited to provide thought leadership throughout the United States, Canada, Germany, Switzerland, United Arab Emirates, and Norway. Mr. Sonkin began his career as a derivatives (options) trader and market maker as a member of the Chicago Board of Trade (CBOT), Chicago Mercantile Exchange (CME), and the Chicago Board of Options Exchange (CBOE).
Mr. Sonkin is a partner in San Diego Social Venture Partners, and actively supports a number of other charitable organizations around the country. Mr. Sonkin lives in San Diego with his wife Jola and their four children. Mr. Sonkin is a graduate of University of Michigan Business School, in Ann Arbor, where he received a Degree in Finance and the Branstrom Award, a prestigious designation assigned to the top 5% of each graduating class.
Alex can be found here: https://duediligenceproject.com/
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