Achieving simplicity in managing wealth is a complex process, according to Joe Calabrese, the new CEO of Geller Family Office Services in New York City.
That process is made even more complicated as family offices begin to deal with the generations that follow the wealth creators, he says.
Calabrese recently took over the helm of Geller Family Office Services, the family office and wealth advisory arm of Geller & Company, a financial advisory firm. Clients of Geller Family Office Services, which has $5 billion in assets under advisement, usually have at least $25 million in wealth .
Calabrese was most recently president and CEO of Harris myCFO, the multi-family office unit of BMO Private Bank.
He says he wants to continue the growth of Geller Family Office Services with an emphasis on serving the unique needs of individuals and families with substantial wealth. The success of the firm is based on the wide array of services it provides, including investment management, tax strategies, estate planning, and education and succession planning, he says. The firm also has specialized experts in areas such as aircraft and marine craft management, real estate holdings and philanthropy, he adds.
“We have a broad base of advisory services,” says Calabrese. “We know that along with great wealth come big headaches that we try to alleviate.”
Geller’s integrated planning framework introduces structure into the advisory, tax and estate planning process that simplifies the handling of wealth for the client, he says.
A factor that may complicate the process is dealing with succeeding generations after the wealth is created, something that more family offices are now facing. By the time the wealth reaches its third generation, it can require a great deal of planning to satisfy all of the individuals involved, he says.
“Having a third party—a family office—looking at the wealth objectively creates a situation where decisions can be made and planning accomplished in a neutral atmosphere,” Calabrese says.