Relationships are key to delivering results for single-family offices and other entities, emphasized Oaktree Solutions Founder and Chairman Frank Carone in an email newsletter article sent to YPO members worldwide on June 27, 2023.
The article, titled, “An Essential Capability of High-Performing Single-Family Offices,” was written by Cliff Oberlin, chairman and CEO of Oberlin Wealth Partners. In the piece, Oberlin argues that single-family offices can distinguish themselves and provide value to their wealthy clients by forming strong partnerships with quality service providers.
Oberlin warns that the private wealth industry has attracted many managers who don’t know what they’re doing, as well as “criminals aiming to exploit this industry.”
While most single-family offices are not criminal, Oberlin does believe that most are not offering much worth to their clients.
Quoted in the article, Carone, co-author of Everyone Wins! How You Can Enhance and Optimize Business Relationships Just Like Ultra-Wealthy Entrepreneurs, focused on the importance of relationships to get results.
“Whether it’s single-family offices and professionals or corporations and governmental entities, the best results possible are when all involved build relationships that deliver tremendous results. It’s possible to constantly get tremendous results when you’re focused on what you want to achieve and what the other parties want to achieve, and you help them get the desired outcomes.”
Russ Alan Prince, a strategist for single-family offices and co-author of Everyone Wins!, is also quoted in the article. He stresses the importance of focusing on family members’ desires.
“When relying on in-house experts or outsourcing to specialists, the approach management at high-performing single-family offices takes centers on sensitivity to the needs and wants of family members coupled with leveraging the knowledge and skills of talented professionals. This regularly entails working with industry authorities to pull back the curtain on the private wealth industry.”