James Lavorgna discusses the benefits of a virtual family office.
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-james-lavorgna-founder-of-spencer-advisory-services-discussing-his-virtual-family-office-team-based-model/
In the episode, it is mentioned that James’ family office operates on a team-based model with five pillars of proficiency: advanced tax planning, risk mitigation, wealth management, legal services, and business advisory services. This indicates that the family office recognizes the importance of coordination and communication among specialists in these different areas to provide a holistic approach to manage wealth and provide comprehensive services to clients effectively.
The virtual family office is described as a team of over 60 specialists, who work directly with the client. These specialists are not strangers to the client, as they have undergone comprehensive due diligence and become part of the proactive planning team. The team includes professionals in each needed area, including the client’s tax advisor, and together they analyze the client’s situation and prioritize their pain points – both in their business and personal life.
This diagnostic and analysis are done in collaboration with the client, planning team, and specialists, indicating the need for effective communication and coordination between all parties involved. Furthermore, the episode mentions that the family office aims to also help clients implement the recommendations and solutions discussed in the meetings. This implies that coordination and communication are crucial in ensuring that the client’s needs and goals are understood and effectively addressed by the specialists.
Once the priorities are identified, the team works individually on each one over the term of the engagement, whether it’s a year or two years, to implement the necessary strategies and solutions. The client is involved in the decision-making process and can suggest what they think is important. The team then helps the client implement those suggestions. The episode emphasizes the importance of specialization and expertise. James Lavorgna mentions that they would rather work with someone who specializes in one thing and does it 100 times, rather than someone who tries to do 100 things one time. This highlights the value of having a team of specialists who can handle different aspects of financial planning, such as insurance, accounting, legal or business advisory. The virtual family office and team-based approach are praised for providing a comprehensive and personalized experience for clients.
James explained: “We make wealth simple for successful business owners in high net-worth families. Through the use of our virtual family office and team-based model, we turn complexity into simplicity. Valuable insights are drawn from years of experience resulting in streamlined efficient planning that provides innovative wealth management and tax mitigation strategies! Whether you want to grow your business or exit your business, we help make the transition smooth.”
About James Lavorgna
Mr. Lavorgna started in the insurance business in 1976 and has been in the financial services industry for 45 years. He earned his Certified Financial Planning designation in 1984. He also has earned a Bachelor of Science in Finance, Juris Doctor (Litigation), Master of Laws in International Tax and Offshore Planning, and Master of Laws in Wealth Management and Private Banking. He has been in, and associated with, the investment industry since 1979. He is currently an Investment Advisor Representative of Forsyth Wealth Management, Inc., a fee-only Registered Investment Advisor and licensed insurance agent.
He is also the Managing Member of Spencer Advisory Services, LLC, and a Certified Team Based Model Consultant.
He has spent his career consulting with successful business owners and high-net-worth families.