WE Family Offices is an independent registered investment advisor that caters exclusively to the wealthy and ultra wealthy, offering portfolio management and family office services. Its client base is small, and it has a team of just under 30 advisors on staff. While the Miami-based firm technically does not specify a minimum investment requirement, its minimum annual fee of $150,000 will likely put it out of reach for non-high net worth clients.
The bottom line: WE Family Offices is a wealth management firm for the high net worth investor, offering portfolio management, financial planning and family office services.
|Assets under management (AUM): $10,200,640,735|
|Minimum investment: None specified but requires a minimum annual fee of $150,000|
|Individual investor to advisor ratio: 5:1|
|Fee structure: A percentage of AUM, fixed fees, performance-based fees|
|Headquarters: 701 Brickell Ave, Suite 2101
Miami, FL 33131
Phone: (305) 825-2225
All information included in this profile is accurate as of September 7, 2021. For more information, please consult WE Family Offices’ website.
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WE is an abbreviation for Wealth Enterprise, stemming from the team’s belief that to successfully sustain and grow wealth over multiple generations, families must treat their finances as business enterprises.
The firm dates back to 2000, when it was founded by Santiago Ulloa under the name TBK Investments. Seven years later, a major bank holding company bought the group, and operated it under the GenSpring branding. In 2013, the executive management team took the firm back to its independent roots and renamed it WE Family Offices.
The firm’s three principals — Santiago Ulloa, Maria Elena Lagomasino and Michael Zeuner — as well as other employees, hold ownership interest in the firm’s current owner, WE Family Offices Holdings, LLC. Today, the firm’s team of nearly 50 includes close to 30 employees who focus on investment advisory services and research.
WE Family Offices caters to high net worth and ultra-high net worth individuals and families only. No other type of client is listed in its brochure materials. While there’s no specified minimum investment requirement, the minimum annual fee that clients typically must pay is $150,000.
The firm has teamed up with two international firms — the UK-based investment advisor, Wren Investment Office, in London and the Spanish multi-family office, MdF Family Partners, in Madrid — to share resources and expertise, and offer services to clients around the world. WE Family Offices has an ownership interest in Wren, and it sometimes shares client fees with MdF.
WE Family Offices makes recommendations on most aspects of wealthy families’ financial lives. Advisors will weigh in on wealth management and investment strategy topics including family missions and objectives; asset allocation and investment choices; estate and tax planning; and risk management. They will also evaluate clients’ current third-party providers and charges. The team can also provide administrative support services, such as reporting and cash flow review.
The firm wants family members to be involved in the management of their wealth. Thus, WE Family Offices provides investment advice only through non-discretionary relationships, meaning clients receive information and advice from the team but must make the final decisions themselves.
Families who don’t yet use the firm for investment management but would like to trial it, or who are simply looking for financial planning assistance, can consider a “wealth diagnostic” engagement. With this service, clients receive an overall review of and plan for the family’s wealth, including their portfolio, providers, ownership structure and goals.
Here is a rundown of services offered by WE Family Offices:
Advisors at WE Family Offices make portfolio recommendations tailored to each client’s circumstances. To do so, they take into account factors such as a client’s time horizon, risk tolerance, asset class preferences, expected returns, taxes, cash flow and liquidity needs.
The team only recommends unaffiliated investment managers and funds to implement its asset allocation and investment strategy recommendations.
In general, the team advises clients to choose from a wide variety of active and passive investment strategies and assets including:
The firm notes that its advice is generally on broad asset classes and allocations, rather than individual stocks and bonds. WE Family Offices also assists families with values-based investing if the client would like to factor in environmental, social and governance issues into their investment choices.
For outside manager recommendations, the team relies on its approved list of investment managers determined based on various qualitative and quantitative factors, including performance, philosophy, management continuity, reputation and fees. The firm also relies on the unaffiliated consultant investment advisor, LCG Associates, to provide asset allocation and investment manager selection information and advice to the team.
WE Family Offices prefers that clients pay a flat annual fee that’s agreed upon in advance. However, some clients instead pay a fee based on a percentage of assets under management. The asset-based rate typically ranges from 0.45% to 1.50%, depending on factors such as the amount invested.
The standard fee schedule for clients who pay a flat annual fee is as follows. Note that the minimum annual fee charged by the firm is $150,000.
|WE Family Offices Flat Fee Schedule|
|Net worth||Annual flat fee|
|$50 million to $250 million||$250,000 to $500,000|
|$250 million to $500 million||$500,000 to $700,000|
|$500 million to $1 billion||$700,000 to $1 million|
|$1 billion or greater||$1 million and more|
On top of these advisory fees, clients pay their own custodian and brokerage fees. Clients are also responsible for third-party investment manager fees, including mutual fund, ETF and other private manager fees, which typically range from 0.10% to 5.00% of assets per year.
Clients interested only in standalone financial planning assistance can opt for the “wealth diagnostic” engagement, which carries a fixed fee of $50,000 to $100,000.
In some cases, clients, at their own request, may enter into an agreement with the firm that includes performance-based fee strategies.
WE Family Offices lists no disclosures over the last 10 years, giving it a clean disciplinary record. Registered investment advisors are required by the Securities and Exchange Commission (SEC) to disclose on their Form ADV any legal or disciplinary actions against the company, an affiliate or an employee that would be material to a potential client’s evaluation of the firm or the integrity of the management team.
For more information on the firm, you can go to its IAPD page.
WE Family Offices has just two offices in the following locations:
WE Family Offices is focused on serving wealthy individuals and families. Families looking to be involved in their wealth management may like that the firm leaves control of the accounts to the clients through non-discretionary relationships. Families with a presence outside the United States may also find the firm’s resources and knowledge around serving international clients attractive.
Investors who don’t have a significantly high net worth, however, as well as those who want to meet in-person with their advisor but are located outside of Miami and New York, may consider looking elsewhere. Be sure to research multiple firms to ensure you find the right advisor for you.
The “Find a Financial Advisor” links contained in this article will direct you to webpages devoted to MagnifyMoney Advisor (“MMA”). After completing a brief questionnaire, you will be matched with certain financial advisers who participate in MMA’s referral program, which may or may not include the investment advisers discussed.