Richter > Richter Family Office

Richter Family Office

We understand that the transfer of your wealth to future generations is about far more than just the dollars and cents. It’s about the transition of your legacy. 

PURPOSE | APPROACH | SERVICES | TEAM

Having worked with business owners and their families for decades, our family office practice started as a natural extension of our experience as a leading full-service tax-advisory partner. As we assisted entrepreneurs in building their businesses, it was natural for them to ask us for advice in stewarding their personal and family legacies as well. Our first clients recognized the complexities that accompanied their success: that while their financial wealth was important, knowing that their fortunes could sow the seeds for future generations’ own accomplishments was of paramount concern. We were a natural partner to help our clients through their journeys – they trusted us to act in their best interest and to provide completely independent advice. And while this wasn’t a typical step for an accounting firm, our entrepreneurial spirit gave rise, and thus Richter Family Office was born.

Decades later, Richter Family Office is now one of the largest, fully independent, multi-family offices in Canada and has earned an outstanding reputation for providing wholly independent, holistic and objective advisory services to some of Canada’s wealthiest families.

OUR PURPOSE

Simply put, our service is to bring clarity and order to the full spectrum of your family’s financial affairs. And to do this with a full appreciation of both the technical and emotional complexities that face multi-generational families.

Our roots within a full-service tax advisory firm afforded us a sensibility of objectivity and independence – traits that we knew were not necessarily synonymous with investment advice. Eliminating financial incentives – both perceived and real – were the basis for ensuring that our families received the best solutions possible. This has evolved to form the basis of a relationship that has revealed its true value over time: one that has earned the enduring trust of our clients and has afforded us a position by their side as their true trusted advisor.

Now entering our third decade as one of Canada’s leading multi-family offices, we are committed to providing our families with the full scope of services needed to help preserve and grow their family’s legacy.

Wealth comes in many forms and while financial wealth can be a blessing, history has proven that those who focus exclusively on their financial resources are destined to deplete it. At Richter Family Office our purpose is clear: to help families grow and steward their legacy across generations. We do this by addressing both the financial, and human elements, of your wealth.

The Evolving Family Office Landscape 

We understand that for some, complex financial structures, emotional decisions, and potential conflict amongst family members can cause wealth to feel more like a burden than a blessing.

 

OUR APPROACH

Multi-generational families typically face a wide variety of challenges and often act as their own quarterback with issues relating to: wealth management, tax and estate planning, compliance and financial reporting, as well as philanthropy and financial education. Effective continuity planning within successful families necessitates coordination among all these elements and in a way that recognizes the multiple stakeholders and objectives that are unique to the family.

Our approach necessitates independence as it’s key – the technical know-how to work across the full spectrum of a family’s existing advisor network, access and insight into best-in-class solutions, and the knowledge and expertise to identify gaps and opportunities that can bring clarity and efficiency to your financial picture. Our approach is neither prescribed nor formulaic. Rather our solutions are built from the ground up to address each family’s specific needs and are not dictated by in-house products or solutions.

Our team of professionals has decades of combined experience and a strong reputation in the financial community. Most importantly, they are trusted among their clients for their knowledge and integrity.

OUR SERVICES

At Richter Family Office we provide services to our families that reach beyond the scope of basic investment advisory. While independence and scale are important within the context of portfolio construction and asset allocation, having the capacity to draw from an extensive team of interdisciplinary professionals ensures that our family’s can receive a truly holistic solution. Issues relating to manager research and due diligence, tax, estate planning, cashflow management, philanthropy, and family governance all converge to ensure a seamless solution that provides clarity and control.

Wealth Management 

Acting as your family’s Chief Investment Officer, our registered professionals provide fully independent wealth management advisory services to guide you in managing and stewarding your family’s financial assets.

Since our inception we have maintained a completely open-architecture model whereby all investment solutions are outsourced to best-in-class solutions from around the globe. This approach has been built to ensure that all our investment options are based on our own independent and objective research and due diligence – not based on any financial incentive to sell or place product. And because we do not manage any solutions internally, or have strategic relationships with financial product providers, our families can feel confident that we are always acting in their best interests.

Our approach allows for flexibility and input. Each family portfolio is constructed from the ground up to address the unique needs of each family and the competing needs and objectives that are common in a multi-generational setting. By incorporating existing investments into the plan, we ensure that incremental changes make sense strategically and ensure minimal tax consequences. New investments are presented to families only after extensive research and due diligence and are only acted upon based on client feedback. Because each family portfolio is bespoke, full transparency is ensured and each and every investment decision is made with our client’s knowledge and input – a feature that is not possible with model portfolios or more formulaic approaches.

How to optimize your investments.

Investment strategy

Multi-generational families have unique needs and objectives that are not well served by more traditional approaches to portfolio construction. Traditional approaches to asset allocation are more prescribed – seeking to diversify assets to effectively control risk at the portfolio level and speak to a singular goal and time horizon. But families have multiple goals and objectives with their financial wealth and are better served through a described approach that seeks to allocate risk as opposed to simple diversification. Multiple goals, stakeholders, and time horizons necessitates a different framework.

Richter Family Office is a Registered Portfolio Manager in the jurisdictions in which it operates. While we abide by the regulatory requirements that allow us to act as a discretionary manager for our families, we do not exercise this control nor commit to any investment without our client’s full knowledge, input and concurrence. Our core belief is that by working in an advisory capacity with our families we are empowering them to have knowledge and control over their own financial picture. Aspiring to be a trusted advisor necessitates open dialogue and understanding to ensure that all parties are in alignment.

How to get a clearer picture of your investment portfolio.

Due Diligence

Independence requires a fulsome manager research function to ensure that any investment solution is properly vetted and assessed before consideration by our families. It is also one of the core functions of a complete family-office solution. As one of the largest independent capital allocators in Canada, Richter Family Office is afforded unique access to differentiated solutions from around the globe. And our families benefit not only from our deep access, but also from preferred access points with regards to investment minimums and fees. Acting as a fiduciary for our clients necessitates seeking the best access possible and leveraging off the combined asset base of the families that we represent.

And while we seek preferred access points with the managers with whom we work, this is not the basis for their selection. Our manager research function starts by seeking and identifying differentiated investment strategies that can serve a specific role within our clients’ portfolios. Once identified, these are then run through an exhaustive due-diligence process to ensure that if an investment makes its way into our families’ portfolios we have high confidence in its capacity to perform as expected. Restricting our process based on fee reductions and preferred access would immediately introduce conflicts into our process. And working exclusively with managers that will provide discounts would impair our ability to find best-in-class solutions.

Having a reputation as a thoughtful and preferred partner in the investment community has afforded our families the opportunity to invest in unique and differentiated strategies that span both the traditional and non-traditional scope of investments. But while having access is important, having the capacity to filter investment opportunities and identify risks is critical. Our research process necessitates multiple face-to-face meetings and on-site meetings so we can truly understand if a strategy is suitable for our clients.

All our manager research is documented and shared with each family prior to consideration for investment. Our focus is on process and repeatability, operational integrity, compliance, and finally, a full tax review so that we can access performance expectations on an after-tax basis. We will also asses any tax-compliance implications to ensure that families are not saddled with unforeseen tax filings.

We apply the same level of rigor and oversight to both Richter Family Office solutions, as well as investments that are sourced by our families. Our role is to provide independent oversight over the full spectrum of our families’ investments to ensure continuity and effective portfolio construction.

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Consolidated Investment Reporting and Performance Monitoring

Often families of significant means find their way into a wide variety of investments and lack a clear picture of how these investments interact and perform from a consolidated perspective. Having a clear view to how a portfolio is performing from a high level provides greater clarity and control of the big picture and provides better insight into how each investment is contributing relative to its role. Without a consolidated picture, families fall victim to running horse-races among their managers and become tempted to make poor investment decisions based on relative performance.

Because of our open-architecture, Richter Family Office can provide a completely consolidated picture for our families and include both investments sourced and approved through our due diligence function, as well as a families’ existing investment and advisor portfolios. And because we are compensated only by one source – our clients – ongoing performance monitoring and recommendations are not biased through a need to bring assets “in house”. Our approach remains completely agnostic to the underlying investments so long as they perform as expected within the portfolio.

Our consolidated reporting provides a clear view on the totality of our families’ financial resources, as well as providing more detailed analysis across each strategy and investment manager. Reports provide appropriate benchmarking, risk assessment, and historical performance both at the consolidated level and across each discrete investment. Reports are further refined via entity as families with complex structuring should assess risk and performance according to the specific goals and objectives of each entity.

Finally, while simple in its presentation, our reporting structure necessitates the capture and integration of data at the transactional level. Simply put, this provides ready access to a complete and detailed picture of every investment in our families’ portfolios. Capturing information at the transactional level (as opposed to just tracking returns) provides for accurate and streamlined reports that simplifies financial reporting to the benefit of tax planning and preparation.

Tax and estate planning

For our families, investment management is just one important issue: estate and tax planning in many cases is a more significant piece of a multi-generational framework. In conjunction with the Richter tax advisory business, Richter Family Office is uniquely positioned to help families navigate the complex world of tax and estate planning. Many of our clients work with the full suite of Richter tax, estate, and investment services, while others have longstanding advisory relationships elsewhere. Either way, the Richter Family Office is well suited to working with a multi-disciplinary team of professionals to save you the burden of quarterbacking complex technical issues.

What happens to my money if I pass away unexpectedly?

We have the expertise to assess the tax risks of each investment strategy in order to ensure that your investment portfolio is tax efficient and aligns with your estate plan. We work with diverse teams of tax experts; those you may already be working with, and others we might suggest for your benefit. We can explain complex concepts so you can assess their merit and make a well-informed decision.

Am I paying the right amount of tax? It seems like a lot.

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Family Account Management and Cash Management 

Cash management is an important component of a family’s overall financial framework. Having an effective advisor who can help manage your liquidity needs can save you time and money.  Richter’s Family Account Management (FAM) team takes care of the operational responsibilities by acting in the capacity of your personal Chief Financial Officer. Our professionals oversee and provide strategic guidance on lifestyle management, personal planning opportunities, your day-to-day accounting and bookkeeping needs, and bill payments.

By integrating both your family’s financial and investment reports, we can provide you with clear insight into how your assets are performing as well as how the money is being spent. We help identify cash flow needs and the most tax-efficient means of funding day-to-day living expenses. This also means providing families with access to efficient investment solutions that can be quick sources of liquidity. We ensure that the cash you require is available; thereby eliminating the administrative tasks you would normally have to oversee. This can make the oversight of all aspects of your family’s wealth simple, as well as provide you continuity through one primary point of contact for all of your family’s financial affairs.

Family Account Management

Philanthropy

Charitable giving is often an expression of your family’s core values; it represents who you are and what you aspire your legacy to be. In order to maximize the impact of your philanthropy, you must ensure that your giving is effective and that your gifts are used in a way that reflects your intent. And because every penny counts, we work closely with our families to ensure that their charitable giving is as tax efficient as possible, helping maximize the economic impact.

We also know that philanthropy is a great way to help bring your family together by providing a forum for transmitting core values across generations. It helps your heirs understand the impact that giving can have on the world around them, but at the same time, understand some of the practical issues of investment management. Many families use charitable funds as a way of helping develop financial literacy among young heirs and to teach them how to interact with the family’s advisor network. At Richter Family Office we encourage families to come together in this way and seek to engage multiple generations on strategic philanthropic issues.

How to maximize your philanthropic impact.

Insurance Advisory 

Life insurance can be an important investment strategy for families to provide liquidity at death or for philanthropic objectives. Just as RFO seeks out best-in-class investment managers, we can guide you through the decision as to whether life insurance is appropriate and if so, what amount and what type best suits your needs. We can work with your current insurance broker or we can refer someone to you.

Family Governance

Family enterprises are complex systems, whether they operate in the context of an operating family business or as stakeholders in a large passive investment corporation. It’s in this environment that the intersection between financial wealth and family intersect, and conflict can arise. Having worked with generations of business families through their own unique transitions, we recognize the need to have proper continuity planning in place to ensure that all stakeholders can have a voice in the stewardship of a family legacy. Governance is key component that allows for open communication among family members and forms the basis of trust and respect.

For most families, a successful legacy is simply ensuring that each member is supported in their quest to succeed. Helping lay the foundation for future family members to be their own wealth creators – be that financial, intellectual, or social wealth – provides members with a purpose and builds self-esteem. It also helps encourage harmony within the family unit. Working to develop a governance system that addresses the root causes of entitlement and self-righteousness means setting the stage for wealth accumulation across generations and seeks to break the curse of “Shirtsleeves to shirtsleeves in three generations”.

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Financial Education

Financial education is the key to being able to make sound investment decisions and provides the foundation upon which families can ensure a lasting legacy. Richter Family Office spends a tremendous amount of time educating its clients and their children to ensure that they are empowered to understand the complexities of their wealth and have the capacity to make well-informed decisions in their own right. As part of its commitment in this area, Richter and Richter Family Office have created bespoke seminars for our families to provide them with a deeper understanding into the areas of:

  • Investment management and financial markets
  • Financial Planning and cash management
  • Financial statement analysis
  • Tax planning and structuring
  • Basic legal concepts and frameworks
  • Philanthropy
  • Family Governance and Values

Successful multi-generational wealth transfer is not simply about the tax efficient transition of wealth, but also the transition of knowledge and family values.

Cyber-risk assessment

High net worth individuals, as well as families of significant means, are increasingly the target of cyber-crime and identity theft. Richter Intelligence provides families with a holistic understanding of the environments within which they operate and provides assessments that can help address potential unforeseen risks.  Complemented by core risk and technology offerings, Richter is uniquely positioned to assess vulnerabilities to family members and advise on best-practices to help minimize security breeches and risks associated with a family’s cyber footprint.

Meet our experts

The people behind the expertise.

Danny Ritter

CPA, CA, CFA
Danny Ritter believes that the financial wellbeing of a family is less about which securities are owned but rather that the overall portfolio approach taken is thoughtful and relevant.

Mindy Mayman

B.A., Econ., Fin. PI., FMA, CIM
Mindy assists her clients through the challenges inherent to wealthy families and helps them secure peace of mind for today, and comfort and clarity for the future.

Greg Moore

CFA, FEA
Accomplished, driven, yet known for his kindness, Greg has big ideas that match the scope of his ambition. A great people connector he loves to build durable, effective business relationships. His enthusiastic nature means that he is ready to jump whole-heartedly into every project he takes on.

Alain Pérusse

D.E.S.S. Fisc.
For all questions regarding tax issues, acquisition structuring and sales transactions, or to find advice and solutions for process improvement, Alain is a seasoned expert and the perfect choice.

Carey Singer

CPA (Illinois)
With over 20 years’ experience, Carey Singer is one of our most in-demand tax consultants.

David Hogan

CPA, CMA, MA (Economics)
David Hogan is focused on pushing his practice to new heights and goes all out to empower his team members to build on their skills.

Diane Tsonos

LL.B., TEP
With her knowledge, dedication, extraordinary professionalism and people skills, Diane is an integral part of Richter.

Earl Forman

CPA, CA
If you are looking for a methodical mind, Earl Forman is your man. He is famous for having all of his files lined up in perfect columns. He has, undoubtedly, the neatest desk in our entire office. 

Jean-François Coutu

CPA, CA, LL.M.Fisc.
In Jean-François, you’ll find an attentive expert who’s able to explain complex questions clearly and cogently so that you can make informed decisions.

Jerry Wise

CPA, CA, TEP
Jerry Wise has the expertise privately-held entities repeatedly turn to as they grow their businesses in Canada and abroad.

Lorne Richter

CPA, CA
Lorne enjoys a close relationship with his clients and is never satisfied with the conventional wisdom approach to tax matters. He develops innovative, custom-made solutions.

Michel Babeu

CPA, CA, M. Fisc.
With nearly 30 years of experience assisting local entrepreneurs, Michel has a wealth of knowledge in management and taxation.

Mitchell Stein

CPA, CA
Known by his clients and colleagues to be meticulous, hardworking, reliable and a deliverer of high-quality results, Mitch prides himself on his ability to identify tailor-made solutions to meet the needs of his entrepreneurial clients.

Phil Nadler

CPA, CA
Phil has taught tax-related courses at McGill University, and has lectured at the Ordre des comptables professionnels agréés du Québec.

Scott Binns

CPA, CA
‘Unique’ is a term often used in relation to Scott. Easy going, personable, and knowledgeable, he is a captivating public speaker and a driven professional.

Tasso Lagios

CPA, CA
Tasso has been guiding high net worth entrepreneurs, business owners and their families to help them set out their goals to ensure long-term business and wealth succession.

Vincent De Angelis

CPA, CA
Vincent helps his clients through it all, and in the process, makes them feel right at home.

Lyne Gaulin

CPA, CA, CPA (Illinois), LL. B.
Lyne works closely with clients to provide tax advice that meet their particular objectives.

Sudharshan Sathiyamoorthy

Ph.D., MBA
Approachable and insightful, Sudharshan Sathiyamoorthy brings an incredible academic pedigree and a wealth of practical due diligence experience to Richter Family Office.

Bertrand Milot

CISM, CRISC, CRMP, CRMP-F, PCSM, C|CISO, ISO 27001 LA, C|BP, SCCISP
Innovative, passionate, hardworking and enthusiastic, Bertrand Milot is known for his integrity, innovation, rigour and creativity. He is also famous for his witty turn of phrase. He’s incredibly good at his job and he’s a fun guy to be around; what’s not to love?

Justine Delisle

CPA, CA, Pl. Fin.
Justine Delisle has a work style based on excellence, empathy and experience. She enjoys teaming up with people with different fields of expertise for collaborations that provide unique, lasting results. She describes herself as having a holistic perspective on situations and challenges, one that helps her provide personalized solutions for her clients.

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