Is the new role of the wealth advisor similar to what family offices have done all along? Cesar Pachon from We Family Office sat down for a discussion on the role of the family office now and in the future.
According to Pachon, your fiduciary responsibility means you cannot do it all. You can’t manufacture, distribute and also advise on a product. So what do you do? You try to reach scale, which is not attainable to everyone.
“It is all about creating a plan, and taking advantage of opportunities that will always surface. It helps if you have big pockets, then you have the opportunity to reinvent your business. Because at the end of the day, deliverables are what take you to the next level.”