CASE STUDY
Streamlining Complex Wealth Management for a Family Office
Kris Marney • January 12, 2026
Services: Family Office
A West Coast-based family office led by a former executive of a major financial services company engaged BPM in 2015 to provide comprehensive family office services. With a complex portfolio spanning investment and commercial real estate, private equity, venture capital investments, and a yacht flagged in Monaco, the client needed a trusted partner to manage financial reporting, tax planning, and ongoing advisory services.
The relationship has since expanded to include the next generation, with the client’s son and his startup also becoming BPM clients.
The Problem
Despite working with established wealth managers, the family office faced significant challenges in obtaining clear, actionable financial reporting:
Reconciliation Nightmares: The client’s wealth managers produced reports with beginning balances that never tied to prior ending balances. The variances likely contributed to delays in the PE and VC reporting and resulted in unusual plug amounts in the financial statements. Given the investment software commonly used in the advisory industry, these variances were difficult to isolate on their end.
Time-Consuming Inefficiencies: The reconciliation process consumed hours of professional time each quarter without producing reliable results.
Limited Visibility: Traditional financial statements couldn’t provide the specific insights the client needed, including detailed tracking of real estate carrying costs, passive losses tied up in the yacht, and personal “fun spending”—a metric important to the client’s lifestyle planning.
Fragmented Information: With assets spread across multiple wealth managers and property types, the client lacked a unified view of their financial picture that would support informed decision-making.
The Solution
BPM took a strategic approach that leveraged both technology and collaborative relationships:
Clear Division of Responsibilities: Rather than continue the frustrating reconciliation process, BPM and the wealth managers agreed to let each party report on the assets they directly managed. BPM focused on presenting financial statements for the investment and commercial real estate, as well as the yacht, while managing the client’s JP Morgan bill pay account.
Custom Power BI Dashboard: Working with BPM’s data analytics team, Kris Marney and her team built a dynamic Power BI dashboard that gives the client drill-down access to the metrics that matter most:
- Investment Real Estate Tracking: View carrying costs, property taxes, and maintenance expenses by individual property
- Rental Real Estate Analysis: Assess profitability, occupancy status, and carrying costs for each rental property
- Yacht Management: Monitor all carrying costs, crew expenses, improvements, charter income (both personal and third-party), and track passive losses that will be released upon sale
- ‘Fun Spending’ Summary: Track personal discretionary spending with trend lines; the client likes to see these expenses trending up.
All data can be viewed in chart or table format, with trending analysis spanning as many quarters as desired.
Integrated Advisory Approach: BPM coordinates quarterly meetings that bring together the client, their wealth managers, BPM’s tax team, and the advisory team. These sessions combine investment review, tax planning, and financial reporting to ensure all advisors are aligned and proactive about upcoming liquidity events or major purchases.
Comprehensive Family Office Services: Beyond reporting, BPM manages bill pay, property tax payments, estimated tax payments, annual gifting tracking for multiple family members, and even counseling on inheritance planning for the client’s son.
The Outcome
The new approach delivered measurable results:
Significant Time Savings: By eliminating the need to reconcile to the wealth managers’ reports, BPM achieved substantial efficiencies, freeing up professional time for higher-value advisory services.
Enhanced Decision-Making: The Power BI dashboard provides real-time, visual access to financial data, allowing the client to quickly assess performance across their diverse portfolio and make informed decisions about asset management.
Seamless Collaboration: The quarterly meetings create a cohesive advisory experience, ensuring the client’s tax, investment, and financial planning strategies work in concert.
Long-Term Partnership: After more than 10 years as a BPM client, the relationship continues to thrive and expand. Additionally, the client’s son—whose startup recently became profitable and cash-flow positive—has become a BPM client as well, with the firm providing tax compliance, sales tax compliance, and accounting services.
Proactive Planning: BPM’s involvement in major decisions (such as the yacht purchase) and ongoing coordination with wealth managers ensures the client stays ahead of tax implications and liquidity needs.
Navigate Complex Wealth with Confidence
Family offices face unique challenges in managing diverse asset portfolios while coordinating multiple advisors. BPM’s Family Office Services team brings together tax planning, financial reporting, and strategic advisory to give you clarity and control over your wealth.
Ready to streamline your family office operations? Contact BPM to learn how we can deliver the customized reporting and integrated advisory services your family office deserves.