Aug 29 2023 31 mins
In this podcast episode, Richard Milroy discusses wealth management and meaningful wealth with guest Rebecca Maguire. Rebecca is experienced in managing family offices and specializes in helping families create efficient structures for their wealth management needs through her firm, EFO Advisory Services.
Rebecca emphasizes the importance of using technology in family office operations. She mentions cloud-based tools like Slack, Google Suite, and Sage Intacct, which allow for efficient collaboration, document sharing, and accounting. She also emphasizes the value of customization in investment reporting software, with Black Diamond being mentioned as a powerful tool.
They also discuss the differences in managing family offices of varying wealth levels. Rebecca points out that smaller families sometimes have more complexity due to fewer resources and less flexibility. However, she believes that with the right advisory team and proper planning, it's possible to scale and manage family office operations effectively regardless of the level of wealth.
The conversation also touches on the growing trend of philanthropy and impact investing among wealthy families, especially in the tech industry. Rebecca encourages families to focus on using their wealth to make a positive impact on the world, whether through charitable giving, environmental initiatives, or other forms of social responsibility.
Overall, the podcast explores how technology, customization, and a proactive approach to wealth management can help families make their wealth meaningful and contribute to a better future for themselves and society. Brought to you by Netwealth.