Episode 31

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Published on:

30th Oct 2023

Optimizing Your Financial World - Episode 31 (Should You Have a Family Bank?)

Family banks are a tool that some very wealthy families use for a number of reasons, and they’re increasingly being adopted by more and more families across the net worth spectrum.

On the latest installment of Optimizing Your Financial World, we’re looking at whether family banks could be a smart move for you!

Chapters:

0:00 - Introduction and overview on the topic of the day

1:23 - What is a Family Bank?

2:36 - The types of initiatives that Family Banks fund

4:26 - How a Family Bank can help build financial responsibility of a family member

5:49 - A Family Bank can also assist with a business-building desire

8:28 - Why Family Banks need to be formal in nature

11:21 - Family Banks should be very tailored to a given family's needs and goals

13:43 - Family Banks are not only reserved for those with significant assets

16:34 - Leverage a team of professionals to assist in running your Family Bank

19:45 - How to get in touch with Mark and discuss the topic further

20:30 - Closing remarks


Connect with Mark Wade:

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About the Podcast

Optimizing Your Financial World
It's about how much you get to keep!
Welcome to Optimizing Your Financial World, where we tackle an array of financial strategies and wealth management topics to help better position you, your family, or your business for a better future.

Each episode features Mark Wade, President of Echelon Family Office, who brings over four decades worth of experience in wealth management and investment planning to the show. Mark regularly works with affluent families and entrepreneurs to help better position their portfolios given their personal and professional goals.

Listen as Mark explores a new financial topic each episode and offers guidance on navigating these complex circumstances. At the end of the day, it's not about how many assets you have or how much income you create, it's about how much you get to keep!

So sit back, relax, and allow Mark to shed some light on countless financial strategies and his methodologies for helping four decades worth of clients optimize their financial world.