To best serve each relationship, Homrich Berg pulls from the various strengths of each of its more than 80 employees. Each client service team typically includes three or four team members — a principal, a director or senior associate, an associate and a client care coordinator.
All members of the team will have experience serving families and bring expertise from handling a wide variety of situations. Unlike some firms, HB employees are encouraged to help each other across all clients. This might seem like common sense, but in our experience it is actually a key differentiator for HB that helps us provide the high level of service we desire for clients.
Some firms like to specialize only in investments or financial planning for clients. Homrich Berg believes you must comprehensively provide both to effectively serve our clients. We act as the financial team leader for the family, helping coordinate all of the members of the family’s advisor team.
We enjoy working with a wide range of accounting, law, banking, and insurance firms for our clients. We can work with the client’s existing relationships or help them find new advisors as appropriate. Our goal is to reduce complexity and increase organization for our clients, providing summarized information to their other advisors and helping navigate the maze of financial decisions they face. While it might seem like a small benefit at first, we find that over time our clients value highly the ability to call us with any financial question or concern.
At Homrich Berg, we value our personal relationships with clients. We communicate with clients frequently through regular face to face meetings, phone calls and e-mails, and we pride ourselves on a same day response rule for getting back to our clients anytime they ask a question.
In addition to that regular communication, other forms of communication include conferences sponsored by the firm, social gatherings that we hold for clients, quarterly investment communications via our HB Market Monitor, and ad hoc investment and planning commentary sent out as appropriate.
Consolidated online reporting is a key benefit of working with Homrich Berg. The family can see its entire financial picture in one place on a regular basis, a convenience that also often leads to discussions about strategic issues that might not otherwise occur to the family members if they were not reviewing the big picture consistently.
Standard consolidated reports combine information from all advisors and sources, including liquid and illiquid investments, and performance and indices for comparison.
Clients have online access to a complete view of their investment portfolio via the HB Online reporting system. Tablet applications (e.g. iPad) also allow quick access to the same information virtually anywhere. Clients can view their current balances, historical performance, asset allocation, and comparison to relevant benchmarks. Additional more detailed reports can also be provided to clients outside of the online system. Traditional printed quarterly reports are also available for clients who choose to receive them, and are also posted to the homepage for the client to be reviewed at any time.
In many cases Homrich Berg works with multiple generations of the same family, helping deal with the unique issues facing each family member at different stages in their life. We enjoy serving families across generations and have experience dealing with the family dynamics that can be involved when dealing with financial topics. The diverse background of our client service team allows us to match up the appropriate team members with various family members as needed to ensure a comfortable environment for everyone.
Because Homrich Berg manages over $5 billion of assets, works with many high profile families, and is known as an experienced advisor in the world of complex alternative investments, a common question we often get is “Am I too small for Homrich Berg?”. Andy Berg founded the firm based on a desire to help people via unbiased advice, and our approach to minimums still reflects that core belief.
Typically our clients are in the $2 million – $10 million investable assets range, with family office clients of course far above those numbers and some client relationships lower than that range as well. We typically find that the value we provide as a full service financial team leader will make sense for families with at least $1 million in investable assets, although we have many relationships that started lower than that when it was likely that clients’ assets were going to grow.
Homrich Berg typically uses a fee calculated as a percentage of assets under management that covers all regular investment management and financial planning services provided to the client. If a family desires additional Family Office services, such as administrative services, additional fees are incorporated as appropriate based on the family needs.
In some situations HB may utilize a flat fee for customized relationships such as serving as Outsourced CIO for a family office. All investments have various transaction and management costs regardless of the advisory relationship. Homrich Berg’s fees do not include those costs, but HB can provide transparent information on those costs to clients. Our standard fee schedule starts at 1% of assets under management, with adjustments downward as total assets increase.