Why Digital Family Offices Are the Future for High-Earning Professionals
September 14, 2023
Achieving a high salary is often celebrated, but how many of us translate those earnings into long-lasting wealth?
If you've got the income but lack a comprehensive wealth strategy, you're not alone—and it's time we talk about how digital family offices can fill that gap.
For years, traditional family offices have been the gold standard in wealth management, offering an all-encompassing suite of resources beyond investment advice—think tax planning, estate management, and even personal assistance services. But here's the catch: their highly personalized services often come with a steep price and a velvet-rope exclusivity that leaves even high earners standing on the outside looking in. Yes, you've got a high-paying job, perhaps even some stock options, but unless you're in the ultra-high-net-worth category, the doors of traditional family offices often remain closed.
Enter the digital family office - the modern answer for high earners looking to translate their robust paychecks into a comprehensive wealth-building portfolio. With Arta’s Digital Family Office, we think of wealth-building as having three fundamental pillars: building, protecting, and enjoying your wealth. Let’s walk through it.
Grow your portfolio
Smart investments are a critical aspect of building a portfolio. If you’ve been following Arta for any time, you know about the benefits of investing in alternatives and how AI is revolutionizing public market investing. We’re also proponents of Line of Credit and Income Stream Options as two more ways of using smart strategies to grow your portfolio.
But building wealth isn't only about amassing assets; it's about strategically aligning them with holistic financial planning. This is where the true power of a digital family office shines—addressing the bigger picture with a comprehensive strategy and providing access to the opportunities to protect and enjoy all the results of your efforts.
Protect your wealth
The superpowers of insurance are often overlooked in wealth-building conversations, but they shouldn't be. We think of insurance not as a cost but as an opportunity - an integral part of any robust financial strategy. Digital family offices not only help you evaluate your coverage needs but can also advise on the types of insurance that best suit your lifestyle and risks. Whether it's income protection or more complex strategies like using permanent life insurance as a tax-advantaged investment vehicle to grow and transfer wealth, this is risk mitigation at its finest.
And let's talk taxes—not everyone's favorite topic, but when handled strategically, it can be a game-changer in wealth preservation. A digital family office can offer smart tax planning tactics that sync with your estate goals. Think trusts, estate exemptions, and other structures that minimize tax requirements while ensuring your legacy is secure. It's about more than just deferring tax liability; it's about optimizing your wealth for generations to come. Tax and estate planning services are the most requested offerings among our members. We're pleased to announce that they are now available.
Enjoy the results of all your hard work
Let's not forget why you're building wealth in the first place—to better enjoy life. Many high earners focus so much on accumulation that they forget about actualization. A digital family office can bring lifestyle planning into the mix. From managing repetitive tasks and chores at home to planning for sabbaticals or philanthropic endeavors, these services extend beyond the spreadsheet to the life you're building. After all, what's the point of wealth if not to live the life you dream of?
If you're among the high earners who have successfully navigated a lucrative but demanding industry or business venture, congratulations! You've already shown the capability to excel in a competitive space. Now, it's time to apply that same tenacity and foresight to your financial future. If you've felt underserved or overlooked by traditional wealth management avenues, know this: Digital family offices are not just an alternative; they're your next strategic move.
Your salary is just the starting point. With a digital family office by your side, you can turn that financial momentum into a lasting legacy, one well-calculated decision at a time.
If you’re interested in the services listed above, please head over to the Arta app to learn more about Digital Family Office Services or schedule a welcome call with our membership team. We’ll be glad to help you determine which services will best fit your goals.