Your Virtual Family Office, as embodied by DKE, Inc.'s The Family Board of Directors®(FBOD), will serve as the executive and strategic element of your family's estate and financial plan. It will serve five strategic functions for your family. (Click here to view how the FBOD complements your estate plan)
Strategic thinking. Recognizing threats to be avoided or mitigated, appropriate opportunities to be captured, and strengths to develop within the family and its members.
Making decisions. The FBOD will assist in the family's specific mode of making decisions, assuring that desired information is gathered and that objective processes result in effective decisions.
Taking action. Once a course of action is defined it must be implemented efficiently. Project management techniques can ensure that progress is made as expected.
Communication. The FBOD will oversee systems and protocols to assure that the right information gets to the right people at the right time.
Adaptation. Every plan will need to be changed over time in response to changes within the family, and in response to external factors such as changes in tax codes and the financial capital markets. The FBOD can help keep a family in a proactive position so you experience less stress than when you react to changes or crises as they arise.
The FBOD comprises members of the family and representatives from each of the professional firms serving as the VFO. The FBOD may be fashioned as a legal entity (management trust, LLC, etc.) or strictly as an advisory mechanism. The FBOD model was created by Michael T. Hartley, Chairman of Dale K. Ehrhart, Inc., (DKE, Inc.).