Kent-based adviser Dragonfly Financial Planning plans to launch a family office proposition which will include a sister business in Switzerland.
Dragonfly director Adam Young (pictured) said he would create a new service and charging structure for families worth more than £100 million as part of a five-year plan to establish family offices in the UK and Switzerland.
‘Our vision as a life planning business is now very clear and we are ready for the retail distribution review (RDR), so it’s time to take it to the next level. However, we will only achieve this transition successfully through taking gentle steps,’ he said.
The family office would build on the firm’s existing offering, Young said. ‘We want to continue the evolution of the Dragonfly model to create a multi-family office proposition,’ he said. ‘We already work with private banks, which provide services such as specialist fund management, asset-backed lending plus access to research, philanthropy and corporate advisory services.’
Dragonfly currently targets private clients with £2 million to £4 million to invest. Young said he wanted to continue servicing that market and adjust the proposition to target families.
He hopes to attract three to five families over the next three to five years, each worth more than £100 million to the firm.
Dragonfly charges a flat-rate fee based on service, risk and time, and additional charges for financial plans, its ongoing life planning service and bespoke investment plans.
Young said these charges would be bundled together for family office clients into a simpler annual fee format covering combined services through the year.