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Families can spend 30% of their time worrying says new multifamily office founder

Multifamily office founder Joan Malloy says families with institutional-sized capital can spend up to 30% of their time worrying, wondering and working on matters relating to their family's well-being, while also working with more than 20 outside service providers to keep track of it all.

"Families are looking for a more holistic, collaborative approach to managing their wealth and the responsibilities that come with it," said Malloy, who this week founded a new multifamily office, the Greenway Family Office.

According to a statement, Greenway aims to provide wealthy families with highly-personalised and comprehensive financial management, asset preservation, family governance and legacy-planning services. It also guarantees not to sell its own line of investment products or offer a preferred list of service providers.

"Each of our partners will work with 10 families or fewer," said Malloy, founder and managing partner. "This structure is designed to provide families with the ultra-high level of service typically associated with a single family office."

Greenway is also introducing a family capital assessment methodology that extends beyond the traditional reviews of account statements and balance sheets conducted by most wealth managers.

"To manage affluence effectively, you need to have a complete understanding of the financial picture, as well as the human and social needs and aspirations of the family," said Malloy, who previously co-founded St Louis Trust Company. "When adequate attention is not paid to one of these key elements, the long-term financial stability of the family can be jeopardised."

Malloy said the Greenway Family Office is targeting families with an overall net worth of at least $25 million.

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