Lake Peak Associates | Certified Public Accountants

Family Office

Administrative and Accounting Services for High Net Worth Individuals, Couples and Families

Individuals, couples and families with significant investment, real estate and other assets often need assistance in administering and accounting for those assets.  In many cases, it makes sense to set up a family office for this purpose.  However, in other cases the overhead and responsibilities that such an office requires are either not cost effective or not desirable for personal reasons.  Lake Peak Associates can either supervise the set-up of a new family office or provide an effective alternative to the separate family.

The principals of Lake Peak have eighteen combined years of experience in family office services with the administration of up to $600 million.  We provide the highest degree of trust, confidentiality and competence that is available.

Very often people with significant wealth already have attorneys and tax advisors in place.  Lake Peak does not replace these trusted advisors, but instead provides services not available from them and coordinates the overall administration of the client’s financial affairs. 

Among the services Lake Peak can provide to its clients in any combination are the following:

  • Serve as liaison to and coordinate among tax advisors, legal advisors, investment advisors, investment managers and investment custodians; also assist in the search for new advisors as needed.
  • Prepare periodic consolidated financial statements that are customized for the client’s use to provide an overview of all of the client’s holdings.
  • Monitor investment securities accounts, account for all transactions reported by the custodian, verify the custodian’s periodic statements and annual tax reporting; ensure that all discrepancies found in custodian reporting are resolved.
  • Administer private investments such as private equity limited partnerships and hedge funds; ensure timely transfer of capital calls and monitor receipt of distributions; communicate as necessary with investment managers regarding administrative matters; consult with other advisors regarding partnership amendments and other matters;  keep records of tax cost basis; verify annual Schedules K-1 to capital account records and resolve any discrepancies.
  • Provide estimates of income to tax accountants; consult with tax advisors on planning strategies; coordinate estimated tax payments, filing of extensions and final tax returns in consultation with tax accountants; gather, organize, and transmit to tax accountants all information required for the preparation of tax returns.
  • Prepare periodic projections of cash needs and consult with investment advisors regarding cash management and identifying appropriate sources of cash.
  • Maintain cost basis records of real property; assist in finding and monitoring property managers.
  • Assist in the day to day tasks of the client’s financial affairs such as reconciliation of bank statements and payment of bills.