The Bahnsen Group, a Newport Beach, California-based management firm, has launched a comprehensive wealth management solution for its wealthiest clients, as announced through a press release on August 23rd, 2021.
The company was founded in 2015 by David Bahnsen, former chairman’s club managing director at Morgan Stanley and ex-first vice president at UBS Financial Services, and currently manages more than $3 billion in assets.
According to their press release, the Bahnsen Group Family Office, which manages assets for clients in excess of $10 million, will offer investment management services at a reduced percentage of assets under management.
Additionally, the Family Office will also offer a bundled solution for non-investment services like tax planning, advanced estate planning, bookkeeping, financial reporting, bill pay, digital record-keeping, risk management, real estate coordination, and family governance at a fixed rate.
Stressing the importance of appointing the right personnel to launch the family office, Bahnsen explained the significant time and effort that went towards assembling the right professionals for the job. Some of these key personnel include Joseph Klein – director of services and planning, and Phillip Barnhill – lead risk management operations. Klein was a former senior analyst at Hightower Advisors while Barnhill joined the Bahnsen Group in July after his Minneapolis-based firm, Story Capital, was hired by the Bahnsen Group.
“We want our family office clients to experience the integrated service many talk about, but few deliver. And we want that integration to be manifested in the simplicity of the cost structure, and especially in the elegance of the services,” said Bahnsen as he explained how the new fixed-rate bundled wealth management solution differed from their existing full suite wealth management services.
The press release also specified that their in house affiliation with Klarin & Associates – a Newport Beach, California-based full-service tax, accounting and business consulting firm, would lead their tax planning and preparation services. Additionally, the release also noted that the Bahnsen Group has hired in-house controllers to assist with client bookkeeping and reporting, philanthropic consultations, and high-level estate planning.
