Seattle Bank Introduces Family Office Services
New Offering Will Provide Bank Clients With Unique And Valuable Service
Seattle Bank is pleased to announce the addition of Family Office Services to its product suite. This new offering will provide a valuable service and solve an important problem for the Bank’s clients.
Seattle Bank acquired local boutique professional services and consulting firm Frihet Group to bring this unique product offering to its clients. Since 2013, Frihet Group has been providing family office services to individuals and families in the greater Seattle area. Frihet Group’s team and operating model, coupled with the Bank’s institutional-quality infrastructure, controls, and security will result in a best-in-class service for the Bank’s clients.
“This acquisition is a natural extension of our product and service offering and allows us to deliver on our mission—to be a unique financial resource by providing our clients a personalized experience and peace of mind,” says John Blizzard, President and CEO of Seattle Bank. “Increasingly, clients and independent wealth advisors we partner with have been seeking a solution to what can be time consuming and tedious tasks, that if mismanaged can result in untold costs and frustrations.”
As a boutique bank that does not offer investment solutions, Seattle Bank is a unique partner to the independent wealth management ecosystem. The addition of Family Office Services to the Bank’s product mix provides another complementary service to this segment and addresses an integral component of a comprehensive wealth management solution.
Frihet Group founder Julie Sievert will join the Bank as Senior Vice President, Family Office Services Executive. “Our team is thrilled to join Seattle Bank,” says Julie. “We are excited about the additional resources the Bank can provide in support of our clients and look forward to bringing our expertise to the Bank’s current offerings.”
Seattle Bank’s Family Office Services will be comprised of three primary offerings: Bill Pay Service, Financial Reporting and Analysis, and Family Office Administration.
- The Bill Pay Service includes the collection and review of all client bills for processing, approval, tracking, and accounting, and includes monthly spending reports and annual statements for tax purposes.
- Financial Reporting and Analysis consists of reconciliation of asset and transaction accounts, financial statement preparation, cash flow tracking, and budget preparation and monitoring.
- With Family Office Administration, the Bank will compile, inventory, and digitize records, set up key financial and administrative systems, and provide support to personal or family office staff.