Así es MdF Family Partners, el 'family office' al que quieren parecerse los bancos

José María Michavila met Daniel de Fernando for dinner after learning about De Fernando's departure from BBVA. Both shared a desire for independent wealth management advice. Previously, banks offered free advice without disclosing commissions, leading Michavila to believe that an independent perspective was needed. In 2008, they founded the family office MdF Family Partners with that goal in mind. The office has been a pioneer, providing services for 18 years that banks only began offering three years prior.

What sets MdF apart is its fixed fee commission, which is completely independent of recommendations. This fee model, deemed crucial to the office's success, demands tremendous discipline as resources may be allocated to an advisor, but the commission remains constant. With offices in Madrid, Barcelona, London (through Wren, their UK counterpart), New York (through We, their US partner), and Miami (also We), MdF collaborates with nearly 70 families in Spain and 25 in the UK. Together, they manage assets worth approximately $20 billion.

MdF separates wealth management functions to avoid conflicts of interest, offering advice in five areas: consultation, management, custody, transaction, and access to third-party products. The firm relies on over 50 custodians, more than 60 traditional asset managers, and around 100 private equity funds. An executive committee of six managing partners, all significant shareholders, oversees daily operations, while an external advisory board provides guidance.

Each client is assigned a team of eight to twelve family members, including a family partner, private equity specialist, asset management expert, portfolio manager, operations coordinator, and real estate specialist. Clients receive comprehensive support, including patrimonial strategy, governance, organization, fiscal planning, succession planning, and intergenerational transition. The firm also emphasizes philanthropy, encouraging families to experience volunteerism before making generational transitions.

Every family's strategy is unique, necessitating tailored services. MdF works with families to create strategies, not just sell products. Clients decide on investments, with MdF providing the tools, methodologies, and understanding needed to implement the chosen strategy effectively. The onboarding process for new families takes three to four months, allowing time for thorough diagnosis and planning.

Michavila finds working with such dedicated, excellence-oriented individuals deeply rewarding, often learning more from clients than teaching them.