In the past, the term 'family office' was used to describe a private company retained by high net-worth families to manage and oversee investments and trusts on their behalf. Today, it's used to describe those who provide personalized financial services to wealthy families.
Nowadays, family office consultants and managers effectively take care of various personal matters such as the disbursement of household personnel payroll, day-to-day household expenses and travel arrangements.
Family offices can also accommodate more critical interests including property management, book-keeping and legal matters.
Easing Wealth Transfer
As families increase in size over the generations, transference of wealth across those generations can become complicated. If these matters are not correctly and sensitively planned, disagreements, quarrels and feuds can and do arise. One of the main reasons for most families to enlist the services of a family office is to avoid these situations.
Full Legacy Services
However, there are a number of other reasons that can make a family office indispensable and these include:
|Anti-Opacity Governance - These ensure that the mechanisms in place to deal with wealth are transparent to avoid future conflicts.|
|Interest Alignment – This ensures that the interests of individual family members and their respective financial advisors are optimally aligned by establishing a single entity to deal with them all.|
|Higher Yield Potential – Investments tend to yield higher returns and reduced risk when asset management activities are dealt with in a centralized manner by a family office wealth management firm.|
|Separation of Business and Wealth – The family office can advise you on how to best separate financial aspects of a family business and any savings or wealth belonging to the family.|
|Risk Centralization – By centralizing risk, the family office can ensure that better decisions are made regarding your family's investment objectives.|
|Services Centralization – A family office can also provide centralized help with a broad range of other professional services including philanthropy, family governance and education.|
Comprehensive Wealth Solutions
The Holistic View
Our holistic view enables us to identify areas in your circumstances that need minor attention and those which require more of an overhaul.Read More
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Legacy & Trust
Legacy and trust ensures that upon your death or incapacity, an individual or group of individuals is appointed to administer your estate.Read More