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Family Office
Perpetual Assistance
In the past, the words “family office” described a private company engaged by ultra-high-net-worth families that would administer and manage their investments and trust funds. More recently, it has become associated with the services provided by financial institutions and banks who offer highly personalized financial services to ultra-high-net-worth families.
Family offices carry out a wide range of services for the families that retain them, ranging from concierge services, booking hotels, and chartering private aircraft, to managing philanthropic giving and running the daily finances of their many properties and homes.
Family offices also attend to more critical matters, such as handling clients’ legal affairs.
Facilitating The Seamless Transfer Of Wealth
With people living longer lives, and including several generations, the number of individuals that make up an extended family can grow substantially. Successfully transferring accumulated wealth to intended beneficiaries can become a potential minefield without meticulous and careful planning. Family arguments, challenges to the wishes of the grantor, and protracted legal actions are not uncommon.
Reducing the risk of this happening is one of the main reasons for families to use a family office.
Centralized Services
There are many other benefits to be gained by using the services of a family office, including:
| Transparency - Ensuring the systems are in place to deal with family wealth transparently and avoid potential conflicts. | ||
| Alignment of Interests – Having a single entity in place can align the individual interests of family members and their respective financial advisors under one integrated plan. | ||
| Higher Potential Returns – Having one centralized wealth management strategy for all members of the extended family tends to generate better returns and reduces risk than diverse arrangements. | ||
| Division of Business and Wealth Interests – Keeping personal family assets and family business and savings or wealth separate. | ||
| Centralized Risk – By having a complete overview of all aspects of the family’s investments, the family office can foresee and minimize potential risks. | ||
| Centralized Servicing – Put simply, one point of contact for all family matters, financial, legal, and professional services. |
A Total Wealth Solution
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