The managerial and administrative needs of high-net-worth families can be extensive, ranging from tax and estate planning to managing trusts and foundations. A family office can help meet those needs.
Some families may desire only basic administrative help, whereas others may want the family office to oversee asset management or perhaps even run their daily affairs. Each family office, therefore, tailors the breadth and depth of its services to a given family’s requirements.
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While every family is different, the mission of all family offices is nearly always the same: to facilitate the wealth management of a family so that its short-term needs are adequately met in tandem with achieving the family’s long-term goals.
Bird's-eye view: How a family office brings the big picture into focus
Most high-net-worth families rely on external advisors for their extensive wealth management needs. A good advisory team, coupled with a family office, allows families time to focus on the family business, new philanthropic projects, outside careers, and other pursuits.
Family office models – Which one to choose?
When a family is deciding which family office model best suits its needs, it often has to weigh factors such as cost against other variables, including control, privacy, and scope of services.