Many families are turning to family offices as a way to meet their needs, to provide greater control over their wealth and to handle their affairs. Since every family has its own unique set of needs, there are as many types of family offices as there are families. Some provide basic administrative support while others oversee asset management or run the family’s daily affairs.
Once the family office is established, it is likely to serve multiple generations, across which there may be a range of different needs that require various wealth management strategies. A well-run family office successfully synthesizes these strategies to ensure that they support the wealth management goals of the family as a whole.
Because of the growing complexity of managing, protecting and growing family wealth, family offices have evolved to address new challenges and needs:
A family office helps manage the financial needs of a family in order to maximize investments, reduce complexity and handle the family’s personal affairs.
Regardless of the size, type or complexity of your organization, our team can help you determine the structure that best serves your needs. Setting up a family office starts with defining your vision for the office and purpose for the wealth. We can help you build the office components so they work together seamlessly to support your family’s legacy.
At PwC, we want the family office to support the strategy and legacy of your family. A family-owned business often strives to find a good balance between professional management, responsible ownership and a healthy family dynamic. A family office can take the weight off family members by delivering professional services and management of many business and personal needs.
Creating a successful family office requires strategic planning and design. With decades of experience, we can prepare you for each step of the way – from assessment and visioning to work plans and implementation. Together, we can help you design a strategy to manage the complexity that comes with a family-owned business.