Many families consider a family office as a way to meet their financial needs, to provide greater control over their wealth and to handle their affairs. Since every family has its own unique set of requirements, there are as many types of family offices as there are families. Some provide basic administrative support while others oversee the management of investments and coordinate all of the family's financial and lifestyle needs.
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 integrates these strategies to ensure that they support the goals of the family as a whole.
Family offices have evolved to address a range of challenges and needs:
Protecting family wealth
Managing investment risk
Improving family cohesion and generational transition
Clarifying governance over how the family stewards its wealth
Managing the personal affairs of family members
Setting up a family office starts with defining your vision for the office and purpose for the family and its wealth. Once we understand the purpose and needs of the office, we’ll help you build on this foundation to design each of the components so they work together seamlessly to support your family’s legacy, including: operations, technology, staffing needs, advisors and governance.
How effective is your family office? PwC provides a holistic diagnostic that reviews strategic planning, services provided, processes and controls, technology and family and office governance. Our recommendations support your family’s legacy, improving efficiency and reducing the family’s risk.
Our human-led, technology driven approach to serving family enterprises across tax, advisory, cybersecurity and Wealth Compass set PwC apart from the competition. Learn more
Wealth Compass Leader, PwC US
Tel: (331) 588-1814