Family Office Services

Family office services are customized services provided to high net worth clients with a one-stop approach for all of their personal financial management needs. These services are tailored to each family member’s specifications and requirements. Family office services provide a wide range of insight and expertise including professional investment advisors, bankers, insurance specialists and attorneys.

Single Family Office vs Multi Family Office

A multi-family office looks after the financial and personal affairs of multiple families, similar to a single family office. The main difference between them is in the number of families being served by the office. Some very wealthy, ultra high net worth families, which do not seek the services of wealth managers or private banks. Instead, they choose to establish their up their own investment firms to handle their financial needs. These offices range in size depending on the number of family members being served and on the size and extent of the family business.

A private or single family office (SFO) is very expensive to run and typically will serve families with assets over $1 billion dollars.  The cost to operate a single family office is typically about 0.6% of assets.  Many wealthy families are attracted toward the concept of multi-family offices because it allows families to share the cost as opposed to only one family absorbing the expense.

Overall, the costs are higher than a traditional wealth management firm but clients will receive more personalized services and usually a more in-depth view of their portfolio design and overall financial outlook.

Family office services:

  • Asset Allocation
  • Portfolio management
  • Retirement planning
  • Wealth transfer and planning
  • Legal services
  • Accounting services
  • Tax and income planning design
  • Balance sheet analysis
  • Custodial oversight
  • Estate administration
  • Insurance needs
  • Personal bill paying
  • Real estate and property management
  • Personal security
  • Travel management
  • Aircraft management
  • Concierge services
  • Philanthropy and charitable plans
  • Wealth transfer and planning

Decisions must always be made objectively and should not be influenced by any personal preferences. In short, business comes first.  It is common for family members to hire a non-family member to supervise operations. However, lines of authority and responsibilities should be clear to avoid any inconvenience in the performance of day-to-day operations.  Lack of communication leads to business failure quickly. It's important to be in touch with your family office manager frequently and view detailed reports on any finance related operations that have been performed.