What is a Family Office and Is It Right For You?

Although the global financial services industry has not settled on a uniform definition of a family office, a general definition can be made: an independent office of professionals that manage and plan the financial affairs of an affluent family in order to protect their wealth for future generations.

After spending a lifetime of accumulating wealth through hard work in successful business ventures, high net-worth families are confronted with the reality of protecting that legacy from the complexities of taxation, investment decisions, family dynamics, business management, and changes in legislation. In order for the families’ wealth transfer plans to be well-coordinated and keep the legacy intact, the founder has to entrust the planning and advice to a collaborative team of investment, legal, insurance, estate, business, and tax professionals in one comprehensive plan.

A family office will coordinate a comprehensive wealth transfer plan, including the management of business interests, estate planning and fiduciary services, management of family trusts, philanthropic desires, and continuity of family governance. The family office is responsible for the education of family members on financial matters and instilling the family values, to minimize intergenerational conflicts, and ensure the smooth transfer of wealth from one generation to the next.

An additional family office concierge service could be offered to ease the burden of mundane administrative responsibilities and non-specific duties such as bill payments, travel arrangements, household personnel management, private aircraft management, care services, document storage, and personal shopping.

As the number of high net-worth families grow, the use of a full-service structure of holistic planning and wealth management by independent family offices, and the inclusion of third-party expertise, will become increasingly important in a world that is becoming more complex.

Our business model uses the family office approach to fulfil the multifaceted needs of sophisticated families with an integrated team of internal and external experts, and thus take care of all aspects of a client’s financial life and circumstances.

We are experienced in applying this framework, and are proud to be part of an independent boutique family office. If this sounds right for you and your family, please contact our team at Legacy Family Office.