The majority of us won't be lucky enough to be in a position where we require the services of family offices. But for those on the upper end of the spectrum with significant assets, the family office could provide an essential service for the family member and the individual.
This article outlines a number of benefits they provide by exploring the characteristics of these offices as well as the different purposes they serve, as well as the benefits they could provide their customers.
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A family office can be described as a privately owned company that is responsible to manage or advise on the administration of assets and finances for the benefit of a family.
They are typically employed by extremely wealthy families who have the financial power to warrant their investment, bearing the fact that they could cost upwards per year.
Their main objective can range from modest sustainability goals for the family, while keeping the assets and wealth of the family intact, to more ambitious wealth creation that may involve aggressive strategies for investing.
In this regard to achieve this, the services family offices can offer can include the management of all financial issues including tax management, accounting savings, investments, and tax planning and also guidance on these issues and/or the actual handling of hands including the placing of investments on a discretionary basis.
In addition to their role in managing these financial matters, a family office may also assume the task of managing other aspects of family lives, such as legal matters as well as the day-to-today administration of the estate of the family.