Family offices are a multi-billion dollar industry, and more people are now taking advantage of them. Still, there are many others who do not know what these offices do or how they can help them. Your family office can provide a variety of services, some of which include fiscal, legal, tax, and personal planning.
Unlike a traditional financial advisor who typically only manages one account per client, a person or family may see all or some of their assets managed by one or more different family offices. If your goal is wealth planning, then utilizing a professional family office is the best decision you can make.
Family Offices Primary Services Setup
Family offices are organizations that manage the financial affairs and personal concerns of the wealthy. They provide a wide range of services, including:
Investment Management: Family offices often manage their clients’ assets directly. They can also refer clients to other firms for specialized services, such as a hedge or private equity funds.
Estate Planning and Asset Protection: Family offices offer various services related to estate planning, such as establishing trusts, managing assets, and tax planning so you can do successful wealth planning for future generations.
Tax Planning and Preparation: Family offices offer tax planning advice that helps you reduce your overall tax burden while preserving your wealth for future generations.
Family offices can be set up by individuals who want to oversee their finances, or they can be created by families who want to coordinate their investments collectively. The typical size of a family office can vary greatly depending on its mission and the needs of its clients. Some families have only one member working out of their home, while others have multiple employees working at their corporate headquarters or other office space locations.
Benefits of a Family Office
The most important benefit of a family office is that the family becomes more efficient and effective. For example, family members can meet in one place to discuss business matters rather than traveling separately to different cities. This saves time and money while helping build trust among family members.
Family offices also provide a space for family members to work together on projects, such as developing new products or expanding into new markets. In addition, family offices are often used to manage charitable or philanthropic activities such as funding scholarships or donating money to charities.
The main benefit of a family office is that it provides an opportunity for family members to share information about their personal finances, business plans, and investments in a confidential setting. This allows them to make informed decisions about their financial future without worrying about competitors getting their hands on proprietary information that could give them an advantage over other companies in the same industry.
If you have done any planning to get your estate in order, you shouldn’t have any trouble finding a family office to do the job. In fact, if you are unsure what makes a family office different from your standard financial adviser, then the first step might be to learn more about what they offer and what they can do for you and your family.
Contact us at EBOS if you want to learn more