Family Office: The Definitive Guide

Welcome to our ultimate guide on family offices in 2021.

If you would like to learn:

  • What is a family office?
  • What do family offices do?
  • Why do you need a family office?
  • How to start a family office?
  • How to run a family office?

Then you will love our definitive guide.

Let’s get started with a few essential definitions.

What is a Family Office?

A family office is a privately owned company handling investment and wealth management for an affluent family to accumulate and transfer wealth across generations. The financial capital of the family office is the family wealth.

The family office may also manage other tasks, for example, property management, making travel arrangements, accounting, payroll activities, legal affairs, coordination of philanthropy, and succession planning.

We typically categorize family Offices as single-family offices (SFOs) or multi-family offices (MFOs).

What is a Single Family Office?

Traditional single-family offices are managed by and for a single wealthy family. Its only function is to manage all of the family assets and disburse payments to family members.

What is a Multi Family Office?

Multi-Family offices (MFOs) are independent organizations supporting multiple families to manage their wealth. MFOs typically provide several services, for example, tax planning, risk management, estate planning, objective financial counsel, lifestyle management, philanthropic foundation management, and investment advice. Certain Multi-Family Offices also offer personal services such as travel arrangements and managing household staff.

Favorite Asked Questions About Family Offices

What are the operational costs of a family office?

Operating a family office often costs over a million dollars annually.

How much money do you need for a family office?

The family net worth customarily exceeds $100 million in investable assets.

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