Family office advisor- A new trend

Family office advisorA family office refers to a private company that can manage investments and trusts for your family. The family’s own wealth which accumulates itself over a period of many years is most often the company’s financial capital.

Some of the services which a family office will provide you with include managing household staff, making travel arrangements and plans property management, accounting, matters regarding legal affairs, succession planning, etc.

For years on end, wealthy families have taken the aid of advisors to make intelligent and important decisions regarding investment as well as growth and protection of family assets for this generation and the next.

The trend for family office advisors only seems to be growing in this day and age. The term ‘advisor’ implying someone that sells investment products which make the need for autonomous private advice and counsel all the more important. More and more wealthy families seem to require the need of an advisor. As you can see, it is a much more holistic approach to managing your resources and family affairs.

What family office advisors provide you with includes:

• Preservation of wealth
• Financial planning of the family
• Risk assessment and management
• Planning of the Estate
• Allocation of assets
• Measurement of performance
• Amalgamation of wealth related professional services

Your family’s assets can be much more efficiently and professionally managed by a single office. It will coordinate all of the professional disciplines that may be required to manage the financial affairs of your family. They will provide an impartial as well as objective overview and integration which is very much so vital to long-term success.

Many investment or financial planners often sell products alongside their advice. However, there are some advisors who help you on a fee only basis and accept no commission and sell no products like bonds, insurance and stocks. You just need to find the right one.

Immediate Annuities And Who Should Take It

Immediate AnnuitiesImmediate annuities serve as excellent income resource post retirement. Now what are immediate annuities? Immediate annuity can be defined as the one where you provide a considerable sum of cash (retirement savings) to your insurance agency in exchange of guaranteed income every month. The immediate annuity holder would receive the monthly income till the last day of his life. You won’t be required to fill the deposits early as immediate annuities policy starts within 30 days of signing up.

Now, what can you do with your immediate annuity income? Well, the retirees would be able to utilize their immediate annuity income as an additional support to income they are getting from other sort of investments. It would help the retired people with their bills or rents every month. In simple words, immediate annuity income is trustworthy for happy living in the old age.

It’s to mention here that immediate annuity would die with the death of the policy holder. Hence, if you have anybody dependent on you, say your spouse or kids, you must take up a joint immediate annuity program.

Now, who can take the immediate annuity? Well, retirees are the best fit for immediate annuity schemes. However, it’s to note here that not all retirees would be compatible with immediate annuity. You should only go for immediate annuity if you have got savings at other places and you want the immediate annuity as an additional support. It’s because the sum submitted for immediate annuity is irreversible- it’s like the one-time investment that can’t be recovered. In case the insurance agency gets bankrupt, you would be left with nothing at the old age. Thus, the financial experts always advise the retirees with small savings not to opt for the immediate annuity provision.