A 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.