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How to Choose a Family Office
The Family Office is an exclusive team of dedicated financial experts who organize and oversee entire financial estates of affluent client families, ensuring growth and conservation of their monetary resources and family inheritance. The services offered by a family office are customized to the needs to the client household. Single-family offices (SFO) and multi-family offices (MFO) are two types of family offices available. Most multi-family offices start off as single-family offices. Unlike a single-family office, a multi-family office provides financial services to more than one wealthy family. It can also offer multiple family office services, rather than just specializing in one area.
What Services Does a Family Office Provide?
Services offered by a family office are usually goal-oriented and objective. Ideally, a particular family office will offer services to several generations of the same household, so that the professionals are acquainted with the family’s needs and can help preserve family assets over time. Family offices can offer services that focus on accounting, estate protection, financial education, wealth management, family philanthropy, legal planning, and so on. A family office can offer customized and confidential services for clients. Client families simply decide on which services they want or need.
Family office services are usually provided by professionals with years of experience in their field of service. A family office is able to offer wealthy families knowledgeable and proven advice in matters from legal to financial. A family office may be especially beneficial for newer wealthy families who are not familiar with how assets should be handled or invested so that they can be deployed efficiently and sustained for generations. Some family offices educate clients in the successful management of capital for preservation.
Employing a family office can simplify life, especially if the needs or affairs of the wealthy family are very complex. A good family office is usually comprised of an expert team with an excellent record of past endeavors. The family office’s past and present clients should show it maintains the highest standards in all its undertakings and have performed well in the interests of their clients. Some family offices are started by wealthy families for the service of their individual families, but have since extended their services to other families. This family office type tends to be familiar with the needs of other wealthy families, which can be helpful in navigating all the family office services available.
Family offices can be found in abundance using a simple Internet search. However, not all may be qualified or suitable for a client’s needs. Additionally, wealthy families looking for a family office should beware of fraud and always perform their own due diligence. It is essential to carry out a thorough research on a family office prior to enlisting its services. Networking and joining community boards for wealthy families are two other ways to find a suitable family office. It may also be beneficial to find a local family office so that you can meet with the management. If you live in San Francisco, it may be helpful to find a local San Francisco family office or a Silicon Valley family office if you live near Silicon Valley.
Prior to hiring a family office, clients should determine what services they require as well as their budget. Families should also make sure their contracts with the family office are clear and include a termination clause should the family office services no longer be needed.
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