The advantages of setting-up your own family office
A Family Office (FO) is a private investment firm set up by an ultra-high-net-worth (UHNW) individual to manage their investment portfolios and generally cater to their financial, legal, and admin needs on a day-to-day basis. There are two different types of family office: a single-family office (support only one family); and a multi-family office (support a number of families)
According to a research from the London School of Economics, the ultra-rich in London are increasingly protecting their wealth through the use of "family offices".
With the increase of high-income families, more precise analysis of how much wealth is perpetuated is needed; therefore family offices "play a crucial role" in how advantages are handed on between generations, with full-time staff able to make long-term and strategic planning.
Family Office can be a powerful tool to meet the financial needs of the wealthy. It can deliver customized services in such areas as investment, tax, estates, trusts, and lifestyle management. Given sufficient scale and expertise, an FO can also access lower investment fees, provide greater customization than that of many banks and wealth managers, and make direct investments into private equity and hard assets.
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