Most of us will never be lucky enough to find ourselves in a situation where we have to turn to family office services. However, for those on the wealthier end of the spectrum and potentially significant wealth, family offices can provide an important service to individuals and their families. You can also look for the best family offices in the US via https://www.ubs.com/global/en/global-family-office/home.html.
The article below highlights some of the benefits they can offer by looking at what they are, what different purposes they serve, and what features they can offer their customers.
In short, a family office is a private company that is responsible for managing or providing financial and/or wealth advice on behalf of the family. They are usually hired by very wealthy families who have a combination of financial resources to support themselves as the cost can reach and around 1 million per year.
Their overall purposes may range from the simpler pursuit of family sustainability, preserving family wealth and assets, to more ambitious wealth accumulation that may involve aggressive investment strategies.
The services this family office can give include necessary administration of all financial matters – bookkeeping, tax processing, savings, and investments – as well as advice on these topics and/or manual administration, such as responsible for managing the above finances, the family office may are also responsible for many other aspects of family life, including legal matters and the day-to-day administration of family property.
Family offices can sometimes be divided into three classes (A-C) depending on the level of service offered and the type of company providing the service.