What is a family office?
A family office is a private office for a family of significant wealth or wealthy individuals with the aim of creating a successful strategy to strengthen and successfully preserve, grow and transfer their legacy across generations and market cycles.
The larger the fortune, the more crucial it is to ensure proper oversight of your assets and the associated risks, while providing family members with educational, professional and lifestyle services. Family offices manage key family assets, including property, direct or indirect investments, tax matters and estate planning in order to sustain and grow businesses through governance and generational transition.
Who would benefit from using a family office?
Families with private wealth in excess of USD 150 million are ideal candidates for establishing a single family office structure.
While it is not uncommon for first-generation entrepreneurs to establish a family office, family offices often support families with more complexity in terms of number of households and generations. This is a key characteristic of family office structures and one that offices must account for when designing and executing investment strategies and family governance plans.
Investors and companies are taking advantage of emerging markets with a new breed of cashed-up consumers. However, entering these markets poses challenges, especially when a local partner is required for a joint venture. Having an offshore company is ideal in situations when investing in countries with a poor judicial system.
What do we do?
By delivering impartial advice in the areas of family legacy and investment governance based on the family’s long-term needs and plans, we partner with our clients to address three important challenges:
Family Governance: Planning for your family’s long term success. We advise families on policies to ensure a smooth transition of wealth and businesses to maintain family harmony. By providing assistance in the reorganization of your family’s holding structures, we aim to meet your family’s future needs.
Planning: Providing the appropriate support to achieve your goals. We assist you in the designing and building of the family office by providing the appropriate investment platform to optimise your family business’ wealth dynamic.
Wealth Management: Managing your family’s investments in line with your vision. We provide guidance in developing policies, strategies, processes and committees.
A typical family office…
Affords structure to the management of family wealth, establishing increased control and oversight of the family wealth strategy and costs of managing investments
Consolidates tax, accountancy and wealth management reporting execution under one roof.
Provides a clearly-articulated, efficient governance framework for investment decision making, as well as family legacy and succession functions
Ensures confidentiality and privacy for family members, liberating them from the burden of wealth.
Given proper oversight, you will be in a position to develop clear objectives for the long-term preservation, growth and control of your wealth.