Family offices have an ecosystem of services, and deliver with a high level of personalized attention to each underlying family. Wealthy families rely on key services which include:
These services, which are contingent upon and tailored to the needs of the underlying families, can be offered in-house or through an outside party. Having someone oversee services provided to you can help filter out any mismanagement of your wealth. Supervision should be done by those with an extensive knowledge of the functions behind family office planning. In turn, this can benefit you and your family.
Altogether, a family office provides a means to foster perpetual wealth. Whether single or multi-family, or swaying between formal and informal governance, the right adviser can help tailor your needs by identifying your unique status and financial goals.
SOURCES:
Contributors: Paula Pienkowska is the Director of the Wealth Advisory Group at Riverview Capital Advisers. Alan Arcadipane is a Business Analyst of the Business Advisory Group at Riverview Capital Advisers. Peter Gnall is a Private Wealth Adviser of the Wealth Management Group at Riverview Capital Advisers. Melysa Latham is a member of the Business Advisory Group at Riverview Capital Advisers.