Why you should consider establishing a family office
Managing your family’s wealth requires a deeper level of trust. New levels of experience and expertise. The utmost privacy. That is why many choose to eschew typical banks and establish a family office.
In fact, a survey found that three-quarters of high-net-worth individuals prefer to use the services of multi-family offices. And 85% would like to organise their own personal family office. With the bustle of modern life, the benefits are only becoming clearer and clearer.
A family office is a dedicated solution for wealth management. In some instances, they may also handle property management, accounting and payroll activities, management of legal affairs, and succession planning. Put simply, they are all about making money work for you.
Why choose a family office?
There are many reasons one might decide to set up a family office, the first being it is much more personalised. You get to be safe in the knowledge that you have chosen the most dedicated, elite staff to trust with your finances. Staff with an impressive track record who know how to manage your wealth in a way that is best suited to you.
They are also a good choice for those seeking confidentiality. It allows you to keep personal information in one secure place that is only accessible to a select few. It helps with any concerns regarding sensitive information or data. And, of course, it offers more control and independence than a private bank. You know your wealth is being managed in the way that best suits you and your family.
Types of family offices
The first factor to consider when deciding to set one up should be which type is best for you. There are single-family offices and multi-family offices. Single-family offices are for your family and yours only. They are typically more suited for those seeking a more customised service for their complex wealth and those who are looking for ways to preserve wealth for future generations. Single-family offices have the highest level of confidentiality, and you have better oversight and rapport with the team.
Multi-family offices can grow from a single-family office, families looking to go into business together, or they could have been a wealth management firm that decided to shift only to the needs of affluent families. They are less expensive but still bring elite professionalism and experience to their roles in helping multiple families with their wealth management. Both have different benefits, which are essential to consider when setting up.
Establishing one can be a pivotal decision. It offers greater autonomy, privacy, and a more customised experience, meaning your family can get the most out of its wealth. The next step is choosing the right people to work with.
At Mase & Wills, we understand how important it is to find wealth management staff you can trust. Someone with elite experience and who understands your goals and who is aligned with your values. That is why we utilise modern recruitment processes to help you find the best fit for the role. For more information, call us today on +44 (0)161 818 8822