Family Offices are wealth management advisory firms who serve high net worth investors.
Usually we do have wealth managers who provide advisory services. But the wealth managers provide services to all kind of people. There is no said category of net worth investors they focus on.However,family offices provide services only to one or two ultra-high net worth individuals. There are many millionaires in the world who have many but would need assistance from professionals in managing their wealth. It’s always important that the wealth should be rightly invested. There are many regulatory and legal things which has to be taken care in case we deal with huge money. There are many high net worth investors who would look for a reliable and good service provider. There are many Family office management companies which provide tailored services as per the client’s requirement. Earning wealth is one difficult task and maintaining and safeguarding that wealth another important and critical task. High net worth individuals always would look for a reliable and good wealth management advisory firms who not only safe guards their money but can also guide them regarding legal issues and formalities like income tax, insurance, charity giving and so on.
Why do people opt for family office facilities:
Now a days most of the high net worth people have money but they wanted guidance on how to maintain it and how to invest money in right direction. More than having money its important that rich people recruit a right wealth manager who can guide them and assist them in managing the wealth and other legal formalities. Family office services provides lot of facilities like taking care of insurance, paying income tax, charity giving and other comprehensive services to their clients.They also customize their services as per the client’s requirements. There would be few clients who would need assistance only in handling the income tax or other tax payments and there would be some clients who will want the family office to provide services on insurance management. There are many high net worth individuals who look for assistance from a qualified and experienced source. Family office have experienced and well qualified wealth managers who can guide the high net worth individuals.There are single family offices which serve one high net worth individual and their family and there is also multifamily offices who serve few families.