Does My Family Need a Family Office?
Overview
For centuries, sophisticated families with significant resources have used a formalized family office structure to manage their assets. Additionally, family offices have become increasingly popular as more and more families have amassed resources. Along with that trend, the complexity of the investment landscape and the range of issues and responsibilities associated with significant wealth has grown—including risk management, governance, and cybersecurity.
For anyone thinking about establishing a family office, the important first step is assessing whether your life is complex enough to necessitate the complexities of your family’s specific situation. From there, three more key considerations should be addressed.