Across the world, we are seeing a massive growth in new Family Offices, normally after a liquidity event. Family Offices are very complex businesses and require skill and knowledge to set them up correctly and effectively. To date, there are very few existing multi-generational single family offices. Too often there is no clear objective or soaring costs, which result in a change in direction or a closure of the office.
Family Offices are probably one of the most difficult businesses to set up and manage.
The challenge for the owners and executives of Family Offices are having a clear vision, set of values and a defined purpose.
In our experience over the years, we have seen that Family Offices can suffer from a lack of “emotional ownership” that is much more evident in family businesses as such. This can lead to problems in the long term, such conflict, contentious litigation and other disastrous situations.
It is very tough to create the ‘emotional ownership’ for the family with one of these offices. In many cases, they are providing services to the family that many larger institutionalised financial services typically provide.
There are very few such offices that exist today that are multi-generational around the world. This might change but, it highlights that succeeding long-term with one of these types of family offices is not easy.
A single-family office is an organisational structure that manages the financial and personal affairs of one wealthy family. Every family office is different because it is driven purely by the needs and preferences of the underlying family.
We are leading experts on the design, start-up and running of a Family Office.
We advise on the design, establishment of Family Offices. We do this by creating a bespoke infrastructure to protect family wealth by implementing the most appropriate strategy and culture and securing consensus on the family’s values and objectives.
As the nerve centre of an expanding family, Family Offices can be a very effective way of growing wealth. If the strategy and culture are right, it can deepen an emotional connection between the family and its wealth. With the right strategy and culture in place, Family Offices can also provide a high enough rate of return to increase the family wealth in line with the growth of the family members.
Our services include:
- Design a bespoke, top-grade Family Office in the first place.
- Create and implement a strategy, vision and culture that creates the “emotional ownership” so that the family’s financial and human capital are both used to increase family wealth across generations.
- Conduct regular comprehensive audit reviews of the Family Office.
Please contact us if you are interested in finding out more.