What is a Family Office?

As defined by Forbes, it is an organisation that assumes the day-to-day administration and management of a High Net Worth (HNW) family’s affairs which can encompass both financial and non-financial matters.

A Family Office performs centralised management or oversight of investments, tax planning, estate planning, and philanthropic planning.

It is created for a variety of reasons - as shown in the opposite section - and can be as expansive as it can be restrictive. No two Family Offices are alike.

Legacy

Family Office structures, by virtue of the professional management team, are intended to last more than 100 years. It is also commonly used for philanthropic endeavours.

Multi-generation

Family offices are also created to help ensure the sustainability of the Family’s wealth - including business holdings - as they tend to dwindle significantly by the time they are handed over to the 3rd generation.

Research has consistently shown that Family Wealth has led to Family Conflict. There is evidence as well that this is prevalent across the world and it appears to be deeply rooted in human nature.

Collective Expertise

Professional management of the Family’s financial (and/or non-financial) affairs helps ensure the continued progress of the Family’s wealth. It also helps ensure that the Family receives the best advise taking into account the big picture.

The expertise may be in areas such as: Governance, Legal, Taxation and/or Investments.