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A Family Office is a privately owned company that supports (Ultra) High Net Worth families with the management of their wealth. There are over 6000 family offices in the world. It is difficult to find out which of those are good and which are in the end not offering what they promise. Underneath you find the basic steps you need to take to end up with high quality family office services. There are only a few objective experts on family offices.

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EditSteps

  1. Find a High Quality Family Office Step 1 Version 3.jpg
    1
    Establish if the services provided by a family office are really necessary for you and your family. Or that for example the overall wealth of the family is not enough to use this kind of (expensive) service.
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  2. Find a High Quality Family Office Step 2 Version 3.jpg
    2
    Decide in which jurisdiction the single or multi family office needs to be located.
  3. Find a High Quality Family Office Step 3 Version 3.jpg
    3
    Find out which services need to be provided by the family office. Is support with i.e. consolidation of accounts, wealth planning, family governance or philanthropy necessary?
    • And which family office in the jurisdiction you have chosen provide these services, and against what costs? You need to find that out before you start working with one.
  4. Find a High Quality Family Office Step 4 Version 3.jpg
    4
    Visit several family offices. Take your time to do so, and ask for recommendations from people with experience. Make notes and compare the services offered and the level of education of the staff.
  5. Find a High Quality Family Office Step 5 Version 3.jpg
    5
    Select the family office and to negotiate the terms of business.
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EditTips

  • It is not easy to find a high quality family office. A lot of former bankers call themselves family office, but mostly they do not have the right expertise to support family's with wealth above USD 100 million. So far there is only one company in the world focused on supporting clients to find a suitable family office.

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Categories: Finance and Business

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