Goals of a Family Office

Family offices can pursue several goals.

Here’s a list of key goals to consider for your family office and their implications in setting up the business.

Investments — the complexity of the investments determines the number and type of advisors to engage.

The simpler the investments the less support required.

Financial goals — these include not only individual goals but also goals for the family office.

Pursuing ESG investments brings an additional layer of complexity to the process.

Households — The family office also includes the houses and other personal property.

The number and geographic dispersion of the houses determine the complexity of managing the properties.

Legal entities — The more legal entities the family has, the more work to be done in managing them.

This includes managing the entity, tax filings, and ongoing support.

Advisors — This includes accounting, financial, legal, and other professionals who provide services to support the family office.

The greater the number of advisors, the greater the cost to the business.

The goals of the business determine the complexity of the family office structure.

In setting up a family office, consider these goals for your business.

 

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