Difference between a Wealth Management Company and a Family Office?

‘While a traditional wealth management firm extends conventional investment advisory services, unfortunately the lion share of them can’t call themselves as specialists in holistic multi-generational wealth management. This is when an Ultra High Net Worth Individual/Family should look for a Family Office. A Family Office consists of a cohesive set of specialists from diverse streams and disciplines who work in tandem in creating a milieu for preserving and proliferating the wealth of an UHNW Family.

Many Family Offices had humble beginnings, which metamorphosized as time passed by. Even though many family offices started off by rendering life style services, over the period, institutionalizing of every single financial objective & beyond became the forte of Family Offices. While families with relatively simple requirements find it useful to appoint a regular wealth management entity, as the asset level & complexity increases, the significance of a Family Office comes into picture.

The single motto of a dedicated Family Office is to ‘Align Interests’, thereby making it easier for families to manage their assets via effective communication and by being on the same page’.

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