What is the importance of a Family office?

Preserving and increasing wealth are the main reasons why UHNW families seek help from Family Offices. This is because managing wealth is not an easy task.

Family Offices helps you create and execute cohesive plans to make sure your family’s wealth is protected. This includes services such as tax planning, investment management, estate planning, legal, insurance, business, lifestyle, and philanthropy related advice to clients. Family offices make investment decisions based on a unique combination of considerations protecting family’s wealth by ensuring it is structured appropriately from both a legal and regulatory perspective.

It is generally estimated that setting up a family office requires at least USD30 million to have the ball rolling. According to EY, the number of family offices in operation globally has risen from just 1,000 in 2008 to around 10,000 today. The first and probably most fundamental reason for this increase is that the last decade has seen an explosion in the number of UHNWs globally.