Learn how to develop a family office and under its effective functioning. A family office is a private wealth management advisory firm that is established by an Ultra-HNWI1 to manage their family’s private wealth. Any firm that provides investment advice only to family members, is wholly owned and controlled by family members, and does not hold itself out to the public as an investment advisor is considered a family office.
It also helps secure a family’s financial future by building, preserving, and transferring family wealth and legacy. The demand for family office services kept growing as the number of Ultra-HNWIs increased over the years. Today, wealthy families rely on family offices for full time professional management of their fortune. Family offices currently stand amid a landscape filled with opportunities to expand their business further.
It therefore becomes imperative to understand these challenges and make business decisions that will help family offices emerge successfully in an environment of intense competition with private banks and other wealth management firms.